Vivendi Universal Reports a 55% Growth in 2005 Adjusted Net Income and a 67% Dividend Growth

Note: This press release contains consolidated audited earningsestablished under IFRS.

-- 2005 Adjusted net income(1): up 55% to EUR 2,078 million.

-- Earnings from operations: EUR 3,746 million, an increase of 14% on a comparable basis(2), due to business unit good performance.

-- Earnings: EUR 3,154 million.

-- Dividend of EUR 1 per share, up 67%, representing a distribution rate of 55% of adjusted net income.

-- 2006 Outlook(3): an adjusted net income increase of 11% to 13%.

2005 Dividend

It will be proposed, at the shareholders meeting of April 20,2006, the distribution of a dividend of EUR 1 per share based on 2005earnings (to be compared to a dividend of EUR 0.60 per share based on2004 earnings), representing a distribution rate of 55% of adjustednet income.

This shareholder distribution will amount to EUR 1.15 billion, andwould be paid starting May 4, 2006.

Comments by Jean-Bernard Levy, Chairman of the Management Board ofVivendi Universal

"In 2005, our financial results exceeded our initial targets, bothin terms of recurrent profit - which exceeded EUR 2 billion - and interms of cash flow. Vivendi Universal shareholders will benefitdirectly from these excellent results as we are proposing to pay adividend of EUR 1 in 2006, an increase of 67% compared to last year.

I would like to salute all Vivendi Universal's teams for theirperformance in a very competitive environment. In our key businesses,we are number one or number two and are continuing to gain marketshare.

Our strategy is paying off. We will continue to invest increation, content, and in future technologies while fostering loyaltyin our subscribers. Vivendi Universal will create value first andforemost by promoting innovation, creativity and operational synergiesand by making the appropriate investments at the right time.

In the first few months of 2006, we are already seeing encouragingsigns and the dynamics in each of our businesses are consistent with2005. I am therefore confident that 2006 will be a further year offurther improved growth and improved profitability, which should leadto an additional increase of next year's dividend.

Vivendi Universal is at the heart of the digital age, of mobilityand of broadband communication. The Group is one of the best placedcompanies worldwide to benefit from the increasing demands fromconsumers for entertainment and interactive media."

Comments on the Group's 2005 Earnings

Consolidated revenues amounted to EUR 19,484 million compared toEUR 17,883 million in 2004. On a comparable basis(1), revenuesamounted to EUR 19,439 million compared to EUR 18,237 million, anincrease of 6.6% (+6.5% at constant currency). All of the group'sbusiness units contributed to this improvement.

Earnings from operations totaled EUR 3,746 million versus EUR3,233 million in 2004. On a comparable basis, earnings from operationsincreased to EUR 3,719 million, representing a 14.0% (13.7% atconstant currency).

This increase was achieved thanks to good performances by eachbusiness unit which led to an increase in operating margin from 18.1%to 19.2%. In 2005, earnings from operations were negatively impactedby EUR -115 million at SFR as a result of the EUR 220 million finefrom the Antitrust Council, but were partly offset by the registeringof favorable non-recurring items amounting to EUR 105 million.

Income from equity affiliates amounted to EUR 326 million versusEUR 221 million in 2004, an increase of EUR 105 million, with EUR 156million tied to VUE/NBC Universal. In effect, this income includes 12months of equity in NBC Universal's earnings in 2005 (EUR 361 million)compared to 234 days (the company created through the combination ofNBC and VUE as of May 11, 2004) and VUE equity in 2004. In addition,in 2005, income from equity affiliates included the EUR -50 millionloss of equity in Neuf Cegetel compared to the EUR -22 million loss ofequity in Cegetel S.A.S. in 2004.

Interest amounted to EUR -218 million versus EUR -406 million in2004.

Other financial charges and income were an income of EUR 619million compared to an income of EUR 1,226 million in 2004.

