24-05-2007

1. Veolia Environnement North America
Business Overview – Investor Site Visit
May 22nd - 23rd, 2007
NORTH AMERICA
www.VeoliaES.com

2. 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 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
NORTH AMERICA with the exemption provided by Rule 100(c) of Regulation G.
accordance
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

3. A market leader in North America
Energy
Waste Management Energy Transportation
Water Management
Management
• No.1 in municipal Top 1- 4 in various • Recent launch No.1 in U.S.
partnerships and categories of waste and continued surface passenger
industrial management growth in North transportation
outsourcing +$1.8 billion in American market +$850 million in
• +$850 million in 2006 revenue • +$15 million in 2006 revenue
2006 revenue 2006 revenue
• North American businesses:
– 10% of global Veolia Environnement revenue or approximately $3.5
billion in revenue
– Revenue increased 23.1% in 2006
– Approximately 30,000 employees
– Only company providing entire range of environmental services to
municipal, industrial and commercial customers
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

4. Veolia Water North America
Nation’s leader in water services
• Market leader with 36% share in U.S.,
Canada and Caribbean*
Tampa Bay Water
Signficant DBO
project • Approximately 600 communities served in
38 states
• Manage largest U.S. public-private
partnership (Indianapolis achieved ISO
9001 and 14001 simultaneously – first
major U.S. city to achieve this)
Highly trained
• Provide industrial/commercial water
specialists partnerships and operating services at
100+ facilities
• Largest U.S. industrial projects in market
(customer base includes Fortune 500)
NORTH AMERICA
*Source: Public Works Financing, April 2006
Indianapolis – nation’s
NORTH AMERICA largest, most innovative
www.VeoliaES.com
partnership www.VeoliaES.com

5. North American Water Industry Leader
Municipal leadership Industrial leadership
600 communities served 100+ industrial facilities
1.68 BGD daily flow managed for various Fortune
299 facilities operated 500 companies and
5,893 miles of water manufacturers
distribution lines and 4,426 300+ MGD daily flow
miles of wastewater lines All facets of water and
395,000 meters read wastewater management for
NORTH AMERICA
30 effluent reuse facilities multiple industries
5 biosolids facilities
NORTH AMERICA
High-security federal facilities
www.VeoliaES.com
www.VeoliaES.com

6. Veolia Transportation in North America….
• A long history of partnerships with North American cities
– Yellow Transportation began in 1909 in Baltimore, MD
– ATC’s first contract began in 1930 in Escambia, FL
• Connex and ATC merged in 2005 to create Connex ATC
• Shuttleport (which began in 1925) joined Connex ATC in January
2006
• Connex ATC became Veolia
Transportation in April 2006.
• Experienced growth of over
400% since 2001, by
winning new business
• October 2006: launch
of VTOD (Veolia
Transportation on Demand),
and acquisition of
SuperShuttle
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

7. … is now the largest North American operator in
ground passenger transportation
• Over 16,000 employees
• 10,000 vehicles
• Over 130 contracts
• Approximately $850 million in annual
revenue for 2006
• Operations in 22 States and 2 Canadian
Provinces
• Services include bus, rail, paratransit, taxi,
limo, call center and brokerage, shuttle
services
• Operate the largest contracted fixed- route
bus service in North America (Las Vegas)
and largest contracted commuter rail
NORTH AMERICA (Boston)
system
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

8. Dalkia / Veolia Energy North America
Particular focus on distribution networks and facilities
management
• Steam distribution network in Cambridge,
Mass.
– Supplies process steam to global
biotech and pharmaceuticals
• District heating network for Montreal
• Central plant utilities operations – Nestlé
R&D Center (Ohio)
• Facilities management
– Galleria shopping center in Houston
– The Forum Shops / Caesar’s Palace in
Las Vegas
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

9. Dalkia/Veolia Energy North America
Managing customers’ entire energy needs
Primary Energy Utilities Secondary Utility Distribution
Energy Markets Central Utility Plant Energy Services
Steam, hot water,
chilled water,
electricity
Natural Gas Boilers HVAC Systems
Electricity Coal Chillers Electrical Systems
Fuel Oil Cogeneration Lighting
Gas Oil Air Compressors Process Equipment
Biomass Cooling Towers
Procurement Transformation Distribution Utilization
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

10. Veolia Environmental Services North America:
ONE COMPANY – FOUR EXPERTISES
Business Overview – Investor Site Visit
May 22nd – 23rd, 2007
NORTH AMERICA
www.VeoliaES.com

