First Half 2009 Results

Investor Relations – First Half 2009 Results – 06.08.09

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.

This document contains certain information relating to the valuation of certain of Veolia Environnement’s recently
announced or completed acquisitions. In some cases, the valuation is expressed as a multiple of EBITDA of the acquired
business, based on the financial information provided to Veolia Environnement as part of the acquisition process. Such
multiples do not imply any prediction as to the actual levels of EBITDA that the acquired businesses are likely to achieve.
Actual EBITDA may be adversely affected by numerous factors, including those described under ―Forward-Looking
Statements‖ above.

2


Table of Contents

 Key events

 First half 2009 results

 2009 objectives

 Continued development of the Group

3


Key events

 Operating cash flow, ex Waste: up 3.7% at constant FX rates
Group operating cash flow: compared to H1 2008
€1,978m  Waste’s operating cash flow: down 22.4% at constant FX
rates compared to H1 2008

 2010 Efficiency Plan and Waste’s plan to adapt to the
business environment: (€146m) at June 30, 2009 versus an
objective of €280m in full-year 2009
We maintain our  Net investments: €1,133m, 39% lower at June 30, 2009
commitments in 2009  Asset disposal plan: €268m booked at June 30, 2009 plus
€545m committed
 Operating cash flow – net investments = €843m vs. €294m at
June 30, 2008

 Contract awards and renewals
We continue to develop
 Strategic transaction: merger of Veolia Transport and
the Group Transdev

4


First half 2009 key figures

€m H1 2008  current  constant
H1 2009
Restated (1) FX rates FX rates

Revenue 17,565.7 17,426.9 -0.8% +0.2%

Operating cash flow 2,127.8 1,977.5 -7.1% -4.9%

Recurring operating income 1,287.2 1,000.8 -22.2% -19.1%
Operating income 1,292.2 1,000.8 -22.5% -19.4%
Net recurring income attributable to equity 497.9 276.5 -44.5% -
holders of the parent
Net income attributable to equity holders of 500.5 220.3 -56.0% -
the parent

Net financial debt 16,332 16,827
(1) To ensure the comparability of the periods, the accounts at June 30, 2008 have been restated:
• by the amount of income from the disposals of Clemessy and Crystal in the Energy division in December 2008, according to IFRS 5 which are presented in the income
statement in the line item ―net income from discontinued operations‖;
• by the reclassification into discontinued operations of the Freight operations in the Transport Division and of the Waste-to-Energy operations in the Waste Division in the
United States

5


Improvement in the first half 2009 as compared with
the second half 2008
H2 2008 H1 2009 Var.
Restated(3)

Operating cash flow €1,976m €1,978m Ns
margin 10.8% 11.3% +50bp

Net recurring income attributable to equity €175m €276m +58.0%
holders of the parent

Operating cash flow(1) – Net Investments (2) €303m €843m

(1) Including operating cash flow from discontinued operations
(2) Net Investments = Gross Investments – (disposals + repayment of operating financial assets + capital increase subscribed by minorities)
(3) To ensure the comparability of the periods, the second half 2008 accounts have been restated:
• by the amount of income from the disposals of Clemessy and Crystal in the Energy division in December 2008, according to IFRS 5 which are presented in the
income statement in the line item ―net income from discontinued operations‖;
• by the reclassification into discontinued operations of the Freight operations in the Transport Division and of the Waste-to-Energy operations in the Waste Division
in the United States

6


First half 2009 results and 2009 objectives

 First half 2009 results

 2010 Efficiency Plan

 Asset disposal program

 2009 objectives

7


Revenue

€m
17,566 (178) 219 (180) 17,427

H1 2008 Internal External FX impact H1 2009
restated (1) growth growth
-1.0% +1.2% -1.0% -0.8%

United States

8


Breakdown of revenue by geographic zone

€m  current  constant Exc. Scope
17,566 17,427 FX rates FX rates and FX
■ France -4.4% -4.4% -5.3%
■ Europe ex France -3.8% +1.8% +0.7%
7,290 6,966 ■ North America +12.3% -1.8% -3.2%
■ Asia/Pacific +1.8% +2.5% +0.1%
■ Rest of the world +21.1% +21.8% +19.0%

