Document:

EXHIBIT 4.4

<PAGE>

SHARE SUBSCRIPTION OPTION PLAN
------------------------------
Adopted during Management Board meeting of March 24, 2003
---------------------------------------------------------

                             STOCK OPTIONS PLAN RULE

                                   MARCH 2003

<PAGE>

                       VE Options Plan Rules - March 2003

                                  Introduction

         Plan for purchase of (or subscription for) shares - definition

A plan for purchase of (or subscription for) shares shall be a scheme whereby a
company grants to employees and/or officers of a parent company and/or companies
affiliated thereto, the option to purchase (or to subscribe for) existing or new
shares, for a certain period, at a price that is determined at the time of grant
and that remains fixed for the whole of that period (except for adjustments
described below).

The persons concerned thus participate in VE's achievements through the increase
in the value of the security on the stock market even before becoming
shareholders.

Furthermore, the financial benefit derived from the exercise of the option right
and from the subsequent disposal of the shares is dealt with under tax rules
that are specific to such options and that are also dependant upon the
beneficiary's tax residence status.

I.   Features of options and terms of grant

     Number of shares subject to options
     -----------------------------------

     Pursuant to the authority of the General Meeting of the shareholders held
     on 24 April 2002; the Executive Board of VE shall fix, for each
     beneficiary, the number of options granted. This number shall be notified
     to the beneficiaries by letter. As the options are irrevocable, the number
     and the price shall not be altered during the term of the options, except
     in the case of adjustments referred to below (cf. page 3). A grant of
     further options may arise only from a further resolution of the Executive
     Board.

     Features of options
     -------------------

     Except on death, options shall be unassignable and shall not be subject to
     attachement.

     The exercise of options shall be voluntary as far as the beneficiary is
     concerned.

     For US beneficiaries, options granted shall give entitlement to American
     depository Shares (ADSs).

     Such options shall be treated as "NSOs" (non-statutory stock options)
     unless the letter of grant specifies that the options shall be "ISOs"
     (incentive stock options).

     Term of options and time-limit for exercise
     -------------------------------------------

     Options shall be granted irrevocably for a term of 8 years.

     The Executive Board, or its Chairman by delegation, shall fix the terms for
     the acquisition and exercise of options. Any option unexercised at the end
     of the 8-years term shall lapse.

     Purchase price
     --------------

     The price fixed for the purchase of shares by beneficiaries shall be
     determined at the date on which the options are granted by the Executive
     Board within the limits fixed by the law and the authority given by the
     General Meeting.

     For beneficiaries receiving options giving entitlements to ordinary shares
     listed on the Paris Stock Exchange, the exercise price shall be fixed in
     Euros. The exercise price has been fixed at 22.50 Euros.

     For beneficiaries receiving options giving entitlement to ADSs listed on
     the New York Stock Exchange, the exercise price shall be fixed in dollars.
     The exercise price has been fixed at 24.95 dollars.

     Adjustments to the purchase price
     ---------------------------------

     By law, this price shall be unalterable during the term of the option.

     However, if VE carries out during this period certain financial
     transactions that impact the capital, the Executive Board shall effect an
     adjustment to the price and to the number of shares subject to options that
     remain unexercised, so that the total value of the number of options
     granted to each beneficiary remains constant. The method for calculating
     the said adjustment shall be established by law. The Executive Board shall
     apply this as required.

     The transactions affected by such adjustments shall be principally:

     o    cash capital increases reserved for shareholders.

     o    capital increases by capitalisation of reserves, profits or shares
          premium account and issue of bonus shares.

     o    issues of convertible bonds or exchangeable bonds reserved for
          shareholders.

     Other cases of adjustment of the exercise price are provided for in the
     legislation, for more unusual financial transactions (distribution of
     reserves, capital reduction because of losses...).

     You are reminded that neither the plan rules nor the letter of grant shall
     confer upon the beneficiary any right under his or her employment contract.

II.  Terms for acquisition of options

     Options shall be acquired annually in 1/3 tranches over three years (except
     for the special conditions, or except for the exemption referred to below).
     They may be exercised from the 4th year onwards.

     On leaving for any reason whatever (except on death), beneficiaries may,
     until the expiry of the term of validity of the plan, exercise only those
     options acquired before such leaving (including those that have been
     acquired under an exemption) pursuant to the terms of exercise referred to
     below.

     For French beneficiaries, such acquisition by 1/3 tranches shall not apply
     on death, disability (2nd and 3rd categories of Article L.341.4 of the
     French Social Security Code) or retirement. In such cases, the beneficiary
     (or his or her successors in title) shall acquire 100% of the options
     granted.

     On the beneficiary's death, the law provides that his or her heirs may
     exercise his or her options within a period of six months from the date of
     death, but this time-limit shall not have the effect of extending the
     original term of validity of the options if this expires sooner.

     For beneficiaries resident in the United Sates of America who have received
     options giving entitlement to ADSs, the heirs may exercise only the options
     that have been acquired (including those that have been acquired under an
     exemption) until the term of validity of the plan expires.

     However, in the event of a public offering, the options granted shall be
     immediately vested and exercisable and the underlying shares assignable
     without any condition. Furthermore, the chairman who refers such once a
     year to the officers Committee may, in exceptional circumstances, grant
     exemption from the terms of acquisition referred to above.

