Pierre-François Riolacci, Chief Finance Officer of Veolia Environnement, will host a conference call on May 4, 2012 to discuss the company's key figures as of March 31, 2012. Veolia saw a 4.6% increase in revenue for the first quarter of 2012 compared to the same period in 2011, though adjusted operating cash flow declined 3.1% and adjusted operating income declined 12.2% due to costs associated with the company's transformation plan. Net financial debt increased slightly to €15.021 billion as of March 31, 2012.

1. Key figures as of March 31, 2012
Conference call on May 4, 2012
Pierre‐François Riolacci
Chief Finance Officer

2. Investor Relations Key figures as of March 31, 2012
Disclaimer
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This document contains "forward‐looking
statements" within the meaning of the provisions of the U.S. 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 risk of suffering reduced profits or losses as a result of intense competition, the risks
associated with conducting business in some countries outside of Western Europe, the United States and Canada, the risk
that changes in energy prices and taxes may reduce Veolia Environnement's profits, the risk that we may make
investments in projects without being able to obtain the required approvals for the project, the risk that governmental
authorities could terminate or modify some of Veolia Environnement's contracts, the risk that our long‐term contracts may
limit our capacity to quickly and effectively react to general economic changes affecting our performance under those
contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, the risk that
Veolia Environnement's compliance with environmental laws may become more costly in the future, the risk that currency
exchange rate fluctuations may negatively affect Veolia Environnement's financial results and the price of its shares, the
risk that Veolia Environnement may incur environmental liability in connection with its past, present and future operations,
as well as the risks described in the documents Veolia Environnement has filed with the U.S. Securities and Exchange
Commission. Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise
any forward‐looking statements. Investors and security holders may obtain a free copy of documents filed by Veolia
Environnement with the U.S. Securities and Exchange Commission from Veolia Environnement.
This document contains "non‐GAAP financial measures" within the meaning of Regulation G adopted by the U.S. Securities
and Exchange Commission under the U.S. Sarbanes‐Oxley Act of 2002. These "non‐GAAP financial measures" are being
communicated and made public in accordance with the exemption provided by Rule 100(c) of Regulation G
2

3. Highlights and key figures as of
March 31, 2012

4. Investor Relations Key figures as of March 31, 2012
1st quarter 2012 highlights
Convergence
• Implementation of cost reduction program: €75M in savings identified to
date, relative to an annual objective of €100M
• Asset divestment process continuing
Good commercial dynamics
Good resilience of activity
• Revenue increased 4.6%, including +3.4% at constant scope and FX
• Adjusted operating cash flow declined 3.1% (‐3.3% at constant FX)
• Adjusted operating income declined by 12.2% due to costs to implement the
transformation plan and higher amortization expense in several priority
regions
• Industrial investment increased, notably in Energy Services (biomass and in
Central Europe)
4

5. Investor Relations Key figures as of March 31, 2012
1st quarter 2012 key figures
In €M Q1 2011 Q1 2011 Q1 2012  
published re‐presented (1) current Constant
FX FX
Revenue 8,159.4 7,478.6 7,825.5 +4.6% +3.8% (2)
Adjusted operating cash flow 996.8 928.8 900.4 ‐3.1% ‐3.3%
Adj. operating cash flow margin 12.2% 12,4% 11.5%
Adjusted operating income 636.1 618.8 543.5 ‐12.2% ‐12.1%
Adj. operating income margin 7.8% 8.3% 6.9%
Operating income 636.1 618.8 544.0
Free Cash Flow 539 539 ‐519
Net financial debt (3) 14,511 14,511 15,021
(1) To ensure the comparability of period, the 2011 financial statements have been re-presented to include:
- the impact of the reclassification into “net income from discontinued operations” of Habitat Services (“Proxiserve”) activities in the Water and Energy Services
division, Citelum activities in the Energy Services division, Solid waste activities in the United States in the Environmental Services division and the regulated
activities in the United Kingdom in the Water division;
- the impact of the reclassification into “net income from discontinued operations” of the Transportation Division as a whole;
- the impact of the reclassification into ‘continuing operations’ of the “Pinellas” incineration activities within the Montenay International entities in the United
States in the Environmental Services division.
(2) +3.4 % at constant consolidation scope and exchange rates
(3) Net financial debt as of December 31, 2011: €14,730M 5

