Vivendi Reports First Nine Months 2006 Revenues Up 4.1% on a Comparable Basis.

PARIS -- Note to readers: Vivendi provided preliminary, unaudited revenue information for the third quarter and the first nine months of 2006 on an IFRS basis in accordance with European regulatory requirements.

First Nine Months of 2006 Revenues

Vivendi's as published revenues for the first nine months of 2006 amounted to e1/414,499 million compared to e1/414,005 million for the first nine months of 2005, an increase of 3.5%.

On a comparable basis(1), first nine months of 2006 revenues amounted to e1/414,462 million compared to e1/413,896 million for the first nine months of 2005, an increase of 4.1% (+3.6% at constant currency).

Third Quarter of 2006 Revenues

Vivendi's as published revenues for the third quarter of 2006 amounted to e1/44,889 million compared to e1/44,874 million for the third quarter of 2005, an increase of 0.3%.

On a comparable basis(1), third quarter of 2006 revenues amounted to e1/44,889 million compared to e1/44,850 million for the third quarter of 2005, an increase of 0.8% (+1.6% at constant currency).

Universal Music Group

First Nine Months:

Universal Music Group's (UMG's) revenues of e1/43,298 million increased 2.7% from last year driven by strong digital sales growth, higher license income in the U.S., higher music publishing sales and favorable currency movements. At constant currency, sales grew 1.4%.

Digital sales were e1/4348 million with strong growth in all markets and sectors. Digital revenues were more than double last year and represented 10.5% of total revenues.

Best sellers year to date included new releases from Andrea Bocelli, Rihanna and Nelly Furtado, and strong carryover sales from The Pussycat Dolls.

Third Quarter:

UMG's revenues of e1/41,096 million declined 2.1% versus last year primarily as a result of adverse currency movements and despite very strong growth in the digital sector and higher license income in the U.S. At constant currency, sales grew 0.8%.

Digital sales of e1/4126 million were up 88% versus last year, representing 11.5% of total revenues, with strong growth across both the online and mobile sectors.

Revenues include a net amount of e1/436 million received in connection with the settlement of the Napster litigation.

Best sellers included new releases from The Killers, Fergie, Scissor Sisters and Ludacris.

Vivendi Games

First Nine Months:

Vivendi Games' revenues of e1/4478 million were 20.7% above the prior year (up 18.4% on a constant currency basis). This increase was primarily driven by the continued worldwide success of World of Warcraft, the critically acclaimed subscription-based, massively multiplayer online role-playing game (MMORPG) from Blizzard Entertainment.

Other solid performers included initial launch revenues in North America from the new release Scarface, developed internally by Sierra's Radical Entertainment, as well as continuing sales from Ice Age 2 and 50 Cent: Bulletproof.

Third Quarter:

Vivendi Games' revenues of e1/4182 million were 15.2% above the prior year (up 18% at constant currency basis). This increase was primarily driven by the continued worldwide success of World of Warcraft. Other solid performers included initial launch revenues in North America from the new release Scarface, the game based on the classic Universal Studios film.

Canal+ Group

First Nine Months:

Canal+ Group reported revenues of e1/42,712 million compared to e1/42,560 million for the first nine months of 2005. On a comparable basis 2, revenues were up e1/4213 million (+8.7% compared to the first nine months of 2005).

This increase reflects the growth of pay-TV operations in France (up 10% on a comparable basis) which benefited from portfolio and revenues per subscriber growth, as well as a higher proportion of digital subscriptions (as of the end of September, Canal+ Le Bouquet represented 57% of total portfolio versus 50% as of the end of September 2005). At the end of September 2006, Canal+ Group's total portfolio was over 8.29 million subscriptions, Canal+ portfolio being just over 5 million subscriptions. As of the end of September 2006, Canal+ Group's total subscription portfolio grew by nearly 270 thousand subscriptions when compared to September 2005.

During the same period, other businesses grew by 3% on a comparable basis, in particular i>TELE, which benefited from advertising revenues growth due to its switch to free-to-air broadcasting over Digital Terrestrial Television (DTT) in October 2005. Polish operations were also up thanks to a strong increase in subscription portfolio.