III. Terms for exercise of options

     In order to exercise his or her options, the beneficiary shall make the
     declaration in writing to VE, for the attention of the Human Resources
     Department, accompanying such declaration with an option exercise form
     (which shall also serve as a purchase form), and with payment of the price.

     A form shall be handed for this purpose to each beneficiary, which shall be
     completed, dated and signed, whenever options are exercised, and returned
     to VE. This document is attached as appendix 1 for all beneficiaries,
     except for beneficiaries resident in the United States of America.

     The latter shall complete, date, sign and return to VE the form referred to
     in Appendix 2 (cashless exercise) or in appendix 3 (exercise and purchase
     of shares).

     Payment of the price
     --------------------

     Full payment of the price shall generally be made by cheque, bank transfer
     or by any procedure established by the managing bank or financial
     institution and approved by VE.

     Delivery of securities
     ----------------------

     On each exercise of options, the beneficiary shall state on the option
     exercise from the management method that he or she wishes to adopt for the
     shares acquired. It should be noted that the transfer of the shares and
     registration of such may take some time (up to eight days in the case
     registration as administered registered securities). Registration as "pure"
     registered securities shall be effected by the Registrar(1) appointed by
     VE. Registration on an "administrated" registered securities account shall
     enable another manager to be chosen. It should be remembered however that
     management by a manager of "pure" registered securities accounts is without
     charge (no custody fee).

IV.  Details of purchased shares

     The shares shall mandatorily be in registered form.

     They shall be entitled of the dividend paid in the year in which they have
     been purchased provided however that the exercise shall take place at least
     five working days before the holding of the General Meeting of the
     shareholders that resolves to distribute such dividend.

     The shares arising from exercises shall be able to be traded immediately,
     except for beneficiaries who are French residents. The latter may dispose
     of shares arising from options only on the expiry of the tax "lock-in"
     period applicable to the plan, except where there are exemptions(1) (in
     particular those referred to in Article 91 ter Schedule II to the French
     General Tax Code).

V.   Sensitive periods insider trading

     Beneficiaries shall comply with the regulations applicable in this regard
     in accordance with the legislation in force in the country with respect to
     the use of privileged information1(2).

     In any event , beneficiaries wishing to dispose of their shares shall
     ensure, on their responsibility, that they meet their obligation to
     abstain, when, in the course or context of their duties, they have
     knowledge or are deemed to have knowledge of non-public information that
     may influence the share's stock market price.

     Moreover, beneficiaries shall not dispose of shares arising from the
     exercise of options for a period of 30 calendar days before and 1 day after
     the Executive Board Meeting to approve VE's half-yearly and annual
     accounts. This 30-days abstention period may be amended at any time by VE
     within the limits fixed by law.

-----------------------

(1) The time-limit is currently 4 years for options granted subsequent to 27
April 2000. Such time-limits shall not apply where express exemption is granted
by the Board of Directors and for the cases referred to in article 91 ter
schedule II to the French General Tax Code, namely:
- dismissal or retirement of the holder, with the specific provisio that the
options must have been exercised at least three months before the date of
occurrence of the event. - disability of the holder corresponding to
classification under the second or third category prescribed in Article L.314.4
of the French Social Security Code.
- death of the holder.

(2) Order of 28 September 1967. COB Regulation No. 90-08 and Regulations of the
U.S Securities and Exchange Commission.

<PAGE>

VI.  Application of the Rules

     The services of the Human resources Department shall be at your disposal
     for any matter relating to these rules and their application. The
     information able to be given by the various services of VE (Human Resources
     Department, Legal Department and Finance Department) shall be limited to
     the supply of purely factual information and shall not take the form of
     legal, financial or tax advice that renders the said services of VE liable
     in any way.

VII. Amendments to the Rules

     VE may at any time, on a resolution of the Executive Board and after
     receiving the opinion where appropriate of the Officers Committee, amend
     the provisions of these rules. Amendments that would not be more favourable
     overall shall be subject of a written agreement between the beneficiary and
     VE.

VIII. Compliance

     For US beneficiaries, the exercise of options shall be conditional upon
     prior registration of the shares with the Securities and Exchange
     Commission pursuant to the US regulations.

IX.  Liability of the Company

     VE shall not be liable for the non-issue of shares or of securities
     resulting from a failure to obtain the necessary regulatory permission.

X.   Applicable law

     The plan shall be subject to French law (Article L.225-177 of the French
     New Commercial Code and Decree of 23 March 1967).

XI.  Translations

     This document shall be available at the services of the Human Resources
     Department of VE in French and in English, but only the French version
     shall be authentic.

<PAGE>

                                   Appendices
                                   ----------

     1. Option exercise declaration for resident beneficiaries who are non-US
citizens.

     2. Declaration (cashless exercise) for beneficiaries resident in the United
States.

<PAGE>

--------------------------------------------     ----------------------------
     Document a adresser par courrier a                 Levee Simple
     Document to be sent by mail to :
            VEOLIA ENVIRONNEMENT
                  DRH-SO                         ----------------------------
            36-38 avenue Kleber
           75799 PARIS Cedex 16
        Fax: + 33 (0)1 71 75 10 41
--------------------------------------------

                             Options allotted by VE

                 REQUEST FOR THE IRREVOCABLE EXERCISE OF OPTIONS
    FINANCING PROVIDED BY THE BENEFICIARY UPON SIGNATURE OF THE PRESENT FORM

