Key figures for the first half of 2012

• Revenue: €14.8 billion
• Adjusted operating cash flow: €1,383 million
• Adjusted operating income: €631 million
• Net income: €153 million
• Divestments: €1,626 million*
• Positive free cash flow: +€348 million
• Net financial debt: €14.7 billion

* Excluding the proceeds from the divestment of U.S. Solid Waste operations, which is expected to be finalized during the second half 2012

Key facts

• Implementation of the strategic plan as planned
• Divestment program already 60% completed or signed by the end of July
• 2012 annual projected gross cost savings are ahead of plan at €109 million, with a net positive impact on operating income of €27 million for the six months ended June 30, 2012
• Results were impacted by the degradation of economic conditions in Italy, which weighed on Dalkia operations and the economic slowdown
• In complement to the strategic plan, the Company is launching additional measures to address the deterioration of the economic environment:
  - Reduction of investments by €500 million in 2012-2013
  - Objective of gross cost reductions to €270 million (+€50 million) in 2013 and to €500 million (+€50 million) in 2015

Activity

Revenue increased 1.6% at constant consolidation scope and exchange rates (+3.3% at current consolidation scope and exchange rates) to €14,781 million versus re-presented €14,304 million for the first half of 2011. In the Water division, revenue grew 5.2% at constant consolidation scope and exchange rates during the first quarter, but registered a 0.3% decline in the second quarter, which was negatively impacted by lower water volumes sold in France. In the Environmental Services division, initial signs of an economic slowdown weighed on second quarter revenue, with a 5.7% decline in revenue at constant consolidation scope and exchange rates, versus a 1.1% decline in the first quarter. In the Energy Services division, growth continued in the second quarter, driven by higher energy prices.

Adjusted operating cash flow declined 9.7% (-10.6% at constant exchange rates) in the first half of 2012 to €1,383 million compared to re-presented figures in the first half of 2011 due to:

• in Italy, the degradation of economic conditions which made it impossible to continue the normal receivables securitization program and resulted in a receivables write-down and additional accrued charges in Dalkia amounting to €88.7 million,
• contractual erosion in the Water division in France,
• lower recycled raw material prices and waste volumes in the Environmental Services division.

The combined contribution of the Efficiency Plan and the Convergence Plans during the first half of 2012 was €102 million, net of implementation costs.

Adjusted operating income declined 26.3% (-26.7% at constant exchange rates) to €631 million, compared to re-presented figures in the first half of 2011.

Excluding the difficulties in Dalkia Italy, adjusted operating cash flow would have declined 4.8% at constant exchange rates and adjusted operating income would have declined 16.3% at constant exchange rates.

Operating income increased substantially to €523 million, versus re-presented €180 million in the first half of 2011, given that the first half of 2011 recorded re-presented asset impairments of €676 million.

Net income from discontinued operations was €246 million, including notably the capital gain of €234M, net of transaction costs, related to the divestment of the U.K. regulated water operations.

Net income amounted to €153 million versus -€67 million for the first half of 2011. Adjusted net income amounted to €8 million versus re-presented €149 million in the first half of 2011.

The company generated positive free cash flow of €348 million in the first half of 2012. Net financial debt at June 30, 2012 amounted to €14,693 million versus €14,764 million at June 30, 2011. Net financial debt includes over the last twelve months a significant negative currency impact. At the end of 2012, net financial debt should benefit from a seasonal improvement in working capital, and the continued progress of the divestment program, notably the expected divestment of the U.S. Solid Waste operations.

Accelerated implementation of strategic plan

The company continues to move forward in the deployment of the strategic plan presented at the end of 2011.

During the second quarter, the Convergence Plan was presented to nearly 3,000 managers throughout the Company. The first cost savings measures were launched and as of the six months ending June 30, 2012 annual gross cost savings of €109 million for 2012 have been identified. The aforementioned savings would have a full year impact of €130 million in 2013. Several programs which will drive increased cost savings in 2014 and 2015 are in the process of being launched.

With respect to the divestment portion of the Company's strategic plan, 60% of the €5 billion divestment program for 2012-2013 has been completed or signed by the end of the month of July. These include the divestment of the regulated Water operations in the United Kingdom and the signature of an agreement to sell the U.S. Solid Waste operations, both of which were achieved at satisfying valuations and should contribute to a significant amount of capital gains.