VE Group -0.8% +0.2% -1.0%
6,455 6,211

1,435 1,611
1,300 1,324
1,086 1,315
H1 2008 H1 2009
restated (1)
United States

9


Breakdown of revenue by division

€m  current  constant Exc. Scope
17,566 17,427 FX rates FX rates and FX
■ Water +4.1% +3.7% +3.0%
■ Waste -10.2% -8.9% -10.3%
5,988 6,235 ■ Energy services +1.1% +3.7% +2.3%
■ Transportation +3.0% +4.4% +2.4%

VE Group -0.8% +0.2% -1.0%
5,015 4,502

3,676 3,717

2,887 2,973
H1 2008 H1 2009
restated (1)
United States

10


Revenue: Veolia Water

 France: internal growth declined 0.2%
despite indexing, because of a small
contraction in volumes (-1%) and the First half revenue (€m)
marked slowdown in engineering works
businesses 5,988 +4.1% 6,235

 Outside France, strong internal growth of
4.8% at constant scope and exchange rates 3,895 +3.0% 4,013 Operations
— North America (+9.5% at constant scope and
exchange rates) due to the start-up of the new
Milwaukee contract and the engineering works Works and
businesses 2,093 +6.2% 2,222 Engineering &
Construction
— Asia (+13.8% constant scope and exchange
rates) due in particular to industrial
operations in Korea H1 08 H1 09

 Veolia Water Solutions and Technologies:
internal growth of 12.7% in H1 despite a
flattening out in the second quarter of 2009

11


Revenue: Veolia Environmental Services
(Waste management division)

 Significant decline in second First half revenue (€m)
quarter 2009 compared to second 5,015 -10.2%
quarter 2008 (-12.1%) due to: 4,502
— Second quarter 2008 historical high
raw material prices
— A marked decrease of industrial
services activities compared to 2008
H1 08 H1 09
 First half 2009 Quarterly revenue (€m)
— Decrease of recycled raw material
2,188 +5.7% 2,314
price: - 40% to -50%
— Decrease of volumes in industrial
waste: – 10%

Q1 09 Q2 09

12


Veolia Environmental Services (Waste management
division): 10.2% decline in revenue in H1 2009 / H1 2008

Main impacts of change in revenue

Lower industrial and municipal volumes - 5.0%

Pricing and volumes of recycled materials - 5.5%

Price increase for services + 1.0%

Other - 0.7%

Total variation H1 2009 / H1 2008 -10.2%

13


Revenue: Veolia Energy

 Negative €97m FX impact mainly due
to Eastern European currencies

First half revenue (€m)

 Further rise in energy prices 3,676 + 1.1% 3,717
(impact: + €57m), mainly during the
first quarter 1,866 + 4.6% 1,951 Outside France

1,810 -2.4% 1,766 France
 More favorable weather conditions in
the first half of 2009, mainly in
France (impact: + €48m) H1 08 H1 09

14


Revenue: Veolia Transport

 4% revenue growth in France First half revenue (€m)
— Bordeaux contract ending on 5/1/2009
2,887 +3.0% 2,973
— New contracts won: Royan, Epernay,
Montceau-les-Mines

 Strong growth in North America
(+4.1% at constant scope and FX
rates) supported by the H1 08 H1 09

— Taxi business
Quarterly revenue (€m)
— Transit business

1,447 +5.5% 1,526

Q1 09 Q2 09

15


Operating cash flow (1)

H1 2009
Restated (2) FX rates FX rates

Water 904 910 +0.7% +2.7%
Waste 703 540 -23.2% -22.4%
Energy services 424 414 -2.2% +2.4%
Transportation 142 160 +12.4% +14.5%
Other (45) (46) -
Total Group 2,128 1,978 -7.1% -4.9%