Revenues for Canal+ Group's movie business decreased slightly.

Third Quarter:

Canal+ Group reported quarterly revenues of e1/4879 million compared to e1/4863 million for same period last year. On a comparable basis2, revenues increased by e1/439 million, up 4.6% compared to the third quarter of 2005.

Revenues of pay-TV operations in France grew by 8%, primarily driven by portfolio growth, the increase of revenues per subscriber as well as the higher proportion of digital subscriptions.

Other revenues have been impacted by the decrease in the movie business revenues mainly due to lower revenues from the Working Title deal.

SFR

First Nine Months:

SFR revenues grew by 0.3% to e1/46,497 million compared to the same period in 2005 (up 0.5% on a comparable basis3).

Favorable effects of the increase in customer base along with the growth in "voice" and "data" usage were very largely offset by the strong cut of regulated tariffs at the beginning of 2006 (a 24% cut of mobile voice termination rates and a 19% cut of SMS termination) as well as by the cut in the price charged to customers for the new offers launched in April 2005. SFR ARPU4 decreased by 5.2% to e1/4463 at the end of September 2006 (versus e1/4488 at the end of September 2005). Excluding the impacts of the regulated tariff cut, SFR revenues would have been up by 4.9%.

For the first nine months of 2006, SFR added 307,000 net new customers, taking its registered customer base to 17.505 million5, a 6.4% increase versus last year. The contract customer base grew by 9.2% year-on-year to 11.334 million, leading to an improved customer mix of 1.6 percentage point in one year.

Average voice usage of SFR customers (AUPU)6 continued its strong growth of 13.7% to 323 minutes per month. 3G customers reached 1.925 million as of the end of September 2006 compared to 1.003 million at the end of December 2005.

Net data revenues improved significantly to represent 12.9% of network revenues for the first nine months of 2006, compared to 11.5% in 2005, due to a 18.3% increase in text messaging (SMS) sent by SFR customers (4.6 billion), to the 1.9 time multiplication of MMS sent (123 million) and to the strong increase of other services, in particular in the corporate segment. The latter now represent 32% of total data revenues compared to 29% in 2005.

At the end of September 2006, the data ARPU reached e1/461, a 6% growth compared to 2005.

This performance highlights the success of SFR "mobile centric" strategy which aims to offer each individual customer greater continuity and personalization of SFR mobile services: two key elements of this strategy being the launch of the Happy Zone offer, which will consist in unlimited usage of the mobile when at home and the launch, in April 2007, of an ADSL option for SFR customers.

With a view to accelerate the execution of this strategy, SFR signed an agreement7 to acquire the fixed and ADSL operations of TE[umlaut]lE[umlaut]2 France (approximately 300,000 ADSL customers and 3 million fixed line customers to be migrated to ADSL offers) and raised to 40.6% its share in Neuf Cegetel, right before Neuf Cegetel successful IPO.

Third Quarter:

SFR revenues declined by 1.8% compared to the third quarter of 2005 to e1/42,196 million. Network revenues were stable at e1/42,105 million.

The strong cut of regulated tariffs as of January 1, 2006 offset favorable effects of the increase in customer base and the growth in "voice" and "data" usage. Excluding the impacts of the regulated tariff cut, SFR revenues would have been up by 2.7% compared to the third quarter of 2005.

Maroc Telecom

First Nine Months:

Maroc Telecom revenues of e1/41,554 million increased by 12.6% compared to the same period last year (+11.8% at constant currency).

Mobile revenues grew by 17.5% to e1/41,011 million compared to the same period last year (+16.7% at constant currency).

Revenues increase is the result of commercial success with the sustained growth of the customer base8 9 reaching 10.496 million customers (+30.5% compared to the same period last year and a net increase of 2.5 million customers in a year).

The blended ARPU8 10, for the first nine months of 2006, stands at e1/410.6 (-8% compared to the same period last year at constant currency) due to the strong increase of the customer base and the decrease of the average price of communication.

