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

Vivendi (Paris:VIV):

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>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 (**) 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 (***) 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.

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

(***) 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.