Vivendi Universal Reports Full Year 2005 Revenues Up 9% and 7% on a Comparable Basis

Full Year of 2005 Revenues

Vivendi Universal's as published revenues amounted to EUR 19,484million compared to EUR 17,883 million for the full year of 2004, anincrease of 9%.

On a comparable basis(1), revenues amounted to EUR 19,439 millioncompared to EUR 18,237 million for the full year of 2004, an increaseof 7%.

Fourth Quarter of 2005 Revenues

Vivendi Universal's as published revenues amounted to EUR 5,479million compared to EUR 5,124 million for the fourth quarter of 2004,an increase of 7%.

On a comparable basis, revenues amounted to EUR 5,479 millioncompared to EUR 5,277 million for the fourth quarter of 2004, anincrease of 4%.

Universal Music Group

Full Year of 2005:

Universal Music Group's (UMG) revenues of EUR 4,893 million wereup 1.6% on a comparable basis(2) and at constant currency with growthin North America and Music Publishing offsetting weakness in Asia.

Digital sales of EUR 259 million were almost three times 2004sales and represented 5.3% of UMG's total revenues. There was stronggrowth in both the on-line and mobile sectors.

Best sellers in 2005 included new releases from Mariah Carey, 50Cent, Black Eyed Peas, Eminem, Kanye West and Jack Johnson in additionto very strong carryover sales from Gwen Stefani. Other best sellerswere debut releases from The Game, The Pussycat Dolls, Fall Out Boy,Akon and the U.K.'s Kaiser Chiefs. Regional best sellers includedLatin artists Juanes and Daddy Yankee, Germany's Rammstein, Brazil'sIvete Sangalo and France's Chimene Badi.

In the U.S., total album unit sales for the industry as measuredby SoundScan fell 7.2%(3), while sales of digital tracks grew from EUR141 million in 2004 to EUR 353 million in 2005. UMG outperformed themarket driving a 2-percentage point increase in market share to anunprecedented 31.7%. UMG had the top two best selling albums of theyear with Mariah Carey and 50 Cent and seven of the top 10.

Fourth Quarter of 2005:

UMG's revenues of EUR 1,682 million declined 1.7% on a comparablebasis (down 5.2% on a comparable basis and at constant currency)versus a very strong quarter in 2004 due to an exceptional releaseschedule.

Best sellers in the period included a greatest hits package fromEminem, the NOW 20 compilation in the U.S., the "Get Rich Or DieTryin" O.S.T. featuring 50 Cent, a new studio album from Mary J. Bligeand strong sales of prior period releases from Black Eyed Peas, MariahCarey and Nickelback. Last year's best sellers included new studioalbums from Eminem, U2 and Gwen Stefani and greatest hits packagesfrom Shania Twain, Toby Keith and George Strait.

Vivendi Universal Games

Full Year of 2005:

Vivendi Universal Games' (VUG's) revenues of EUR 641 million wereup 34.9% compared to prior year (up 34.6% at constant currency). Thisincrease was driven by the critically acclaimed subscription-basedmassively multiplayer online role-playing game (MMORPG) World ofWarcraft as well as the very strong performance of the fourth quarterrelease 50 Cent: Bulletproof, the gritty urban action game starringmulti-platinum recording artist 50 Cent. Other top sellers during 2005included the new releases Robots, Hulk II, F.E.A.R., which was named'Best Action Game of E3 2005' by the E3 Critics, Crash Tag Team Racingand strong sales in North America from the distribution of DeltaForce: Black Hawk Down and FlatOut.

During 2005, World of Warcraft successfully launched commerciallyin several key territories - Korea (January), Europe (February), China(June) and Taiwan (November) - and continued its strong growth inNorth America following its launch in late 2004. World of Warcraftcontinues to be the fastest-growing game in its category, achievingover 5.5 million customers globally via directly managed operations inNorth America, Europe and Korea, and licensed operations in China andTaiwan.

Fourth Quarter of 2005:

VUG's revenues of EUR 245 million were down 7.2% (down 11.1% atconstant currency) versus an exceptional quarter in 2004, reflectingthe highly successful launch of World of Warcraft in North America aswell as Half-Life 2.

Best sellers in the quarter included the new releases of 50 Cent:Bulletproof, F.E.A.R., and Crash Tag Team Racing. Also in the fourthquarter of 2005, World of Warcraft was successfully launchedcommercially in Taiwan.

Canal+ Group

Full Year of 2005:

Canal+ Group reported revenues of EUR 3,452 million. On acomparable basis(4) revenues were up EUR 130 million or 4% compared to2004.

On a comparable basis, revenues from pay-TV operations in Francewere up EUR 114 million or 4% compared with year-end 2004, due toincreased revenue per subscriber and higher subscription portfolio.

