Veolia Environnement: Key Figures for the Nine Months Ended September 30, 2012

  Veolia Environnement:Key Figures for the Nine Months Ended September 30,
  2012

                           (UNAUDITED IFRS FIGURES)

                         GOOD OPERATIONAL RESILIENCE

        ADJUSTED OPERATING CASH FLOW IMPROVEMENT IN THE THIRD QUARTER

                  POSITIVE CONTRIBUTION OF CONVERGENCE PLAN

    SIMILAR VARIATION IN ADJUSTED OPERATING INCOME COMPARED TO FIRST HALF

     NET FINANCIAL DEBT BELOW €12.7 BILLION^* EXPECTED AT THE END OF 2012

                    RECRUITMENT OF CHIEF OPERATING OFFICER

Business Wire

PARIS -- November 07, 2012

Regulatory News:

Antoine Frérot, Veolia Environnement’s Chairman and Chief Executive Officer
indicated: “Veolia Environnement’s third quarter results benefitted from the
initial effects of the Convergence Plan, by €49 million. In terms of
divestments, several operations should be finalized between now and the end of
the year, after the new step announced regarding the withdrawal from our
transportation business, Veolia Transdev. Finally, I am pleased to announce
the recruitment of a Chief Operating Officer. He will join the Company as of
December 1, 2012. He will be in charge of operations and in particular
implementation of the Company’s new organization, industrialization of Company
processes and implementation of cost savings.”

  *Revenue increased 1.0% at constant consolidation scope and exchange
    rates^** to €21,599.1 million

       *Water: Revenue increased 1.6% at constant consolidation scope and
         exchange rates for the nine months ended September 30, 2012.

            *Operations activities improved in the third quarter in France,
              following a Q2 decline and lower growth in Technologies and
              Networks activities in Q3.

       *Environmental Services: Good relative resilience, with waste volumes
         down only -1.1% for the nine months,despite an unfavorable
         macroeconomic environment.

            *Revenue declined 3.4% at constant consolidation scope and
              exchange rates during the 3^rd quarter, after -1.1% in Q1 and
              -5.7% in Q2.
            *For the nine months ended September 30, 2012, revenue declined
              3.4% at constant consolidation scope and exchange rates, mainly
              due to the significant decline in recycled raw material prices
              (impact of roughly -€143 million). By geographic zone, at
              constant consolidation scope and exchange rates, France and the
              United States revenue were stable, while the United Kingdom and
              Germany declined by 5.4% and 14.0%, respectively.

       *Energy Services: Revenue for the nine months ended September 30, 2012
         increased 5.3% at constant consolidation scope and exchange rates,
         mainly due to higher energy prices (impact of +€176 million)

  *Adjusted operating cash flow** decreased 6.3% (-8.0% at constant exchange
    rates) to €1,945.7 million for the nine months ended September 30, 2012,
    versus re-presented^(1) €2,076.9 million for the same period ended
    September 30, 2011.

^* At constant exchange rates

^** See definitions provided at the end of the press release

^(1) See footnote (2) on page 3

  *Excluding the receivables write-downs in Italy in Energy Services recorded
    in the first half, adjusted operating cash flow for the nine months ended
    September 30, 2012 would have declined by 3.7% at constant exchange rates
    compared to published figures for the same period ended September 30, 2011
    (and versus -4.8% for the first half of 2012).
  *In Q3, adjusted operating cash flow increased 3.3% to €562 million,
    benefitting from a favorable base effect and moderate restructuring costs.
  *Contribution of Convergence Plan: €49 million, net of implementation
    costs.

  *Adjusted operating income^**declined 24.8% (-25.8% at constant exchange
    rates) to €840.9 million for the nine months ended September 30, 2012,
    versus re-presented^(2) €1,118.1 million for the same period ended
    September 30, 2011.

       *Excluding the receivables write-downs in Italy in Energy Services
         recorded in the first half, adjusted operating income for the nine
         months ended September 30, 2012 would have declined by 17.9% at
         constant exchange rates compared to published figures for the same
         period ended September 30, 2011.

  *Net financial debt**amounted to €15.2 billion at September 30, 2012
    versus €14.7 billion at December 31, 2011.