6. Investor Relations Key figures as of March 31, 2012
Breakdown of revenue by division
In €M
7,479 7,826
Δ Δ Δ excl. FX
current constant & scope
2,907
3,050 FX FX
Water +4.9% +3.8% +5.3%
2,236
2,230 Environmental +0.3% ‐1.3% ‐0.9%
Services
2,342 2,540 Energy Services +8.5% +8.8% +5.3%
Total Company +4.6% +3.8% +3.4%
Q1 2011 Q1 2012
re‐presented (1)
(1) To ensure the comparability of period, the 2011 financial statements have been re-presented to include:
- the impact of the reclassification into “net income from discontinued operations” of Habitat Services (“Proxiserve”) activities in the Water and Energy
Services division, Citelum activities in the Energy Services division, Solid waste activities in the United States in the Environmental Services division and the
regulated activities in the United Kingdom in the Water division;
- the impact of the reclassification into “net income from discontinued operations” of the Transportation Division as a whole;
- the impact of the reclassification into ‘continuing operations’ of the “Pinellas” incineration activities within the Montenay International entities in the United
States in the Environmental Services division.
6

7. Investor Relations Key figures as of March 31, 2012
Water: revenue increase of 4.9% to €3,050M
Operations: Revenue increased 2.0% (+3.6% at
Quarterly revenue as of March 31 (€M)
constant scope and FX)
• France : revenue increased 2.6% (+3.2% at +4.9%
constant scope and FX), given stable volumes and 2,907 3,050
favorable indexation, and continued contract
erosion
+2.0%
• Outside France: Revenue increased 1.7% (+3.8% at 2,123 2,166
constant scope and FX) due to good performance
in Central and Eastern Europe and in Asia
Technologies and Networks: Revenue 884 +12.7%
784
increased 12.7% (+9.7% at constant scope and
FX) 2011* 2012
Operations
• Confirmed recovery in Industrial activity Technologies & Networks
• Favorable impact of the Hong Kong contract
*The 2011 financial statements have been re‐presented to ensure the
• VWS backlog increased compared to the end of comparability of periods, for the U.K. regulated water activities and
Proxiserve
March 2011, primarily due to Industrial Design &
Build projects
7

8. Investor Relations Key figures as of March 31, 2012
Environmental Services: Stable revenue at €2,236M
2012
Price and volumes of recycled materials ‐1.2%
Waste volumes ‐0.1% Revenue variation 2012 / 2011:
+0.3% and ‐0.9% at constant scope and FX
Service price increases +1.1%
Other ‐0.7%
Consolidation scope & currency effect +1.2%
France: Revenue growth of +3.8% at constant scope, despite the impact of lower
raw material prices: improved volumes, notably in recycling, incineration and
treatment of hazardous waste
UK: Revenue decline of 8.4% at constant scope and FX due to decline in PFI
construction revenue, shutdowns due to incinerator maintenance, and strong
decline in landfill volumes
Germany: Revenue decline at constant scope of 8.8% due to lower raw material
prices and volumes
Italy: Procedure for voluntary liquidation presented on April 18 and applicable to
all Veolia Environmental Services activities with the exception of the
Technoborgo and Energonut incinerators
8