This significant decrease is mainly due to the gains on thedivestiture of businesses or financial investments which amounted toEUR 668 million in 2005 versus EUR 1,738 million in 2004 (whichincluded the EUR 1,606 million capital gain on the 15% VeoliaEnvironnement stake sale).

Provision for income taxes totaled EUR -204 million versus EUR-292 million in 2004.

Earnings from discontinued operations were a profit of EUR 92million versus a profit of EUR 777 million in 2004 (essentiallyreflecting the impact of the divestiture of VUE on May 11, 2004).

Adjusted net income, attributable to equity holders of the parent,was EUR 2,078 million (earnings per share of respectively EUR 1.81 andEUR 1.79 diluted), as compared to an adjusted net income of EUR 1,338million in 2004 (earnings per share of respectively EUR 1.17 and EUR1.16 diluted). This improvement of EUR 740 million, or 55%, was mainlydue to the increase in earnings from operations (up EUR 513 million),the reduction in the financing expenses (up EUR 188 million), and theincrease in income from equity affiliates (an improvement of EUR 105million).

Earnings, attributable to equity holders of the parent, decreasedto EUR 3,154 million versus EUR 3,767 million in 2004. This decreaseis explained by the positive and non recurring impact of the capitalgains on the divestiture of Veolia Environnement (EUR 1, 606 million)and of VUE sales (EUR 707 million) in 2004.

Vivendi Universal's Media and Telecommunication Businesses:Comments on Full Year 2005 Earnings from Operations

Universal Music Group

Universal Music Group's earnings from operations increased to EUR480 million, up 18.8% on a comparable basis(4) and at constantcurrency. This increase reflects higher sales volumes, continued costsavings efforts and lower restructuring charges in 2005.

UMG artists dominated the best seller lists in its major markets,topping all of the major music genres allowing UMG to gain marketshare, and lead the competition by earning an unprecedented 40 Grammyawards.

Vivendi Universal Games

Vivendi Universal Games' earnings from operations of EUR 41million were up EUR 244 million versus a prior year loss of EUR 203million (up EUR 243 million at constant currency).

This dramatic and fast improvement in earnings from operations isthe result of the strategy implemented since 2004 with the globalturnaround and the new developments (on-line and studios acquisitions)which led to a better balanced portfolio of products thanks to thetremendous on-line activity development with the exceptional successof World of Warcraft. Lower costs resulting from the global turnaroundplan executed in 2004 also impacted positively the earnings fromoperations. Additional releases contributing to the strong performanceincluded 50 Cent: Bulletproof, Robots, Hulk II, F.E.A.R. and Crash TagTeam Racing as well as the North America distribution of Delta Force:Black Hawk Down and FlatOut. Earnings from operations included fundingincreased product development costs linked to recently acquiredstudios (Radical, Swingin' Ape, Swordfish and High Moon).

Canal+ Group

Canal+ Group's 2005 earnings from operations were EUR 203 million,up 8% compared with 2004. On a comparable basis(5), earnings fromoperations were close to those of 2004.

Portfolio growth and price increases achieved in 2004 led toincreased revenues in 2005, both from Canal+ and CanalSat. 2005earnings from operations also took into account higher marketing costsdue to record gross subscriber additions (1.1 million gross additions,up 13% compared with 2004) and the start of the new contract forexclusive broadcasting of Ligue 1 soccer.

These investments will be amortized starting in 2006 whenportfolio net growth (+310,000) and higher revenues per subscriberachieved in 2005 will produce their full effect.

Other Group operations registered earnings from operations, at asharp increase due to higher subscriptions to pay-TV in Poland and toStudioCanal mainly due to revenues tied to the Working Title deal.

SFR

Following the combination between Cegetel and neuf Telecom,announced May 11th and closed August 22nd, that has led to theformation of the leading French alternative operator for fixedtelecommunication services, and in accordance with IFRS, SFR's fixedbusiness is no longer included in Vivendi Universal's earnings fromoperations. Consequently, the figures published for SFR in 2004 and2005 solely concern the mobile business.