       *Seasonal evolution in WCR: -€648 million (versus -€542 million at
         September 30, 2011)
       *Continued buyback of joint venture minority interests: acquisition in
         August of 49% of shares in Azaliya for €246 million, after the
         purchase of 6.9% of Veolia Voda in January 2012 in the Water division
       *Increase in growth investments in Energy Services
       *€1,660 million in divestitures during the first nine months of 2012

  *Reduction in net financial debt expected in the fourth quarter of €2.5
    billion to €3 billion.

The closing of the sale of the U.S. solid waste activities is expected during
the coming weeks. With the change in accounting for the Company’s stake in the
Berlin water contract to equity method following the divestment of RWE’s
stake, other divestments that will be completed between now and the end of the
year and the seasonal reversal in working capital requirements, the Company
expects to record a net financial debt reduction of €2.5 billion to €3 billion
in the fourth quarter of 2012, excluding the impact of foreign exchange
movements. The project associated with the augmentation of the Caisse des
Dépôts to 60% of Veolia Transdev’s capital, announced on October 23, 2012,
will not have an impact on the accounts prior to 2012 year-end.

  *Given the high level of cash available to the Company, Veolia intends to
    actively manage debt via bond repurchases in order to optimize the cost of
    financing and manage average debt maturity. These operations will be
    carried out by the end of the year, depending on market conditions.
  *Recruitment of Chief Operating Officer. He will join the Company on
    December 1, 2012 and will be primarily responsible for the implementation
    of the Company’s new organization, industrialization of Company processes
    and implementation of cost savings.
  *Outlook: The Company confirms the mid-term objectives announced during its
    Investor Day on December 6, 2011.

^** See definitions provided at the end of the press release

^(1) See footnote (2) on page 3

                                                                
Financial information for the nine months ended September 30, 2012 ((2))
VEOLIA ENVIRONNEMENT
                                                                             
Revenue
                                                              
Revenue (€M)                                                   
Nine months      Nine months    % change    Internal   External   Foreign
ended             ended
September 30,     September 30,   2012/2011   growth     growth     exchange
2012              2011
                re-presented                               impact
21,599.1         20,913.4       3.3%       1.0%      0.3%      2.0%
                                                                             

Third quarter revenue grew 3.2% (-0.3% at constant consolidation scope and
exchange rates) compared to the third quarter of 2011. The third quarter of
2012 reflected a slight recovery in volumes of water sold in line with
favorable summer weather, despite the consequences of contractual erosion in
the Water division in France. The deterioration in raw materials prices and
the decline in industrial production indices in Europe and the United States
contributed to a slowdown in revenue growth in the Environmental Services
division.

Consolidated revenue for the nine months ended September 30, 2012 increased
3.3% to €21,599.1 million versus re-presented €20,913.4 million for the nine
months ended September 30, 2011.

The impact of changes in consolidation scope on revenue for the nine months
ended September 30, 2012 includes €64 million in respect of targeted
acquisitions and divestitures completed in 2012 and 2011, of which -€65.3
million in the Water division (primarily the negative impact of the
divestiture of certain of its operations in Asia and the positive impact of
the increased stake as of August 2, 2012 in Azaliya and its affiliates),
-€23.9 million in the Environmental Services division (impact of the
divestment of Belgian activities in August 2011) and €137.2 million in the
Energy Services division(mainly related to the acquisition of the Warsaw
district heating network in October 2011).

At constant consolidation scope and exchange rates, nine months revenue ended
September 30, 2012 grew 1.0% compared to re-presented figures for the nine
months ended September 30, 2011. This increase is mainly explained by:

  *the increase in revenue in the Water division, primarily related to the
    effects of favorable indexation in France and higher tariffs in Central
    and Eastern Europe, despite the negative impact of contractual erosion in
    France;
  *rising energy prices (impact of roughly €176 million compared to the prior
    nine months ended September 30, 2011) in the Energy Services division,
    mainly in France;
  *the difficult macro-economic environment in the Environmental Services
    division which was characterized mainly by the decline in the price of
    recycled raw materials beginning in the second quarter of 2012 (impact of
    roughly -€143 million compared to the prior nine months ended September
    30, 2011) and to a lesser extent, by lower waste volumes.

Revenue generated outside of France for the nine months ended September 30,
2012 amounted to €13,016.5 million, or 60.3% of total revenue, similar to the
60.2% for re-presented nine months revenue ended September 30, 2011.

