UNIVERSAL REGISTRATION DOCUMENT 2020

1 UNIVERSAL REGISTRATION DOCUMENT 2020 ANNUAL FINANCIAL REPORT78123456 Information from the Annual Financial Report is clearly identified in the table of contents by the pictogramAFRMESSAGEFROMANTOINE FR ROT 2 PROFILE 4 ABOUT THE GROUP History and general introduction Business Research and Innovation Organization of the Group and other information relating to its Environmental regulation57 RISK FACTORS AND Risk management, internal controland internal audit Risk factors 79 CORPORATE GOVERNANCEAFR Members of the Board of Activities of the Board of Directors and its Executive Management and the Executive Compensation and Corporate officer and executive share ownership Statutory Auditors special report on regulated agreements 181 CORPORATE Environmental, social and human resources performance commitments Environmental performance: impact on the planet Social performance: impact on society Human resources performance.

2 Impact on employees Ethics and Vigilance plan Non-Financial Performance Statement Information Summary Report by one of the Statutory Auditors288 OPERATING ANDFINANCIAL REVIEWAFR Proposed merger with Suez Major events of the period Accounting and financial information Financing Other elements 321 FINANCIAL STATEMENTS Consolidated financial statementsAFR328 Notes to the consolidated financial statements 336 Statutory auditors report on the consolidated financial statements Company financial statementsAFR442 Notesto the company financial statements 450 Statutory auditors report on the annual financial statements484 Parent company results for the last five years and other specific information 487 SHARE CAPITAL AND OWNERSHIP Information on the share capital and stock market Veolia Environnement Dividend policy 503 ADDITIONAL INFORMATION Main provisions pursuant to the law and the Articles of Association concerning Veolia Environnement Litigations and Change in control and major Main financial flows between Veolia Environnement and the mainsubsidiaries of the geographic structure (Business Units)

3 Documents available to the public Persons responsible for auditing the financial statements Financial information included by reference Persons assuming responsibility for the UNIVERSAL REGISTRATION Documentand the Annual Financial Cross-reference tables Appendices 524 TABLE OF CONTENTSUNIVERSALREGISTRATIONDOCUMENTA nnual Financial Report2020 VEOLIAENVIRONNEMENTThe UNIVERSAL REGISTRATION DOCUMENT was filed with the Autorit des March s Financiers (AMF, the French Financial Markets Authority) on March 17, 2021, in accordance with Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of this UNIVERSAL REGISTRATION DOCUMENT may be used when securities are offered to the public or admitted to trading on a regulated market, if supplemented by a securities note and, where applicable, a summary and all amendments made to the UNIVERSAL REGISTRATION DOCUMENT .

4 The resulting documents are approved as a whole by the AMF in accordance with Regulation (EU) 2017 DOCUMENT is a reproduction of the official version of the UNIVERSAL REGISTRATION DOCUMENT including the 2020 Annual Financial Report prepared in accordance with theEuropean Single Electronic Format (ESEF) and filed with the AMF, available on the websites of the Company and the was an exceptional year for everyone, but for our Company it was exceptional on three fronts. Firstly, because of the coronavirus pandemic, which abruptly thrust us into a new economic and social reality; then, as it was the first year of Veolia s new strategic program; and finally, as our Group launched its Suez merger eolia s resilience during the unprecedented Covid-19 crisisFaced with this exceptional crisis, our Group s reaction was also quite exceptional.

5 It geared up for battle, with a dual priority: ensure service continuity 24/7, as our services are key to everyday life, and best protect our employees and their families. Our crisis units were activated, our continuity plans triggered and our resources mobilized to satisfy the basic needs of local populations, and also to maintain the economic activities of our industrial customers, in accordance with the measures implemented in each country. In these extreme circumstances, Veolia lived up to the expectations of its customers, public authorities and local populations. Its utility is now even better recognized and appreciated, as while it was already evident under normal conditions, it becomes all the more apparent in a time of FROMANTOINE FR ROTC hairman and Chief Executive Officer of VeoliaAntoine Fr rot Chairman and Chief Executive OfficerFACED WITH THIS EXCEPTIONAL CRISIS, OUR GROUP S REACTION WAS ALSO QUITE EXCEPTIONAL.

