Bolloré Group H1 2018 Results: Revenue Growth and Strong Operating Results Across all Segments

1. first half 2018 results August 31, 2018

2. Sommaire 1 H1 2018 Summary Results 3 2 Review of operations | H1 2018 Results 14 3 Appendix 29

3. 1 H1 2018 Summary Results 3

4. BOLLORé GROUP Change in the share price Share price at 08/27/2018 : €4.15 | MARKET CAPITALIZATION: €12.1bn Source: Thomson Reuters

5. BOLLORé GROUP First half 2018 Summary results (1) • Group Revenue: €10,869m, +7% at constant scope and exchange rates (+54 % including the €6,460m contribution from Vivendi) • Strong operating results across all segments: €544m (+33%) • Bolloré Transportation and Logistics: €266m, up 4% on a reported basis and up 10% at constant scope and exchange rates, on the back of strong volume growth. • Communications: €370m (+50%) with the full consolidation of Vivendi for 6 months (compared with 2 months in the first half of 2017) and benefiting from the strong performances (+26% at constant scope and exchange rates) by Vivendi’s main businesses: Universal Music Group, Canal+ Group and Havas. • Electricity Storage: slight improvement in results at -€77m compared with -€79m in first half 2017. • Net income: €605m compared with €482m in first half 2017. Net income group share: €97m compared with €330m in first half 2017 which included a gain of €232m resulting from the full consolidation of Vivendi. • Capital gain on the disposal of Ubisoft shares: €1,216m including €1,160m recognized directly in equity at Vivendi (2). • Net debt: €5,649m compared with €4,841 million at December 31, 2017, up as a result of the Group's increased shareholding in Vivendi. • Gearing: 20% • Interim dividend: €0.02 per share, payable in cash or shares (ex-dividend date: September 7, 2018, payment date: October 4, 2018). December and June 2017 data adjusted, see page 31 of the Appendix As reported in Vivendi’s consolidated accounts

6. BOLLORé GROUP Group structure Economic organizational chart at 06/30/2018 (in % of share capital)

7. BOLLORé GROUP First half 2018 Results Taxes: -€335m In 2018, taxes reflected the full consolidation of Vivendi for 6 months including -€114m in deferred taxes relating to the revaluation of the interest in Spotify. Net income: €605m compared with €482m Net income Group share: €97mcompared with €330m in first half 2017, which included a €232m capital gain from the full consolidation of Vivendi. Summary of first half 2018 main financial items EBITDA = Operating income - amortization and operating provisions (including the share in the net income of equity-accounted operating companies) At the Vivendi level mainly Telecom Italia, as of 6/30/2017. The stake in Telecom Italia has been classified as an equity accounted non-operating company as of 6/30/2018. (*) December and June 2017 data have been adjusted, see Appendix page 31.

8. BOLLORé GROUP revenue Change in revenue by activity • Revenue was up 7% at constant scope and exchange rates as a result of: • the improvement in the Transportation and Logistics operations on the back of growth in freight forwarding and logistics (+12%), benefitting from the overall increase in air and sea volumes handled, and Bolloré Africa Logistics, (+11%) thanks to the sharp growth in port terminals (TICT, Abidjan Terminal, Congo Terminal, Conakry Terminal and Bénin Terminal); • the 20% increase in Oil logistics revenue, mainly due to higher oil product prices; • the improvement in the Communications business (+3%), mainly attributable to Vivendi, which benefitted from growth at Universal Music Group (+6.8%)(3) and Canal+ Group (+1.3%) (3). • On a reported basis, revenue increased by 54 %, given the impact of €3,558m in the changes in consolidation scope, mainly resulting from the consolidation of Vivendi(1), and -€424m in foreign exchange impacts. (1) Vivendi's contribution over 6 months in the first half of 2018, i.e., €6,460m, compared with only 2 months in the first half of 2017, i.e. €3,041m. (2) Organic growth corresponds to growth at constant scope and exchange rates (3) Data published by Vivendi, at constant scope and exchange rates (*) December and June 2017 data adjusted, see Appendix page 31