The foreign exchange impact of €408.3 million primarily reflects the
appreciation compared to the euro, of the U.S dollar for €119.7 million, the
U.K. pound sterling for €113.4 million, the Chinese renminbi yuan for €70.1
million, the Australian dollar for €64 million and the Japanese yen for €33
million.

^(2) To ensure the comparability of periods, the first nine months 2011
financial statements have been re-presented to include:

- the impact of the reclassification into “net income from discontinued
operations” of operations in the process of being sold such as the whole
Veolia Transdev income (from March 3rd to September 30th 2011) except the
activities of the group Société Nationale Maritime Corse Méditerranée (SNCM)
the solid waste activities in the United States in the Environmental Services
division, and the public lighting activities (Citelum) in the Energy Services
division;

- the impact of the reclassification into “net income from discontinued
operations” of divested activities such as the regulated activities in the
United Kingdom in the Water division;

- the impact of the reclassification into ‘continuing operations’ of the
“Pinellas” incineration activities within the Montenay International entities
in the United States in the Environmental Services division, whose divesture
process was interrupted in the second semester of 2011.

For the record, as of September 30, 2011, the Transportation Division as a
whole (from January 1st to March 3rd, 2011) was reclassified into “net income
from discontinued operations”.

Results

Adjusted operating cash flow for the nine months ended September 30, 2012
declined 6.3% (-8.0% at constant exchange rates) to €1,945.7  million versus
re-presented €2,076.9 million for the same period ending September 30, 2011.

In a difficult environment for the financing of Italian public debt and
receivables securitization, a write-down of these receivables of €88.7 million
was recorded in the Energy Services division in the first half of 2012.
Excluding this write-down, adjusted operating cash flow would have declined
2.0% (-3.7% at constant exchange rates) to €2,034.4 million for the nine
months ended September 30, 2012 compared to the same period ended September
30, 2011. This write-down may be revised following the analysis of
consequences of the tougher regulations passed or expected in the Energy
Services division in Italy.

The adjusted operating cash flow margin declined 0.9 points, to 9.0% for the
nine months ended September 30, 2012, versus 9.9% for the same period ended
September 30, 2011. Excluding the Italian receivables write-down of €88.7
million, the margin would have been 9.4%.

The change in adjusted operating cash flow in the nine months ended September
30, 2012 reflects:

  *the decline in operational performance in the Water division, mainly due
    to contractual erosion in France and taking into account the reduction in
    drinking water tariffs in Berlin mandated by the German Federal Cartel
    Office, and despite the good performance of activities in Central and
    Eastern Europe;
  *the unfavorable change in recycled raw material prices in France and in
    Germany, in the Environmental Services division;
  *a difficult macro-economic environment impacting the Environmental
    Services division, notably in Europe; and
  *the write-down of receivables recorded for €88.7 million, in the Energy
    Services division in Italy.

For the nine months ended September 30, 2012, the impact of the Company’s
Efficiency Plan and Convergence Plan generated €154 million in savings, net of
implementation costs, of which €49 million resulted from the Convergence Plan.

The positive foreign exchange rate impact of €35.6 million on adjusted
operating cash flow reflects the appreciation compared to the euro, of the
Chinese renminbi yuan for €15.8 million and the U.K. pound sterling for €11.5
million.

Adjusted operating income^** for the nine months ended September 30, 2012
declined 24.8% (-25.8% at constant exchange rates) to €840.9 million, versus
re-presented €1,118.1 million for the same period ended September 30, 2011.
Excluding the write-downs related to the continuing restructuring in Italy
within the Energy Services division, adjusted operating income would have
declined 16.9% (-17.9% at constant exchange rates) to €929.6 million.

Other than the negative impact of items mentioned above affecting nine months
adjusted operating cash flow, the increase in depreciation and amortization
expense of €59.1 million compared to the prior year re-presented nine month
period (related to recent developments in the Energy Services division and the
Water division), and an unfavorable base effect especially on accruals also
impacted adjusted operating income.

Free cash flow^** for the nine months ended September 30, 2012 amounted to
-€72 million (versus +€58 million for the same period ended September 30,
2011) mainly due to the Company’s continuing strategy of buying back minority
interests (including the acquisition of 49% of shares in Azaliya for €246
million in enterprise value in the Water division), the degradation of €648
million in working capital requirements related to seasonality and the
increase in gross investments of €398 million (for a total amount of €2,244
million in the nine months ended September 30, 2012) including notably the
payment for the acquisition of minorities for €79 million in the Water
division in the Czech Republic.