6 IT GEARED UP FOR BATTLE, WITH A DUAL PRIORITY: ENSURE SERVICE CONTINUITY 24/7, AS OUR SERVICES ARE KEY TO EVERYDAY LIFE, AND BEST PROTECT OUR EMPLOYEES AND THEIR FAMILIES. VEOLIA ENVIRONNEMENT / DOCUMENT D ENREGISTREMENT UNIVERSEL 20202L aunch of a major industrial projectBy acquiring of its share capital, VeoliaEnvironnement successfully completedthe first stage in its merger with Suez. Thistransaction offers us the historic opportunityto create a global champion in ecologicaltransformation and address one of the majorchallenges of this century. This industrialproject, which serves all our stakeholders, willprovide us with greater resources, whethertalent, know-how, geographical platforms,innovation or financial resources, and ensurethat essential ecological transformation becomes a reality more quickly for us impactSeeking the greatest impact, is, as its namesuggests, the guiding principle of our Impact2023 program.

7 Through all its actions, ourGroup seeks to boost its impact, whetherthis be environmental, social or financial. Greater impact on the planet, by reducingabstraction of natural resources and pollutionemissions; greater impact on our customers,by improving their performance and reducingtheir costs; greater impact on the regions, bymaking them more attractive and sustainable;greater impact on our employees, enhancingtheir skills over time; and greater impact onour shareholders, with a higher return oninvestment. As a company s success is judgednot only by what it accomplishes, but also by itsimpact on all its stakeholders. Veolia s impacton all these parties that stand by its side isproof of its growing utility!Because of the economic crisis, our Group reduced its investment program while continuing to invest in preparing its future growth.

8 It also launched an additional costsavings pan. While marked by the pandemic, the 2020 accounts attest to Veolia s rapidand efficient action to limit the impacts onits performance and to restore revenue and results during the last two quarters. Proof of the Group s powerful response: financialresults for the last two quarters exceeded those in 2019!Ecological transformation more than ever necessaryDespite the upheaval caused by the pandemic,the ecological challenges and their importanceremain. Never has there been a more urgentneed for environmental action; neverhave the solutions for achieving ecologicaltransformation in the regions and industrybeen so sought after by local populations. Inthe long-term, the context remains extremely favorable for our activities: few businesseshave the chance, like ours, to be in such highdemand!

9 This is why, despite the health and economic crisis, our strategic plan remainsfully relevant, as does its founding ambition - become the reference company for ecological transformation. All the more so as Veoliais ideally placed to benefit from stimulus plans, a large part of which will focus on theenvironment in many S IMPACT ON ALL THESE PARTIES THAT STAND BY ITS SIDE IS PROOF OF ITS GROWING UTILITY!Y ear one of theImpact 2023 plantI n 2020, our Company broke down its strategy, accelerating, optimizing or slowing its activities, according to their respective potential. The Impact 2023 program willenable it to strengthen its positions in the mostdynamic markets, extend its technological range and exploit the full potential of its mong the most emblematic transactions completed in 2020 were the acquisition of thePrague right bank district heating network; the signature of an agreement to acquire Osis, which specializes in the maintenance of sanitation networks and infrastructure andon-site industrial services; the partnership with Solvay to develop the circular economy for electric vehicle batteries.

10 And a multi-year agreement with a subsidiary of General Electric to recycle land wind turbine / 2020 UNIVERSAL REGISTRATION DOCUMENTS olutions for municipal and industrial clientsBUSINESSES Veolia s expertise spans treatment of water to monitoringits qualityat each stage in the cycle from extractionto discharge back into the naturalenvironment. The Group innovates to protect resources and encourages recycling and reuse of water by citiesand , 362 drinkingwater production plants managed 95 millionpeople suppliedwith drinking water2, 737 wastewatertreatment plants managed 62 million peopleconnected to wastewater systemsVeolia is the specialist in waste management, whether for liquid or solid, non-hazardous or hazardous waste. The Group s areas of expertise cover the waste life cycle from collection to recycling, and on to its final recovery as materials or energy.