9. BOLLORé GROUP Operating income Change in operating income (OI) by business sector OI Transportation & Logistics • Operating income: €544m (+33%) taking into account: • the improvement in the Transportation and Logistics business: +4% on a reported basis and +10% at constant scope and exchange rates, marked by the strong performance by port terminals and the growth in freight forwarding volumes; • the increase in Oil logistics income on the back of positive inventory effects; • in the Communications segment, very strong performances across the main Vivendi businesses: Universal Music Group (+24%) (3), Canal+ Group (+28%) (3) and Havas (+5%)(3); • controlled expenditure at the Electricity Storage and Solutions business in the background of the termination of the Autolib’ service. Half year evolution (in millions of euros) Before Bolloré trademark fees With Vivendi fully consolidated for 6 months in 2018, i.e. €384m (compared with the first half of 2017, which included the full consolidation of Vivendi for 2 months and its classification as an equity-accounted operating company for 4 months and of Havas for 6 months, i.e. €261.3m ) Data published by Vivendi at constant scope and exchange rates (*) December and June 2017 data adjusted, see page 31 of the Appendix.

10. BOLLORé GROUP Financial and equity-accounted income Change in 2018 financial income • Financial income: €377m • Financial income mainly included the revaluation of Spotify shares (+€456m) and Ubisoft shares (+€56m). The balance of the Ubisoft capital gain (€1,160m in Vivendi’s accounts) was recognized directly in equity. • In 2017, financial income included €232m from the fair value adjustment of Vivendi shares following the change in consolidation method. Change in income FROM affiliates • Income of companies accounted for using the equity method: €19m compared with €46m, impacted by the lower results at Socfin Group plantations, marked by the fall in commodity prices, and the shareholding in Mediobanca which, despite enjoying a record year, recognized an impairment provision of €32m. (1) Including Telecom Italia’s contribution, classified as an equity-accounted non-operating company as of 6/30/2018.

11. BOLLORé GROUP Change in net debt Change in net debt After elimination of gains and before financial charges Of which Vivendi's capital increase of €76.7m.

12. BOLLORé GROUP Balance sheet – liquidity Shareholders’ equity and Net debt Change in Gearing ratio (%) • Group liquidity(3): represented an undrawn available amount of some €2.3bn at end-June 2018. Vivendi’s net debt before the remaining payment due on the Ubisoft and Fanc-Darty sales (€768m) Gearing = Net debt / Equity ratio Excluding Vivendi and Havas (*) December and June 2017 data adjusted, see Appendix page 31

13. BOLLORé GROUP Group structure • Vivendi - increased shareholding in Vivendi • In February 2018, Bolloré Group, exercised 21.4 million options representing 1.7% of the share capital of Vivendi, at an average exercise price of €16.57, i.e., €354 million, which exercise price had been previously set in October 2016. After completion of this transaction, Bolloré Group continues to hold 13.3 million call options that enable it to acquire as many Vivendi shares, exercisable at any time until June 25, 2019, at an average exercise price of €21.10 per share. • In addition, in the first half of 2018, Compagnie de Cornouaille acquired approximately 61m Vivendi shares on the market, representing 4.9% of the share capital for €1.3bn (~€21 par share) and exceeded the threshold of 25% of Vivendi's share capital(1). • Finally early August, Financière de Larmor (wholly owned by Bolloré) acquired close to an additional 0.8% for approximately €200m • Fnac Darty(2) • On January 16, 2018, Vivendi arranged hedging to protect the value of its 11% shareholding in Fnac Darty. On July 2, Vivendi opted to settle the hedge through the delivery of shares, which took place on July 10. On July 12, Vivendi received a payment of €267m corresponding to the hedged price of €91 per share, after making an initial investment, in May 2016, of €159m, i.e., €54 per share. • Ubisoft(2) • On March 20, 2018, Vivendi announced the sale of its entire 27.27% shareholding in Ubisoft at a price of €66 per share for a total of €2bn, realizing a capital gain of €1.2bn(3). Vivendi has already received €1.5bn, the €0.5bn balance is still to be received under the forward sale. Including the share-loan agreement for 2.7% of the share capital and the remaining call options which represent 1% of capital Non-consolidated Almost entirely recognized directly in equity