(1) Operating cash flow = cash flow from continued operations before tax and financial items
United States

16


Operating cash flow margin

Operating cash flow margins

FY 2008 H1 2008
H1 2009
€m margin margin
margin
restated (1) restated (1)

Water 14.5% 15.1% 14.6%
Waste 13.4% 14.0% 12.0%
Energy services 10.1% 11.5% 11.1%
Transportation 4.9% 4.9% 5.4%
Others - - -

Total Group 11.4% 12.1% 11.3%

(1) To ensure the comparability of the periods, the accounts at June 30, 2008 and December 30, 2008 have been restated:
United States

17


Confirmation of 2010 Efficiency Plan

Savings in 2009
€m
H1 2009 Objectives

Purchases 31 45
Objectives
— €180m in recurring savings in 2009 Operations 34 65
— €220m in recurring savings in 2010
Support
Total: €400m in recurring savings 21 50
functions
Assets 15 20

Water 37 60
Achievements
— Gains on operating cash flow: €101m in the Waste 25* 49*
first half of 2009
Energy 21 41

Transport 15 30

Other 3 -
* excluding Veolia Waste’s plan to adapt to
the business environment €101m €180m

18


Veolia Environmental Services (Waste management
division): Impact of cost-cutting plans

2010 Efficiency Plan 2009 Plan to Adapt to the Business
Environment

Achievement in the first half of 2009 Achievement in the first half of 2009
— Impact on operating cash flow: €25m — Decline in net costs: €45m

2009 objective maintained 2009 objective maintained
— Impact on operating cash flow: €49m — Net costs to be lowered by €100m

19


Recurring operating income by division

H1 2009
restated (1) FX rates FX rates

Water 597 597 -0.1% +3.4%
Waste 397 134 -66.2% -65.3%
Energy services 284 248 -12.5% -7.2%
Transportation 62 78 +25.0% +26.5%
Other (53) (56) - -
Recurring operating income 1,287 1,001 -22.2% -19.1%
Non-recurring items 5 -
Operating income 1,292 1,001 -22.5% -19.4%

United States

20


From operating income to net income

H1 2008 restated (1) H1 2009

€m Recurring Non- Total Recurring Non- Total
recurring recurring

Operating income 1,287 5 1,292 1,001 - 1,001

Cost of net financial debt (423) - (423) (379) - (379)
Other financial income & expenses (6) - (6) (29) - (29)

Corporate tax expense (222) - (222) (197) - (197)

Equity in net income of affiliates 9 - 9 6 - 6
Net income from discontinued - 1 1 - (56) (56)
operations
Net income attributable to minority
(147) (3) (150) (126) - (126)
interests
Net income - attributable to equity holders of the parent 498 3 501 276 (56) 220
• by the amount of income from the disposals of Clemessy and Crystal in the Energy division in December 2008, according to IFRS 5 which are presented in the income statement in the line item
―net income from discontinued operations‖;
• by the reclassification into discontinued operations of the Freight operations in the Transport Division and of the Waste-to-Energy operations in the Waste Division in the United States

21


Cost of borrowing

H1 2008 H1 2009 /
€m H1 2009
Restated (1) H1 2008

Cost of net financial debt 423 379 - 44
of which impact of changes in interest rates - 68
of which impact of change in average debt 26

Cost of borrowing (2) at 4.47%
as compared with 5.41% at June 30, 2008

United States
(2) Adjusted for the impact of the expected unwinding of transactions on derivatives, the cost of borrowing stood at 4.47% at June 30, 2009 versus 5.68% at June 30, 2008

22


Net debt

12/31/2008 06/30/2009

Net financial debt €16,528m €16,827m

Debt
— Bond debt 68% 79%
— Average maturity of net debt 9.3 years 9.5 years

Liquidity
— Gross liquidity €7.7bn €9.6bn
— Net liquidity
€4.0bn €6.0bn

Objective
— Net debt / Operating cash flow plus repayment of
between 3.5 and 4 x
Operating financial assets

