Investor Presentation

July 2022

Cautionary Statement

This presentation contains a number of forward-looking statements, including but not limited to all statements regarding future performance, operational results and financial results of our business; future investments and capital expenditures; results and returns from investments; future dividends and capital allocation; and future strategy and outlook. You should view these statements with caution. They are opinions and beliefs 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. Such risks and uncertainties include, but are not limited to, failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets, consummate and integrate acquisitions; failure to obtain the results anticipated from acquisitions, including continuing to realize the strategic benefits and cost synergies from our acquisition of Advanced Disposal Services, Inc.; environmental and other regulations, including developments related to emerging contaminants, gas emissions and renewable fuel; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits; failure to attract, hire and retain key team members and a high quality workforce; changes in wage and labor related regulations; significant storms and destructive climate events; public health risk and other impacts of COVID-19 or similar pandemic conditions, including related regulations, resulting in increased costs and social, labor and commercial disruption; macroeconomic pressures and market disruption resulting in labor, supply chain and transportation constraints and inflationary cost pressure; increased competition; pricing actions; commodity price fluctuations; international trade restrictions; disposal alternatives and waste diversion; declining waste volumes; weakness in general economic conditions and capital markets; adoption of new tax legislation; fuel shortages; failure to develop

and protect new technology; failure of technology to perform as expected, including implementation of a new enterprise resource planning and human capital management system; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings; and decisions or developments that result in impairment charges. 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 its business. The Company assumes no obligation to update any forward-looking statement.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures under Regulation G of the Securities Exchange Act of 1934, as amended, including all measures labeled as "adjusted" or "adj." and free cash flow. The Company believes that these non- GAAP financial measures are useful to investors to assess the Company's performance and results of operations and are indicative of cash available for the Company's capital allocation program. These non-GAAP measures are meant to supplement, not replace, comparable GAAP measures, and such non-GAAP measures may be different from similarly titled measures used by other companies. A reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles can be found in the Appendix at the end of this presentation and under the Investor Relations tab on our website: www.wm.com.

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Company Strategy & Overview

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CONFIDENTIAL AND PROPRIETARY

INFORMATION OF WM

Company Strategy & Overview

WM Investment Thesis

INDUSTRY

STRATEGIC

BUSINESS &

LEADERSHIP

FOCUSES

FINANCIAL PROFILE

  • Largest and most diverse asset and customer bases
  • Experienced and committed management and team members
  • Sustainability leader with premier brand
  • Lowering cost to serve and differentiating customer experience through technology and automation
  • Investing in sustainability-led growth that positions WM as a partner to our customers
  • Leveraging our asset network to achieve disciplined growth
  • Recession-resilientrevenues
  • Strong and consistent
    free cash flow to fund balanced return of cash to shareholders and growth investments
  • Strong balance sheet that provides strategic flexibility

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Company Strategy & Overview

Best Positioned Asset Network With Unmatched Size and Scale

260

340

15,500

active

transfer

collection

landfills

facilities

routes

550

145

96

landfill gas to

materials

collection

recovery

energy

sites

facilities

facilities

(MRFs)

5

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Disclaimer

Waste Management Inc. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 18:07:45 UTC.