--------------------------------------------------------------------------------
Name and forename (in capitals)
--------------------------------------------------------------------------------
Date and place of birth
--------------------------------------------------------------------------------
Nationality
--------------------------------------------------------------------------------
Address of tax domicile
--------------------------------------------------------------------------------
Postal address (if different)
--------------------------------------------------------------------------------
Pursuant to the decision taken by the Executive Comity of VE on.................
to allot options to purchase shares at an exercise price of (euro)..............
 I hereby request the irrevocable exercise(1) of-----------------------------VE
options held in my name and, accordingly, purchase an equivalent number of VE
shares.

     o  PAYMENT (number of shares purchased to x exercise price)

I enclose a bank or post office cheque made out to BNP PARIBAS Securities
Services in an amount of (euro)------------------representing the amount due on
the exercise of the above options.

     o  SHARE REGISTRATION

The VE shares received upon the exercise of the above options are to be held in
registered form in an account opened in my name at the Issuers Department of BNP
PARIBAS Securities Services.

Signed on-------------------at---------------------               Company Stamp

                                   Signature(2)

------------------------
(1) The instruction to exercise the options is irrevocable and payment is due
upon signature.

(2) Important: signature to be preceded by the following hand-written text:
Bon pour achat de (X) actions VIVENDI ENVIRONNEMENT (valid for the purchase of
(X) VE shares).

<PAGE>

                                                    Levee Cashless
--------------------------------------------      ------------------------------
     Document a adresser par courrier a           Enclose Bank Identification
     Document to be sent by mail to :
            VEOLIA ENVIRONNEMENT                  ------------------------------
                  DRH-SO
            36-38 avenue Kleber
           75799 PARIS Cedex 16
        Fax: + 33 (0)1 71 75 10 41
--------------------------------------------

                             Options allotted by VE

             REQUEST FOR THE EXERCICE OF OPTIONS AND SALE OF SHARES
         TO BE FINANCED OUT OF THE PROCEEDS RAISED BY THE SALE OF SHARES

--------------------------------------------------------------------------------
Name and fist name (in capitals)
--------------------------------------------------------------------------------
Date and place of birth (in capitals)
--------------------------------------------------------------------------------
Nationality
--------------------------------------------------------------------------------
Registered for tax purposes at
--------------------------------------------------------------------------------
Postal address (if different from the a)
--------------------------------------------------------------------------------

Pursuant to the decision taken by the Executive Comity of VE on
------------------------------to allot options to purchase shares at an exercise
price of (euro)..........., I hereby request the irrevocable exercise(1) of
-------------------------------VE options held in my name and, accordingly,
purchase an equivalent number of VE shares.

  o  SHARE REGISTRATION

The VIVENDI ENVIRONNEMENT shares received upon the exercise of the above options
are to be held in registered form in an account opened in my name at the Issuers
Department of BNP PARIBAS Securities Services.

  o  SALE ORDER

I hereby request that-------------------------VE shares(2) be converted into
bearer form and sold, I instruct you to sell these shares " AT THE MARKET
PRICE".

  o  COMPLETION OF THE EXERCISE/SALE

I request the income of the sale after deducting the sum paid to VE for
exercising the options as well as, taxes, brokerage fees and handling commission
- be transferred in euro on the account detailed in the enclosed Bank
Identification statement.

Signed on------------------------at---------------------------     Company Stamp

Signature
 (signature to be preceded by the following hand-written text :
"valid for the purchase of (x) VE shares").

-----------------------
(1) The instruction to exercise the options is irrevocable

(2) The number of shares sold must exceed by 10 % the number require to cover
the purchase amount.EXHIBIT 4.5

<PAGE>

SHARE SUBSCRIPTION OPTION PLAN
------------------------------
Adopted during Board of Directors' meeting of December 24, 2004
---------------------------------------------------------------

                             STOCK OPTION PLAN RULES

                                  DECEMBER 2004

<PAGE>

                 Veolia Environnement Stock 0ption Plan Rules -
                Board of Directors Meeting on 24th December 2004

                                  Introduction
                                  ------------

                         Stock Option Plan - Definition

     A Stock Option plan is a scheme whereby a company grants to its employees
     and/or officers of a parent company and/or affiliated companies thereto,
     the possibility of subscribing for new shares, during a certain period, at
     a price that is determined at the time of the grant and that remains fixed
     for the whole of that period (except for any adjustments as described
     below).

     In this way, the persons concerned participate in Veolia Environnement's
     performance by way of the increase in the stock market value of the
     security, even before becoming possible shareholders in the company.

     However, the financial benefit derived from the exercise of the option
     right and from the subsequent disposal of the shares acquired is subject to
     specific tax rules on stock options that are also dependent on the
     beneficiary's place of residence for tax purposes.

I.   Options characteristics and terms and conditions of grant

     Beneficiaries
     -------------

     Options are granted to beneficiaries classified in the following
     categories:

     - Group 1: Veolia Environnement's most senior executives (including members
     of the Veolia Environnement Executive Committee) who exercise direct
     influence on the company's financial performance.

     - Group 2: Veolia Environnement group companies' senior executives ("Club
     Synergies" members).

     - Group 3: Group employees who have distinguished themselves by their
     remarkable performance.