The group's total portfolio as of December 31, 2005 reached 8.25million subscriptions. Net additions over the year were approximately310,000. In 2005, Canal+ Group achieved over 1.1 million grossadditions, up 13% compared with 2004, including approximately 640,000to Canal+ which posted its best recruitment since 1987.

Total subscriptions to Canal+ at the end of the year reached 5.06million, up 105,000 compared with December 2004. This was more thantwice the growth achieved in 2004. Churn rate stood at 11.4%. Launchedin March 2005, Canal+ Group's premium channel package, Canal+ LeBouquet, represented more than 52% of total Canal+ subscriptions atthe end of 2005.

CanalSat subscriptions as of December 31, 2005, reached 3.19million, up to approximately 205,000 compared with 2004. Over theyear, CanalSat recruited over 480,000 new subscribers (up 8% comparedwith 2004), while maintaining a churn rate just below 10%.

Other Canal+ Group operations posted revenues up 3% compared with2004 on a comparable basis. The slight decrease in StudioCanal sales(down 3% at EUR 380 million) reflected termination of non-profitablebusinesses, particularly in-house film production. Pay-TV operationsin Poland turned in strong performance (up 28% at EUR 193 million)mainly due to increased subscription portfolio.

Fourth Quarter of 2005:

Canal+ Group reported revenues of EUR 892 million. On a comparablebasis, revenues were up EUR 53 million or up 6.3% compared to thefourth quarter of 2004.

On a comparable basis, revenues from the pay-TV operations inFrance were up EUR 45 million or 7% year-on-year.

Other Canal+ Group operations posted revenues up 6% compared withthe fourth quarter of 2004 on a comparable basis, mainly thanks toStudioCanal (up 8%) and pay-TV operations in Poland (up 30%).

SFR

Following the closing, on August 22, 2005, of the Cegetel and NeufTelecom merger to create the leading alternative operator for fixedtelecommunications services in France, and in accordance with IFRS,the Fixed Operation of SFR Group - the subsidiary Cegetel - is notintegrated in Vivendi Universal's revenues. Consequently, numbersreported for SFR for both 2004 and 2005 correspond only to the MobileOperation.

Full Year of 2005:

SFR revenues grew 20.8% to EUR 8,687 million. On a comparablebasis(5), revenues were up 7.0%, mainly reflecting the year on yearincrease in the customer base combined with a stable blended ARPU(6)despite fixed incoming voice termination rate cut of 16.3% on January1, 2005. Excluding the call termination rate decrease, the revenuegrowth would have been up 8.4%.

SFR proved ongoing commercial dynamism throughout the twelvemonths of 2005 with 1.378 million net new customers taking itsregistered customer base to 17.198 million(7), an 8.7% increase versus2004. The postpaid customer base grew by 13.3% year on year to 10.880million, with more than 90% of new customers being contract customers.

Blended annual ARPU excluding mobile to mobile termination wasstable at EUR 429, despite the fixed incoming voice rate cut,benefiting from the improved customer mix at 63.3% of postpaid (versus60.7% in 2004) and the 10.5% increase of the blended average voiceusage per customer (AUPU)(8) to 296 minutes per month.

This highlighted the success of SFR's strategy which aimed tosubstitute fixed voice usage with mobile voice usage and to developnew services around music, video and TV. This was made possible thanksto additional voice capacity and speed brought by SFR investments inthe 3G technology along with major strategic agreements with variouscontent providers, including CanalSat in June, UMG in July, and FIFAin November.

SFR has achieved an excellent performance with 3G, topping1,003,000 3G customers at the end of December 2005. SFR's 3G successcan also be seen in the usage patterns of its 3G customers: forexample, 340,000 songs were downloaded in the sole month of December2005 placing SFR in the top 5 of legal music download platforms inFrance.

Net data revenues(9) improved significantly (up 27.7%) torepresent 13.2% of network revenues (excluding mobile to mobiletermination) for the year 2005, compared to 9.6% at the end ofDecember 2004. This increase is mainly due to the 21% increase in textmessaging (SMS) to 5.4 billion SMS, the multiplication by 2.6 times ofMMS to 98 million and the further penetration of Vodafone Live! :4,785,000 SFR customers were recorded to the mobile multimediaservices portal compared to 2,230,000 at the end of December 2004.This contributed to an 18% growth in net data ARPU to EUR 59.

Fourth Quarter of 2005:

SFR achieved a revenue growth of 19.6% to EUR 2,212 million. On acomparable basis, revenues were up 5.4%, mainly reflecting theincrease in the customer base combined with a stable ARPU over thefourth quarter, partly offset by sharp decrease in Roaming In revenuesdue to the introduction of the "Vodafone Passport" tariffs plan in thethird quarter of 2005.