Launch of additional measures to address the deterioration of the economic environment

• Reduction of investments by €500 million in 2012-2013
• €50 million in additional targeted gross cost reductions, with an increase to €270 million in 2013 and to €500 million in 2015

The Company maintains the objectives announced during its December 6, 2011 Investor Day.

Veolia Environnement First Half 2012 Results

The first half of 2012 was marked by:

• a deterioration in the economic environment starting in April 2012, with weakness in certain industrial sectors weighing on the activities of the Environmental Services division, particularly in France, the United Kingdom and Germany,
• an economic and financial situation that remains difficult in Southern Europe and particularly tension within the receivables refinancing market in Italy, which impacted our receivables securitization program. Within this context, the Group recognized receivables write-downs and additional accrued charges in adjusted operating income in the total amount of €88.7 million in Italy in the Energy Services division,
• significant exchange rate fluctuations relative to the euro.

Faced with these difficulties, the Group accelerated the implementation of its strategy through a vast transformation program:

Acceleration of the implementation of the Veolia Environnement strategic plan

Change in governance

Three new directors joined the Veolia Environnement Board of Directors: Mrs. Nathalie Rachou, Mrs. Maryse Aulagnon and Mr. Jacques Aschenbroich.

As part of the acceleration of the implementation of Veolia Environnement's strategic plan, the composition of the Executive Committee was tightened around Antoine Frérot.

Transformation of the organizational structure and cost reduction measures through the Convergence Plan

Following the change in the composition of the Executive Committee in the first half of 2012, the Group's transformation and cost reduction program was accelerated. More than 3,000 executives were met between February and June. 19 priority transverse projects and 325 validated projects were launched across all of the Group's businesses and geographical areas. 258 Convergence 1 projects were launched and should enable over €100 million in cost savings in 2012, before implementation costs.

Business restructuring plan

Overall, industrial and financial divestitures (including share capital increases subscribed to in respect of noncontrolling interests and transactions with non-controlling interests) totaled €1,626 million in the half-year ended June 30, 2012.

On June 28, 2012, the Group announced the signature of a contract between Veolia Water UK, a whollyowned subsidiary of Veolia Environnement, and Rift Acquisitions Limited, for the sale of its regulated water activities in the United Kingdom, based on an enterprise value of £1.2 billion (€1.5 billion). Following completion of this transaction, Veolia Environnement's debt was reduced by €1,517 million. Veolia Environnement will retain, in addition to its non-regulated water business, a 10% stake in the regulated water divested business for a period of at least 5 years. This 10% stake was consolidated by equity method as of June 30, 2012.

This transaction generated a capital gain of €233.8 million (net of transaction costs) recognized in discontinued operations.

On July 19, 2012, the Group signed an agreement with Highstar for the sale of Veolia's Solid Waste activities in the United States in the Environmental Services division, based on an enterprise value of US$1,909 million (€1,561 million at the July 17, 2012 exchange rate). This activity has been classified in discontinued operations since March 31, 2012.

Together with its partner, the Caisse des Dépôts et Consignations, Veolia Environnement continues to prepare for its withdrawal from Veolia Transdev, tailoring its industrial strategy, target balance sheet structure and refinancing strategy.

In addition, the Group continues to negotiate the sale of smaller-sized businesses Pursuant to the implementation of the Company's divestiture program, certain assets were adjusted to fair value in the amount of €228.2 million including €145.2 million in operating income of which €37.4 million was also recorded in adjusted operating income, and €83.0 million recorded in net income from discontinued operations, with respect to Veolia Transdev.

Veolia Environnement's consolidated revenue increased 3.3% (+1.6% at constant consolidation scope and exchange rates) to €14,780.7 million versus re-presented revenue of €14,303.9 million for the half-year ended June 30, 2011. In the quarter ended March 31, 2012, the Company reported consolidated represented revenue of €7,851.1 million, up 4.9% (+3.5% at constant consolidation scope and exchange rates). Second quarter 2012 consolidated revenue grew 1.6% (-0.4% at constant consolidation scope and exchange rates) mainly due to a degradation of the economic environment.

