1. Key figures as of March 31, 2013
Conference call May 3, 2013
Pierre‐François Riolacci
Chief Financial Officer
François Bertreau
Chief Operating Officer

2. Investor Relations Key Figures as of March 31, 2013
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
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3. Highlights and key figures as of
March 31, 2013

4. Investor Relations Key Figures as of March 31, 2013
Commercial business success
Water
• Australia: industrial contract awarded by Queensland Gas Company in the coal gas
sector. Cumulative revenue of €650M over 20 years
• Canada: industrial contract awarded by K+S Potash Canada
Environmental Services
• France: contract renewal for municipal waste management in the Grand Nancy urban
community. Cumulative revenue over 7 years: €91M
• France: inauguration of the Osilub used oil regeneration plant (in partnership with
Total)
• Singapore: contract awarded for the collection and management of municipal waste
and recycling in the Clementi Bukit Merah district. Cumulative revenue of roughly
€138M over 7 ½ years
Energy Services
• Contract renewal for the management of heat generation and distribution in Bratislava.
Cumulative revenue of €1.1bn over 20 years
4

5. Investor Relations Key Figures as of March 31, 2013
Key figures for the three months ended March 31, 2013
In €M March 31,
2012
published
March 31, 2012
re‐presented(1)
March
31, 2013
Δ Δ at
constant
FX
Revenue 7,826 5,991 5,757 ‐3.9% ‐3.2%(2)
Adjusted operating cash flow 900 581 542 ‐6.7% ‐6.3%
Operating income 544 303 290 ‐4.3%
Operating income after share of net
income of equity‐accounted entities(3) ‐ 412 403 ‐2.0%
Adjusted operating income(4) 544 411 405 ‐1.5% ‐1.2%
Gross investments 656 472 335
Free cash flow ‐519 ‐339 +594
Net Financial Debt 15,021 12,746 10,106
Loans granted to joint ventures ‐ 3,587 3,304
Adjusted Net Financial Debt ‐ 9,159 6,802
5
(1) Q1 2012 re‐presented for IFRS 5, 10 and 11 (IFRS 5 adjustment applies only to the income statement, see Appendix 1)
(2) ‐3.0% at constant consolidation scope and exchange rates
(3) Including the share of net income of joint ventures and associates
(4) Including the share of adjusted net income of joint ventures and associates

6. Investor Relations Key Figures as of March 31, 2013
Water
Revenue declined by 3.8% at constant scope and exchange rates to €2,494M
Operations: Revenue declined 2.4% at constant scope
& FX to €1,702M
• France: decline of 3.5% at constant scope
Construction revenue down
Continued contractual erosion
Lower volume trend by ‐1.5% in Q1
Continued favorable price indexation
• Outside France: decline of 1.5% at constant scope & FX
Timing of the end of certain contracts resulting in a
slowdown in Construction activity (UK, Korea)
Favorable impact of higher tariffs (Asia, Central &
Eastern Europe)
Technologies and Networks: Revenue declined 6.9% at
constant scope & FX to €792M
• Completion of D&B municipal and industrial contracts
• Good performance in Solutions activity with industrial clients
Decline in adjusted operating cash flow and adjusted
operating income(1)
• Contractual erosion in France
• Decline in Construction margins
• Favorable impact of net income from Chinese joint ventures
and the Convergence Plan 6
Operations
Technologies and Networks
4 243
Revenue (in €M)
2,611
2,494
‐3.1%
‐7.3%
‐4.5%
(1) Including the share of net income of joint ventures and associates

7. Investor Relations Key Figures as of March 31, 2013
Environmental Services
Revenue declined by 4.6% at constant scope & exchange rates to €1,932M
• Price and volumes of recycled materials ‐2.5%
• Waste volumes / activity levels ‐3.5%
• Service price increases +0.9%
• Other +0.5%
• Currency effect ‐0.6%
• Scope ‐1.2%
Revenue variation 3M2013 / 3M2012: ‐6.4%
Evolution of Revenue by country:
• France: decline in activity (difficult macro‐economic environment and repeated bad weather in the
first quarter of 2013) and unfavorable impact of recycled raw material prices
• Germany: impact of the decline in prices and volumes of recycled raw materials and decline in the
industrial and commercial sector
• UK: increase in PFI construction revenue and higher tonnages incinerated
• USA: increase in hazardous waste treatment and decline in industrial services
• Asia Pacific: good performance in Australia
Decline in adjusted operating cash flow and adjusted operating income(1), despite the impact of the
Convergence Plan, related to:
• Decline in volumes
• The unfavorable impact of lower prices and volumes of recycled raw materials
7
(1) Including the share of net income of joint ventures and associates