     Number of shares subject to options
     -----------------------------------

     Pursuant to the authorisation granted by the Combined Ordinary and
     Extraordinary Shareholders' Meeting on 12th May 2004, and further to the
     recommendations of the Nominations and Compensation Committee, the Board of
     Directors of Veolia Environnement has fixed the number of options granted
     to each beneficiary. This number is notified to the beneficiaries by
     letter. For those beneficiaries belonging to Groups 1 and 2, options are
     granted in accordance with the conditions defined in Chapter II below. As
     the options are irrevocable, the number and the price cannot be altered
     during the term of the options, except in the case of the possible
     adjustments referred to below (c.f. Share price adjustments - page 3). A
     further decision by the Board of Directors is required for the grant of any
     additional options.

     Options characteristics

     Except in the event of the death of the beneficiary, the options are
     non-assignable and exempt from seizure.

     Options are exercised at the beneficiary's discretion.

     For US beneficiaries, the options are deemed to be "NSO" (Non-Statutory
     Stock Options).

     Term of options and time limit for exercise
     -------------------------------------------

     The options are granted irrevocably for a term of eight years, from the
     date of their grant by the Board of Directors Meeting on 24th December
     2004.

     The Board of Directors has fixed the terms and conditions to be fulfilled
     for the options to be vested and thereafter exercised (c.f. Chapter II.)
     Any option remaining unexercised at the end of the eight-year term shall
     lapse.

     Share price
     -----------

     The non-discounted price fixed for the purchase or the subscription of
     shares by beneficiaries is determined at the date on which the options are
     granted by the Board of Directors in accordance with the law and with the
     authorisation granted by the Combined Ordinary and Extraordinary
     Shareholders' Meeting. Accordingly, the exercise price has been fixed at
     24.72 euros.

     The exercise price is fixed in euros for both French and foreign
     beneficiaries, with the options granted giving right to shares listed on
     the Paris Stock Exchange.

     Share price adjustments
     -----------------------

     By law, this price cannot be altered during the term of the option.

     However, and pursuant to legal provisions, if during this period Veolia
     Environnement proceeds with certain financial transactions affecting the
     company share capital, the Board of Directors shall effect an adjustment to
     the exercise price and to the number of the underlying shares corresponding
     to unexercised options, in order to take account of the impact of these
     capital transactions on the options granted. The method for calculating
     this adjustment is laid down by law. The Board of Directors shall apply
     this method as and when required.

     The capital transactions covered by these adjustments are mainly:

          o    Cash capital increases reserved for shareholders.

          o    Capital increases by the capitalisation of reserves, profits or
               share premiums and the issue of free shares.

          o    Issues of convertible bonds or exchangeable bonds reserved for
               shareholders.

     The legislation also provides for other cases of exercise price adjustment
     for financial transactions of a more exceptional nature (distribution of
     reserves, capital reduction further to losses...).

     It is hereby stated that neither the Stock Option Plan Rules nor the Grant
     Letter shall confer upon the beneficiary any right whatsoever in terms of
     his or her contract of employment.

II.  Terms and conditions for option grants and option vesting

         a) For beneficiaries in Groups 1 and 2 only, the grant of all or part
of the options is subject to achievement by the Veolia Environnement group, at
the end of the 2005 financial year, of the ROCE (Return on Capital Employed)
levels as defined below:

    ----------------------------------------------------------------------------

                ROCE          <7.50 %                                   >8.50%
                                                                        -
                                            >7.50% and < 8.50%
                                            -
    % of options
    vested

    ----------------------------------------------------------------------------

                Group 1           0%                                   100%
                                           Between 50% and 100%

    ----------------------------------------------------------------------------

                Group 2          50%                                   100%
                                           Between 75% and 100%

    ----------------------------------------------------------------------------

     For ROCE levels between 7.50 and 8.50 %, the stock option grant is vested
     pro rata and on a linear basis in 0.10 % increments in relation to the ROCE
     level achieved.

     In the context of changing accounting practices over to IFRS, this ROCE may
     be subject to recalculation under the supervision of the Nominations and
     Compensation Committee.

     For the purpose of the present Rules, the ROCE (possibly recalculated) is,
     and shall be, the profitability indicator of the same name reviewed by
     Veolia Environnement's Statutory Auditors as defined and calculated in the
     "Document de Reference" filed annually with the French "Autorite des
     Marches Financiers" (AMF).

     For the purposes of the present rules, option for Groups 1 and 2
     beneficiaries are deemed to be granted on the date of the decision by the
     Board of Directors on 24th December 2004, after the suspensive condition
     (proof of achievement of the ROCE targets as detailed above at the end of
     the 2005 financial year) has been lifted.

     b) For all 3 Groups, and subject to the beneficiaries confirming their
     acceptance of the terms and conditions of the present Rules by returning
     the duly signed Stock Options Grant Notification letter within a period of
     two months, the options will be finally vested each year in tranches of 1/3
     of the total grant on the anniversary date of their grant (i.e. a first
     third of the grant being vested from 24th December) over a three year
     period (except under special conditions or except by dispensation as
     described below). Beneficiaries shall be able to exercise their options
     from the start of the 4th year (i.e. 25th December 2007 for grants awarded
     on 24th December 2004).

     Termination of employment: On leaving the company for any reason whatsoever
     (except in the event of death for French beneficiaries), beneficiaries
     shall only be able to exercise those options already vested (including
     those that have been vested under a dispensation) prior to the date of
     leaving, i.e. from the start of the 4th year (25th December 2007 for grants
     awarded on 24th December 2004). Vested options may be exercised until the
     Stock Option Plan expiration date and in accordance with the terms and
     conditions of exercise as described below.