23


Net investments: down by nearly 40%

€m H1 2008 H1 2009

Maintenance capital expenditures 912 858
As % of consolidated revenue 5.2% 4.9%

Investments in growth/existing operations 475 360
(ex operating financial assets)
New operating financial assets 116 127
New projects 819 319
Gross investments 2,322 1,664 - 28%
Industrial and financial divestments * (271) (268)
Repayment of operating financial assets (194) (263)
Net investments 1,857 1,133 - 39%

* Including the capital increase subscribed to by minority interests: €57m at June 30, 2009 and €5m at June 30, 2008

24


Asset disposal plan in line with forecasts

Disposals booked at June 30, 2009 €268m

Disposals underway (in enterprise value) €545m
— VPNM * €120m Valuation
multiple:
— Montenay International * €330m *** 11 x 2008 EBITDA
— Veolia Cargo ** €95m

Total divestments: booked and underway €813m

Reminder of 2009 objective €1,000m

* Signed agreement, closing in process
** Firm offer received
*** $450m
25


Achievements are in line with commitments taken

2009 commitments Situation at June 30, 2009

Cost-cutting
— 2010 Efficiency Plan €180m €101m i.e. 56%
— Plan to adapt to business
€100m €45m * i.e. 45%
environment (Veolia Waste)

Net investments kept in check 45% decline 39% decline
(i.e. - €1,600m) (i.e. - €724m)
Ex divestments announced
but not yet finalized

Asset disposal program €268m
booked
— Achievement €1,000m i.e. 81.3%
€545m
committed

Maximization
— Price obtained 11 x 2008 EBITDA
of value

* After implementation costs of around €10m

26


Operating cash flow – net investments(1)

June 30, June 30,
2008 2009

Operating cash flow
– €294m €843m(2)
net investments(1)

Disposals announced but not yet finalized €545m

Operating cash flow – net investments(1)

2009 objective ~€2,000m(3)

(1) Net investments = Gross investments – (divestments + repayment of operating financial assets + capital increases subscribed by minorities)
(2) Not corrected for a negative net €35m FX effect
(3) At constant FX rates in comparison with 2008
27


2009 objectives confirmed

Positive free cash flow (1) after payment of the dividend

How?

Operating cash flow (2)

–
Net investments (3)

=
~€2 billion (4)

(1) Free cash flow corresponds to cash generated (sum of total cash flow and of the repayment of operating financial assets) net of the cash part of the following items : (i)
change in operating WCR, (ii) transactions on equity (changes in capital, dividends paid and received), (iii) investments net of disposals (including the change in receivables
and other financial assets), (iv) net interest expenses paid and (v) tax paid.
(2) Operating cash flow including operating cash flow from discontinued operations
(3) Net investments = Gross investments – (divestments + repayment of operating financial assets + capital increases subscribed by minorities)
(4) At constant FX rates in comparison with 2008
28

CONTINUED DEVELOPMENT OF THE GROUP


Continued commercial success

Veolia Water Veolia Environmental Services

 Contract to build & operate a wastewater  Waste management and recycling contract
treatment plant in Chartres (France) awarded by the Merseyside Waste Disposal
(Cumulative revenue: €156m over 20 years) Authority (United Kingdom) (Cumulative
 Contract for the management of Spain’s revenue: €719m over 20 years)
biggest wastewater treatment plant in
Madrid (Cumulative revenue: €16m over 4 years)
 Operations and Maintenance of two
wastewater treatment plants in Doha
(Qatar) (Cumulative revenue: €44m over 7 years)

Veolia Energy Veolia Transport

 Mende (France) heating network  United States: Houston (light rail)
 Contract to build and operate the energy (Cumulative revenue: $1.5bn over 35 years),
generation plant and district heating and New Orleans (multi-modal)
cooling system for Barcelona’s Zona Franca  Management of public transit in Greater
(Spain) (Cumulative revenue: €600m over 30 Rabat (Morocco)
years)