In total, net financial debt amounted to €15.2 billion at September 30, 2012
versus €14.7 billion at December 31, 2011, including an unfavorable exchange
rate impact of -€0.3 billion.

^** See definitions provided at the end of the press release

Objectives and outlook

The Company confirms the objectives retained for the period 2012-2013 and
expects:

  *to sell €5 billion in assets,
  *to reduce net financial debt below €12 billion^(3),
  *faced with the economic environment, gross cost reductions in 2013 of €270
    million and net cost reductions of €170 million to benefit operating
    income, versus initial objectives of €220 million and €120 million,
    respectively,
  *and to pay a dividend in 2013 of €0.70 per shares, in respect of fiscal
    year 2012.

After 2013, the Company aims, mid-cycle:

  *for organic revenue growth of over 3% per year,
  *growth in adjusted operating cash flow of over 5% per year,
  *to attain a debt leverage ratio (net financial debt/(operating cash flow
    before changes in working capital + principal payments on operating
    financial assets) of 3.0x^(4),
  *a return to a dividend payout ratio in line with the Company’s historical
    average,
  *gross cost reductions of €500 million in 2015 and net cost reductions of
    €470 million to benefit operating income, versus initial objectives of
    €450 million and €420 million, respectively.

Important 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 the
Company’s control, including but not limited to: the uncertainty related to
the implementation of the company’s new strategy, including the completion of
the program of divestments and the effective reduction of costs; 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 the company
may make investments in projects without being able to obtain the required
approvals for the project, the risk that governmental authorities could
terminate, modify or renew under less favorable conditions some of Veolia
Environnement’s contracts, the risk that the company’s long-term contracts may
limit its capacity to quickly and effectively react to general economic
changes affecting the Group’s performance under those 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.

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

 Press release also available on our web site: http://www.finance.veolia.com

^(3) Excluding the impact of closing exchange rates

^(4) ± 5%

Analysis by operational sector

Water

                                                              
Revenue (€M)                                                 
Nine months    Nine months                                         Foreign
ended           ended September   % change    Internal   External   exchange
September 30,   30, 2011          2012/2011   growth     growth     impact
2012           re-presented                                 
9,208.9        8,952.1          2.9%       1.6%      -0.7%     2.0%

The increase in revenue in the Water division for the nine months ended
September 30, 2012 is explained by both the favorable indexation effects in
France and higher tariffs in Central and Eastern Europe, and by growth in
Technologies and Networks activities from industrial clients.

  *Water division revenue was negatively impacted during the nine months
    ended September 30, 2012 by the divestitures completed in 2011
    (particularly the impact of the reorganization of Asian activities)
    partially offset by the impact of the buyback of minority interests in
    Azaliya and its affiliates on August 2, 2012.
  *For Operations activities, nine months revenue ended September 30, 2012
    increased 0.6% (+0.2% at constant consolidation scope and exchange rates).
    In France, the slight increase in revenue of 0.9% (+1.5% at constant
    scope) is explained by a favorable price indexation effect. This impact
    was partially compensated by the effect of contractual renegotiations and
    the decline in water volumes sold compared to the nine months ended 2011
    (-1.1% in the first nine months of 2012 compared to the same period in
    2011). Outside France, revenue was stable with 0.5% growth (-0.6% at
    constant consolidation scope and exchange rates). In Europe, growth was
    due to good performance in Central and Eastern Europe (favorable price
    effect in the Czech Republic and in Romania) despite the decline in
    volumes sold. This evolution was negatively impacted by taking into
    account the reduction in drinking water tariffs in Berlin mandated by the
    German Federal Cartel Office. Asia Pacific revenue increased 2.4% (-3.0%
    at constant consolidation scope and exchange rates). China revenue
    increased due to higher volumes sold and the full year effect of higher
    tariffs obtained in 2011, despite the impact of lower construction revenue
    and a slowdown in volumes sold to industrial clients. Revenue growth in
    the rest of Asia was marked by the increase in construction activity in
    Korea, which did not compensate for the decline in Australia following the
    end of the Adelaide contract. In the United States, revenue declined 3.4%
    (-12.0% at constant consolidation scope and exchange rates) due to the end
    of the Indianapolis contract in August 2011.
  *Technologies and Networks revenue for the nine months ended September 30,
    2012 increased 8.5% (+5.1% at constant consolidation scope and exchange
    rates). Revenue benefited from growth in activities with industrial
    clients, mainly in the Design and Build sector. The slowdown in growth
    observed during the 3^rd quarter and the delay in work on the sludge
    treatment plant in Hong Kong slightly impacted revenue at the end of
    September 2012.