     For French beneficiaries, the vesting of options in 1/3 tranches does not
     apply in the event of death, disability (2nd and 3rd disability categories
     of Article L.341.4 of the French Social Security Code) or retirement. In
     such cases, the beneficiary (or his or her successors in title) acquires
     100 % of the options granted. In the event of the beneficiary's death,
     French law provides that the beneficiary's heirs may exercise his or her
     options within a period of six months from the date to death, without this
     time limit having as an effect, an extension to the original term of option
     validity if the Stock Option Plan expiration date is earlier.

     For foreign beneficiaries not resident in France for tax purposes, in the
     event of their death, their heirs may only exercise vested options
     (including those that have been acquired under a dispensation) until the
     Stock Option Plan expiration date.

     However, in the event of a public offering, granted options shall be
     immediately vested and exercisable and the underlying shares shall be
     assignable without any conditions.

     Moreover, and in exceptional circumstances, the Chairman and Chief
     Executive who is required to report annually to the Nominations and
     Compensation Committee on such matters, may grant dispensations to the
     above-described terms and conditions for vesting options.

III. Terms and conditions for exercising options

     In order to exercise his or her options, the beneficiary must submit a
     written declaration to Veolia Environnement, for the attention of Veolia
     Environnement's Human Resources Department. This declaration must be
     accompanied by a Stock Option Exercise form (which will also be used as a
     share subscription form) and by payment of the exercise price. After
     approving the application, Veolia Environnement's Human Resources
     Department will forward these documents for processing to the Stock Option
     Plan Manager (BNP Paribas - GIS Emetteurs - Immeuble Tolbiac- 75450 Paris
     cedex 09)

     For this purpose, each beneficiary receives forms (cashless exercise or
     simple exercise) to be filled in, dated, signed and returned to Veolia
     Environnement each time an option is exercised. Copies of these documents
     are attached as appendices to the present Rules.

     Payment of the price
     --------------------

     Full payment of the price shall usually be made by cheque, bank transfer or
     by any procedure set up by Veolia Environnement's approved banking or
     financial management institution.

     Delivery of the securities
     --------------------------

     At the time of exercising each option, the beneficiary must state on the
     Stock Option Exercise form the management method that he or she wishes to
     adopt for the shares acquired. It should be noted that share transfer and
     registration formalities might take some time (up to eight days in the case
     of registration as administered securities). Registration as "pure"
     registered securities is conducted by the Securities Department of the
     Societe Generale bank appointed by Veolia Environnement. Registration on an
     "administrated" registered securities account enables another manager to be
     chosen. However, it should be remembered that no safekeeping charges apply
     to securities held by a "pure" registered securities manager.

IV.  Purchased share characteristics

     The shares have to be held as registered securities.

     They shall be entitled to the dividend paid in the year in which they have
     been purchased provided however that the exercise occurs at least five
     working days before the holding of the General Shareholders' Meeting called
     to vote on the distribution of the said dividend.

     The shares obtained from exercising options can be traded immediately,
     except by French beneficiaries. The latter will only be able to dispose of
     shares obtained from exercising options after expiration of the tax
     "lock-in" period applicable to the Stock Option Plan, except where
     dispensations apply(1) (in particular, those covered by Article 91 ter
     Appendix II of the French General Tax Code).

V.   Securities trading restrictions

     Beneficiaries must abide by the rules and regulations applicable in this
     regard in accordance with the legislation in force in the country concerned
     regarding the use of privileged information (2).

     In any event, beneficiaries wishing to dispose of their shares are liable
     for ensuring that they comply with their obligation to abstain when, in the
     course or in the context of their duties, they have knowledge or are deemed
     to have knowledge of privileged information, i.e information that is not in
     the public domain and that might influence the share's stock market price.

     Moreover, beneficiaries shall not dispose of the shares arising for the
     exercise of options during periods when trading in the company's shares is
     prohibited. These periods start thirty days prior to publication of the
     annual accounts or fifteen days prior to publication of half-yearly
     accounts and finish at the end of two stock market trading days after
     publication. This abstention period may be amended by Veolia Environnement
     at any time within the limits fixed by law.

-----------------
(1) The time limit is currently 4 years for options granted after 27th April
2000. These time limits shall not be applicable in the event of an express
dispensation granted by the Board of Directors and for the cases covered by
Article 91ter Appendix II of the French General Tax Code, namely:
- Termination or retirement of the holder, with the specific proviso that the
options must have been exercised at least three months prior to the date of
occurrence of the event.
- Disability of the holder corresponding to classification in the second or
third category prescribed in Article L.314.4 of the French Social Security Code.
- Death of the holder.

(2) In particular, Article L.465-1 of the Monetary and Financial Code, COB
regulations No 90-08 and U.S. Securities and Exchange Commission
regulations.

VI.  Application of the Rules

     The Veolia Environnement Human Resources Department is available to answer
     any questions regarding the present Rules and their application. The
     various departments within Veolia Environnement (Human Resources, Legal
     Affairs, Finance) can only provide purely factual information and cannot
     take on the role of a legal, financial or tax consultancy service.
     Accordingly, neither Veolia Environnement, nor any of its departments may
     be held liable for any such services.

VII. Amendments to the Rules

     At any time, Veolia Environnement may amend the provisions of these Rules
     by way of a decision by the Board of Directors, and after having received,
     as required, the opinion of the Nominations and Compensation Committee.
     Amendments that would not be more favourable overall for beneficiaries
     shall be the subject of a written agreement between the latter and Veolia
     Environnement.