SFR's earnings from operations rose by 3.9% to EUR 2,422 million.On a comparable basis(6), earnings from operations were up 3.6%. Thisincrease mainly reflects a 6.9% growth in network revenues (excludingmobile-to-mobile termination), a slight increase of 0.8 percentagepoint in customer acquisition and retention costs - due to thepenetration of 3G devices among SFR base - to 13.2% of networkrevenues (excluding mobile to mobile termination), the strict controlof other costs. The earnings from operations were also impacted by therecording of EUR 115 million of adverse non-recurring items: theimpact of the EUR 220 million fine from the French Antitrust Councilwhich was partly offset by the registering of favorable non-recurringitems amounting to EUR 105 million.

Maroc Telecom

Maroc Telecom's earnings from operations amounted to EUR 762million, increasing by 15.1% compared to 2004 (+14.2% at constantcurrency on a comparable basis(7)). Excluding the non-recurringimpacts of the voluntary leaving plan introduced at the end of 2004,growth in earnings from operations would have been +15.9% at constantcurrency on a comparable basis.

Important disclaimer

Vivendi Universal is quoted on the NYSE and on Euronext Paris SA.This press release contains "forward-looking statements" as that termis defined in the US Private Securities Litigation Reform Act of 1995.Such forward-looking statements are not guarantees of the company'sfuture performance. Actual results may differ significantly from theforward-looking statements as a result of a number of risks anduncertainties, many of which are outside our control, notably: therisk that the 2006 prospects for adjusted net income may differ fromforecasts made by the company, as well as the risks described in thedocuments Vivendi Universal has filed with the US Securities andExchange Commission and the French Autorite des Marches Financiers.Investors and security holders are strongly recommended to read thosedocuments at the Security and Exchange Commission's website atwww.sec.gov and the French Autorite des Marches Financiers' website(www.amf-france.org). Copies of the documents may also be obtainedfree of charge from Vivendi Universal. This press release containsforward-looking statements that can only be assessed on the day thepress release is issued. Vivendi Universal does not undertake, nor hasany obligation, to provide, update or revise any forward-lookingstatements.
PRESS CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer

Date: Wednesday, March 1, 2006
11:00 AM Paris time
10:00 AM London time
5:00 AM New York time

Address: Pavillon Gabriel, 5, Avenue Gabriel, 75008 Paris

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

ANALYST CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer

Date: Wednesday, March 1, 2006
2:30 PM Paris time
1:30 PM London time
8:30 AM New York time
Media invited on a listen-only basis

Address: Pavillon Gabriel, 5, Avenue Gabriel, 75 008 Paris

Numbers to dial:
Number in France: +33(0)1-71-23-04-15
Number in UK: +44(0)20-7806-1970
Number (US toll free): 1-866-239-0765 or
(US toll): +1-718-354-1112

Replay details (replay available for 7 days):
France: +33(0)1-71-23-02-48 - Access code: 1785614#
UK: +44(0)20-7806-1970 - Access code: 2644685#
US: 1-866-239-0765 (Toll free) or
1-718-354-1112 - Access code: 2644685#

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

The slides of the presentation will also be available online.

------------------

(1) Adjusted net income is detailed in Appendix III.
(2) Comparable basis is detailed in Appendix IV.
(3) Outlook was established without taking into account the impact of
the acquisitions of TPS and the agreement with Lagardere regarding
the new Canal+ France entity. The outlook does not integrate
potential growth in external operations, such as PTC in Poland or
Tunisia Telecom. The exchange rate taken into account in the 2006
outlook corresponds to EUR 1 for $1.25.
(4) Comparable basis illustrates the effect of the divestiture of
UMG's Music Clubs in the U.K. and France as if they had occurred
on January 1, 2004.
(5) Comparable basis mainly illustrates the impact of Canal+ Group's
dispositions of businesses (Canal+ Benelux in 2004, NC Numericable
in March 2005) as if these transactions had occurred on January 1,
2004.
(6) In 2004, comparable basis includes estimated mobile-to-mobile
sales at SFR applying 2005 rate and illustrates the full
consolidation of minority stakes in distribution subsidiaries.
(7) Comparable basis illustrates the full consolidation of Mauritel as
if this transaction had occurred on January 1, 2004.