11. VEOLIA ENVIRONMENTAL SERVICES
2006 KEY FIGURES
Veolia Environmental Services is the No. 2 in the world for waste collection, recycling
and treatment
• 89,500 employees worldwide operating in 36 countries
• Over 53 million people served
• AAA corporate social responsibility rating
• 465,000 industrial and tertiary sector customers
• Approximately two thirds of its revenue from private companies
• 58 million metric tons of waste treated at 698 waste treatment units
• Of 54.4 million tons of non-hazardous and 3.6 million tons of hazardous waste
treated
• Strong emphasis on recycling and recovery
• 7.4 million tons of solid waste received at 243 sorting and recycling units, of
which 4.6 million tons were recovered.
• 146 landfills of which, 142 that accept biodegrable waste and 64 that have
recovery systems to transform biogas into alternative energies
• 10.3 million tons of waste treated at 72 Waste-to-Energy facilities
• In partnership with Veolia Water, 2 million tons of sludge waste recovered at
102 composting units
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

12. VEOLIA ENVIRONMENTAL SERVICES
KEY FINANCIAL FIGURES
• 2006 revenue : • Breakdown of revenue
EUR7.5 billion ($9.8 billion) by geographical area :
Rest of the
• Recurring Operating Income : world
EUR648 million ($854 million) 2%
Europe (Except
France)
25 %
• 55% of sales France
generated outside 45 %
Asia
France Pacific 8 %
North America
20 %
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

13. VEOLIA ENVIRONMENTAL SERVICES
IN NORTH AMERICA
• # 1 in Industrial Cleaning
• # 2 in Hazardous Waste
• # 3 in Waste to Energy
• # 4 in Solid Waste*
• # 1 in Total Waste Management
• $1.8 Billion in Revenue (2006)
• 250 Locations
• 10,900 Employees (USA: 9400 – Canada: 1500)
• Established in US in 1984
* Includes solid waste collected for incineration.
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

14. Veolia Environmental Services’ Development
in North America
•Cold start of Montenay in the late seventies (1978 first O + M contract won for
Quebec city WTE facility)
1984 - •1985: First U.S. WTE contract in Miami-Dade
1997 •1987: Vancouver, Canada WTE contract.
•1988–90: WTE contracts in California, Pennsylvania and NY
•1992: WTE ownership in Pennsylvania
•1998-99: Sani Mobile and Sani Gestion in Canada are acquired for the Industrial
Services and Solid Waste, adding $60 million in revenue.
1998 - •1998-99: 3 WTE contracts acquired from Westinghouse
1999 •1999: JV with Waste Management’s AETS (‘99), adding $150 million in revenue to
the Industrial Services and Hazardous Waste operations.
•1999: Superior Services is acquired adding $395 million in revenue and a strong
NORTH AMERICA presence in the Midwest for Solid Waste.
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

15. Veolia Environmental Services’ Development
in North America
•Significant organic growth (Vancouver extension, Queens-NY, Freeport,
Bahamas, Wyeth…).
•2000: Assets acquired from Allied in Solid Waste (approx. $125 million in
2000 - revenue added).
2003 •2000: Remaining stake of AETS is acquired from Waste Management.
• Industrial Cleaning business acquires Heist assets in the U.S. and Canada.
•The Charleston (2002) and Savannah (2003) contracts are acquired in WTE
• Growth of 27% from 2004 – 2006 driven by organic growth
2004 - • Key benchmark contract awards in Solid Waste (Pontiac, MI); Hazardous
Present (Pfizer); Waste-to-Energy (Miami-Dade renewal and Pinellas, FL award) and
Industrial Cleaning (BP)
• Rapid development of Industrial Services business and development of new
business opportunities in niche markets (e.g. marine services)
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

16. MIX of BUSINESS
By Division By Client
Solid Waste
40%
Industrial and
WTE Commercial
11% 70%
Municipal
30%
Hazardous Waste
19%
Industrial Services
30%
NORTH AMERICA
2006 Revenue: $1.8 Billion
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

17. AN INTEGRATED OFFER
Solid Waste Services Industrial Services
- Collection - Industrial Cleaning
- Transfer - Mechanical Services
- Recycling - Sewer Services
- Disposal - Dewatering
- On-Site Management - Precommissioning
- Marine Services
127,00 commercial and industrial
clients, 470 municipal contracts
70 service locations
(11 states + Canada), 27 landfills
Hazardous Waste Services Waste-to-Energy
- Incineration - Waste combustion
- Fuels Blending - Energy Recovery
- Recycling and Recovery - Facility Operation
- Lab Packing - Facility Maintenance
- Emergency & Special Services - Retrofitting
47 service locations, 13 TSDF’s, 2 incinerators 11 WTE Plants
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

