Vivendi : 20210413 VIV Vivendi URD 2020

Annual Report -

Universal Registration

Document

2020

The Annual Report - Universal Registration Document in English is a translation

of the French Document d'enregistrement universel provided for information purposes.

This translation is qualified in its entirety by reference to the Document d'enregistrement universel.

The Annual Report - Universal Registration Document is available on the company's website www.vivendi.com.

Table of Contents

Profile of the Group,	5
Strategy and Value Creation,
Businesses, Financial
Communication
1.	Profile of the group	6
2.	Strategy and Value Creation	12
3.	Businesses, Financial communication	22

Non-financial Performance	47
1.	Non-financial Performance	48
	at the heart of strategy
2.	Main Non-financial Risks	57
3.	Ethics and Compliance	63
4.	CSR Commitments	68
5.	Indicators Summary Tables	95
6.	Tables	104
7.	Verification of Non-financial Data	106

Risk Factors, Internal Control	113
and Risk Management		7
1.	Risk Factors	114
2.	Internal Control and Risk Management	120
3.	Insurance	126
4.	Seasonality of group Businesses	127
5.	Raw Materials	127
Corporate Governance,	129
Compensation and Benefits,
and General Information
about the company
1.	Corporate Governance	130
2.	Compensation and Benefits	168
	of Vivendi's Corporate Officers
3.	General Information about the company	205

Financial Report, Statutory	221
Auditors' Report on the Consolidated
Financial Statements, Audited
Consolidated Financial Statements,
Statutory Auditors' Report
on the Financial Statements,
Vivendi SE - 2020 Statutory
Financial Statements
1.	Key consolidated financial data	222
	for the last five years
2.	2020 Financial Report	224
3.	Appendix to the Financial Report	250
4.	Audited Consolidated Financial Statements	251
	for the Year Ended December 31, 2020
5.	Vivendi SE - 2020 Statutory Financial	349
	Statements

Recent Events, Outlook	389
1.	Recent events	390
2.	Outlook	391

Responsibility for Auditing the	393
Financial Statements
1. Responsibility for Auditing	394
the Financial Statements

VIVENDI ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2020 1

Editorial

Yannick

Bolloré

Chairman of the Supervisory Board

"Vivendi has

a defining role to play in building a better world and nurturing powerful creative ideas and influential content."

2020 will no doubt be remembered for the public health crisis that overwhelmed organizations around the world. As events unfolded, the group's compass remained firmly set on taking all the necessary steps to ensure the health and safety of its teams.

Vivendi's entities have each demonstrated a remarkable ability to adapt to public health requirements and continue operating in these unprecedented conditions. Our business lines have reinvented themselves, developing new formats that have allowed them to forge ahead with innovative content and digital or hybrid events.

In 2020, we continued to follow our strategic roadmap and to invest in our future, accelerating our development to build a world class content, media and communications group.

Throughout the year, our group remained as dynamic as ever, opening up Universal Music Group's share capital following the completion of sale agreements with a Tencent-led consortium, and signing a put option agreement for Prisma Media.

The coronavirus crisis has put a spotlight on the critical role of the entertainment industry in society today. Creative content provides a means of escape for the billions of people forced to follow social distancing and lockdown measures all over the world. Global demand for high-quality digital creative content is higher than ever.

2020 also highlighted the spirit of creativity and solidarity that has long guided us at Vivendi.

The group upheld its responsibilities toward all of its stakeholders, introducing a number of exemplary community initiatives as part of the global effort to fight the pandemic, while its entities took various steps to support its suppliers and partners.

Vivendi has a defining role to play in building a better world and nurturing powerful creative ideas and influential content. We have defined our raison d'être with the tagline "Creation Unlimited", which expresses the group's mission of unleashing creativity by promoting all talent, ideas and culture, and sharing them with as many people as possible.

We also strengthened our corporate social responsibility commitments with our Creation for the Future program, which sets new environmental, societal and social goals. While we have always been strongly committed to protecting the environment, the urgent need for climate change has prompted us to go further and set the clear and ambitious milestone of achieving group-wide carbon neutrality by 2025.

We also believe in the power of creativity and the growth potential of our businesses which bring exciting prospects for us in 2021.

2 ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2020 VIVENDI

Arnaud de Puyfontaine

Chief Executive Officer

"Our robust subscription model limits our exposure to economic fluctuations, while our complementary

businesses and creative talent are valuable assets that set Vivendi apart."

Vivendi performed well in 2020 despite the public health crisis. In this challenging environment, our group's revenues increased 1.2% while its EBITA climbed 6.6% compared to 2019.

These gains were driven by the solid performance of the group's main businesses: music and pay-TV. The increase in income from subscription streaming services resulted in another year of strong growth for Universal Music Group (UMG). Canal+ Group successfully continued implementing its transformation plan in France, while its international pay-TV operations made significant progress. Havas Group's performance improved as the advertising market stabilized at the end of the year. Editis, for its part, has rebounded sharply since the first lockdown in France ended in June 2020, and Gameloft has held up relatively well. In contrast, Vivendi Village's live performance and ticketing activities were deeply impacted by the public health crisis.

Vivendi continued moving ahead. 2020 was another important step in achieving our goal of building a world-class group at the crossroads of content, media and communications.

A number of recent transactions have moved us closer to achieving this goal. First, we successfully opened up UMG's share capital to an international consortium led by Tencent, which acquired a 10% interest in March 2020 and then exercised its option to buy an additional 10% in January 2021. Furthermore, in December 2020, we signed a put option

agreement for 100% of Prisma Media, France's leading magazine publishing group. We expect to finalize this acquisition by the end of June 2021, thereby gaining a foothold in an industry that complements our existing businesses. Finally, we have purchased stakes in several media companies in France (29.2% in Lagardère group) and abroad (12% in MultiChoice, the top pay-TV provider in South Africa, and 9.9% in PRISA, the leader in Spanish-language education and media).

2021 will also be marked by a major project for our group: the study of a plan to distribute 60% of UMG's share capital to Vivendi's shareholders and list the company by the end of the year. If it goes through, the transaction will have a positive impact on UMG, which can keep growing and play its full part in the music industry as a pioneer that serves musical talent and fans all over the world. It would also enable Vivendi to accelerate its development and achieve its corporate mission of lasting value creation.

Although there is still some uncertainty as to how the global public health crisis will evolve, we look to the future with confidence. Our robust subscription model limits our exposure to economic fluctuations, while our complementary businesses and creative talent are valuable assets that set Vivendi apart. Above all, we can count on the support of our core shareholder, the Bolloré Group, which ensures long-term stability.

VIVENDI ANNUAL REPORT - UNIVERSAL REGISTRATION DOCUMENT 2020 3