Waste Management, Inc.

Raymond James Institutional Investors Conference

March 6, 2018
Cautionary Statement

Certain statements provided in this presentation are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements are often identified by the words, “will,” “may,” “should,”
“continue,” “anticipate,” “believe,” “expect,” “plan,” “forecast,” “project,” “estimate,” “intend”
and words of similar nature, and such statements generally contain projections about accounting and
finances; strategy, plans and objectives for the future and outcomes from such strategic plans and
objectives; projections, estimates, or assumptions relating to our performance; results of investments
in new technologies; implementation of innovation and efficiency projects; predictions or assumptions
about future trends or conditions in our industry; or our opinions, views or beliefs about the effects
of current or future events, circumstances or performance. You should view these statements with
caution. These statements are not guarantees of future performance, circumstances or events. They
are based on the facts and circumstances known to us as of the date the statements are made. All
phases of our business are subject to uncertainties, risks and other influences, many of which we do
not control. Any of these factors, either alone or taken together, could have a material adverse
effect on us and could cause actual results to be materially different from those set forth in such
forward-looking statement. We assume no obligation to update any forward-looking statement,
including financial estimates, whether as a result of future events, circumstances or developments
or otherwise. Some of these risks and uncertainties are described in greater detail in Waste
Management’s Form 10-K for the year ended December 31, 2017, as filed with the Securities and
Exchange Commission.

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Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures under Regulation G of the Securities Exchange
Act of 1934, as amended. The Company believes that these non-GAAP financial measures are useful to
investors to assess the Company’s performance, results of operations and 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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Waste Management Investment Thesis

FINANCIAL
INDUSTRY STRATEGIC
AND BUSINESS
LEADERSHIP FOCUS TO DRIVE
PROFILE PROVIDES

• Largest and most diverse • A customer-centric culture • Recession-resilient

asset and customer base • Pricing discipline
• Unmatched return on • Volume growth in our
invested capital highest return businesses
• Experienced and
• Continuous improvement
committed management to reduce costs and
team and employees expand margins
• Earnings and free cash
flow growth
revenues
• Strong and consistent
free cash flow to fund
balanced return of cash
to shareholders
• Strong balance
sheet that provides
strategic flexibility

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© Waste Management 2018
 WASTE MANAGEMENT IN SUMMARY
(As of and for the Year Ended December 31, 2017)
Waste Management, Inc. (NYSE: WM), based in We dedicate We create enough energy We manage over
Houston, Texas, through its subsidiaries is the leading almost 26K acres to to power more than 13 million tons of recyclable
provider of comprehensive waste management and wildlife habitat 500,000 homes every year commodities
environmental services in North America

OPERATIONS FINANCIALS FACILITIES

42.3K +21M $1.5B $3.2B 102 127

Employees Customers Capital expenditures Cash from operations Traditional recycling Landfill gas-to-
facilities; 44 single stream energy facilities
recycling facilities, 11
$1.5B $14.5B construction and demolition
ENVIRONMENT recycling facilities
Returned to shareholders Total revenue
114M 110
43 305
Tons of waste Certified
ENERGY
managed at conservation Organics processing facilities Transfer facilities
landfills sites
6.5K 107
Vehicles that run Natural gas fueling
on alternative energy stations; 25 serve
LANDFILLS the public
244 5
Active Active
solid waste hazardous
landfills waste
landfills

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Geographic & Operational Diversification

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Broad and Diverse Customer Base

2017 REVENUE MIX 2017 COLLECTION

Serve over 21 million REVENUE MIX
customers across the US
and Canada 11% 5%

8%
28% 40%
9%
53%
Waste Management’s largest
customer accounts for less
19%
than 2% of revenue
27%

Collection Commercial
Landfill Residential
Long-standing customer
Transfer Industrial
relationships with significant
Recycling
contracted business Other
Other

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Asset and Customer Base Produce Strong
Earnings and Cash Flow
2017 REVENUE 2017 ADJUSTED 2017 NET CASH
($=millions) INCOME FROM OPS1 PROVIDED BY
($=millions) OPERATING ACTIVITIES
($=millions)
16,000 3,000 3,500

14,000 3,000
2,500
12,000
2,500
2,000
10,000
2,000
8,000 1,500
1,500
6,000
1,000
1,000
4,000
500
2,000 500

- - -

WM RSG WCN WM RSG WCN WM RSG WCN

1In the case of WM, see the appendix at the end of this presentation for the reconciliation of this non-GAAP financial measure to the most comparable GAAP measure.
Source: Company filings

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WM Generates Industry’s Best Return on
Invested Capital 1

Returns Driven by Earnings Quality and Disciplined Investment

13.0%

12.0% 12.3%
11.8%
11.0% 11.3%

10.0%

9.0%

8.0%
8.0%
7.7%
7.0%
7.0% 6.9%
6.0% 6.4% 6.2%

5.0%

4.0%
2015 2016 2017

WM RSG WCN
1Inthe case of WM, see the appendix at the end of this presentation for the reconciliation of this non-GAAP financial measure to the most comparable GAAP measure.
Source: Company filings

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Strategic Execution
Our strategy, or how we compete, leverages our unique resources and assets.
Successful execution of our strategic priorities will help us achieve our financial and
non-financial goals.