14. 2 Review of operations | H1 2018 Results 14

15. BOLLORÉ Transport & Logistics BOLLORÉ TRANSPORT & LOGISTICS 4 BUSINESS UNITS TO DELIVER A WORLDWIDE LOGISTICS OFFER LEADING OPERATOR IN PORT CONCESSIONS GLOBAL PLAYER IN TRANSPORTATION AND LOGISTICS OPERATOR OF THREE RAIL CONCESSIONS IN AFRICA MAJOR PLAYER IN OIL LOGISTICS • N°1 port concessions operator in Africa • Operator of 26 port concessions in France and worldwide • 100 shipping agencies • In the top 10 worldwide • International transportation and value-added services • Global footprint: Europe, Asia, US and Africa • Business lines: multimodal transport, customs and regulatory compliance, logistics, global supply chain, industrial projects • Operator of 3 rail concessions in Africa: • Sitarail: Republic of Côte d’Ivoire – Burkina Faso • Camrail: Cameroon • Benirail: Niger – Benin • Multiannual capital expenditure program as part of the construction and renovation of these concessions. • Specialized in the storage and distribution of oil products • 2.3m m3 storage capacity • Strong presence in oil logistics, in France and Europe

16. BOLLORÉ Transport & Logistics TRANSPORTATION and LOGISTICS Key figures Main financial items first half 2018 • EBITDA: €361m (+6%) and operating income: €255m (+4% on a reported basis, +10% at constant scope and exchange rates) • strong results of port terminals in Africa, freight forwarding and warehouse logistics; • continued gradual recovery of the rail business (driven by Sitarail, which has seen higher volumes); • operating income was penalized by unfavorable foreign exchange impacts; • maintenance of the investment effort. Before Bolloré's trademark fees (*) December and June 2017 data adjusted, see Appendix page 31

17. BOLLORÉ Transport & Logistics Bolloré Logistics First half 2018 results • Growth of the Bolloré Logistics business in first half 2018: +12% at constant scope and exchange rates (€1,714m), benefiting from the growth in air and sea volumes and the rise in freight rates. • First half 2018 results were impacted by: • in Europe, lower income in the United Kingdom, the Netherlands and France, almost completely offset by strong performances in Germany, Switzerland and Belgium; • in Asia, improved results benefiting from improved margins and the dynamism of China, Japan and Singapore; • in other regions, the Americas remained virtually stable and the Middle East - South Asia region saw improved results.

18. BOLLORÉ Transport & Logistics Bolloré Africa Logistics first half 2018 results • First half 2018 revenue: €1,233m, +11% at constant scope and exchange rates, given the strong growth in port terminals and the upswing in the logistics, handling and rail businesses. • First half 2018 results were impacted by: • the very strong performances of port terminals, in particular TICT in Nigeria, Abidjan in the Republic of Côte d’Ivoire, Conakry Terminal in Guinea and Freetown in Sierra Leone, on the back of higher handled volumes; • a slight decline in traditional logistics and handling activities, in particular in the Republic of Côte d’Ivoire due to a weaker cocoa harvest as well as in Kenya where a major project ended, almost completely offset by good results in Tanzania, Angola, Senegal, Ghana and Madagascar; • the improved results of the rail business, which benefited in particular from increased goods traffic on Sitarail. Corridors Outlets Port concessions

19. BOLLORÉ Transport & Logistics Bolloré Energy first half 2018 Financial items Distribution and oil logistics network • Revenue: +19% • Sustained growth resulting mainly from higher oil product prices. • Operating income: • results were up €1.6m. The positive inventory impacts linked to more favorable oil prices than in the first half of 2017 offset weak volumes in the distribution business in France and Germany, due to unfavorable weather conditions. • Ongoing capital expenditure for the upgrading of the DRPC site (Dépôts de Rouen Petit Couronne, operated in partnership with Total, which has a 30% shareholding). DRPC began operations in early 2018 and will ramp up until the end of 2019 with storage capacity rising to 600,000 m3 next year. (*) December and June 2017 data adjusted, see Appendix page 31