9. Investor Relations Key figures as of March 31, 2012
Energy Services: revenue increased 8.5% to €2,540M
Revenue increased 8.5% (+5.3% at constant
scope and FX) to €2,540M
Quarterly revenue as of March 31 (€M)
• Higher energy prices: positive impact of €140M vs. 2011
• Marginal weather impact +8.5%
2,342 2,540
In France, revenue increased 9.6% (+10.6% at
constant scope)
1,256 +7.3%
• Average fuel prices increased 1,170
Outside France, revenue increased 7.3%, and
was stable at constant scope and FX
1,172 1,284
• Central & Eastern Europe revenue increased 19.5% (+4.6% +9.6%
at constant scope and FX)
Unfavorable currency effect 2011* 2012
Consolidation scope: essentially impact of the Warsaw
heating network for €95M France Outside France
Higher prices, but lower electricity sales in the Czech
Republic and cogenerated electricity subsidies in Hungary
* The 2011 financial statements have been re‐presented to ensure the
comparability of periods, for the Citelum and Proxiserve activities.
9

10. Investor Relations Key figures as of March 31, 2012
Free Cash Flow
Asset divestments well advanced but no material divestments completed
in Q1 2012 (versus €840M in Q1 2011)
Seasonal variation in WCR: ‐€679M (‐€570M as of March 31, 2011)
Gross investments of €656M compared to €528M in Q1 2011
Repurchase of minority interest in Water division in Central Europe for €79M
Significant increase in growth investments in Energy Services, notably in France
associated with biomass cogeneration projects
Free Cash Flow: ‐€519M
10

11. Investor Relations Key figures as of March 31, 2012
Net financial debt
In €M
18,000
16,820 16,827
16,528
15,909 16,027
16,000 15,377 15,767
15,127 15,218 15,045
14,764 14,730 15,021
14,511
14,000
12,000
10,000
31- 31- 30- 30- 31- 31- 30- 30- 31- 31- 30- 30- 31- 31-
Dec- Mar- Jun- Sep- dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar-
08 09 09 09 09 10 10 10 10 11 11 11 11 12
• Seasonal increase in net financial debt
• Active net financial debt management: public exchange offer of euro issues with
maturities in 2013, 2014, 2017 and 2018 versus a new €750M issue with maturity in
2027, as well as reimbursement of the U.S. private placement for €350M
11

12. Convergence: Update on
strategic plan

13. Investor Relations Key figures as of March 31, 2012
Update on asset divestment program
U.K. Regulated Water & U.S. Solid Waste:
• An ambitious timeline followed to‐date
• Strong interest expressed by the market
• Non‐binding offers received
Veolia Transdev:
• Continued preparation of VTD as part of withdrawal
• Negotiation in process on the basis of an offer received
• Interest expressed from a new potential buyer
13

14. Investor Relations Key figures as of March 31, 2012
Advancement of cost reduction program
In €M
100
75 Implementation costs
60
Gross savings
‐38
‐52
‐80
Feb. 17, 2012e Apr. 27, 2012e Dec. 31, 2012e
Breakdown of net savings by geographic zone Breakdown of net savings by lever
France Purchasing
1.0% 0.0%
6.0%
13.0% North America &
22.0% Australia Organizational
Latin America & Efficiency
Southern Europe 25.0%
Asia, Africa &
IT costs
12.0%
Middle East
Central & Eastern
Europe External
10.0%
Northern Europe expenses
2.0%
14.0% Corporate HQ Insurance costs
11.0% Other
5.0%
Other
66.0%
13.0%
14

15. Investor Relations Key figures as of March 31, 2012
Outlook
• Divestments of €5bn
• Reduce net financial debt below €12bn(1)
2012‐2013 • Cost reduction in 2013: gross impact of €220M
and net(2) impact of €120M on Operating Income
Transition
• Commitment on dividend policy
period
• €0.70(3) per share in 2012, paid in cash or
shares
• €0.70(3) per share in 2013
• Organic revenue growth > +3% CAGR (mid‐cycle)
• Adjusted Operating Cash Flow > +5% CAGR (mid‐
2014 and cycle)
beyond: • Leverage(4) of 3.0x(5)
New Veolia • Mid‐term: historical payout ratio(3)
• Cost reduction in 2015: gross impact of €450M and
net(2) impact of €420M on Operating Income
(1) Before exchange rate impact
(2) Net of implementation costs
(3) Subject to approval of Veolia’s Board of Directors and shareholders
(4) Net financial debt / (Operating cash flow before changes in working capital + principal repayments on operating financial assets) 15
(5) ±5%