8. Investor Relations Key Figures as of March 31, 2013
Energy Services
Revenue increased 0.4% at constant scope and exchange rates to €1,268M
Stable revenue in France (‐0.7% at constant scope)
• Favorable impact of higher energy prices (+€25M) and
weather
• Progressive end of gas cogeneration contracts
• Competitive business environment
In the United States, significant revenue increase at
constant scope and FX
Slight increase in adjusted operating cash flow and
adjusted operating income(1), due to growth in
Dalkia International, driven by:
• Weather impact
• Favorable evolution of volumes in Poland, the
Czech Republic and Lithuania
• Positive impact of Italy restructuring
8
United States
France
Revenue (in €M)
1,276 1,268 ‐0.6%
+17.2%
‐1.8%
(1) Including the share of net income of joint ventures and associates

9. Investor Relations Key Figures as of March 31, 2013
Implementation of Convergence: Q1 2013 results
Cost reductions/ Convergence 1: €39M net savings at March 31, 2013 (before
application of IFRS 10‐11)
Impact before IFRS 10‐11
(in €M)
Year ended
December 31, 2012
Quarter ended
March 31, 2013
Gross savings 142 49
Implementation costs ‐82 ‐10
Net savings 60 39
9
Post IFRS 10‐11 VE contribution
•Operating income impact: €31M

10. Investor Relations Key Figures as of March 31, 2013
Continued reduction in Net Financial Debt
Net financial debt reduction of €716M
• CAPEX of €335M, versus €472M€ in Q1 2012
• Variation in working capital of ‐€675M
• Hybrid +€1,470M
Adjusted net financial debt of €6.8bn versus re‐presented €7.8bn at December
31, 2012
Divestments: €5bn completed in 2012(1) & €1bn objective in 2013(2)
• Mars 7, 2013: Signature of purchase agreement for the divestment of Moroccan Water
activities to the Actis investment fund (€370M)
€88M in associated debt reduction expected in 2013
• March 21, 2013: Signature of purchase agreement for the divestment of Portuguese
Water activities to Beijing Enterprise Water Group (€95M)
10
(1) Before application of IFRS 10 & 11 and including the debt reduction of €1.4bn related to the change to equity method accounting for the Berlin Water
contract on October 31, 2012
(2) Including repayments of loans granted to joint ventures related to divestments

11. Update on Convergence Plan

12. Investor Relations Key Figures as of March 31, 2013
12
In €M
Implementation of Convergence: continued growth in savings
(1) Of which due to the new accounting treatment of joint ventures, ~80% will benefit adjusted operating income
(1)

13. Investor Relations Key Figures as of March 31, 2013
New cost reductions targets (1/2)
A €750M(1) NET COST SAVINGS PLAN IN 2015
(1) Net of implementation costs, of which due to the new accounting treatment of joint ventures, ~80% will benefit adjusted
operating income
In €M
750
400
Net impact(1)
13

14. Investor Relations Key Figures as of March 31, 2013
New cost reductions targets (2/2)
14
300 350
170
+100
+70
+50
+60
400
2015
objective
Purchasing Mutualization
& IT
Business projects HQ
Efficiency
Raised
2015
objective
Transverse projects
Business projects
750
470
(1) Net of implementation costs, of which due to the new accounting treatment of joint ventures, ~80% will
benefit adjusted operating income
Net Impact(1) in €M
Additional savings identified
+€280M

15. Investor Relations Key Figures as of March 31, 2013
15
Mid‐term objectives confirmed
(1) Including the debt reduction of €1.4 billion related to the change to equity method accounting for the Berlin Water contract and repayment
of loans to joint ventures
(2) Before closing exchange rate impact
(3) Net of implementation costs, of which due to the new accounting treatment of joint ventures, ~80% will benefit adjusted operating income
(4) Subject to the approval of Veolia’s Board of Directors and the Annual General Shareholders Meeting
(5) In cash or shares
(6) Adjusted net financial debt/ (Operating cash flow before changes in working capital + OFA Repayments)
(7) 5%
2012‐2013:
Transformation
Period
• €6 billion in divestments (1)
• 2013 net financial debt, under new IFRS standards:
Net Financial Debt between €8bn and €9bn(2)
Adjusted Net Financial Debt between €6bn and €7bn(2)
• Cost reductions:
in 2013: €170M net impact(3)
• Extended dividend commitment of €0.70 (4) per share in 2013(5) and
2014
Beginning in
2014:
New
Veolia
• Organic revenue growth > 3% per year (mid‐cycle)
• Adjusted operating cash flow growth >5% per year (mid‐cycle)
• Leverage ratio(6) of 3.0x(7) beginning in 2014
• Mid‐term: Payout ratio in line with historic level
• Cost reductions in 2015: €750M net impact(3)
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16. Appendices