Maroc Telecom

Full Year of 2005:

Maroc Telecom's revenues of EUR 1,860 million increased by 17.6%,compared to 2004 (up 16% at constant currency on a comparablebasis(10)) due to the performance of mobile and internet businesses.

Mobile revenues of EUR 1,156 million increased by 31.5% comparedto 2004 (up 29.2% at constant currency on a comparable basis).Excluding the impact of the increase of incoming internationalinterconnection tariff applied by ANRT as of January 1, 2005, revenuesincreased by 25.8% (up 23.6% at constant currency on a comparablebasis).

This growth is primarily explained by the continuing growth of thecustomer base(11) (8.8 million of customers, up 38.3% compared to2004), with a net increase of the customer base of more than 2.4million since the beginning of 2005. The blended monthly ARPU(12)stood at EUR 10.8 (versus EUR 11.2 in 2004) with a positive impact ofthe increase of incoming international interconnection tariff appliedas of January 1, 2005 (down 8.9% excluding this impact). The churnrate was of 12.2% (compared to 11.6% in 2004).

Fixed telephony and internet revenues of EUR 1,082 millionincreased by 7% compared to 2004 (up 5.9% at constant currency on acomparable basis). This growth was linked to the increase of the fixedcustomer base and of broadband internet activity, to the continuinggrowth of incoming international traffic, which offset the decrease ofthe average invoice per customer.

The fixed customer base reached 1.34 million lines at the end of2005 (up 2.4% compared to the end of 2004). Thanks to the monthly feedecrease as of March 2005 and to the year end promotions, the ADSLcustomer base continued its development to approximately 242,000accesses at the end of December 2005, versus approximately 60,000 atthe end of December 2004.

Fourth Quarter of 2005:

Maroc Telecom revenues of EUR 480 million increased by 18.5%compared to the fourth quarter of 2004 (up 17.5% at constant currencyon a comparable basis) mainly due to the growth of mobile and internetbusinesses.

Important disclaimer:

This press release contains "forward-looking statements" as thatterm is defined in the Private Securities Litigation Reform Act of1995. Such forward-looking statements are not guarantees of futureperformance. Actual results may differ materially from theforward-looking statements as a result of a number of risks anduncertainties, many of which are outside our control, including butnot limited to the risks described in the documents Vivendi Universalhas filed with the U.S. Securities and Exchange Commission and withthe French Autorite des Marches Financiers (www.amf-france.org).Investors and security holders may obtain a free copy of documentsfiled by Vivendi Universal with the U.S. Securities and ExchangeCommission at www.sec.gov or directly from Vivendi Universal. VivendiUniversal does not undertake, nor has any obligation, to provide,update or revise any forward-looking statements.

(1) Comparable basis essentially illustrates the effect of the
divestitures that occurred in 2004 (mainly Canal+ Benelux, UMG's
Music clubs, Kencell and Monaco Telecom), of the divestitures that
occurred in 2005 (mainly NC Numericable) and includes the full
consolidation of minority stakes in distribution subsidiaries at
SFR and of Mauritel at Maroc Telecom as if these transactions had
occurred on January 1, 2004. In 2004, comparable basis also
includes estimated mobile-to-mobile sales at SFR applying 2005
rate. The revenues are not necessarily indicative of the combined
revenues that would have occurred had the events actually occurred
on January 1, 2004.

(2) 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.

(3) Nielsen SoundScan data for the period ending 1st January 2006.
Based on 52 weeks of calendar year 2004 sales. Vivendi Universal
cannot vouch for the accuracy of Nielsen SoundScan data.

(4) 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.

(5) In 2004, comparable basis included estimated mobile-to-mobile
sales at SFR applying 2005 rate and illustrated the full
consolidation of minority stakes in distribution subsidiaries as
of January 1, 2004.

(6) ARPU (Average Revenue Per User) is defined as revenues net of
promotions and net of third-party content provider revenues
(including toll numbers related revenues) excluding roaming in and
equipment sales divided by average Arcep total customer base for
the last twelve months. 2004 ARPU is without the revenues from
directory activity.

(7) SFR excluding wholesale customers total base (wholesale customer
base reached 119,000 at the end of December 2005).

(8) AUPU (Average Usage Per User) is defined as the incoming and
outgoing "voice" volumes divided by average Arcep total customer
base for the last twelve months

(9) Data revenues are now presented net of third party content
provider revenues.

(10)Comparable basis illustrates the effects of the full
consolidation of Mauritel as if this transaction had occurred as
of January 1, 2004.

(11)Without Mauritel.