30


Strategic merger underway

Proposed merger

31


Proposed merger of Veolia Transport and Transdev
Key Guiding Principles

 Ambitious industrial project
— Global growth platform and a complete multi-modal offering

 50/50 ownership structure
— Pre-merger adjustment of financial structures to achieve a Caisse des Dépôts/Veolia
Environnement 50/50 ownership

 Veolia Environnement as industrial operator and Caisse des Dépôts as
long term strategic partner

 Management coming from both companies

 IPO of the new entity as soon as practicable to independently finance
its strategic ambition

32


Strong Geographical presence in France
 Combining a portfolio of large cities in urban transportation
 Very limited overlap in interurban transportation
VEOLIA TRANSPORT TRANSDEV
Dunkerque
Calais

Dieppe Amiens
Bolbec
Le Havre Beauvais Compiègne
Rouen
Saint-Avold
Les Andélys Soissons Verdun
Pont-Audemer Méru
Saint-Lô Bernay Vernon Epernay
Granville Bar-Le-Duc
Flers Nancy Lunéville
Saint-Dizier Neuves-
Maisons Saint-Brieuc
Fougères Laval Saint-Dié
Nogent-Le-Rotrou Chaumont
Pontivy Epinal
Sablé-sur-Sarthe Remiremont
Orléans Sens
Vannes Vendôme Luxeuil-Lès-Bains

Saumur Nantes Auxerre
Amboise
St-Brévin Vierzon
Chinon
Bourges
Issoudun

Thonon-les-Bains Moulins

Roanne Villefranche-sur-Saône Limoges
Cognac Saint-Etienne Vienne
Royan
Chambéry

Perigueux Tulle Annonay
Brives-la-Gaillarde
Libourne Valence
Arcachon Aurillac

Salon-de-ManosqueGréoux- Grasse
Menton
Provence Aix-en- Lès-bains Nice
Istres / Provence
Fos-sur-Mer Gardanne Cannes
Béziers Vitrolles Aubagne Fréjus
Foix La Ciotat Toulon

Urban Interurban Urban Interurban

UTP Population Number of vehicles Conflans St-Germain
La Réunion Mayotte Nouvelle Calédonie UTP Population Number of vehicles La Réunion Martinique
Les Mureaux Argenteuil
Carrières-ss-Poissy
1,200,000
> 200 Poissy LaLe Vesinet
Celle-st-Cloud 1,200,000
> 200
150 to 200 Evry Sénart 150 to 200
600,000 Rambouillet Melun 600,000
100 to 150 St-Fargeau Fontainebleau
100 to 150
120,000 Ponthierry Nouméa 120,000
50 to 100 Nemours 50 to 100
< 50 < 50
Joint exploitation Ile-de-France Ile-de-France
Veolia-Keolis Source: UTP, Company (2007-2008-2009)33


Proposed merger of Veolia Transport and Transdev: Enlarged Global
Growth Platform Addressing all Key Growth Markets

Combined Revenues 2008 Contribution (%)
France €2.9bn 35%
Europe excl. France €3.7bn 44%
North America €0.8bn 10%
Asia/Pacific €0.7bn 8%
Rest of the world (1) + others (2) €0.3bn 3%
TOTAL (3) €8.3bn 100%
Note :
(1) Colombia, Chile, Israel and Morocco
(2) Including discontinued activities
(3) Before RATP negotiations

34


Complementary expertise in modal offerings

 Transdev:
— Established leadership across the full value chain in tramway activities

 Veolia Transport:
— Specific know-how of Veolia Transport in metro and heavy railway activities

 Combined strengths bringing added value to its clients in:
— Multi-modal offerings

— Strong expertise in the transportation on demand sector

— Ability to manage and finance complex transportation networks

— Strengthen positioning within the context of markets opening to competition

35


Key figures: Veolia Transport and Transdev

Veolia Transport Transdev

Revenue 2008 €6,054m €2,266m

EBITDA 2008 €292m €185m

EBIT 2008 €130m €45m

Employees 82,000 46,000

Vehicles 38,000 20,000

Note: Before RATP negotiations
Sources: Company Annual reports

36


Significant Potential Synergies

 Strong commercial and development synergies due to important scale
and portfolio effects
— Strengthen base to respond to requests for tender
— Enlarged geographic coverage
— Expanded modal offering

