VEOLIA ENVIRONNEMENT: Final Terms of a EUR 200,000,000 Bond Issue Due August 2008

Regulatory News: SERIES NO: 22 TRANCHE NO: 1 EUR 200,000,000 Floating Rate Notes due August 2008 (the "Notes”) Issue Price: 100.073 per cent. SOCIÉTÉ GÉNÉRALE PART A – CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the base prospectus dated 9 June 2006 (the "Base Prospectus”) which received visa n°06-186 from the Autorité des marchés financiers ("AMF”) in France on 8 June 2006 and the supplements to the Base Prospectus dated 11 October 2006, 7 November 2006 and 5 February 2007 which received visa n°06-362, n°06-394 and n°07-038 from the AMF on 11 October 2006, 7 November 2006 and 5 February 2007 respectively, which together constitute a prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive”). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus and the supplements to the Base Prospectus are available for viewing at the office of the Fiscal Agent and the Paying Agent and on the websites of (a) the AMF (www.amf-france.org) and (b) Veolia Environnement (the "Issuer”) (www.veolia.com) (Paris:VIE) and copies may be obtained from Veolia Environnement, 36-38 avenue Kléber, 75116 Paris, France. 1  Issuer: Veolia Environnement 2  (i) Series Number: 22  (i) Tranche Number: 1  3  Specified Currency or Currencies: Euro ("EUR”) 4  Aggregate Nominal Amount: (i) Series: EUR 200,000,000 (ii) Tranche: EUR 200,000,000 5  (i) Issue Price: 100.073 per cent. of the Aggregate Nominal Amount 6  Specified Denomination(s): EUR 50,000 7  (i) Issue Date: 26 February 2007 (ii) Interest Commencement Date: 26 February 2007 8  Maturity Date: 26 August 2008 9  Interest Basis: 3 Month EURIBOR Floating Rate (further particulars specified below) 10  Redemption/Payment Basis: Redemption at par 11  Change of Interest or Redemption/Payment Basis: Not Applicable 12  Put/Call Options: Not Applicable 13  (i) Status of the Notes: Unsubordinated Notes (ii) Dates of corporate authorisations for issuance of the Notes: Decision of the Conseil d’administration of Veolia Environnement dated 28 March 2006 14  Method of distribution: Non syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15  Fixed Rate Note Provisions Not Applicable 16  Floating Rate Provisions Applicable (i) Interest Period(s): As per Conditions (ii) Specified Interest Payment Dates: 26 February, 26 May, 26 August and 26 November in each year from and including 26 May 2007 to and including 26 August 2008, subject to the Business Day Convention specified below. (iii) Business Day Convention: Modified Following Business Day Convention (iv) Business Centre(s) (Condition 5(a)): Not Applicable (v) Manner in which the Rates of Interest is/are to be determined: Screen Rate Determination (vi) Party Responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Calculation Agent): Not Applicable (vii) FBF Determination (Condition 5(b)(iii)(A)): Not Applicable (viii) ISDA Determination (Condition 5(b)(iii)(B)): Not Applicable (ix) Screen Rate Determination (Condition 5(b)(iii)(C)): Applicable - Relevant Time: 11:00 a.m. (Brussels time) - Interest Determination Date: 2 TARGET Business Day prior to the first day in each Interest Period. - Primary Source for Floating Rate: Telerate Page 248 - Reference Banks (if Primary Source is "Reference Banks”): Not Applicable - Relevant Financial Centre: Euro-zone - Benchmark: EURIBOR - Representative Amount: _ - Effective Date: _ - Specified Duration: 3 months (x) Margin(s): 0.05 per cent per annum. (xi) Minimum Rate of Interest: Not Applicable (xii) Maximum Rate of Interest: Not Applicable (xiii) Day Count Fraction (Condition 5(j)): Actual / 360 (xiv) Rate Multiplier: Not Applicable (xv) Fall back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions: Not Applicable 17 Zero Coupon Note Provisions Not Applicable 18 Index Linked Interest Note Provisions Not Applicable 19 Dual Currency Note Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION 20  Call Option Not Applicable 21  Put Option Not Applicable 22  Final Redemption Amount of each Note EUR 50,000 per Note 23  Early Redemption Amount (i) Early Redemption Amount(s) of each Note payable on redemption for taxation reasons (Condition 6(f)) or