APPENDIX I
VIVENDI UNIVERSAL
CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2005 AND 2004
(IFRS)

---------------------------------
Adjusted Statement of Earnings(a)
---------------------------------
(in millions of euros, except per Year Ended
share amounts) December 31,
2005 2004
--------- ---------
Revenues EUR19,484 EUR17,883
Cost of revenues (9,898) (9,100)
--------- ---------
Margin from operations 9,586 8,783
--------- ---------
Earnings from operations 3,746 3,233
Other income from ordinary activities 75 89

Income from equity affiliates 326 221
--------- ---------
Earnings before interest and income taxes 4,147 3,543

Interest (218) (406)
--------- ---------
Interest and other financial charges and income (218) (406)
--------- ---------
Earnings from continuing operations before 3,929 3,137
income taxes
Provision for income taxes (787) (724)
--------- ---------
Earnings from continuing operations 3,142 2,413
--------- ---------
Adjusted net income EUR 3,142 EUR 2,413
--------- ---------
--------- ---------
Attributable to:
Minority interests 1,064 1,075
Equity holders of the parent EUR 2,078 EUR 1,338

% Change: + 55.3%

Adjusted net income, attributable to the equity EUR 1.81 EUR 1.17
holders of the parent per share - basic (in
Euros)

Adjusted net income, attributable to the equity EUR 1.79 EUR 1.16
holders of the parent per share - diluted (in
Euros)

-------------------------------------
Consolidated Statement of Earnings(a)
-------------------------------------
(in millions of euros, except per Year Ended
share amounts) December 31,
2005 2004
--------- ---------
Revenues EUR19,484 EUR17,883
Cost of revenues (9,898) (9,100)
--------- ---------
Margin from operations 9,586 8,783
--------- ---------
Earnings from operations 3,746 3,233
Other income from ordinary activities 75 89
Other charges from ordinary activities (170) (25)
Income from equity affiliates 326 221
--------- ---------
Earnings before interest, other financial 3,977 3,518
charges and income and income taxes

Interest (218) (406)
Other financial charges and income 619 1,226
--------- ---------
Interest and other financial charges and income 401 820
--------- ---------
Earnings from continuing operations before 4,378 4,338
income taxes
Provision for income taxes (204) (292)
--------- ---------
Earnings from continuing operations 4,174 4,046
Earnings from discontinued operations 92 777
--------- ---------
Earnings EUR 4,266 EUR 4,823
--------- ---------
--------- ---------
Attributable to:
Minority interests 1,112 1,056
Equity holders of the parent EUR 3,154 EUR 3,767

Earnings, attributable to the equity EUR 2.74 EUR 3.29
holders of the parent per share - basic (in
Euros)

Earnings, attributable to the equity EUR 2.72 EUR 3.27
holders of the parent per share - diluted (in
Euros)


(a) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income, attributable to equity holders
of the parent is available in the Appendix III.

For supplementary information, please refer to the Document "Operating
and financial review & prospects and consolidated financial statements
for the year ended December 31, 2005" that will be posted on Vivendi
Universal's website on March 1, 2006 after the Analyst Conference.