The impact of changes in consolidation scope on revenue for the half-year ended June 30, 2012 includes €33 million in respect of targeted acquisitions and divestitures carried out in 2012 and 2011, of which -€73.4 million in the Water division (primarily the impact of the divestiture of certain operations in Asia), -€23.2 million in the Environmental Services division (impact of the divestiture of Belgian operations), €113.6 million in the Energy Services division (relating primarily to the acquisition of the Warsaw district heating network in October 2011).

At constant consolidation scope and exchange rates, first-half 2012 revenue increased 1.6% compared to represented first-half 2011 revenue. This increase is principally explained by:

• in the Water division, the favorable effects of indexation in France and price increases and scope extensions in Central and Eastern Europe, the strong performance of Operations activities in Asia and the growth of Technologies and Network industrial activities,
• the increase in energy prices (impact of €154.4 million compared to the half-year ended June 30, 2011) combined with more favorable weather conditions compared to the first six months of 2011 in the Energy Services division.

These effects were partially offset by contractual erosion in the Water division in France and by the slight drop in Environmental Services division revenue, attributable primarily to the difficult macroeconomic environment particularly in the United Kingdom and France, which impacted commercial waste collection volumes and by lower prices for recycled raw materials (mainly in France and Germany).

Revenue generated outside France for the half-year ended June 30, 2012 totaled €8,785.1 million, or 59.4% of total revenue, similar to re-presented figures for the half-year ended June 30, 2011.

The foreign exchange impact of €210.7 million primarily reflects the appreciation of the U.S. dollar compared to the euro in the amount of €65.9 million, the pound sterling in the amount of €58.4 million, the Chinese renminbi yuan in the amount of €45.5 million, the Australian dollar in the amount of €37.0 million and the Japanese yen in the amount of €22.3 million, offset by the depreciation of the Czech crown in the amount of - €19.9 million and the Polish zloty in the amount of -€18.3 million.

Commercial Activity

The Company continued its expansion in the first half of 2012, achieving a number of commercial successes related to enhanced and refined offerings, including the following:

• 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. This contract is expected to generate estimated cumulative revenue of €196 million (portion attributable to OTV);
• The New York City Department of Environmental Protection (DEP) awarded a performance and consulting contract to Veolia Water to aid the optimization of public water and wastewater services for 4 years. This contract is expected to generate estimated cumulative revenue of $36 million;
• The Greater Dijon joint district authority appointed Dalkia to design, build and operate its new heating network, as part of a public service management contract, for a period of 25 years. As much as 80% of the network's energy needs will come from renewable resources. Estimated cumulated revenue is expected to total €200 million;
• The European Investment Bank awarded Dalkia the contract for technical and energy systems management of over 180,000m2 of its office space in Luxembourg. The 4-year contract covers four buildings and includes an ambitious objective for carbon footprint reduction. The total estimated cumulative revenue of this contract is €32 million;
• Veolia Water, via its subsidiary Veolia Water Japan, was awarded three contracts for the operations and maintenance of drinking water and wastewater treatment facilities, which will service the needs of 1,215,000 people in Japan. Estimated cumulative revenue of these contracts is €49 million, for a maximum duration of 5 years;
• Veolia Water, via Orange City Water (a joint venture with Vishvaraj Environment Ltd, one of India's leading civil engineering and services companies) was awarded the drinking water service operation and maintenance contract by the city of Nagpur for 25 years. Estimated cumulated revenue of this contract is expected to total €387 million (Group part).
• Veolia Water was awarded a contract by the Indian public authority in charge of water and wastewater services in the capital New Delhi, to design, build and operate the new Nilothi Wastewater Treatment Plant. This 13-year contract covers an initial two-year construction phase, followed by an 11-year operation and maintenance phase. The total estimated cumulative revenue of this contract is €40 million;
• The European Parliament selected Dalkia to manage the technical and energy systems of its real-estate assets. This new contract represents an estimated cumulative revenue of more than €120 million over the length of the contract (six years, on the basis of a 12-month contract that can be automatically renewed five times);
• The Centre National d'Art et de Culture Georges Pompidou (known more informally as the Pompidou Center) awarded Dalkia the renovation of its air conditioning system. The aim is to make a significant improvement in the Center's energy and environmental performance. These renovations, which begin in June 2012, will improve the electric and thermal performance and the heating, cooling and humidity needs for the center's 100,000m2 surface area and is expected be completed in 2015. The estimated cumulative revenue of this contract is roughly €25 million;
• Veolia Environmental Services, in partnership with a Chinese company working in the same sector, has obtained the concession for a hazardous waste treatment center in Changsha, the capital of Hunan province. The estimated cumulative revenue of this 25-year concession is €320 million (at 100%);
• The city of Iasi in Romania awarded Dalkia the operation of the city's district heating network for 20 years. This public service management contract involves the generation, transmission, distribution and supply of heating and is expected to generate estimated cumulated revenue of €600 million.