VIII. SEC compliance

     For US beneficiaries only, the exercise of options is conditional upon
     prior registration of this Stock Option Grant Plan with the Securities and
     Exchange Commission pursuant to US regulations.

<PAGE>

IX.  Company liability

     Veolia Environnement shall not be liable for the non-issue of shares or of
     securities resulting from a failure to obtain a necessary legal or
     regulatory authorisation.

X.   Applicable law

     The Stock Option Plan is subject to French law (Article L.225-177 and
     following of the French New Commercial Code and to the Decree of 23rd March
     1967).

XI   Translations

     This document is available from the Veolia Environnement Human Resources
     Department in French, English, German and Spanish. However, only the French
     version has force of law.

<PAGE>

                                   Appendices
                                   ----------

1. Request for the irrevocable exercise of options. Financing provided by the
beneficiary upon signature of the form.

2. Request for the irrevocable exercise of options and sale. Financing provided
by the net proceed of the shares sale.

<PAGE>

-----------------------------------------------

                                                                        ANNEXE I
<TABLE>

<S>                                      <C>
----------------------------------------

      Document a remettre a /              Plan d'Options d'actions VEOLIA ENVIRONNEMENT de Decembre 2004
      Document to be sent :

         VEOLIA ENVIRONNEMENT              VEOLIA ENVIRONNEMENT Stock Options Plan of December 2004
               DRH - SO
         36-38, avenue Kleber
         75799 PARIS Cedex 16
----------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
                                                   DEMANDE DE LEVEE IRREVOCABLE SIMPLE
                                 FINANCEMENT ASSURE PAR LE BENEFICIAIRE DES LA SIGNATURE DU PRESENT BULLETIN
                                             REQUEST FOR THE IRREVOCABLE EXERCISE OF OPTIONS
                                   FINANCING PROVIDED BY THE BENEFICIARY UPON SIGNATURE OF THE PRESENT FORM
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Nom et prenom (en majuscules)
Name and forename (in capitals)
------------------------------------------------------------------------------------------------------------------------------------

Date et lieu de naissance               |___/___/_____|      |_____________________________| |____| |__________________________|
(mention obligatoire)                    Date de naissance      Lieu de naissance : Ville, Departement, Pays
Date and place of birth                  Date of birth                Place of birth : Town, County, Country
(compulsory mention)
------------------------------------------------------------------------------------------------------------------------------------
Nationalite / Nationality
------------------------------------------------------------------------------------------------------------------------------------
Numero de Securite Sociale              |___|___|___|___|___|___|
(for French resident only)
------------------------------------------------------------------------------------------------------------------------------------
Adresse du domicile fiscal
Address of tax domicile
------------------------------------------------------------------------------------------------------------------------------------
Adresse courrier (si differente)
Postal address (if different)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Ayant recu du Conseil d'Administration de la societe VEOLIA ENVIRONNEMENT, en
date du 24 decembre 2004, une attribution d'options de souscription d'actions
VEOLIA ENVIRONNEMENT au prix d'exercice de..........(euro), declare demander la
levee irrevocable(1) des options dont je suis titulaire et en consequence
souscrire...................... actions VEOLIA ENVIRONNEMENT.
Pursuant to the decision taken by the Board of Directors of VEOLIA ENVIRONNEMENT
on December 24, 2004 to allot an option to subscribe to shares VEOLIA
ENVIRONNEMENT at an exercise price of (euro).........., hereby request the
irrevocable exercise(1) of the options held in my name and, accordingly,
subscribe to................................ shares VEOLIA ENVIRONNEMENT.

FINANCEMENT DE LA LEVEE (nombre d'actions souscrites x prix d'exercice)
PAYMENT (number of shares subscribed to x exercise price)

Je joins a ce document un cheque bancaire ou postal en euros libelle a l'ordre
de BNP Paribas Securities Services ou un virement en euros sur le compte : BIC
Code / SWIFT: PARBFRPPXXX, numero : 41329 00001 0000084009P 04 de
........................................... (euro) representant le montant de ma
levee d'options.
I enclose a bank or post office cheque in euros made out to BNP
Paribas Securities Services by direct transfer of euros into account: BIC Code /
SWIFT: PARBFRPPXXX, number: 41329 00001 0000084009P 04 or in an amount of (euro)
........................................... representing the amount due on the
exercise of the above options.

FORME JURIDIQUE DES TITRES
SHARE REGISTRATION
Les actions VEOLIA ENVIRONNEMENT issues de ma levee d'options seront inscrites
au moment de leur levee au nominatif pur sur un compte a mon nom aupres du
service actionnaires de la SOCIETE GENERALE.The VEOLIA ENVIRONNEMENT shares
received upon the exercise of the above options are to be held in registered
form in an account opened in my name at the Issuers Department held by the
SOCIETE GENERALE.

Fait a / Done at :...........  Date de reception de la levee d'options et
                               cachet de la societe VEOLIA ENVIRONNEMENT
Date / Date :................  Reception date of the exercise of the option and
                               Company stamp VEOLIA ENVIRONNEMENT
Signature(2):................
                               -------------------------------------------------

---------------
(1) Cet ordre de levee d'options est irrevocable et donne lieu a un reglement a
la date de signature./The instruction to exercise the options is irrevocable and
payment is due upon signature.