For the nine months ended September 30, 2012, Water division adjusted
operating cash flow and adjusted operating income declined, due to the
evolution of Operations activities mainly related to:

  *the negative impact of contractual erosion in France,
  *a slowdown in volumes sold primarily in France and in the rest of Europe,
  *the reduction in drinking water tariffs in Berlin mandated by the German
    Federal Cartel Office in the amount of €22 million, and
  *the impairment of trade receivables in the United Kingdom and in
    Guadeloupe recorded in the first half of 2012,
  *partially offset by the good contribution of activities in Central and
    Eastern Europe related to higher tariffs in Romania, the Czech Republic
    and Slovakia.

Water division adjusted operating income for the nine months ended September
30, 2012 was impacted mainly by the increase in depreciation and amortization
expense compared to the re-presented prior year period ended September 30,
2011, primarily due to development in Central and Eastern Europe.

Environmental Services

                                                              
Revenue (€M)                                                 
Nine months    Nine months                                         Foreign
ended           ended September   % change    Internal   External   exchange
September 30,   30, 2011          2012/2011   growth     growth     impact
2012           re-presented                                 
6,750.8        6,806.1          -0.8%      -3.4%     -0.4%     3.0%

Revenue in the Environmental Services division for the nine months ended
September 30, 2012 declined slightly by 0.8% (-3.4% at constant consolidation
scope and exchange rates).

This variation is mainly related to:

  *a difficult macro-economic context particularly since the second quarter
    of 2012, mainly in Europe;
  *the decline in recycled raw material prices, particularly marked in the
    third quarter of 2012; and
  *consequences of the geographic restructuring plan, with the cessation and
    restructuring of certain activities in North Africa and Italy.
  *In France, revenue for the nine months ended September 30, 2012 increased
    by 1.0% (+0.4% at constant consolidation scope). Growth in certain
    activities (mainly waste-to-energy and hazardous waste) combined with
    higher tariffs, offset the effect of lower recycled raw material prices
    (paper/cardboard and scrap metals);
  *Outside France, revenue for the nine months ended September 30, 2012
    declined 1.9% (-5.8% at constant consolidation scope and exchange rates).
    Germany revenue declined 12.6% (-14% at constant consolidation scope), due
    to the combined effect of lower raw material prices and volumes, and an
    unfavorable change in the economic environment in the commercial and
    industrial sectors. United Kingdom revenue increased 1.4% (-5.4% at
    constant consolidation scope and exchange rates), reflecting lower PFI
    construction revenue and a significant decline in landfilled volumes, in a
    challenging macro-economic environment. North America revenue increased
    9.6% (+0.3% at constant consolidation scope and exchange rates) due to an
    increase in hazardous waste treatment activities, and offset by lower
    activity levels in Industrial Services. In Asia Pacific, revenue grew
    13.6% (+3.7% at constant consolidation scope and exchange rates), and
    benefited from the favorable impact of the landfill tax in Australia.

For the nine months ended September 30, 2012, Environmental Services division
adjusted operating cash flow was stable, and benefited mainly from:

  *the reversal of operating difficulties and restructuring costs related to
    operations in Italy and North Africa/Middle East that impacted 2011
    results; and
  *the increase in hazardous waste activities, in France and certain other
    countries;

These elements were offset by:

  *an unfavorable base effect related to recycled raw material prices, mainly
    in France and Germany, given that the nine months ended September 30, 2011
    experienced historically high prices of these materials; and
  *higher service prices that were insufficient to cover increased costs,
    mainly for maintenance.

Adjusted operating income for the nine months ended September 30, 2012
declined compared to the same period ended September 30, 2011. The decrease
reflects the impact of items described above as well as impairments on
non-current assets related to the geographic restructuring program.