APPENDIX II
VIVENDI UNIVERSAL
CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(IFRS)

---------------------------------
Adjusted Statement of Earnings(a)
---------------------------------
(in millions of euros, except per 4th Quarter Ended
share amounts) December 31,
2005 2004
--------- ---------
Revenues EUR 5,479 EUR 5,124
Cost of revenues (2,910) (2,604)
--------- ---------
Margin from operations 2,569 2,520
--------- ---------
Earnings from operations 747 858
Other income from ordinary activities 19 16

Income from equity affiliates 101 3
--------- ---------
Earnings before interest and income taxes 867 877

Interest (51) (55)
--------- ---------
Interest and other financial charges and income (51) (55)
--------- ---------
Earnings from continuing operations before 816 822
income taxes
Provision for income taxes (228) (197)
--------- ---------
Earnings from continuing operations 588 625
--------- ---------
Adjusted net income EUR 588 EUR 625
--------- ---------
--------- ---------
Attributable to:
Minority interests 197 261
Equity holders of the parent EUR 391 EUR 364

% Change: + 7.4%

Adjusted net income, attributable to the equity EUR 0.34 EUR 0.32
holders of the parent per share - basic (in
Euros)

Adjusted net income, attributable to the equity EUR 0.34 EUR 0.32
holders of the parent per share - diluted (in
Euros)

-------------------------------------
Consolidated Statement of Earnings(a)
-------------------------------------
(in millions of euros, except per 4th Quarter Ended
share amounts) December 31,
2005 2004
--------- ---------
Revenues EUR 5,479 EUR 5,124
Cost of revenues (2,910) (2,604)
--------- ---------
Margin from operations 2,569 2,520
--------- ---------
Earnings from operations 747 858
Other income from ordinary activities 19 16
Other charges from ordinary activities (16) (7)
Income from equity affiliates 101 3
--------- ---------
Earnings before interest, other financial 851 870
charges and income and income taxes

Interest (51) (55)
Other financial charges and income 321 1,516
--------- ---------
Interest and other financial charges and income 270 1,461
--------- ---------
Earnings from continuing operations before 1,121 2,331
income taxes
Provision for income taxes (333) (171)
--------- ---------
Earnings from continuing operations 1,454 2,160
Earnings from discontinued operations (15) (9)
--------- ---------
Earnings EUR 1,439 EUR 2,151
--------- ---------
--------- ---------
Attributable to:
Minority interests 192 229
Equity holders of the parent EUR 1,247 EUR 1,922

Earnings, attributable to the equity EUR 1.08 EUR 1.68
holders of the parent per share - basic (in
Euros)

Earnings, attributable to the equity EUR 1.07 EUR 1.67
holders of the parent per share - diluted (in
Euros)


(a) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income, attributable to equity holders
of the parent is available in the Appendix III.


APPENDIX III
VIVENDI UNIVERSAL
RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
(IFRS)

Vivendi Universal considers adjusted net income (loss),attributable to equity holders of the parent, which is a non-GAAPmeasure, to be a relevant indicator of the company's operating andfinancial performances. Vivendi Universal management focuses onadjusted net income (loss), attributable to equity holders of theparent, as it best illustrates the performance of continuingoperations excluding most non-recurring and non-operating items.Adjusted net income (loss) includes earnings from operations, otherincome from ordinary activities, income (loss) from equity affiliates,interest, and tax and minority interests relating to these items. As aconsequence, it excludes other charges from ordinary activities(corresponding to impairment of goodwill and other intangible assetslosses, if any), other financial charges and income and earnings fromdiscontinued operations as presented in the consolidated statement ofearnings, the tax and minority interests relating to theseadjustments, as well as non recurring tax items (notably the changesin deferred tax assets relating to the Consolidated Global Profit TaxSystem, the reversal of tax liabilities relating to tax years nolonger open to audit). Adjusted net income (loss), attributable toequity holders of the parent never includes adjustments in earningsfrom operations.
----------------- -----------------
4th Quarter Ended Year Ended
December 31, December 31,
----------------- -----------------
2005 2004 (in millions of Euros) 2005 2004
-------- -------- -------- --------
EUR1,247 EUR1,922 Earnings, attributable to equity EUR3,154 EUR3,767
holders of the parent
Adjustments
Other charges from
ordinary activities