Operational Performance

In 2012, the Company benefited from the positive impact of restructuring measures implemented in 2011 and the termination of contracts stemming from the acceleration of the Group's restructuring in 2011.

Nonetheless, challenges remain in Italy in respect of the financing of public debt. In addition, as a result of the current divestiture program, fair value adjustments and capital gains were recognized in the financial statements for the first half of 2012. These impacts can be summarized as follows.

Adjusted operating cash flow declined 9.7% (-10.6% at constant exchange rates) to €1,383.5 million for the half-year ended June 30, 2012, compared to re-presented €1,532.4 million for the half-year ended June 30, 2011. The adjusted operating cash flow margin fell 1.3 points to 9.4%, compared to re-presented 10.7% for the half-year ended June 30, 2011.

As of June 30, 2012, in the context of a difficult environment for the financing of Italian public debt and the securitization of Italian receivables, a write-down of these receivables was recorded in the amount of €88.7 million in the Energy Services division. Excluding this write-down, adjusted operating cash flow fell 3.9% (-4.8% at constant exchange rates) to €1,472.2 million.

The decrease in adjusted operating cash flow in the first half of 2012 was impacted by:

• the decline in the Water division's operational performance, attributable chiefly to contractual erosion in France,
• the adverse price differential impacting recycled raw materials in France and Germany,
• a difficult macro-economic context, particularly in the United Kingdom, France and Germany impacting the Environmental Services division,
• the difficult environment for the financing of Italian public debt and the securitization of Italian receivables, and, more particularly, the write-down of said receivables in the amount of €88.7 million in the Energy Services division.

By contrast, adjusted operating cash flow benefited from:

• growth in Water division activities in Central and Eastern Europe due to price increases in Romania, Slovakia and the Czech Republic,
• the increase in activity with industrial customers in the Technologies and Networks business in the Water division.

The Company's Efficiency Plan and Convergence Plans resulted in €102 million in savings, net of implementation costs, of which €34 million was associated with Convergence.

The positive foreign exchange impact of €14.4 million on adjusted operating cash flow primarily reflects the appreciation of the U.S. dollar against the euro in the amount of €4.5 million, the pound sterling in the amount of €5.4 million and the Chinese renminbi yuan in the amount of €9.6 million, partially offset by the depreciation of Eastern European currencies (Czech Republic and Poland) in the amount of -€8.3 million.

Adjusted operating income declined 26.3% (-26.7% at constant exchange rates) to €630.9 million for the half-year ended June 30, 2012, compared to re-presented €855.6 million for the half-year ended June 30, 2011, primarily due to:

• the decrease in adjusted operating cash flow
• an increase in depreciation and amortization of €34.8 million compared to re-presented June 30, 2011, primarily due to changes in consolidation scope such as the acquisition of the Warsaw district heating network in the Energy Services division,
• capital gains on industrial and financial divestitures of €3.4 million for the half-year ended June 30, 2012, compared to re-presented €4.6 million for the half-year ended June 30, 2011.

Excluding write-downs relating to the continuation of restructuring measures in Italy in the Energy Services division, adjusted operating income fell 15.9% (-16.3% at constant exchange rates) to €719.6 million.

The adjusted operating incomemargin fell from 6.0% for the half-year ended June 30, 2011 to 4.3% for the half-year ended June 30, 2012. Excluding the write-downs relating to the continuation of restructuring measures in Italy in the Energy Services division, adjusted operating income margin would amount to 4.9% for the half-year ended June 30, 2012.

