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Friday, February 19, 2016<br />
Benefit obligation, fair value of plan assets, and funded status detailed by country<br />
Pension benefits (a) Post-retirement benefits (b) Total<br />
December 31, December 31, December 31,<br />
(in millions of euros) 2015 2014 2015 2014 2015 2014<br />
Benefit obligation<br />
US companies 133 125 130 136 263 261<br />
UK companies 330 296 1 1 331 297<br />
German companies 208 209 - - 208 209<br />
French companies 202 157 - - 202 157<br />
Other 66 65 15 16 81 81<br />
939 852 146 153 1,085 1,005<br />
Fair value of plan assets<br />
US companies 59 57 - - 59 57<br />
UK companies 298 252 - - 298 252<br />
German companies 3 3 - - 3 3<br />
French companies 55 54 - - 55 54<br />
Other 43 38 - - 43 38<br />
458 404 - - 458 404<br />
Underfunded obligation<br />
US companies (74) (68) (130) (136) (204) (204)<br />
UK companies (32) (44) (1) (1) (33) (45)<br />
German companies (205) (206) - - (205) (206)<br />
French companies (147) (103) - - (147) (103)<br />
Other (23) (27) (15) (16) (38) (43)<br />
(481) (448) (146) (153) (627) (601)<br />
a. No employee defined benefit plan individually exceeded 10% of the aggregate value of the obligations and of the underfunded<br />
obligation of these plans.<br />
b. Primarily related to medical coverage (hospitalization, surgery, doctor visits and drug prescriptions), post-retirement and life insurance<br />
benefits for certain employees and retirees in the United States. In accordance with the current regulation in relation to the funding<br />
policy of this type of plan, the plan is not funded. The main risks for the group related to changes in discount rates as well as the<br />
increase in the cost of benefits (please refer to the sensitivity analysis described in Note 17.2.1).<br />
17.2.4 Benefits estimation and future payments<br />
For 2016, hedge fund contributions and benefit payments by Vivendi to retirees are estimated to be €53 million in respect of pensions, of<br />
which €34 million relates to pension funds and €9 million relates to post-retirement benefits.<br />
Estimates of future benefit payments to beneficiaries by the relevant pension funds or by Vivendi (in nominal value for the following<br />
10 years) are as follows:<br />
Post-retirement<br />
Pension benefits<br />
(in millions of euros)<br />
benefits<br />
2016 63 11<br />
2017 27 10<br />
2018 29 10<br />
2019 32 10<br />
2020 36 10<br />
2021-2025 185 48<br />
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /78
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