(2) Important : Faire preceder la signature de la mention manuscrite "Bon pour
souscription de (x) actions VEOLIA ENVIRONNEMENT". / Important : signature to be
preceded by the following hand-written text : "Bon pour souscription de (x)
actions VEOLIA ENVIRONNEMENT" ('Valid for the subscription to (x) VEOLIA
ENVIRONNEMENT shares')

<PAGE>

<TABLE>

<S>                                      <C>                                                                               <C>
                                                                                                                            ANNEXE I
-----------------------------------------
Document a conserver par / Document to     Plan d'Options d'actions VEOLIA ENVIRONNEMENT de decembre 2004
             be kept by :
                                            VEOLIA ENVIRONNEMENT Stock Options plan of December 2004
   Le beneficiaire / the beneficiary
----------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
                                                   DEMANDE de LEVEE IRREVOCABLE SIMPLE
                                 FINANCEMENT ASSURE PAR LE BENEFICIAIRE DES LA SIGNATURE DU PRESENT BULLETIN
                                             REQUEST FOR THE IRREVOCABLE EXERCISE OF OPTIONS
                                   FINANCING PROVIDED BY THE BENEFICIARY UPON SIGNATURE OF THE PRESENT FORM
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Nom et prenom (en majuscules)
Name and forename (in capitals)
------------------------------------------------------------------------------------------------------------------------------------

Date et lieu de naissance               |___/___/_____|      |_____________________________| |____| |__________________________|
(mention obligatoire)                    Date de naissance      Lieu de naissance : Ville, Departement, Pays
Date and place of birth                  Date of birth                Place of birth : Town, County, Country
(compulsory mention)
------------------------------------------------------------------------------------------------------------------------------------
Nationalite / Nationality
------------------------------------------------------------------------------------------------------------------------------------
Numero de Securite Sociale              |___|___|___|___|___|___|
(for French resident only)
------------------------------------------------------------------------------------------------------------------------------------
Adresse du domicile fiscal
Address of tax domicile
------------------------------------------------------------------------------------------------------------------------------------
Adresse courrier (si differente)
Postal address (if different)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Ayant recu du Conseil d'Administration de la societe VEOLIA ENVIRONNEMENT, en
date du 24 decembre 2004, une attribution d'options de souscription d'actions
VEOLIA ENVIRONNEMENT au prix d'exercice de (euro) ............, declare demander
la levee irrevocable26 des options dont je suis titulaire et en consequence
souscrire ...................... actions VEOLIA ENVIRONNEMENT.
Pursuant to the decision taken by the Board of Directors of VEOLIA ENVIRONNEMENT
on December 24, 2004 to allot an option to subscribe to shares VEOLIA
ENVIRONNEMENT at an exercise price of (euro) ..........., hereby request the
irrevocable exercise of the options held in my name and, accordingly, subscribe
to................................ shares VEOLIA ENVIRONNEMENT.

Financement de la levee (nombre d'actions souscrites x prix d'exercice)
Payment (number of shares  subscribed to x exercise price)

Je joins a ce document un cheque bancaire ou postal en euros libelle a l'ordre
de BNP Paribas Securities Services ou un virement en euros sur le compte : BIC
Code / SWIFT: PARBFRPPXXX, numero : 41329 00001 0000084009P 04 de
........................................... (euro) representant le montant de ma
levee d'options.

I enclose a bank or post office cheque in euros made out to BNP Paribas
Securities Services by direct transfer of euros into account: BIC Code / SWIFT:
PARBFRPPXXX, number: 41329 00001 0000084009P 04 or in an amount of.............
(euro) representing the amount due on the exercise of the above options.

Forme juridique des titres
Share registration
Les actions VEOLIA ENVIRONNEMENT issues de ma levee d'options seront inscrites
au moment de leur levee au nominatif pur sur un compte a mon nom aupres du
service actionnaires de la SOCIETE GENERALE.The VEOLIA ENVIRONNEMENT shares
received upon the exercise of the above options are to be held in registered
form in an account opened in my name at the Issuers Department held by the
SOCIETE GENERALE.

                               -------------------------------------------------
Fait a / Done at :...........  Date de reception de la levee d'options et
                               cachet de la societe VEOLIA ENVIRONNEMENT
Date / Date :................  Reception date of the exercise of the option and
                               Company stamp VEOLIA ENVIRONNEMENT
Signature(2):................
                               -------------------------------------------------

-----------------------------
(1) Cet ordre de levee d'options est irrevocable et donne lieu a un reglement
a la date de signature.
The instruction to exercise the options is irrevocable and payment is due upon
signature.
(2) Important : Faire preceder la signature de la mention manuscrite
"Bon pour souscription de (x) actions VEOLIA ENVIRONNEMENT".
Important : signature to be preceded by the following hand-written text :
"Bon pour souscription de (x) actions VEOLIA ENVIRONNEMENT" ('Valid for the
subscribe to (x) VEOLIA ENVIRONNEMENT shares').

