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2019 Sustainability Report Update Summary 2019 SUSTAINABILITY REPORT UPDATE › CEO MESSAGE

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2019 Sustainability Report Update Summary 2019 SUSTAINABILITY REPORT UPDATE › CEO MESSAGE DRIVING CHANGE 2019 Sustainability Report Update Summary 2019 SUSTAINABILITY REPORT UPDATE › CEO MESSAGE LOOKING BACK AND PLANNING FOR THE FUTURE Jim Fish President and Chief Executive Officer Waste Management prepared our first “Environmental Report” in 1992. This was well before we used the term “sustainability,” and before we regularly reported on environmental, social and governance (ESG) principles. We were part of a small group of Fortune 500 companies embarking upon the early days of a commitment to the underlying principles of sustainability. Little did we know where this journey would take us. Today, our stakeholders value our extensive and informative annual reporting. Waste Management’s full sustainability report is published bi-annually, with updates on the off-year. These updates include the data that we collect each year to track our key performance indicators and our progress towards achieving our goals. Reporting is one step in our commitment to sustainability. Establishing long-term goals was another important step along our sustainability journey. Waste Management developed its first set of sustainability goals in 2007, well ahead of most companies. We recently updated our goals and we expect to do so again as our industry and our company continue to evolve. Over the years, Waste Management has continued to increase our commitment to sustainability. Since 2008, we’ve employed a team of internal staff dedicated to working with our customers to help them achieve their sustainability goals. And, at the end of 2018, we created a sustainability team dedicated to tracking and reporting our progress, advocating on sustainability issues, and to supporting our business units by providing sustainability-related information for internal and external stakeholders. https://sustainability.wm.com 1 2019 SUSTAINABILITY REPORT UPDATE › CEO MESSAGE As we work with our customers, we see that their appetite for sustainable solutions continues to grow. Over the past two years, the level of awareness around sustainability issues has increased. From climate-related storm events and the dialogue around the current challenges in the recycling industry, to the topic of plastic waste in the environment, attention to the environment is increasing. Over the past two years, the Never a company to shy away from challenging topics, Waste Management level of awareness around has jumped in to engage in these important issues. We are participating in the international dialogue around marine debris. We have made sustainability issues commitments to recycle plastic domestically, and we are supporting the has increased. development of domestic recycling markets. With much pride and excitement about Waste Management’s past progress and future commitments, I am pleased to present our 2019 Sustainability Report. In presenting this report, I would like to recognize a pillar at Waste Management who has shepherded our sustainability reporting since 1992. Sue Briggum, our Vice President of Public Affairs, will retire at the end of 2019, leaving a priceless legacy. Sue had the foresight to recognize the value of sustainability long before it was on the radar screen of most companies or investors. We thank her for her decades of wisdom in establishing and ensuring a strong foundation for the future of sustainability at Waste Management. And in case you doubt whether one person can make a difference, here is an example of one individual’s unwavering commitment to making the world a better place. Respectfully, Jim Fish President and Chief Executive Officer https://sustainability.wm.com 2 2019 SUSTAINABILITY REPORT UPDATE › AT-A-GLANCE WASTE MANAGEMENT At-A-Glance (as of and for the year ended December 31, 2018) Waste Management, Inc. (NYSE: WM), based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. $14.9M 7,944 total donated in alternative fuel 132 43.7K 314 charitable giving vehicles natural gas employees transfer $1.9M fueling stations facilities in-kind services 130 20M landfill entities gas-to-electricity served facilities GIVING ENERGY OPERATIONS* wildlife habitat pollinator habitat, species acres of 83 programs 63 programs 255 and education 19.8K certified programs habitats ‘on-the-ground’ CONSERVATION RECYCLING FINANCIALS 2 4 dual stream 11 CORe® recycling construction facilities facilities 46 single-stream $1.8B $3.6B $1.7B and demolition recycling facilities returned to cash from capital recycling facilities