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



APPENDIX I

VIVENDI UNIVERSAL
REVENUES ON A COMPARABLE BASIS BY BUSINESS SEGMENT

(IFRS, unaudited)

Comparable basis essentially illustrates the effect of the
divestitures that occurred in 2004 (mainly Canal+ Benelux, UMG's Music
clubs, Kencell and Monaco Telecom), of the divestitures that occurred
in 2005 (mainly NC Numericable) and includes the full consolidation of
minority stakes in distribution subsidiaries at SFR and of Mauritel at
Maroc Telecom as if these transactions had occurred as at January 1,
2004. In 2004, comparable basis also includes estimated
mobile-to-mobile sales at SFR applying 2005 rate. Comparable basis
revenues are not necessarily indicative of the combined revenues that
would have occurred had the events actually occurred at the beginning
of 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
intercompany
transactions(b) (32) (40) 20.0% 20.0%
---------- ---------- ------ -------------
Total Vivendi Universal EUR 5,479 EUR 5,277 3.8% 2.3%
---------- ---------- ------ -------------
---------- ---------- ------ -------------

-------------------------------------------
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
intercompany
transactions(b) (49) (62) 21.0% 21.0%
---------- ---------- ------ -------------
Total Vivendi Universal EUR 19,439 EUR 18,237 6.6% 6.5%
---------- ---------- ------ -------------
---------- ---------- ------ -------------

(a) As of January 1, 2005, SFR 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).

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


APPENDIX II
VIVENDI UNIVERSAL
REVENUES BY BUSINESS SEGMENT AS PUBLISHED (a)

(IFRS, unaudited)

-----------------------------
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(b) 2,212 1,850 19.6%
Maroc Telecom 480 405 18.5%
Noncore operations and
elimination of
intercompany
transactions(c) (32) (41) 22.0%
---------- ---------- ------
Total Vivendi Universal EUR 5,479 EUR 5,124 6.9%
---------- ---------- ------
---------- ---------- ------

-----------------------------
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(b) 8,687 7,192 20.8%
Maroc Telecom 1,860 1,581 17.6%
Noncore operations and
elimination of
intercompany
transactions(c) (49) (86) na(1)
---------- ---------- ------
Total Vivendi Universal EUR 19,484 EUR 17,883 9.0%
---------- ---------- ------
---------- ---------- ------

(1) na: not applicable.

(a) As they are being published in BALO on January 30, 2006.

(b) In accordance with IFRS 5, following Cegetel and Neuf Telecom
merger, announced on May 11, 2005 and closed on August 22, 2005,
the fixed operations of SFR qualified as discontinued operations.
Consequently, revenues published for SFR for both 2005 and 2004
exclude Cegetel and only include mobile operations.

As of January 1, 2005, SFR 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).

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



VIVENDI UNIVERSAL
RECONCILIATION OF REVENUES PREPARED UNDER FRENCH GAAP AND IFRS
REVENUES

(unaudited)

-------------------------------------------
Year Ended December 31, 2004
-------------------------------------------

Revenues of telecom operators
---------------------------------
(in millions of euros) French Change
GAAP as in Equip-
published present- Handset ment
(a) ation(b) subsidies sales Other
--------- -------- --------- ------- ------
Revenues
--------
Universal Music Group EUR 4,993 EUR - EUR - EUR - EUR -
Vivendi Universal Games 475 - - - -
Canal+ Group 3,580 - - - -
SFR 8,317 - (78) (18) (2)
Maroc Telecom 1,627 - (48) (2) 4
Non Core operations and
elimination of
intercompany transactions 109 - - - -
Vivendi Universal
Entertainment 2,327 - - - -

Total Vivendi Universal EUR21,428 EUR - EUR (126) EUR(20) EUR 2
--------- -------- --------- ------- ------
--------- -------- --------- ------- ------

Reclassification
of Cegetel and
Other VUE as discontinued
Impacts operations (c) IFRS
--------- ------------------- ---------

Universal Music Group EUR (4) EUR - EUR 4,989
Vivendi Universal Games - - 475
Canal+ Group (20) - 3,560
SFR - (1,027) 7,192
Maroc Telecom - - 1,581
Non Core operations and
elimination of
intercompany transactions (50) 27 86
Vivendi Universal
Entertainment - (2,327) -
--------- ------------------- ---------
Total Vivendi Universal EUR (74) EUR (3,327) EUR17,883
--------- ------------------- ---------
--------- ------------------- ---------

(a) As they were published in BALO on February 2, 2005 and filed with
the SEC as the 2004 Form 20-F on June 29, 2005.

(b) Sales of services provided to customers managed by SFR and Maroc
Telecom on behalf of content providers, are net of related
expenses. Under French GAAP, this change in presentation only
occurred in the fourth quarter of 2004. Please refer to Notes
1.3.4.4 and 2.8.L. to the Note "IFRS 2004 transition" published on
April 14, 2005 and filed with the SEC as exhibit 15.1 of the 2004
Form 20-F on June 29, 2005.

(c) In accordance with IFRS 5, Cegetel and VUE qualified as
discontinued operations and the related net income and expenses
were deconsolidated as of January 1, 2004.