Operating income amounted to €523.1 million for the half-year ended June 30, 2012, compared to represented €179.9 million for the half-year ended June 30, 2011.

In addition to the change in adjusted operating income described above, the increase in operating income reflects:

• impairment losses on goodwill of €107.8 million, primarily relating to the Group's non-regulated activities in the United Kingdom in the Water division in the amount of €55.8 million, activities in Estonia in the Energy Services and Environmental Services divisions and renewable energy activities in the "Other" operating segment, compared to €500.4 million in the half-year ended June 30, 2011;
• the decrease in net charges to operating provisions which totaled €23.7 million for the half-year ended June 30, 2012 compared to re-presented €167.6 million for the half-year ended June 30, 2011. Net charges to operating provisions for the half-year ended June 30, 2011 included asset impairments of €150 million in respect of non-current assets in Italy, classified as a special item.

Selling, general and administrative expenses (SG&A) totaled €1,787.5 million for the half-year ended June 30, 2012, compared to re-presented €1,799.0 million for the half-year ended June 30, 2011. The ratio of SG&A costs to revenue was therefore 12.1% for the half-year ended June 30, 2012, compared to represented 12.6% for the half-year ended June 30, 2011.

SG&A expenses fell 0.6% compared to the first half of 2011. They include costs relating to the implementation of cost reduction plans of €35.1 million of which €7.5 million in costs associated with the early termination of leaseholds and €15 million in costs associated with redundancies in headquarters in France.

Net income

Net finance costs increased €15.7 million to €361.7 million for the half-year ended June 30, 2012, compared to re-presented €346.0 million for the half-year ended June 30, 2011, while average net financial debt increased from €14.8 billion as of June 30, 2011 to €15.1 billion as of June 30, 2012.

The decrease in net financing rate (defined as the ratio of net finance costs excluding fair value adjustments to instruments not qualifying for hedge accounting, to average monthly net financial debt for the period) from 5.32% in the first-half of 2011 to 5.03% in the first half of 2012, is primarily due to:

• lower short-term euro rates, and
• active management of debt (including management of liquidity costs).

This increase in net finance costs is mainly due to the cost of early redemption of the U.S. private placement.

Income tax expense amounted to €151.9 million for the half-year ended June 30, 2012, compared to €177.2 million for the half-year ended June 30, 2011, excluding the impairment of the deferred tax assets of the France tax group as of June 30,2011.

The tax rate for the half-year ended June 30, 2012 was 30.6%, after adjustment for one-off items, and primarily impairment of goodwill and assets not deductible for tax purposes or for which the tax deduction could not be taken into account due to tax projections for the subsidiaries concerned.

The share of net income of associates was €10.3 million for the half-year ended June 30, 2012, compared to €5.6 million for the half-year ended June 30, 2011.

Net income from discontinued operations was €245.7 million for the half-year ended June 30, 2012, compared to €460.1 million for the half-year ended June 30, 2011.

Net income from discontinued operations mainly reflects the following amounts in the half-year ended June 30, 2012:

• the result of the regulated water activities in the United Kingdom as of June 30, 2012, including capital gains of €233.8 million, net of transaction costs,
• the reclassification of the net income and expenses of solid waste activities in the United States in the Environmental Services division, in the course of divestiture,
• the reclassification of Veolia Transdev net income and expenses (Group share) to "net income from discontinued operations," excluding the activities of Société Nationale Maritime Corse Méditerranée (SNCM), in connection with the progressive withdrawal from Veolia Transdev announced on December 6, 2011,
• the additional impairment loss recorded on Veolia Transdev that amounted to €83 million,
• the reclassification of the net income and expenses of "Citelum" urban lighting activities in the Energy Services division, in the course of divestiture.

Net income attributable to non-controlling interests was €78.9 million for the half-year ended June 30, 2012, compared to €35.8 million for the half-year ended June 30, 2011. It concerns notably the non controlling interest of Water subsidiaries (€61.4 million), of Environmental Services subsidiaries (€12.8 million), of Energy services subsidiaries (€15.8 million) and the other operating segment (-€11.1 million).

The change in net income attributable to non-controlling interests was mainly attributable to EDF's share in Dalkia (affected as of June 30, 2011 by impairments recorded by the Energy Services division in Southern Europe).