 Usual cost synergies for such a merger
— Procurement
— Fleet optimization
— SG&A

 Support of two leading shareholders, Veolia Environnement and Caisse
des Dépôts
— Veolia Environnement’s global presence
— Caisse des Dépôts’ strong support to local authorities in France

37


Illustrative Transaction Timetable

 July 2009: Key principles agreed between VE and Caisse
des Dépôts
 Due diligence
 Valuation
 Negotiations with RATP
 Binding agreement by end of November
 Antitrust review & privatization process
 Closing as soon as possible

 IPO as soon as market conditions permit

38


Conclusion

Results consistent with our objectives

Confirmation of our 2009 commitments

39


Table of Contents of Appendices

 Cash flow statement Appendix 1

 Recurring operating income margin Appendix 2

 Gross Investments by division Appendix 3

 Main contracts won or renewed in the first half of 2009 Appendix 4

 Debt characteristics at June 30, 2009 Appendix 5

 Bond maturity schedule at June 30, 2009 Appendix 6

41


Appendix 1: Cash flow statement

€m H1 2008 H1 2009

Net financial debt at opening (15,125) (16,528)
Operating cash flow from continuing operations 2,128 1,977
Financial cash flow & operating cash flow from discontinued operations 35 7
Cash flow from operations 2,163 1,984
Tax paid (168) (218)
Change in operating WCR (249) (114)
Total cash flows generated from the businesses 1,746 1,652
Gross investments (1) (2,322) (1,664)
Repayment of operating financial assets 194 263
Industrial and financial divestments, net of the debt of divested companies 266 211
Change in receivables & other financial assets (106) 62
Total net cash flows from investments (1,968) (1,128)
Dividends paid (2) (726) (402)
Net interest expenses paid (369) (347)
Capital increase (VE & minority interests) (105) 59
Currency impact & other 215 (133)
Change in net financial debt (1,207) (299)
Net financial debt at closing (16,332) (16,827)
(1) Including net financial debt from acquired companies
(2) Of which for Veolia Environnement, €553m in 2008 and €232m in 2009 (net of the capital increase)
42


Appendix 2: Recurring operating income margin

Recurring operating
income margins

H1 2008
H1 2008 H1 2009
€m H1 2009 margin
restated (1) margin
restated

Water 597 597 10.0% 9.6%
Waste 397 134 7.9% 3.0%
Energy services 284 248 7.7% 6.7%
Transportation 62 78 2.2% 2.6%
Other (53) (56) - -

Total Group 1,287 1,001 7.3% 5.7%

United States

43


Appendix 3: Investments by division

Growth

€m Maintenance Financial incl. Industrial New New operating Total
change in investments projects (1) financial
consolidation assets
scope
Water 215 28 132 103 75 553

Waste 275 19 47 61 11 413

Energy services 92 11 56 93 35 287

Transportation 243 21 26 38 6 334

Other 33 18 2 24 - 77

Total H1 2009 858 97 263 319 127 1,664

Total H1 2008 912 108 367 819 116 2,322

(1) Including the acquisition of water plants in Shenzhen in China in Water and other investments in the Middle East in Water, in the United Kingdom in Waste, in France and Central
Europe in Energy Services.

