200 -04-27

1. Acquisition of Sulo,
n°2 German waste company
April 27, 2007

2. Investor Relations – April 2007
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
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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 accordance with the exemption provided by Rule 100(c) of
Regulation G.
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3. Investor Relations – April 2007
Strategic rationale
Core business in a consolidating and fast-transforming market
Complementary geographical footprint in Europe
Veolia Environmental Services becomes undisputed No1 player in
European waste management
Strengthens Veolia Environnement’s European leadership in the
recycling market
First-class management team
Accelerate opportunities of PPP development in Germany
Unrivalled platform for further growth in Central and Eastern Europe
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4. Investor Relations – April 2007
The German waste sector: why now? — Recent evolution
makes it an attractive development market
Major evolution due to changes in market structure and regulation
Introduction of tender offers in Municipal segment.
Opening of DS system resulting in the emergence of competitors to DSD
TASi legislation inducing strong requirements for sorting/treatment
capacities
Attractive “new” German market
Regulatory and contractual maturity and transparency
Improved visibility of prices and margins
Growing importance of sorting/recycling and valorisation processes
Market consolidation underway
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5. Investor Relations – April 2007
The German waste sector — Key value drivers
New regulation Growing demand for
(TASi, Dual System, sorting & recycling
municipal tenders) facilities
Valorisation of
Demand for
secondary raw
integrated solutions
materials and RDF
German waste
sector
Requirements for value drivers
Acceleration of PPP
value-added
initiatives
services
Requirements for
Market
scale and national
consolidation
footprint
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Veolia Environnement

6. Investor Relations – April 2007
Sulo – No2 operator in the German waste management
sector
€1.3 billion revenues in 2006 out of which
€186 million in environmental
technologies Environmental Services
revenue breakdown
Municipal and Industrial nationwide waste
management activity Other 6%
No1 player in Municipal segment Int'l 5%
No2 player in Commercial & Industrial Plastic 3% Commercial &
segment Industrial 49%
No1 operator in the Dual System market Dual System/
Recycling
18%
Leadership on the Recovered Paper and
Plastic markets
Municipal
Strategically located sorting/recycling 19%
facilities
9 Public Private Partnerships
Employs 7,700 employees
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Veolia Environnement

7. Investor Relations – April 2007
The German waste sector — Growth opportunities from a
still fragmented and public-owned market
“private” market
structure
Private market size of around
€12 billion Remondis
18%
A very fragmented market 11%
SULO
9% Alba
€15.1bn
Room for further consolidation Top
4-8
A third of municipal market still
managed by public-owned Others
companies
Top 3 = 38% market
share
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Veolia Environnement

8. Investor Relations – April 2007
Sulo - A growing player in Central & Eastern European
and Baltic markets
More than €55 million revenues in 2006
Leading waste services provider in Central & Eastern Europe
No4 in Poland
Top 6 in Czech Republic
Major operator in the Baltic countries
No1 in Estonia
No4 Lithuania
Top 6 in Latvia
Track record of successful profitable growth: CAGR 2002-2006:
+15% per year
Strong platform for further development
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Veolia Environnement

9. Investor Relations – April 2007
Strategic benefits - Combining Eastern European
franchises to capture forthcoming growth
Strong combined activities in Veolia Environmental Services/
Eastern Europe Sulo activities in Europe
Combined revenues of around
€200 million
High development potential
market
Veolia Environmental Services +
Sulo combined forces can sustain
double digit growth in this area
Veolia ES main activities
Veolia ES/Sulo activities
Sulo main activities
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Veolia Environnement

10. Investor Relations – April 2007
Strategic benefits – Integration of recycling and growth
opportunities with German municipalities
Recycling and secondary materials market is increasing globally
Strong increase in demand for recovered materials in Asia
Scale driving commercialisation opportunities and prices
Identified opportunity on paper trade
Double Veolia Environnement’s existing tonnage
Deliver integrated services in France, Germany, UK and rest of Europe
Expected strong development of Public Private Partnerships
Increasing demand for efficiency and value-added services
Additional growth opportunities with German municipalities
Leverage Veolia Environnement ’s breadth of expertise on Stadtwerke
Potential for comprehensive value proposition (water, energy services,
waste management, public transport)
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11. Investor Relations – April 2007
Key terms of the transaction
Enterprise value of €1,450 million
Including financial net debt and estimated after-tax liabilities of
approximately €950 million
8.0x implied EV/2007 EBITDA including associates
Subject to regulatory approval by EU competition authorities
(1) Based on 2006 consolidated EBITDA adjusted for associates
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Veolia Environnement

12. Investor Relations – April 2007
Financial impact
The transaction meets Veolia Environnement’s investment criteria:
Significant value creation: IRR at more than 3% above WACC on base
case scenario
Earnings accretive from year 1
Potential upside above base case of €200/300 million additional value
creation
Limited impact on credit ratios
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Veolia Environnement

13. Investor Relations – April 2007
2007 estimated Veolia Environnemental Services’ revenue: a
well balance geographic revenue breakdown
2007 estimated revenue (Waste 2007 proforma estimated revenue
Management) before Sulo’s (Waste Management) after Sulo’s
acquisition acquisition*
ROW 1% ROW 1%
Asia Pacific 6%
Asia Pacific 7%
America 17%
America 20% France 39%
France 33%
Rest of Europe 9%
Rest of Europe 10%
Germany 2% Germany 16% United Kingdom 18%
United Kingdom 21%
(*)
Sulo’s contribution in revenue taken into account for 12 months
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Veolia Environnement

14. Investor Relations – April 2007
Veolia Environnement: presence in Germany multiplied
by 3 in 4 years
Tra nsport
16% W a t er ( 1 )
Energy 39%
Transport
24% 2%
Energy
5%
W at er
59%
W ast e
12%
W a st e
43%
2003 2007 proforma
Total revenue: €1,193m Total revenue:€3,391m
(1)
Water, (including BVAG)
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Veolia Environnement

15. Investor Relations – April 2007
2007 estimated Veolia Environnement revenue by geographic region :
a significant reinforcement in key strategic markets
2007 estimated VE Group revenue 2007 proforma estimated VE Group
before Sulo’s acquisition revenue after Sulo’s acquisition*
ROW 3% ROW 3%
Asia Pacific 7% Asia Pacific 6%
America 10%
America 11%
France 45%
France 44%
Rest of Europe 19% Rest of Europe 18%
Germany 10%
Germany 6% United Kingdom 9%
United Kingdom 9%
(*)
Sulo’s contribution in revenue taken into account for 12 months
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Veolia Environnement

16. Investor Relations – April 2007
Glossary
Term Definition
C&I Commercial and Industrial
DSD Duales System Deutschland: a corporation owned by KKR in which the licensees pay fees to the DSD
to be in return exempted from having to provide a recycling system for their packaging waste
MBT Mechanical-biological pre-treatment: a way of treating waste pre-disposal
PET Polyethylene Terephthalate
PPP Public Private Partnership: a business model where a municipality and a private company form a joint
holding company, majority owned by the municipality but operationally controlled by the private
partner
RDF Refuse derived fuel
TASi Technische Anleitung Siedlungsabfall: ordinance on the Environmentally Sound Landfilling of
Municipal Waste and on Biological Treatment Plants, which states that no waste may be disposed of
in landfill sites without adequate pre-treatment from 2005 Onward
URRC United Resource Recovery Corporation, patented PET recycling process technology
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Veolia Environnement

17. Investor Relations – April 2007
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, 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
http://www.veolia-finance.com
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Veolia Environnement