Vivendi: Very Good First Quarter; 2008 Outlook Confirmed

Business Wire, May 14, 2008

Income from equity affiliates totaled EU85 million compared to EU82 million for the first quarter of 2007. Our share of income from NBC Universal represented EU53 million for the first quarter of 2008 compared to EU65 million for the first quarter of 2007, a decrease driven by the decline of the U.S. dollar and NBC Universal's performance. SFR's share of income from Neuf Cegetel represented EU33 million compared to EU18 million for the first quarter of 2007

Adjusted net income amounted to EU697 million with EU0.60 per share, compared to EU771 million with EU0.67 per share for the first quarter of 2007, a decrease of EU74 million (-9.6%).

Earnings attributable to equity holders of the parent amounted to EU555 million with EU0.48 per share, compared to EU932 million with EU0.81 per share for the first quarter of 2007, a decrease of EU377 million (-40.5%), which was primarily due to the dilution profit on the sale of a 10.18% equity interest in Canal France to Lagard[c]re ( EU239 million) in the first quarter of 2007.

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 successful completion of the Activision Blizzard transaction mentioned above, the risk that Vivendi will not be able to obtain the necessary approvals for certain transactions as well as 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













Speakers:






Philippe Capron






Member of the Management Board and Chief Financial Officer






Sandrine Dufour






Deputy Chief Financial Officer













Date: Wednesday, May 14, 2008






6:00PM Paris time - 5:00PM London time- 12:00PM New York time






Media invited on a listen-only basis













Numbers to dial:






Number in France:  33 (0)1 70 99 43 03; Access code: 353 54 41






Number in UK:  44 (0)20 7806 1957; Access code: 639 90 74






Number in US:  1 718 354 1388 or   1 888 935 4577 (toll-free);






Access code: 639 90 74













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 or  1866 883 448






Access code: 35 35 441# in french






63 99 074# in English













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.