18. Veolia Environmental Services North America is the only
integrated waste service company with strong market positions
across all segments
Solid Waste Hazardous Waste-to- Industrial
Waste Energy Services
Company
Veolia Environmental #4* #2 #3 (11 plants*;
largest U.S. plant) #1
Services
Waste Management #1 #2 (16 plants)
Allied Waste #2
Republic Services #3
Waste Connections #5
Amer. Ref-Fuel/Covanta #1 (31 plants)
PSC #3 #3
Clean Harbors #1
Hydrochem #2
*Includes treatment of solid waste from Waste-to-Energy operations
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

19. NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

20. Veolia Environmental Services NA - Solid Waste
NORTH AMERICA
SOLID WASTE
www.VeoliaES.com

21. SERVICE CAPABILITIES
• Solid waste collection
• Transfer
• Recycling
• Disposal
• Liquid solidification
• Biodegradable waste
composting
• Waste evaluations
• Industrial in-plant services
• Landfill Operation
NORTH AMERICA
SOLID WASTE www.VeoliaES.com

22. KEY FIGURES
• Fourth largest waste
services* firm in US
– 10.6 million tons processed
– 3,600 employees
– $740 M 2006 revenues
• Services provided to more
than 1.7 million residential,
commercial and industrial
customers.
• Facilities:
– 3,000+ vehicles in fleet
– 64 collection operations
– 37 transfer stations
– 16 recycling stations
– 27 solid waste landfills
NORTH AMERICA
SOLID WASTE * Includes solid waste collected for incineration. www.VeoliaES.com

23. MIX OF BUSINESS – COLLECTION MIX
Mix of Business Collection Mix
Third Party Disposal Industrial
19% Recycling Collection & 28%
Resale
10%
Residential /
Municipal
33% Commercial
39%
Collection, Transfer
& Disposal
71%
2006 Revenue: $ 740 Million
NORTH AMERICA
SOLID WASTE www.VeoliaES.com

24. NORTH AMERICA
SOLID WASTE www.VeoliaES.com

25. Veolia ES Technical Solutions
NORTH AMERICA
TECHNICAL SOLUTIONS
www.VeoliaES.com

26. SERVICE CAPABILITIES
• Electronics recycling
• Emergency response
• Fuels blending
• Household hazardous waste
• Incineration
• Internet reporting services
• Laboratory chemical services
• Low-level radioactive waste
• On-site services
• Reactive chemicals management
• Recycling and recovery
• Remediation
• Specialty services
• Stabilization and landfill
• Training and awareness programs
• Transportation
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
TECHNICAL SOLUTIONS www.VeoliaES.com

27. KEY FIGURES
• Regional and national service
offering
– Serving US and Puerto Rico
– 1,600 employees
– $350M 2006 revenues
• Facilities:
– 2 incineration facilities
– 13 company operated TSDF’s
– 36 (10) day in transit facilities
– 4 fuels blending facilities
– 5 electronics / metals recycling
facilities
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
TECHNICAL SOLUTIONS www.VeoliaES.com

28. MIX OF BUSINESS
Electronic recycling
Fuels/Reclaim 9%
12%
Metal Recycling
3% Incineration
20%
Services
56%
NORTH AMERICA
2006 Revenue: $350 Million
NORTH AMERICA
www.VeoliaES.com
TECHNICAL SOLUTIONS www.VeoliaES.com

29. NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
TECHNICAL SOLUTIONS www.VeoliaES.com

30. Veolia ES Industrial Services
NORTH AMERICA
INDUSTRIAL SERVICES
www.VeoliaES.com

31. SERVICE CAPABILITIES
• Hydroblasting • Marine/Offshore Services
• Ultra High Pressure Water • Emergency Response
• Wet/Dry Vacuuming • Biosolids
• Chemical Cleaning • Sewer Inspection, Cleaning, Managed Service
• Precommissioning Services
• Explosives/Deslaging
• Tank Cleaning
• Separation Technologies
• Dredging
• Waste Transportation
• In Plant Services
• Turnaround Management
• Mechanical Services
• Heat Exchanger Services
• Abatement
• Remediation
• Surface Coating and Sandblasting
• Industrial Diving with Saturation
NORTH AMERICA
Systems
NORTH AMERICA
www.VeoliaES.com
INDUSTRIAL SERVICES www.VeoliaES.com

32. KEY FIGURES
• Regional and national
service offering
– 30 years specialized
industry experience
– 4,900 employees in US
and Canada
– $560 M 2006 revenues
• Facilities:
– Over 70 service locations
in US and Canada
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
INDUSTRIAL SERVICES www.VeoliaES.com

33. NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
INDUSTRIAL SERVICES www.VeoliaES.com

34. Veolia ES Waste-to-Energy
NORTH AMERICA
WASTE-TO-ENERGY
www.VeoliaES.com

35. SERVICE CAPABILITIES
• Develop, design, construct and operate waste-to-
energy incinerators
• Oversee full waste-to-energy plant operations
including waste delivery, unloading, separation,
feeding, combustion, energy recovery, residue
management and pollution controls
• Assured destruction of non-regulated waste
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
WASTE-TO-ENERGY www.VeoliaES.com