20. COMMUNICATIONS communications first half 2018 Financial items • Increase in revenue, given: 6 months of Vivendi revenue compared with 2 months in the first half of 2017 and buoyed by sustained growth at Universal Music Group and Canal+ Group. • Operating income: €370m, up 50% on a reported basis and 26% at constant scope. This reflects the strong growth in operating income at Universal Music Group, driven by streaming and subscriptions, the strong performance at Canal+ Group and improved profitability at Havas. (*) December and June 2017 data adjusted, see Appendix page 31.

21. COMMUNICATIONS Vivendi First half 2018 results published by Vivendi key highlights of first half 2018 results • Organic growth of +4%compared with first half 2017, thanks to the improvement at Universal Music Group (UMG) (+6.8%) and Canal+ Group (+1.3%). • Adjusted operating income (EBITA) (3): €542m +54%. At constant scope and exchange rates, EBITA was up by €112m (+32%), including €67m (+24%) for UMG and €48m (+28%) for Canal+ Group. It now also includes Havas for +€102m. • Operating income(3): €492m, +36%. • Adjusted net income: €393m +22.8% thanks to the EBITA improvement (+€190m). • Net income Group share published by Vivendi: €165m, -6.3% impacted by the Telecom Italia provision (-€512m) and the increase in taxes stemming mainly from the fair value adjustment of Spotify shares. • Universal Music Group’s share capital: looking for strategic partners. • Exclusive negotiations with Grupo Planeta for the acquisition of Editis. As of June 30, 2018 and as of December 31, 2017 Vivendi Village & New Initiatives See definition on page 6 of Vivendi’s 2017 Financial Report

22. COMMUNICATIONS Vivendi Universal Music Group Canal+ Group First half 2018 results (published by Vivendi) First half 2018 results (published by Vivendi) • Organic growth: +6.8% with a sustained increase in recorded music, +7.4% and music publishing +11.1%; • recorded music was driven by the sharp increase in streaming and subscriptions (+34.3%), which more than offset the ongoing decline in download (-26.5%) and physical (-19.1%) sales; • music publishing: +11.1%, was also driven by the growth in income from subscriptions and streaming, as well as income related to performing rights; • Income from operations: €335m, +23.5% in organic growth, i.e. mainly thanks to revenue growth and the 1.8 percentage points margin improvement to 13.5%. • Revenue organic growth: +1.3% • The revenue growth was mainly driven by the strong improvement of international activity (+7.2% in organic growth due in particular to the effects of the Soccer World Cup), the sustained growth of Studio Canal (+17.9% in organic growth) benefiting from the theatre release of a greater number of films and very strong video sales, and an almost stable activity in mainland France. • EBITA before restructuring: €249m, +28.5% in organic growth on the back of: • Increase in mainland France as a consequence of the slowing decline of revenue and of the effects of the cost-cutting plan. • The growing contribution of Canal International result despite increased client acquisition costs linked to the strong subscriber’s growth .

23. COMMUNICATIONS Vivendi Havas Other (Gameloft – Vivendi village – new initiatives, CORPORATE) First half 2018 results (published by Vivendi) First half 2018 results (published by Vivendi) • Organic growth: -2.9% (-1.4% adjusted for the underperformance at Arnold), • In North America, agencies saw a sharp improvement in performance in Q2 2018. This strong performance was due to the media activities and the very strong performance of Havas Edge, Havas Health and Abernathy. The decline in Europe was not offset by the slight increase in Asia-Pacific and the dynamic organic growth in Latin America. • EBITA: €102m, with organic growth of 5.3% • The EBITA/net income margin was up 90 basis points, from 9.1% to 10.0%. It fully benefited from the cost-cutting measures undertaken in the second half of 2017. • The income from operations/net income margin rose by 60 basis points, from 10.7% to 11.3%. • Gameloft • Revenue was down 5.4% (on an organic basis) and EBITA fell by €7m. • Vivendi Village & New Initiatives • Decline in revenue at Vivendi Village due to lower revenue from the Ticketing business which was not offset by the strong performance of the new Live business (+36.7%). Investments continue to weigh on results; • New Initiatives, development phase entity, generated revenue of €32m (+36.6%). The investments for the future made by this entity represented an adjusted operating loss of €43m in first half 2018.