16. Appendices

17. Investor Relations Key figures as of March 31, 2012
Appendix 1: Main at end March 2011 re‐presented
figures (1)
(€M)
2011 2011
published Re‐
presented(1)
Revenue 8,159.4 7,478.6
Adjusted operating Cash Flow 996.8 928.8
Operating income/Adjusted operating income 636.1 618.8
Free Cash Flow (2) 539.0 539.0
(1) To ensure the comparability of period, the 2011 financial statements have been re‐presented to include:
‐ the impact of the reclassification into “net income from discontinued operations” of Habitat Services (“Proxiserve”) activities in the Water and Energy Services
division, Citelum activities in the Energy Services division, Solid waste activities in the United States in the Environmental Services division and the regulated
activities in the United Kingdom in the Water division;
‐ the impact of the reclassification into “net income from discontinued operations” of the Transportation Division as a whole;
‐ the impact of the reclassification into ‘continuing operations’ of the “Pinellas” incineration activities within the Montenay International entities in the United
States in the Environmental Services division.
(2) Free Cash Flow represents cash generated (sum of operating cash flow before changes in working capital and principal payments on operating financial assets) net
of the cash component of the following items: (i) changes in working capital for operations, (ii) operations involving equity (share capital movements, dividends
paid and received), (iii) investments net of disposals (including the change in receivables and other financial assets), (iv) net financial interest paid and (v) tax paid .
17

18. Investor Relations Key figures as of March 31, 2012
Appendix 2: Commercial dynamics since the
beginning of 2012 (1/2)
In France :
• Veolia Water chosen to renovate Europe’s largest wastewater treatment plant.
SIAAP (Syndicat Interdépartemental pour l’Assainissement de l’Agglomération Parisienne, the
interdepartmental wastewater authority for the Greater Paris area) chose OTV, a subsidiary of Veolia
Water Solutions & Technologies, to head the consortium that was awarded the contract to renovate
the Seine Aval biological wastewater treatment plant in Achères, the 2nd largest wastewater treatment
plant in the world after that of Chicago. The portion of revenue that will be attributable to OTV is
expected to be roughly €196M.
• Greater Dijon chose Dalkia to design and operate its future heating network.
The Greater Dijon joint district authority appointed Dalkia, as part of a public service management
contract, the design, build and operation of its new heating network for a period of 25 years. As much
as 80% of the network’s energy needs will come from renewable resources. Cumulated revenue is
estimated at more than €200M.
In Europe :
• Veolia Environmental services selected by the city of Leeds for a waste management contract (United
Kingdom).
Veolia Environmental Services, through its subsidiary Veolia Environmental Services (UK) Plc, a leading
UK recycling and waste management company, was selected as a preferred bidder by the Leeds City
Council for a Private Finance Initiative (PFI) contract for the treatment and disposal of residual waste.
This contract will have a duration of 25 years.
• Dalkia selected by the European Investment Bank to aid the Bank in its plan to reduce its carbon
footprint (Luxembourg).
The European Investment Bank awarded Dalkia the contract for technical and energy systems
management of more than 180,000m² of its office space in Luxembourg. The 4 year contract covers 4
buildings and includes and ambitious target for reducing energy consumption and CO2 emissions.
18