36. KEY FIGURES
• 670 employees
• $190 M 2006 revenues
• Facilities:
– 11 waste-to-energy plants operated in the US and Canada
– 4.9 million tons of municipal waste disposed of annually
– Electrical energy generated to meet the needs of 345,000 households
• Operating and safety excellence
– OSHA VPP (5 plants)
– ISO 14001 Environmental Certified (8 plants)
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
WASTE-TO-ENERGY www.VeoliaES.com

37. NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
WASTE-TO-ENERGY www.VeoliaES.com

38. Veolia ES North America
VESNA Financial Review
NORTH AMERICA
www.VeoliaES.com

39. Revenue ($ in millions)
+ 15.7%
1,842
1,591
1,455
1,376
1,317
2002 2003 2004 2005 2006
NORTH AMERICA
Note: 2002 & 2003 presented in Local GAAP, 2004 - 2006 presented in IFRS
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

40. Contribution to growth from all areas of
the business
2005 versus 2006 revenue (in $millions)
800 +8%
700
+39%
600
500
+10%
400 2005
2006
300 +5%
200
100
0 Solid Waste Industrial Technical WTE
NORTH AMERICA
Services Solutions
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

41. NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

42. AMERICA AND GLOBAL WARMING
“HAVE WE TURNED UP EARTH’S THERMOSTAT?”
Chicago Tribune Jan. 10, 2007
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

43. AMERICA AND GLOBAL WARMING
“MORE COMPLEX THAN IT LOOKS”
• Kyoto Protocol (signed) but never enforced by Congress
• USA (5% of world population) 27% of world CO2
• Per Capita American Carbon emission 20 Tons/year
(European 10 T, Chinese 4 T, Indian <2T)
• Former Chairman of Senate Environment Committee:
Global Warming… The greatest hoax Ever
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

44. AMERICA AND GLOBAL WARMING (Cont…)
“MORE COMPLEX THAN IT LOOKS”
• But
– Pittsburgh No. 400 City after LA, San Francisco, N.Y.,
Chicago to sign the US Mayors climate protection
agreement
– California from “High Tech to Green Tech State”
– Regional Green house gas initiative signed in 7 states
– Mr. President himself in favor of alternative to “oil
addiction”
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

45. Ethanol: Good or Bad Idea?
Bad: Food vs. Fuel (corn, wheat, etc.)
• Corn price per bushel x2 to $4.00
• “Ay Tortilla” crisis in Mexico
• Sugar cane Brazilian model not duplicable
• Poor energy mass balance
Good: Cellulosic ethanol (wood/waste)
• Biofuel from grease trap (France)
• Secondary liquid fuel (UK, USA)
• Biofuel from trash (Okeelanta, USA)
• Trash to fuel (Oslo, Norway)
Timing
• Tsunami (2004) Katrina/Rita (2005) Stern report (2006)
• European commitment to cut Co2 emissions
• 30% (2020) – 50% (2050) vs. 1990
Unique momentum for change in public behavior
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

46. TURNING WASTE INTO A
RESOURCE
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

47. Summary
• Fully integrated waste services company across the full value
chain
– Key market differentiation with competition
• Focused on profitable growth
– Contract awards and renewals in more mature markets (solid waste,
waste-to-energy)
– Strong growth opportunities and extension of business in new high-
value niche service markets (e.g. marine services)
– Improved pricing environment (solid waste and hazardous waste)
– Tuck-in acquisitions to complement core portfolio of business
• Continuation of efficiency efforts post Veolia Efficiency Plan
• Continued focus on driving improved ROCE and cash flow
– Improved operating performance
– Selective investments in core markets (All projects must meet IRR =
WACC + 3%)
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

48. Turning waste into a resource
Questions? Thank You.
NORTH AMERICA
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com

49. Investor Relations contact information
• Nathalie PINON, Head of Investor Relations
38 Avenue Kléber – 75116 Paris - France
Telephone +33 1 71 75 01 67
Fax +33 1 71 75 10 12
e-mail nathalie.pinon@veolia.com
• Brian SULLIVAN, Vice President, US Investor Relations
700 E. Butterfield Road -Suite 201
Lombard, IL 60148 - USA
Telephone +1 (630) 371 2749
Fax +1 (630) 282 0423
e-mail brian.sullivan@veoliaes.com
Web site
NORTH AMERICA
http://www.veolia-finance.com
NORTH AMERICA
www.VeoliaES.com
www.VeoliaES.com