Always innovative in its market, Maroc Telecom introduced new services, on September 1, 2006 with Mobimail (mobile Internet e-mail service) and Mobitalkie (push-to-talk service).

Fixed and internet revenues grew by 7% to e1/4856 million compared to the same period last year (+6.3% at constant currency).

This good performance was achieved thanks to the dynamism of the public telephony segment (+12%), to the growth of the incoming international traffic (+11.8%), to the continuing success of broadband activity and to a strong growth of data services to enterprises and operators (+22%). The average monthly voice invoice remained stable.

The fixed customer base decreased to 1.267 million of lines (-5.8% compared to the same period last year) while the ADSL customer base8 experienced a strong growth and almost reached 342,000 lines (+163,000 lines in a year, +91% compared to the same period last year).

To keep its existing customers and attract new ones, Maroc Telecom launched in September new unlimited offers on the fixed telephony segment, named Phony, which allow customers to call all the local and national Maroc Telecom fixed numbers with no limit of time.

Third Quarter:

Maroc Telecom revenues of e1/4561 million increased by 11.5% compared to the same period last year (+12.3% at constant currency).

Mobile revenues grew by 16.7% to e1/4377 million compared to the same period last year (+17.5% at constant currency) due to the strong increase of the customer base (+ 1.6 million customers in the quarter).

Fixed and internet revenues grew by 5.8% to e1/4296 million compared to the same period last year (+6.6% at constant currency).

Important disclaimer:

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking 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 has filed with the U.S. Securities and Exchange Commission and with the French AutoritE[umlaut] des MarchE[umlaut]s Financiers. Investors and security holders may obtain a free copy of documents filed by Vivendi with the U.S. Securities and Exchange Commission at www.sec.gov, the French AutoritE[umlaut] des MarchE[umlaut]s Financiers at www.amf-france.org, or directly from Vivendi. Vivendi 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 or abandonment of operations that occurred in 2005 and 2006 (mainly NC NumE[umlaut]ricEoble in 2005 and PSG in 2006 at Canal+ Group and Annuaire Express, SFR phone directory activities in 2005) and includes the full consolidation of minority stakes in distribution subsidiaries at SFR as if these transactions had occurred as of January 1, 2005. Comparable basis revenues are not necessarily indicative of the combined revenues that would have occurred had the events actually occurred at the beginning of 2005.

2 Comparable basis mainly illustrates the effect of divestitures at Canal+ Group (mainly NC NumE[umlaut]ricEoble in 2005 and PSG in 2006), as if these transactions had occurred as of January 1, 2005.

3 Comparable basis mainly illustrates the full consolidation of minority stakes in distribution subsidiaries and excludes revenues from phone directory activities (Annuaire Express) as of January 1, 2005.

4 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 on a comparable basis, excluding revenues from phone directory activities (Annuaire Express).

5 SFR excluding wholesale customers total base (wholesale customer base reached 367,000 at the end of September 2006).

6 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.

7 Transaction subject to Competition Authority approval.

8 Without Mauritel.

9 The customer base, compliant with the ANRT definition and used by Maroc Telecom in 2006, is calculated as the sum of prepaid customers giving or receiving a voice call during the last 3 months and the number of not resiliated postpaid customers.

10 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

VIVENDI

REVENUES BY BUSINESS SEGMENT

(IFRS, unaudited)

COMPARABLE BASIS

Comparable basis essentially illustrates the effect of the divestitures or abandonment of operations that occurred in 2005 and 2006 (mainly NC NumE[umlaut]ricEoble in 2005 and PSG in 2006 at Canal+ Group and Annuaire Express, SFR phone directory activities in 2005) and includes the full consolidation of minority stakes in distribution subsidiaries at SFR as if these transactions had occurred as of January 1, 2005. Comparable basis revenues are not necessarily indicative of the combined revenues that would have occurred had the events actually occurred at the beginning of 2005.

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(a) As they will be published in BALO.