19. Investor Relations Key figures as of March 31, 2012
Appendix 2: Commercial dynamics since the
beginning of 2012 (2/2)
In Asia‐Oceania:
• India: first «”full city ” public‐private partnership in the
Water division.
Veolia Water India, a Veolia Water subsidiary, was
awarded the drinking water service operation and
maintenance contract by the city of Nagpur for 25
years (cumulated revenue of €387M). Veolia Water will
take on the challenge of providing a continuous supply
of drinking water to homes of the population of 2.7
million in Nagpur, including the portion of the
population living in the city’s slums (a first in India).
• Japan : Veolia Water won contracts for the operations
and maintenance of three water and wastewater
treatment plants which will service the needs of 1,215,000
people in Japan.
Veolia Water Japan, a Veolia Water subsidiary,
successfully bid on the operations and maintenance
contracts for two wastewater treatment plants in
Hiroshima and Kyoto, and was also chosen by the city of
Matsuyama (on the southern island of Shikoku) for the
operations and maintenance of all facilities used to
treat drinking water (cumulated revenue of €49M). 19

20. Investor Relations Key figures as of March 31, 2012
Appendix 3: Impacts of variation in foreign
exchange rates during the quarter
Depreciation of the euro 3M 2012 / 3M 2011
Average rate Closing rate
• Australian dollar +8.7% +6.6%
• Czech koruna ‐2.9% ‐0.8%
• U.K. pound sterling +2.2% +5.6%
• U.S. dollar +4.1% +6.0%
Impact on key Company figures
• Revenue +€60.1M
• Adjusted operating cash flow +€2.5M
• Adjusted operating income ns
• Decline in net financial debt ‐€12M
20

21. Investor Relations Key figures as of March 31, 2012
Appendix 4: Evolution of recycled material prices
Var Q1 2012 / March 2012: March 2012 : 3 March 2012 :
€/T Q1, 2011 Q2, 2011 Q3, 2011 Q4, 2011 2011 avg Q1, 2012 Q1 2011 12 month var month var 1 month var
Cardboard
(1.05) 131.1 147.9 132.8 94.4 126.5 119.0 -9.2% -3.1% 70.4% 12.5%
Paper
(1.11) 112.2 124.3 121.5 93.5 119.3 92.8 -17.3% -6.1% 20.3% 13.9%
Metals
(E40) 342.6 320.0 318.7 296.1 327.1 325.4 -5.0% 0.4% 8.6% 3.6%
Evolution of raw materials prices (€/t)
Cardboard Paper Metals
180 500
160 450
400
140
350
120
300
100
250
80
200
60
150
40
100
20 50
0 0
s 12
m v 2 12
2
de 08
de 09
de 10
ja ec 1
r2 2
ay 8
ay 9
ay 0
ay 1
oc 08
oc 09
oc 10
oc 11
m 08
ap 08
se 08
m 09
ap 09
se 09
m 10
ap 10
se 10
m 11
ap 11
se 11
ju 8
ju 9
ju 0
ju 1
ja 08
ja 09
ja 10
1
fe 08
08
au l 08
no 08
fe 09
09
au l 09
no 09
fe 10
10
au l 10
no 10
fe 11
11
au l 11
no 11
01
d 1
ap 201
m r0
m r0
m r1
m r1
0
0
1
1
nv 1
21
fe 20
ar 0
v
v
v
v
b
g
b
g
b
g
b
g
ar
ar
ar
ar
pt
pt
pt
pt
c
c
c
t
t
t
t
n
n
n
n
n
n
n
n
ju
ju
ju
ju
ja

22. Investor Relations Key figures as of March 31, 2012
Investor Relations Contact Information
Ronald Wasylec, Senior Vice President, Investor Relations
Tel +33 1 71 75 12 23
e‐mail ronald.wasylec@veolia.com
Ariane de Lamaze
Tel +33 1 71 75 06 00
e‐mail ariane.de‐lamaze@veolia.com
38 Avenue Kléber – 75116 Paris ‐ France
Fax +33 1 71 75 10 12
Terri Anne Powers, Director of North American Investor Relations
200 East Randolph Street
Suite 7900
Chicago, IL 60601
Tel +1 (312) 552 2890
Fax +1 (312) 552 2866
e‐mail terri.powers@veoliaes.com
http://www.finance.veolia.com
22