16 7 Other charges from 170 25
ordinary activities(a)
(321) (1,516) Other financial charges (619) (1,226)
and income(a)
15 9 Earnings from discontinued (92) (777)
operations(a)
(83) (104) Deferred tax asset related to the (88) (492)
Consolidated Global Profit Tax
System
(478) 78 Other adjustments on provision (495) 60
for income taxes(b)
(5) (32) Minority interests in adjustments 48 (19)
-------- -------- -------- --------
EUR 391 EUR 364 Adjusted net income, attributable EUR2,078 EUR1,338
to equity holders of the parent

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

(b) Corresponding to non recurring tax items (in 2005 mainly the
reversal of tax liabilities relating to tax years no longer open
to audit for -EUR 300 million, changes in deferred tax assets
relating to the US tax group for -EUR 132 million, other
adjustments on current provision for income taxes of previous
fiscal years for -EUR 49 million) and to tax impacts of non
recurring adjustments.


APPENDIX IV
VIVENDI UNIVERSAL
REVENUES AND EARNINGS FROM OPERATIONS ON A COMPARABLE BASIS BY
BUSINESS SEGMENT
(IFRS)

Comparable basis essentially illustrates the effect of thedivestitures that occurred in 2004 (mainly Canal+ Benelux, UMG's Musicclubs, Kencell and Monaco Telecom), of the divestitures that occurredin 2005 (mainly NC Numericable) and includes the full consolidation ofminority stakes in distribution subsidiaries at SFR and of Mauritel atMaroc Telecom as if these transactions had occurred as at January 1,2004. In 2004, comparable basis also includes estimatedmobile-to-mobile sales at SFR applying 2005 rate. Comparable basisresults are not necessarily indicative of the combined results thatwould have occurred had the events actually occurred as at January 1,2004.
-------------------------------------------
4th Quarter Ended December 31,
-------------------------------------------
% % Change at
2005 2004 Change constant rate
---------- ---------- ------- ------------
(in millions of euros)

Revenues
--------
Universal Music Group EUR 1,682 EUR 1,711 -1.7% -5.2%
Vivendi Universal Games 245 264 -7.2% -11.1%
Canal+ Group 892 839 6.3% 5.7%
SFR(a) 2,212 2,098 5.4% 5.4%
Maroc Telecom 480 405 18.5% 17.5%
Noncore operations and
elimination of
intersegment
transactions (32) (40) 20.0% 20.0%
---------- ---------- ------- ------------
Total Vivendi Universal EUR 5,479 EUR 5,277 3.8% 2.3%
---------- ---------- ------- ------------
---------- ---------- ------- ------------

Earnings from Operations
------------------------
Universal Music Group EUR 267 EUR 304 -12.2% -14.6%
Vivendi Universal Games 21 - na(1) na(1)
Canal+ Group (91) (104) 12.5% 9.3%
SFR(a) 390 502 -22.3% -22.3%
Maroc Telecom 197 159 23.9% 22.4%
Holding & Corporate (45) (24) -87.5% -85.6%
Noncore operations (9) 32 -71.9% -71.9%
---------- ---------- ------- ------------
Total Vivendi Universal EUR 748 EUR 869 -13.9% -15.0%
---------- ---------- ------- ------------
---------- ---------- ------- ------------

-------------------------------------------
Year Ended December 31,
-------------------------------------------
% % Change at
2005 2004 Change constant rate
---------- ---------- ------- ------------
(in millions of euros)

Revenues
--------
Universal Music Group EUR 4,893 EUR 4,819 1.5% 1.6%
Vivendi Universal Games 641 475 34.9% 34.6%
Canal+ Group 3,407 3,277 4.0% 3.3%
SFR(a) 8,687 8,117 7.0% 7.0%
Maroc Telecom 1,860 1,611 15.5% 16.0%
Noncore operations and
elimination of
intersegment
transactions (49) (62) 21.0% 21.0%
---------- ---------- ------- ------------
Total Vivendi Universal EUR 19,439 EUR 18,237 6.6% 6.5%
---------- ---------- ------- ------------
---------- ---------- ------- ------------