17. Investor Relations Key Figures as of March 31, 2013
Summary of appendices
Appendix 1: Main Q1 2012 figures re‐presented for IFRS 5 and IFRS
10‐11‐12
Appendix 2: Impact of exchange rate variations
Appendix 3: Breakdown of revenue by division
Appendix 4: Net financial debt
Appendix 5: Evolution of recycled raw material prices
Appendix 6: Environmental Services revenue versus Industrial
Production
17

18. Investor Relations Key Figures as of March 31, 2013
Appendix 1: Main Q1 2012 figures re‐presented for IFRS
In €M
3M ended
March 31,
2012
published
IFRS5
Adjustment (1)
IFRS 10 & 11
Adjustment
3M ended
March 31, 2012
Re‐presented
Revenue 7,826 ‐37 ‐1,798 5,991
Adjusted operating cash flow 900 ‐7 ‐312 581
Operating income 544 ~0 ‐241 303
Operating income after share of net
income of equity‐accounted entities(2) ‐ ‐ 412 412
Adjusted operating income(3) 544 ~0 ‐133 411
Gross investments 656 0 ‐184 472
Free Cash Flow ‐519 0 +180 ‐339
Net Financial Debt 15,021 0 ‐2,275 12,746
Loans granted to joint ventures ‐ ‐ ‐ 3,587
Adjusted Net Financial Debt ‐ ‐ ‐ 9,159
(1) Morocco Water and Eolfi
(2) Including the re‐presented share of net income of joint ventures and associates for the three months ended March 31, 2012
(3) Including the re‐presented share of adjusted net income of joint ventures and associates for the three months ended March 31, 2012
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19. Investor Relations Key Figures as of March 31, 2013
Appendix 2: Impact of exchange rate variations
Depreciation of the euro 3M 2013 / 3M 2012
Average rate Closing rate
• Australian dollar ‐2.4% +4.1%
• UK pound sterling ‐2.1% ‐1.4%
• U.S. dollar ‐0.7% +4.1%
• Czech koruna ‐1.9% ‐4.1%
• Chinese renminbi yuan +0.6% +5.3%
Impact on key Company figures
• Revenue ‐€41M
• Adjusted operating cash flow ‐€2M
• Adjusted operating income(1) ‐€1M
• Net debt + €25M
19(1) Including the share of adjusted net income of joint ventures and associates

20. Investor Relations Key Figures as of March 31, 2013
Δ
Δ
constant
FX
Δ excl. FX &
scope
Water ‐4.5% ‐3.5% ‐3.8%
Environmental
Services ‐6.4% ‐5.8% ‐4.6%
Energy Services ‐0.6% ‐0.6% +0.4%
Other +62.4% +62.4% +20.3%
TOTAL ‐3.9% ‐3.2% ‐3.0%
in €M
Appendix 3: Breakdown of revenue by division
5,991
5,757
20

21. Investor Relations Key Figures as of March 31, 2013
Appendix 4: Net financial debt
In €bn
(1) Net financial debt/ (Operating cash flow before changes in working capital + OFA repayments)
21

22. Investor Relations Key Figures as of March 31, 2013
Appendix 5: Evolution of recycled raw materials prices
22
0
20
40
60
80
100
120
140
160
180
jan
08m
ar08m
ay
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jul08sept08
nov
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ar09m
ay
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ay
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jan
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ar11m
ay
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ay
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jul12
sept2012nov
2012jan
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ars
2013
0
50
100
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200
250
300
350
400
450
500
Cardboard (ref. 1.05) Paper (Ref. 1.11) Metals (E40)

23. Investor Relations Key Figures as of March 31, 2013
Appendix 6: Environmental Services revenue versus
Industrial Production
23
Industrial Production and Veolia Environmental Services Organic Growth
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Veolia Enviromental Services Organic Growth
Industrial Production
Y-Y Growth Rate (in %) vs. previous year's quarter
Weighted average industrial production indices for 4 key countries, including SARP and SARPI: France, UK (excluding PFI contracts), Germany,
and North America (excluding U.S. solid waste beginning in 2012)
Sources : OECD Extract Database; INSEE (France, February 2013); Federal Ministry of Economics and Technology (Germany, February 2013);
average of January‐February when March figures not available (France, UK, Germany)

24. Investor Relations Key Figures as of March 31, 2013
Ronald Wasylec, Senior Vice President, Investor Relations
Téléphone +33 1 71 75 12 23
e‐mail ronald.wasylec@veolia.com
Ariane de Lamaze
Téléphone +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
Investor Relations contact information
24