<PAGE>

<TABLE>

<S>                                      <C>                                                                    <C>
----------------------------------
Document a remettre a / document     Plan d'Options d'actions VEOLIA ENVIRONNEMENT  de Decembre 2004             ANNEXE II
          to be sent :
      VEOLIA ENVIRONNEMENT
            DRH - SO                 VEOLIA ENVIRONNEMENT Stock Option Plan of December 2004
       36-38 avenue Kleber
      75799 PARIS Cedex 16
              Fax :
----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                                             DEMANDE DE LEVEE IRREVOCABLE ET DE VENTE CASHLESS
                                            FINANCEMENT ASSURE PAR LE PRODUIT DE LA VENTE DES ACTIONS
                                          REQUEST FOR THE IRREVOCABLE EXERCISE OF OPTIONS AND SALE
                                            FINANCING PROVIDED BY THE NET PROCEED OF THE SHARES SALE
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
Nom et prenom (en majuscules)
Name and forename (in capitals)
------------------------------------------------------------------------------------------------------------------------------------

Date et lieu de naissance               |___/___/_____|      |_____________________________| |____| |__________________________|
(mention obligatoire)                    Date de naissance      Lieu de naissance : Ville, Departement, Pays
Date and place of birth                  Date of birth                Place of birth : Town, County, Country
(compulsory mention)
------------------------------------------------------------------------------------------------------------------------------------
Nationalite / Nationality
------------------------------------------------------------------------------------------------------------------------------------
Numero de Securite Sociale              |___|___|___|___|___|___|
(for French resident only)
------------------------------------------------------------------------------------------------------------------------------------
Adresse du domicile fiscal
Address of tax domicile
------------------------------------------------------------------------------------------------------------------------------------
Adresse courrier (si differente)
Postal address (if different)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

ayant recu du Conseil d'Administration de la societe VEOLIA ENVIRONNEMENT, en
date du 24 decembre 2004, une attribution d'options de souscription d'actions
VEOLIA ENVIRONNEMENT au prix d'exercice de ................ (euro), declare
demander la levee irrevocable(1) des options dont je suis titulaire et en
consequence souscrire .............................actions VEOLIA ENVIRONNEMENT.
Pursuant to the decision taken by the Board of Directors of VEOLIA ENVIRONNEMENT
on December 24, 2004 to allot an option to subscribe to VEOLIA ENVIRONNEMENT
shares at an exercise price of (euro) ................, hereby request the
irrevocable exercise(1) of the options held in my name and, accordingly,
subscribe to..................................... VEOLIA ENVIRONNEMENT shares.

FORME JURIDIQUE DES TITRES / SHARE REGISTRATION
Les actions VEOLIA ENVIRONNEMENT issues de ma levee d'options seront inscrites
au moment de leur levee au nominatif pur sur un compte a mon nom aupres du
service actionnaires de la SOCIETE GENERALE.

The VEOLIA ENVIRONNEMENT shares received upon the exercise of the above options
are to be held in registered form in an account opened in my name at the Issuers
Department held by the SOCIETE GENERALE.

CONVERSION AU PORTEUR ET ORDRE DE VENTE DES ACTIONS / TRANSFER INTO BEARER AND
SALE ORDER FORM

o    Au marche
     Market order (order at best)

DENOUEMENT DE L'OPERATION DE LEVEE - VENTE /COMPLETION OF THE EXERCISE - SALE
Je demande que le montant de la vente - apres deduction de la somme reglee a
VEOLIA ENVIRONNEMENT pour la souscription des options et la commission relative
au cashless, des taxes, des frais de courtage et commissions soit verse sur mon
compte :

I request the income of the sale- after deducting the sum paid to VEOLIA
ENVIRONNEMENT for exercising the options and cashless commission, taxes,
brokerage fees and handling commission to be credited on my account:

---------------
(1) Cet ordre de levee d'options est irrevocable et donne lieu a un reglement a
la date de signature./The instruction to exercise the options is irrevocable and
payment is due upon signature.

(2) Important : Faire preceder la signature de la mention manuscrite "Bon pour
souscription de (x) actions VEOLIA ENVIRONNEMENT". / Important : signature to be
preceded by the following hand-written text : "Bon pour souscription de (x)
actions VEOLIA ENVIRONNEMENT" ('Valid for the subscription to (x) VEOLIA
ENVIRONNEMENT shares>>)

<PAGE>

<TABLE>
<S>                               <C>                            <C>                               <C>

------------------------------------------------------------------------------------------------------------------------------------
Coordonnees bancaires d'un compte en France (joindre un releve d'identite bancaire (RIB), postal (RIP) ou Caisse d'Epargne (RICE) :

Nom de la banque :..................................................................................................................

          Code banque             |        Code guichet         |                  Numero de compte                   |    Cle
                                  |                             |                                                     |
__________|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|

Coordonnees bancaires d'un compte hors de France / Bank information on an  account abroad :

Reference codee de la banque : |__|__|__|__|__|__|__|__|__|__| Reference codee du guichet ou agence : |__|__|__|__|__|
Coded reference of the bank:                                   Coded reference of the branch or agency:

Reference du compte premiere partie / Reference of the account first part :|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|

Reference du compte deuxieme partie : |__|__|__|__|__|__|__|__|__|__| Element de controle final : |__|__|__|__|__|
Reference of the account second part:                                 Element of final control:

Code SW|FT (ou code B|C) / SW|FT code (or B|C code) : |__|__|__|__|__|__|__|__|__|__|__|

Nom de la banque / Name of the bank :
|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|
Nom et/ou adresse de l'agence / Name and/or address of branch/agency :

|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__

|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__|__

Fait a / done at :............., Date / Date :................               Visa  de la  Societe / Company stamp :

Signature(2):

</TABLE>

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