Paris, July 11, 2007—Shearman & Sterling represented the underwriters in connection with a €2.6 billion capital increase with preferential subscription rights by Veolia Environnement, including a private placement by the issuer in the United States pursuant to Section 4(2) of the U.S. Securities Act.

Veolia Environnement is the world leader in environmental services. With more than 300,000 employees, the Company operates throughout the world in four segments: water management, waste management, energy management and freight and passenger transportation.

Attorneys included partners Hervé Letréguilly (PA-CM), Robert Treuhold (PA-CM/MA) and Sami Toutounji (PA-CM), European counsel Aline Cardin (PA-CM), and associates Laurent Beauvoit (PA-CM), Lesley Janzen (PA-CM) and François Pierson (PA- ITX).