Earnings from Operations
------------------------
Universal Music Group EUR 480 EUR 399 20.4% 18.8%
Vivendi Universal Games 41 (203) na(1) na(1)
Canal+ Group 176 187 -5.9% -9.3%
SFR(a) 2,422 2,338 3.6% 3.6%
Maroc Telecom 762 671 13.6% 14.2%
Holding & Corporate (195) (193) -1.0% -1.6%
Noncore operations 33 63 -47.6% -47.6%
---------- ---------- ------- ------------
Total Vivendi Universal EUR 3,719 EUR 3,262 14.0% 13.7%
---------- ---------- ------- ------------
---------- ---------- ------- ------------

na(1): not applicable.

(a) As of January 1, 2005, SFR revenues and cost of revenues included
mobile-to-mobile sales for EUR 909 million for the year ended
December 31, 2005 (including EUR 235 million for the fourth
quarter). 2004 comparable basis included estimated
mobile-to-mobile sales applying 2005 rate, i.e. EUR 875 million
for the year ended December 31, 2004 (including EUR 233 million
for the fourth quarter).


APPENDIX V
VIVENDI UNIVERSAL
REVENUES AND EARNINGS FROM OPERATIONS BY BUSINESS SEGMENT AS PUBLISHED
(IFRS)

------------------------------
4th Quarter Ended December 31,
------------------------------
%
2005 2004 Change
---------- ---------- -------
(in millions of euros)

Revenues
--------
Universal Music Group EUR 1,682 EUR 1,760 -4.4%
Vivendi Universal Games 245 264 -7.2%
Canal+ Group 892 886 0.7%
SFR(a) 2,212 1,850 19.6%
Maroc Telecom 480 405 18.5%
Noncore operations and
elimination of
intersegment
transactions(b) (32) (41) 22.0%
---------- ---------- -------
Total Vivendi Universal EUR 5,479 EUR 5,124 6.9%
---------- ---------- -------
---------- ---------- -------

Earnings from Operations
------------------------
Universal Music Group EUR 267 EUR 303 -11.9%
Vivendi Universal Games 21 - na(1)
Canal+ Group (92) (110) 16.4%
SFR(a) 390 499 -21.8%
Maroc Telecom 197 159 23.9%
Holding & Corporate (45) (24) -87.5%
Noncore operations(b) 9 31 -71.0%
---------- ---------- -------
Total Vivendi Universal EUR 747 EUR 858 -12.9%
---------- ---------- -------
---------- ---------- -------

------------------------------
Year Ended December 31,
------------------------------
%
2005 2004 Change
---------- ---------- -------
(in millions of euros)

Revenues
--------
Universal Music Group EUR 4,893 EUR 4,989 -1.9%
Vivendi Universal Games 641 475 34.9%
Canal+ Group 3,452 3,560 -3.0%
SFR(a) 8,687 7,192 20.8%
Maroc Telecom 1,860 1,581 17.6%
Noncore operations and
elimination of
intersegment
transactions(b) (49) (86) na(1)
---------- ---------- -------
Total Vivendi Universal EUR 19,484 EUR 17,883 9.0%
---------- ---------- -------
---------- ---------- -------

Earnings from Operations
------------------------
Universal Music Group EUR 480 EUR 359 33.7%
Vivendi Universal Games 41 (203) na(1)
Canal+ Group 203 188 8.0%
SFR(a) 2,422 2,332 3.9%
Maroc Telecom 762 662 15.1%
Holding & Corporate (195) (193) 1.0%
Noncore operations(b) 33 88 -62.5%
---------- ---------- -------
Total Vivendi Universal EUR 3,746 EUR 3,233 15.9%
---------- ---------- -------
---------- ---------- -------

na(1): not applicable.

(a) As of January 1, 2005, SFR revenues and cost of revenues included
mobile-to-mobile sales for EUR 909 million for the year ended
December 31, 2005 (including EUR 235 million for the fourth
quarter).

(b) Corresponds to Vivendi Telecom International, Vivendi Valorisation
and other non core businesses.