Waste Management Announces Plan to Increase Quarterly Dividend Payments  

  Waste Management Announces Plan to Increase Quarterly Dividend Payments

Per Share Dividend to Increase from $1.42 to $1.46 on an Annual Basis

Business Wire

HOUSTON -- December 11, 2012

Waste Management, Inc. (NYSE: WM) today announced that its Board of Directors
has approved a 2.8% increase in the planned quarterly dividend rate, from
$0.355 to $0.365 per share. On an annual basis, the per share dividend
increases from $1.42 to $1.46. This marks the tenth consecutive year that the
Company has increased its planned quarterly dividend. Each future quarterly
dividend must be declared by its Board of Directors prior to payment.

David P. Steiner, Chief Executive Officer of Waste Management, Inc., said,
“Our dividend increase reflects the continued strength in our cash flows. In
2013, we expect our operating free cash flow to grow by double digits.
Operating free cash flow is projected to once again exceed $1 billion despite
headwinds of approximately $100 million from cash taxes due to the expiration
of bonus depreciation. Of course, we will give more detail for free cash flow
when we give our 2013 guidance in February of 2013.”

The Board of Directors intends to declare the first quarter 2013 dividend in
February, at which time the Company will announce the record and payment dates
for this dividend. It is expected that the first increased dividend will be
paid in March of 2013.

The Company, from time to time, provides estimates of financial and other
data, comments on expectations relating to future periods and makes statements
of opinion, view or belief about current and future events. This press release
contains such forward-looking statements, including statements regarding the
declaration and payment of dividends in 2013, 2013 free cash flow, and 2013
cash taxes. You should view these statements with caution. They are based on
the facts and circumstances known to the Company as of the date the statements
are made. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to be materially different from
those set forth in such forward-looking statements, including but not limited
to, commodity price fluctuations; increased competition; pricing actions;
failure to implement our optimization and growth initiatives and overall
business strategy; failure to successfully implement our restructuring actions
and/or failure of those actions to achieve the goals and cost savings
intended; business disruption and employee distraction resulting from our
restructuring; changes in our organizational structure and workforce and
resulting restructuring or impairment charges; environmental and other
regulations; disposal alternatives and waste diversion; declining waste
volumes; failure to develop and protect new technology; significant
environmental or other incidents resulting in liabilities and brand damage;
weakness in economic conditions; failure to obtain and maintain necessary
permits; labor disruptions; impairment charges; and negative outcomes of
litigation or governmental proceedings. Please also see the Company’s filings
with the SEC, including Part I, Item 1A of the Company’s most recently filed
Annual Report on Form 10-K, for additional information regarding these and
other risks and uncertainties applicable to our business. The Company assumes
no obligation to update any forward-looking statement, including financial
estimates and forecasts, whether as a result of future events, circumstances
or developments or otherwise.

ABOUT WASTE MANAGEMENT

Waste Management, Inc., based in Houston, Texas, is the leading provider of
comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. It is also a leading developer,
operator and owner of waste-to-energy and landfill gas-to-energy facilities in
the United States. The company’s customers include residential, commercial,
industrial, and municipal customers throughout North America. To learn more
information about Waste Management visit www.wm.com or www.thinkgreen.com.

Contact:

Waste Management
Analysts
Ed Egl, 713.265.1656
eegl@wm.com
or
Media
Lynn Brown, 713.394.5093
lynnbrown@wm.com
or
Web site
www.wm.com