Energy Services

                                                              
Revenue (€M)                                                 
Nine months    Nine months                                         Foreign
ended           ended September   % change    Internal   External   exchange
September 30,   30, 2011          2012/2011   growth     growth     impact
2012           re-presented                                 
5,181.2        4,777.2          8.5%       5.3%      2.9%      0.3%

Energy Services division revenue for the nine months ended September 30, 2012
increased 8.5% (+5.3% at constant consolidation scope and exchange rates). The
increase was driven by the favorable impact of higher energy prices (€176
million compared to the nine month period ended September 30, 2011) primarily
in France.

  *In France, revenue for the nine months ended September 30, 2012 increased
    9.6% (+10.8% at constant consolidation scope) due to the increase in
    average fuel basket prices, combined with more favorable weather
    conditions than 2011, as well as the increase in construction volumes.
  *Outside France, revenue for the nine months ended September 30, 2012
    increased 7.5% (+0.7% at constant consolidation scope and exchange rates),
    The increase in heating prices during the year 2012 compared to 2011
    offset the decline in volumes (in the Czech Republic mainly) and the end
    of subsidies on the sale of cogenerated energy in Hungary. In Southern
    Europe, revenue primarily developed in Italy with local municipalities was
    negatively impacted by the general economic environment and budgetary
    restrictions. In Spain, the Company continued restructuring its service
    activities. In addition, revenue in the United States declined due to an
    unfavorable weather effect, combined with exceptionally low energy prices.

External revenue growth for the nine months ended September 30, 2012 in the
Energy Services division is primarily due to the acquisition of the Warsaw
district heating network in October 2011.

For the nine months ended September 30, 2012, the Energy Services division
adjusted operating cash flow increased slightly excluding the receivables
write-down recorded in the first half of 2012 of €88.7 million. Adjusted
operating income for the nine months ended September 30, 2012 declined
compared to the same period ended September 30, 2011 primarily due to the
increase in depreciation and amortization expense related to the acquisition
of the Warsaw district heating network.

Other segment

                                                               
Revenue (€M)                                                   
Nine months    Nine months     
ended           ended September   % change    Internal   External   Foreign
September 30,   30,               2012/2011   growth     growth     exchange
2012            2011                                                impact
              re-presented                                 
458.2          378.0            21.2%      14.8%     4.2%      2.2%

Revenue of the “Other Segment” comprises mainly revenue generated by SNCM,
ProActiva MedioAmbiente (joint venture with the group FCC), and Eolfi
(renewable energies).

Growth in this segment was 21.2% (+14.8% at constant consolidation scope and
exchange rates) for the nine months ended September 30, 2012, compared to
re-presented figures for the same period ended September 30, 2011 and was
primarily driven by ProActiva growth of 16.4% (+11.8% at constant
consolidation scope and exchange rates).

External revenue growth in the “Other Segment” for the nine months ended
September 30, 2012 is explained primarily by revenue of the group SNCM which
includes nine months of revenue at September 30, 2012 versus seven months as
of September 30, 2011.

“Other Segment” adjusted operating cash flow and adjusted operating income for
the nine months ended September 30, 2012 declined compared to the same period
ended September 30, 2011, mainly due to impairment losses on wind power plant
projects recorded in the renewable energy business in the United States.

                 Appendix to the nine months financial review

1. Reconciliation of previously published 2011 figures with re-presented
figures

                      Nine months                            Nine months
                       ended         Restatement   Restatement   ended
                       September     IFRS 5        IFRS 8        September
                       30,
Revenue by             2011                                      30, 2011
operational sector     published
(in € millions)                                           re-presented
Water                  9,284.1       -246.2**      -85.8         8,952.1
Environmental          7,328.0       -418.9**      -103.0        6,806.1
Services
Energy Services        5,076.2       -200.9**      -98.1         4,777.2
Veolia Transdev        2,275.1       -2,275.1*                   -
Other                             91.1**       286.9        378.0
Revenue as per the
Consolidated Income   23,963.4     -3,050.0     -            20,913.4
Statement

(*): Impact of the reclassification to net income (loss) from discontinued
operations of Transportation division activities following the Veolia Transdev
combination

(**): Reclassification to net income (loss) from discontinued operations of
Citelum, the solid waste activities in the United States and the regulated
water activities in the United Kingdom; and reclassification to net income
(loss) from continuing operations of SNCM’s activities and the “Pinellas”
incineration activities in the United States in the Environmental Services
division