44


Appendix 4: Main contracts won or renewed since the
beginning of 2009
INTERNAL GROWTH
- Renewals:
 65 main contracts renewed in France during first half 2009 in Water (o/w 41 in drinking
water & 24 in wastewater), 61 in Waste (o/w 33 from local authorities & 28 from
companies), 14 in Transportation
 Roche-sur-Yon (1) (water) – Length: 12 years
 Roquebrune Cap Martin (water) – Length: 20 years – Cumul. rev.: €50m
Moselle
 Moselle district (transportation) (2) – Length: 10 years – Cumul. rev.: €117m
 Var district (transportation) (2) – Length: 8 years – Cumul. rev.: €96m
 Le Creusot, Montceau-les-Mines (transportation) – Length: 6 years – Cumul. rev.: €26m Sauer
 Gard district (transportation) (2) – Length: 10 years – Cumul. rev.: €16m Défense Pechelbronn
Environnement Chartres Alsace
Services Métropole
- Outsourcing / Privatization :
 Nice (transportation) – Length: 15 years – Cumul. rev.: €45m
Le Creusot
 Touraine interurban bus network « Green line » for Indre et Loire district (transportation) Indre et Loire Montceau-les-Mines
– Length: 7 years – Cumul. rev.: €42m
Nevers Lons-le-
 Project SIM (creation of multi-modal information system Alsace Region) Saunier
(transportation) - Length: 10 years – Cumul. rev.: €4m La Roche-sur-Yon
 Lons-le-Saunier (energy) – Length: 6 years
 Mende en Lozère (heating network from local biomass) (energy), in partnership with
Engelvin TP réseaux – Operating length : 24 years
 Community of cities Sauer Pechelbronn (Bas-Rhin) (heating network from biomass) (energy)
– Length: 20 years Roquebrune
Cap Martin
 Nevers area (construction & operating of professional landfill) (waste)
– Length: 20 years – Cumul. rev.: €18m Mende
Var
Nice
Gard
- Engineering / Design & Build:
 Chartres Métropole (construction & operating of the new STEP with commitment notably to
reduce Green House Gas) (water) - Length (Operating): 20 years – Cumul. rev.: €156m
(including construction for €54m)

 Renewals
PARTNERSHIP  Outsourcing / Privatization
 Partnership with DCNS (multiservices), through creation of a JV:  Engineering / Design & Build
Défense Environnement Services (51/49) – Cumul. Rev between 5 to 10 years: €150m  Industry & services (1) Starting July 2009
 Company acquisition (2) Starting September 2009
 Partnership with other company
45


beginning of 2009
INTERNAL GROWTH

- Renewals:
 Görlitz Stadtwerke (water) –Length: 20 years - Cumul. rev.: €310m

- Outsourcing / Privatization:
 Merseyside Waste Disposal Authority (waste)
Sweden
 City area of Madrid - station « South » (water) Grudziadz
– Length: 4 years (2 years option) – Cumul. rev.: €16m (without option)
 Burg water syndicat (Saxe-Anhalt) (water) Poland
- Length: 15 years – Cumul. rev.: €20m Landskrona
 Pécs (heating network with commitment to put in place biomass Skanes
cogeneration unit) (energy) – Length: 22 years Burg
Merseyside Trelleborg
 Trnava region (energy) - Length: 10 years Görlitz
Germany
 Skane county (transportation)
– Length: 5 years (2 years option) – Cumul. rev.: €94m United-Kingdom
Czech Republic
 Landskrona (Regional transportation system) (transportation)
– Length: 8 years (2 years option) – Cumul. rev.: €42m
 Trelleborg/Svedala (transportation) Slovakia
– Length: 8 years (2 years option) – Cumul. rev.: €37m
 Grudziadz (transport on demand) (transportation) Trnava
Hongry
- Engineering / Design & Build:
Barcelona
 Barcelona (construction & operating the new heat and cold network) (energy) Pécs
– Operating length: 30 years - Cumul. rev.: €600m Madrid
Spain

 Renewals
 Outsourcing / Privatization
(1) Starting 2010
 Engineering / Design & Build
(2) Starting September 2009
 Industry & services
46


beginning of 2009
INTERNAL GROWTH

- Renewals:

 Tempe (transportation) - Length: 4 years – Cumul. rev.: €93m
 Las Vegas(1) (transportation) - Length: 1 year – Cumul. rev.: €69 m
 Denver(2) (transportation) - Length: 3 years (2 years option)
– Cumul. rev.: €49m