The net income attributable to owners of the Company was €153.1 million for the half-year ended June 30, 2012, compared to a re-presented net loss of €67.2 million for the half-year ended June 30, 2011.

Adjusted net income attributable to owners of the Company was €7.6 million for the half-year ended June 30, 2012, compared to €149.5 million for the half-year ended June 30, 2011, re-presented for discontinued operations.

Given the weighted average number of shares outstanding of 505.5 million as of June 30, 2012 (basic and diluted) and 487.0 million as of June 30, 2011 (basic and diluted), earnings per share attributable to owners of the Company (basic and diluted) was €0.30 for the half-year ended June 30, 2012, compared to -€0.14 for the half-year ended June 30, 2011. Adjusted net income per share attributable to owners of the Company (basic and diluted) was €0.02 for the half-year ended June 30, 2012, compared to re-presented €0.39 for the half-year ended June 30, 2011.

Cash Flows

Operating cash flow before changes in working capital totaled €1,581,5 million for the half-year ended June 30, 2012, including adjusted operating cash flow of €1,383.5 million (compared to re-presented €1,532.4 million for the half-year ended June 30, 2011), operating cash flow from financing activities of €20.3 million (compared to re-presented €8.5 million for the half-year ended June 30, 2011) and operating cash flow from discontinued operations of €176.7 million (compared to re-presented €190.9 million for the half-year ended June 30, 2011).

The Company continues to apply selective investment criteria, while maintaining industrial investments as required by contractual terms or required maintenance.

Gross investments amounted to €1,348 million for the half-year ended June 30, 2102 compared to €1,199 million for the period ending June 30, 2011, including €440 million in maintenance investments, €576 million in growth investments, €186 million in financial investments and €146 million in new operating financial assets.

At the same time the Company completed industrial and financial divestments in the amount of €1,626 million versus €1,048 million in the first half of 2011 and received €200 million in repayments from operating financial assets.

Free cash flow for the half-year ended June 30, 2012 (after payment of the dividend) was +€348 million, compared to +€155 million for the half-year ended June 30, 2011.

The change in free cash flow between December 31, 2011 and June 30, 2012 reflects:

• the implementation of the divestiture program, which contributed €1,626 million to the reduction in Group net debt,
• control of maintenance investments in the first half of 2012 and a selective policy for growth investment,
• the decline in operating cash flow before changes in working capital,
• seasonal movements in working capital, as well as contractual changes in the Water division in France, a degradation of financing conditions in the Energy Services division in Southern Europe compensated by securitization of receivables in France, and
• an increase in cash dividends compared to the first half of 2011: €330 million in the first half of 2012, compared to €203 million in the first half of 2011.

Net financial debt totaled €14,693 million as of June 30, 2012, compared to €14,730 million as of December 31, 2011, including an unfavorable foreign currency impact of -€269 million at June 30, 2012.

Objectives and Outlook

For the period 2012-2013, Veolia Environnement's objective is:

• to sell €5 billion in assets,
• to reduce its net financial debt below €12 billion ¹,
• gross cost reductions of €270 million and net cost reductions of €170 million to benefit operating income in 2013, an increase compared to initial objectives of €220 million and €120 million, respectively given changes in the economic environment,
• and pay a dividend in 2013 of €0.70 per share, in respect of fiscal year 2012.

After 2013, the Company aims, mid-cycle:

• for organic revenue growth of over 3% per year,
• a growth in adjusted operating cash flow of over 5% per year,
• a debt leverage ratio (net financial debt/(Operating cash flow before changes in working capital + principal payments on operating financial assets) of 3.0x ²,
• gross cost reductions of €500 million and net cost reductions of €470 million to benefit operating income in 2015, versus an initial objective of €450 million and €420 million, respectively,
• and a return to a dividend payout ratio in line with the Company's historical average.

In conclusion, Veolia Environnement confirms its objectives.

¹ Excluding foreign exchange rate impact

² +/- 5%

Important Disclaimer

Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This [document/press release] 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 risk that changes in energy prices and taxes may reduce Veolia Environnement's profits, the risk that governmental authorities could terminate or modify some of Veolia Environnement's contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, the risks related to customary provisions of divesture transactions, 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.