24. COMMUNICATIONS Media and telecoms first half 2018 Key figures CNEWS MATIN • Average distribution of nearly 890,000 copies(1). TELECOMS • Wifirst • Installed base of 554,600 rooms / locations at June 30, 2018, up by 18% compared to June 30, 2017. • Frequency 3.5 GHz • 22 regional licenses which provide nationwide coverage. Over 6,000 stations have been deployed to date. (1) OJD January-May 2018

25. Electricity Storage & SOLUTIONS Electricity Storage and Solutions Blue Solutions, Blue Applications, Plastic Films Financial items in first half 2018 • Growth in revenue of industrial activities • Revenue from industrial activities (electricity storage, plastic films, specialized terminals and systems) was up 11.4% on an organic basis compared with the first half of 2017, thanks to the strong growth in the Bluebus (higher deliveries of 6m (18 vs. 8 in H1 2017) and 12m buses (11 vs. 2 in H1 2017)) and Bluecar businesses (e-Mehari sales up (279 vs. 77 in H1 2017)); the specialized terminals division continues to benefit from the strength of the building control access systems market especially in North America; • Blue Solutions generated €20.8m in revenue through Blue Applications entities compared to €54.7m in the first half of 2017. This figure is eliminated at the Bolloré Group level. • Stabilization of operational expenses and slowdown of capital expenditure for applications • Slight decline in operating losses compared to the first half of 2017 (-€77m vs. -€79m) despite the opening of a new car-sharing service in Los Angeles and the ramp up of the one in Singapore in December 2017; • Capital expenditures in first the half of 2018 were mainly focused on R&D expenses for batteries and stationary applications as well as on bus productivity.

26. Electricity Storage & SOLUTIONS Blue Solutions First half 2018 results published by Blue Solutions Change in the share price since the IPO1 IPO: Oct. 30, 2013, €14.50 - Simplified tender offer: July 6, 2017, €17 • Drop in revenue and results • 62% decline in revenue compared with the first half of 2017. The latter included in particular a €6.3m contribution to Blue Solutions (compared with €8.5m at June 30, 2017) as part of a cooperation agreement signed between Blue Solutions and jointly Bluecar, Bluebus and Bluestorage. As announced, the drop in the volume of batteries sold (232 compared with 1,098) was mainly due to the sharp fall in deliveries for electric vehicles. Blue Solutions is now focused on meeting battery needs for stationary solutions and buses while improving product quality and reducing manufacturing costs. • Operating income was down by €13.5m, mainly on the back of lower revenue. • In July 2018, the Group announced an agreement with Daimler which may lead to the equipping of eCitaro buses manufactured by Daimler with Lithium Metal Polymer (LMP) batteries from Blue Solutions. • Following the simplified public tender offer for Blue Solutions shares carried out in July 2017, the Bolloré Group reiterates its commitment to submitting a tender offer at 17 euros per Blue Solutions share after the release of Blue Solutions’ 2019 financial statements, on that condition that the average Blue Solutions share price is less than 17 euros during a reference period. The terms of this commitment can be found in Section 1.3.1 of the Bolloré SA Securities Note approved by the AMF on July 4, 2017 (approval no.17-326). Market price at August 27, 2018 Shareholder structure June 30, 2018 Bolloré share. 17.6% 77.9% Bolloré 4.5% Public