- Outsourcing / Privatization: Canada

 New Orleans (overall public transportation system) (transportation)
– Length: 10 years (initial duration 5 years with 5 years renewal
depending on achievement of performance objectives)
– Cumul. rev.: €201m United States
 Houston (transportation) (Light rail - organization and construction)
Denver
– Length: 35 years – Cumul. rev.: €1,200m
Las Vegas
Tempe
Houston

Mexique New Orleans

 Renewals
(1) Starting September 2010
 Engineering / Design & Build (2) Starting 2010
 Company acquisition
47


beginning of 2009
INTERNAL GROWTH

- Renewals: China South Korea

 Perth (transportation)
- Length: 7 years – Cumul. rev.: €17m RATP Développement
 Auckland(1) (transportation) Japan
- Length: 4 years – Cumul. rev.: €64m
 Saitama & Hiroshima- Japan (water), Hong Kong Lightrail
India
- Length: 3 years – Cumul. Rev. for both contracts: €21m
Chiba
- Outsourcing / Privatization: Saitama
& Hiroshima-
 Sydney (networks maintenance) (water), in consortium with Bovis
- Length: 4 years (3 years option )
- Cumul. rev.: €44m, without option and €77m with option Taïwan
 Chiba (Japon) (water)
- Length: 3 years – Cumul. rev.:€38m Auckland

EXTERNAL GROWTH

 Hong Kong light rail network (transportation) (JV) New Zealand
Australia
Perth

PARTNERSHIP
Sydney
 Renewals
 Partnership with RATP Développement (transportation)
through the creation of a JV (50/50) in Asia
– Cumul. Rev.: 2013: €500m€  Industry & services
(1) Starting 2010
 Company acquisition
48


beginning of 2009
INTERNAL GROWTH Rabat

- Outsourcing / Privatization:
Morocco
 Bus network for Grand Rabat area (in consortium with
Bouzid & Hakam Groups) (transportation)
– Length: 15 years – Cumul. rev.: €1,125m

 Doha – Ashghal (water)
– Length: 7 years (additional 3 years option)
– Cumul. rev.: €44m
Qatar
- Industry & services: Sipchem United Arab
Doha Emirates
 Saudi International Petrochemical (Sipchem)
(operation contract) (water)

Saudi Arabia

 Engineering / Design & Build
49


Appendix 5: Debt characteristics at June 30, 2009

 Ratings
— Moody’s: A3/P-2 Negative (March 25, 2009)
— Standard & Poor’s: BBB+/A-2 Negative (March 26, 2009)
 H1 2009 bond issues:
— €2bn, maturities of 5 and 10 years (€1.25bn and €0.75bn)
— €250m, maturity of 8 years
 H1 2009 bond redemption: €44m
 Average maturity of net debt: 9.5 years vs. 9.3 years at December 31, 2008
 Group liquidity: €9.6bn o/w €4.7bn in undrawn credit lines
 Net Group liquidity: €6.0bn

Net financial debt after hedges Currencies (gross debt after hedges)

Fixed rate: 68% Other
19% (1)
o/w euro: 91%
GBP 8% Euro
o/w U.S. dollar: 49% 65%
o/w pound sterling: 49% 8%
USD
Floating rate: 32%
(1) Of which zloty: 2% CNY: 3% and HKD: 3%
50


Appendix 6: VE Group bonds maturity schedule at
June 30, 2009

€m
1600

1400

1200

1000

800

600

400

200

0
2009 2013 2017 2021 2025 2029 2033 2037

51


Investor Relations contact information

 Nathalie Pinon, Head of Investor Relations
and Financial Communication
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 & Treasurer (North America)
 Terri Anne POWERS , Director, North American Investor Relations
200 East Randolph Street
Suite 7900
Chicago, IL 60601
Tem +1 (312) 552 2847
Fax +1 (630) 282 0423
e-mail brian.sullivan@veoliaes.com

Web site
http://www.veolia-finance.com
52

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