an event of default (Condition 9) and/or the method of calculating the same (if required or if different from that set out in the Conditions): Conditions apply (ii) Redemption for taxation reasons permitted on days other than Interest Payment Dates (Condition 6(f)): Yes (iii) Unmatured Coupons to become void upon early redemption (Bearer Notes only) (Condition 7(f)): Not Applicable GENERAL PROVISIONS APPLICABLE TO THE NOTES 24  Form of Notes: Dematerialised Notes (i) Form of Dematerialised Notes: Bearer dematerialised form (au porteur) (ii) Registration Agent: Not Applicable (iii) Temporary Global Certificate: Not Applicable (iv) Materialised Note Agent: Not Applicable (v) Applicable TEFRA exemption: Not Applicable 25  Financial Centre(s) (Condition 7(h)) or other special provisions relating to payment dates: Not Applicable 26  Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): Not Applicable 27  Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: Not Applicable 28  Details relating to Instalment Notes: Not Applicable 29  Redenomination, renominalisation and reconventioning provisions: Not Applicable 30  Consolidation provisions: Not Applicable 31  Masse: Applicable The initial Representative will be: Imène Boulima-Moyroud 35, rue Victor Duruy 75015 Paris The alternative Representative will be: Mark Develter 3, rue de Bizerte 75017 Paris The Representative will not receive any remuneration. 32  Applicable tax regime: Condition 8(c) applies and the Notes are issued (or deemed to be issued) outside France. 33  Other final terms: Not Applicable DISTRIBUTION 34  (i) If syndicated, names and addresses of Managers and underwriting commitments: Not Applicable (ii) Date of Subscription Agreement: Not Applicable (iii) Stabilising Manager (if any): Not Applicable 35  If non-syndicated, name and address of Dealer: Société Générale 17, Cours Valmy 92987 Paris La Defense 36  Additional selling restrictions: Not Applicable LISTING AND ADMISSION TO TRADING APPLICATION These Final Terms comprise the final terms required to list and have admitted to trading the issue of Notes described herein pursuant to the Euro 12,000,000,000 Euro Medium Term Note Programme of the Issuer. RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. Signed on behalf of Veolia Environnement: Duly represented by: PART B – OTHER INFORMATION 1.ADDITIONAL RISK FACTORS Not Applicable 2.LISTING (i) Listing: Eurolist of Euronext Paris S.A. (ii) Admission to trading: Application has been made for the Notes to be listed and admitted to trading on the Eurolist of Euronext Paris S.A. with effect from 26 February 2007. (iii) Additional publication of Base Prospectus and Final Terms: Not Applicable (iv) Regulated markets or equivalent markets on which, to the knowledge of the issuer, securities of the same class of the securities to be offered or admitted to trading are already admitted to trading: Not Applicable 3.RATING The Notes to be issued have been rated: S & P: BBB Moody's: A3 An obligation rated ‘BBB’ by S&P exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Obligations rated ‘A’ by Moody’s are considered upper-medium grade and are subject to low credit risk. The modifier ‘3’ indicates a ranking in the lower end of that generic rating category. 4.NOTIFICATION Not Applicable 5.INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer. 6.THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATIONS OF ANY INTEREST Not Applicable 7.OPERATIONAL INFORMATION ISIN Code: FR0010437848 Common Code: 028751648 Depositaries: Yes (i) Euroclear France to act as Central Depositary: (ii) Common depositary for Euroclear and Clearstream Luxembourg: No Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and the relevant identification number(s): Not Applicable Delivery: Delivery against payment Names and addresses of additional Paying Agent(s) (if any): Not Applicable The aggregate principal amount of Notes issued has been translated into Euro at the rate of [.] producing a sum of:   Not Applicable 8.PUBLIC OFFERS Not Applicable 9.PUBLICATION A legal notice relating to the listing of the Notes will be published in the Bulletin des Annonces légales obligatoires on or prior to listing.