shareholders operations expenditures 16 other $14.9B Total Revenue LANDFILLS 29 commercial 247 5 facilities 40 active solid active hazardous composting/chipping/ waste landfills waste landfills grinding facilities * Waste Management, Inc. is a holding company, and all operations are conducted by its subsidiaries. References to “Waste Management,” “the Company” or “WM” refer to Waste Management, Inc. and its consolidated subsidiaries, unless context provides otherwise. https://sustainability.wm.com 3 2019 SUSTAINABILITY REPORT UPDATE › GOALS Waste Management Sustainability Goals — 2010-2038 RECYCLABLES MANAGED ONROAD FLEET (in million tons) EMISSIONS REDUCTIONS (percent reduction in MTCO2e emissions from a 2010 baseline) 17.3 18.0 50 45% 16.0 15.3 15.2 40 14.0 14.7 14.0 30% 30 27% 12.0 22% 24% 20 10.0 8.0 8.0 10 6.0 0 2007 2015 2016 2017 2018 2038 2015 2016 2017 2018 2038 GOAL GOAL WASTEBASED ENERGY PRODUCTION NUMBER OF WILDLIFE (MTCO2e) HABITAT PROGRAMS 3.0 120 2.6 2.6 2.5 2.5 2.4 110 110 2.0 100 95 90 90 90 1.0 83 80 0 70 2015 2016 2017 2018 2038 2015 2016 2017 2018 2038 GOAL GOAL NUMBER OF ACRES PROTECTED 26,000 25,568 25,000 24,000 22,000 20,000 20,000 20,000 19,823 18,000 2015 2016 2017 2018 2038 GOAL https://sustainability.wm.com 4 2019 SUSTAINABILITY REPORT UPDATE › KPIs Sustainability Key Performance Indicators GHG EMISSIONS ASSOCIATED WITH OPERATIONS1 PROCESS2 TRANSPORTATION3 ENERGY USE4 (MMTCO2e) (MMTCO2e) (MMTCO2e) 1.738 0.656 15.0 14.58 1.75 0.7 14.33 1.696 0.586 14.5 1.70 1.733 0.6 14.0 1.65 0.5 0.436 1.585 13.5 1.60 0.4 13.60 13.68 0.439 13.44 13.0 1.55 1.597 0.3 0.349 12.5 1.50 0.2 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 AVOIDED GHG EMISSIONS5 RENEWABLE ENERGY RECYCLING CARBON PERMANENTLY GENERATION OF MATERIALS6 SEQUESTERED7 (MMTCO2e) (MMTCO2e) (MMTCO2e) 20.04 5.0 35.0 34.61 20.0 4.588 32.48 32.57 32.59 19.48 30.0 31.32 4.0 19.0 25.0 18.54 3.0 2.531 2.560 20.0 18.0 17.68 2.252 2.421 2.0 15.0 17.0 16.84 10.0 1.0 16.0 5.0 0 0.0 15.0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 WASTE-BASED ENERGY BENEFITS (EQUIVALENTS)8 TONS OF COAL WASTEBASED ENERGY EQUIVALENT PRODUCTION (million households) 5.973 6.0 1.5 5.0 1.2 1.01 4.0 0.9 2.540 2.480 2.590 3.0 0.6 0.47 0.47 0.46 0.48 2.0 2.513 0.3 1.0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 https://sustainability.wm.com 5 2019 SUSTAINABILITY REPORT UPDATE › KPIs Sustainability Key Performance Indicators CONTINUED RESOURCE SAVINGS ACHIEVED THROUGH RECYCLING HOUSEHOLD ENERGY CARS OFF ROAD EQUIVALENT (in millions) (in millions) 7.3 2.0 7.5 1.9 1.8 1.5 1.7 7.0 1.6 1.6 6.9 6.9 6.9 1.0 6.5 6.8 0.5 6.0 0 5.5 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 SAFETY PERFORMANCE TOTAL RECORDABLE VEHICLE ACCIDENT RECORDABLE RATE INJURY RATE (driver hours without a vehicle accident, (incidents per 100 employees) in thousands) 3.3 20 19.4 19.7 3.2 18.5 3.1 3.0 3.0 18 2.9 2.8 16 2.9 14 13.8 12.5 2.5 12 2.3 10 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2016 and 2017 adjusted to exclude “Other Vehicle Initiated Impact” incidents. PHILANTHROPY CHARITABLE GIVING (in millions) $18 $17.16 $16 $14.93 $14 $13.50 $13.67 $12.00 $12 $10 2014 2015 2016 2017 2018 https://sustainability.wm.com 6 2019 SUSTAINABILITY REPORT UPDATE › KPIs Key Performance Indicator Footnotes 1 Since 2013, we have used the modified 100-year global warming potentials (GWPs) promulgated by the U.S. EPA. Pertinent to our carbon footprint, our Scope 1 and 3 emissions calculations use the Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report (FAR) GWP, and our Scope 2 emissions from purchased electricity use the IPCC Second Assessment Report (SAR) GWP. 2 Process emissions come from our landfills. The amount of landfill gas that is collected can be measured, the amount of landfill gas generated, and the amount emitted to the atmosphere as fugitive emissions must be estimated using prescribed calculation methodologies. The applicable methodologies are the Solid Waste Industry for Climate Solutions (SWICS) Protocol and the U.S. EPA Greenhouse Gas Reporting Program (GHGRP) rules. Our landfill footprint includes estimated emissions from both active and closed facilities. 3 Our methodology for calculating fleet efficiency conform to U.S. EPA’s SmartWay Truck Tool. SmartWay calculations use records compiled for tax credit and fee purposes. The tax documentation reflects fuel purchased in a year, including some insignificant amounts of fuel stored rather than used in a given year. Note that our transportation emissions reported here include those from both our collection fleet and our noncollection “yellow iron” (i.e., off-road equipment such as forklifts and excavators) used on site.
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