2. Quarterly revenue by operating segment:

                               
In € millions          2012      2011^(1)
Water                           
1^st Quarter           3,018.7    2,880.2
2^nd Quarter           3,076.7    3,047.2
3^rd Quarter           3,113.5    3,024.7
                       9,208.9    8,952.1
Environmental Services
1^st Quarter           2,197.0    2,196.3
2^nd Quarter           2,284.8    2,357.3
3^rd Quarter           2,269.0    2,252.5
                       6,750.8    6,806.1
Energy Services
1^st Quarter           2,502.6    2,286.6
2^nd Quarter           1,418.0    1,311.2
3^rd Quarter           1,260.6    1,179.4
                       5,181.2    4,777.2
Other
1^st Quarter           132.9      120.5
2^nd Quarter           150.0      104.6
3^rd Quarter           175.3      152.9
                      458.2     378.0
1^st Quarter           7,851.2    7,483.6
2^nd Quarter           6,929.5    6,820.3
3^rd Quarter           6,818.4    6,609.5
Total                  21,599.1  20,913.4

^(1) See footnote (2) on page 3

ACCOUNTING DEFINITIONS

  *GAAP (Generally Accepted Accounting Principles) indicators

Operating cash flow before changes in working capital, as presented in the
Consolidated cash flow statement, is comprised of three components: operating
cash flow from operating activities (referred to as “adjusted operating cash
flow” and known in French as “capacité d’autofinancement opérationnelle”)
consisting of operating income and expenses received and paid (“cash”),
operating cash flow from financing activities including cash financial items
relating to other financial income and expenses and operating cash flow from
discontinued operations composed of cash operating and financial income and
expense items classified in net income from discontinued operations pursuant
to IFRS 5.

Operating income margin is defined as operating income as a percentage of
revenue from continuing operations.

  *Non-GAAP indicators

In addition, the Group uses non-GAAP indicators for management purposes. These
are relevant indicators of the Group’s operating and financial performance and
can be defined as follows:

  *The term “internal growth” (or “growth at constant consolidation scope and
    exchange rates”) includes growth resulting from:

       *the expansion of an existing contract, primarily resulting from an
         increase in prices and/or volumes distributed or processed;
       *new contracts;
       *the acquisition of operating assets allocated to a particular
         contract or project;

  *The term “external growth” includes growth through acquisitions (performed
    in the period or which had only partial effect in the prior period), net
    of divestitures, of entities and/or assets deployed in different markets
    and/or containing a portfolio of more than one contract;
  *The term “change at constant exchange rates” represents the change
    resulting from the application of exchange rates of the prior period to
    the current period, all other things being equal;
  *Net financial debt represents gross financial debt (non-current
    borrowings, current borrowings, bank overdrafts and other cash position
    items), net of cash and cash equivalents and excluding fair value
    adjustments to derivatives hedging debt;
  *“Adjusted operating income” and “Adjusted net income attributable to
    owners of the Company” are equal to operating income and net income
    attributable to owners of the Company, respectively, adjusted to exclude
    the impact of goodwill impairment charges and certain special items.
    Special items include items such as gains and losses from asset disposals
    that substantially change the economics of one or more cash-generating
    units, and restructuring costs. Special items also include significant
    impairment charges relating to assets other than goodwill. In general, the
    Company excludes impairment charges in respect of such assets as “special”
    items when they are large enough to significantly impact the economics of
    a cash-generating unit. Items may qualify as “special” although they may
    have occurred in prior years or are likely to recur in following years.
    Other “special” items may be nonrecurring, meaning that the nature of the
    relevant charge or gain is such that it is not reasonably likely to recur
    within two years, and there was not a similar charge or gain within the
    prior two years.
  *The adjusted operating cash flow margin is defined as the ratio of
    adjusted operating cash flow to revenue from continuing operations;
  *The adjusted operating income margin is defined as the adjusted operating
    income as a percentage of revenue from continuing operations;
  *Free Cash Flow represents cash generated (sum of operating cash flow
    before changes in working capital and principal payments on operating
    financial assets) net of the cash component of the following items: (i)
    changes in working capital for operations, (ii) operations involving
    equity (share capital movements, dividends paid and received), (iii)
    investments net of divestitures (including the change in receivables and
    other financial assets), (iv) net financial interest paid and (v) tax
    paid;

Contact:

Veolia Environnement
Analysts and institutional investors
Ronald Wasylec, +33 1 71 75 12 23
ot
US Investors
Terri Anne Powers, +1312-552-2890