27. Electricity Storage & SOLUTIONS Blue Applications MOBILITY and stationary Items in first half 2018 • Car-sharing • Autolib’ was discontinued on July 31, 2018 following the decision of the SyndicatAutolib' Vélib' Métropole to terminate the concession; • Continued roll-out of other car-sharing projects, including in Singapore, Turin, London and Los Angeles. • Bluebus • 11 deliveries of 12-meter buses (including 9 for RATP) and 18 deliveries of 6-meter buses in the first half of 2018; • RATP placed an order for 41 buses with delivery scheduled for 2019; • Bid on the large RATP call for tenders with delivery from 2020, decision expected in early 2019. • Stationary • Many projects now under study to combine storage with solar power production (Africa, DOM-TOM, …). • IER • Solid revenue from terminals (air and services). Strong development of dematerialized parking ticket activity; • Automatic Systems continued to feed off a very dynamic market in North America for its building access control systems. Winning of a number of calls for tenders in the passenger flow security business. • Polyconseil • Sustained level of activity driven notably by consulting assignments (digital and telecoms projects). • Plastic films • Increase in business, notably in packaging with strong growth seen with Bolphane and Bolfresh film (barrier film for food products) sales.

28. Other assets Other assets Portfolio of listed securities at 06/30/2018 and agricultural assets • Portfolio of listed securities: • Market value: €6.2bn (compared to €7.4bn the end of 2017 taking into account the sale of the Ubisoft shares for €1.5bn) The portfolio includes listed securities held by Bolloré (Mediobanca, Socfin …) for €920m and those held by Vivendi (Telecom Italia, Mediaset …) for €5.3bn. • Socfin Group(1) • Bolloré Group holds minority interests in Socfin Group, which manages nearly 200,000 hectares of plantations in Asia and Africa. First half results decreased on the back of a fall in commodity prices (palm oil -10%, rubber -20%). • Agricultural assets: Bolloré Group holds three farms in Georgia and Florida covering 3,300 hectares. Investment is being made ($US35m) to convert 1,800 hectares into olive groves by 2019. At June 30, 2018, almost 1,300 hectares had been planted. Bolloré Group also holds 116 hectares in the Var region Statutory accounts before IFRS restatements. Plantations are treated as non-operating equity-accounted companies in Bolloré’s accounts. Not consolidated

29. 3 Appendix 29

30. BOLLORé GROUP Comparability of financial statements (1/2) New reporting standards applied from January 1, 2018 • IFRS 15 – “Revenue from Contracts with Customers” • No material impact on revenue or on consolidated operating income • Bolloré nevertheless elected to apply this change in accounting standards to the 2017 fiscal year, thereby making the data presented for H1 2017 comparable. • IFRS 9 – “Financial Instruments” • In accordance with this standard, choice of classification of securities at fair value through profit and loss or through equity with adjustment in opening balance sheet at January 1, 2018. • Material impact on H1 2018 net income: Vivendi’s €1,216m capital gain following the sale of its stake in Ubisoft on March 20, 2018 could not be recognized in the profit and loss statement except for €56m (corresponding to the revaluation of the stake between January 1 and March 20, 2018). Under the former IAS 39, it would have been fully recognized in profit and loss in H1 2018. • Change in the consolidation scope • Vivendi has been fully consolidated since April 26, 2017, i.e., for 6 months in 2018 and 2 months in 2017. It was previously accounted for using the equity method. • The work on the recognition of Vivendi’s assets and liabilities at fair value was finalized in the first half of 2018, in accordance with IFRS 3 – Business Combinations. The 2017 financial statements were adjusted to reflect the effects of the final allocation. • Havas was sold to Vivendi in July 2017 and was consolidated by Vivendi in H1 2018. • Foreign currencies • The euro strengthened against the main currencies compared with H1 2017.

31. BOLLORé GROUP Comparability of financial statements (2/2) • Restated 2017 • Restated Income Statements as of December and June 2017 • Balance Sheet restated as of December 31, 2017 and of January 1, 2018

32. FINANCIAL INCOME H1 2018 consolidated balance sheet Restated

33. FINANCIAL INCOME First half 2018 consolidated income statement Restated Excluding treasury shares

34. FINANCIAL INCOME First half 2018 Cash Flow Statement Restated

35. FINANCIAL INCOME Changes in shareholder's equity

36. Group structureEconomic organizational chart at 06/30/2018(% of SHARE capital)