Operating:
What we will deliver Customer service, culture, diversity

Financial:
EPS, EBITDA, and FCF growth

Our unique resources

People Disposal Technology Growth
Network Engine

How we will compete Focused Differentiation & Continuous Improvement

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Disciplined Revenue Growth

Drive sustainable, profitable We continue to focus on our

revenue growth through pricing industry-leading yield programs;
and competing for and securing however, we also focus on
“attractive” volumes improving volumes through:

“Attractive” volume: • Improving our sales processes,

especially for our SMB customers, to
• Foster favorable competitive attract the right quality and quantity
dynamics and positive market of new customers
conduct • Expand core customer reach,
• Supports our price leadership stickiness and differentiation through
technology and e-commerce solutions
strategy
• Reducing current customer losses
• Has accretive margins through improved processes, service
quality and customer experience

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Core Optimization and Cost Controls
Improve core operations,
customer satisfaction and service
reliability thereby minimizing
customer defections
Achieve operating and SG&A cost
reduction goals from continued
efficiency focus
Raymond James Conference - 2018
We have maintained strong focus on
costs over the last two to three years,
and we need to continue that focus and
expand it into other areas of the
business through:
• Continued reduction in collection operating
costs from Service Delivery Optimization (SDO)
maintenance
• Application of learnings from SDO deployment
to fleet maintenance practices to enhance
standardization (MSDO)
• Improved alignment between field operations
and call centers
• Advancing “Service Machine” 2.0 to
continuously improve our standard for
customer service excellence
12
Recycling Operations Update
China has strengthened its strict quality
control standards, reduced the number
of import licenses, and lowered the
amount of recyclables that can be
imported. WM will continue to
profitably meet our customers’ recycling
and sustainability goals.

Over the last several years we have

restructured our recycling contracts by
removing floor pricing and adding
contamination and processing fees
Reduce contamination through customer
education programs and improving the
quality of recyclables delivered to our
facilities

Continue to streamline our existing

operations while we develop the
Recycling Plant of the Future

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Using Technology to Improve Customer Service
and to Reduce Costs
• Enhanced WM.com and mobile applications improve customer
CUSTOMER interactions and increase ease of doing business with WM
SOLUTIONS • Complete customer service channel of choice
(self-service, chat, phone etc.)

• Customer interaction analytics to enable predictive

DATA & customer solutions
ANALYTICS • Enhanced pricing tools reduce churn resulting from
pricing program

• Integration of map, traffic and vehicle data to

OPERATIONAL optimize routes
TECHNOLOGIES • Predictive maintenance and parts purchasing
• Piloting smart bins and containers

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 Financial Results Indicative of Strategic Execution
Revenue IRG Defection Rate
($ Billion)
Yield Volume 11.1% 11.1%
$14.5 1.5% 2.1% 2.0%
$13.6 10.1%
$13.0
9.1% 9.3%
1.4% 2.1%

-1.6%

2015 2016 2017 2015 2016 2017 2013 2014 2015 2016 2017

27.2% 27.7%
26.5%
millions)

$4,006
(US$ in

$3,707
$3,430

2015 2016 2017

1
Operating EBITDA % Margin

Execution of pricing,
disciplined revenue growth,
efficiency and continuous
improvement strategies
drove financial results that Operating EBITDA Operating EBITDA Margin highest we
reaches an all-time high have seen since the merger in 1998
exceeded expectations

1
The company defines Operating EBITDA as income from operations before depreciation and amortization, and this measure has been adjusted to exclude certain items.
See the appendix at the end of this presentation for reconciliation of this non-GAAP financial measure.

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 Significant Cash Generated by Operations
Supports Investment in the Business and Return of Cash to
Shareholders
$3,500
$3,180
$3,006
$3,000

$2,528
$2,500
(US$ in millions)

$2,000

$1,500 $1,509
$1,339
$1,233

$1,000

$500
$695 $726 $750

$0
2015 2016 2017

Dividends Capex Operating Cash Flow

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Committed to Growing Shareholder Returns
Board of Directors Approves Increase in
Quarterly Dividend for 15th Consecutive Year, up 9.4%*

$2.00
$1.86*
$1.80 $1.70
$1.64
$1.60 $1.54
$1.50
$1.46
$1.42
$1.40 $1.36
$1.26
$1.20 $1.16
$1.08

$1.00 $0.96
$0.88
$0.80
$0.80 $0.75

$0.60

$0.40

$0.20
$0.01
$-
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

*The Board of Directors approved a 9.4% increase in the future quarterly dividend rate to $0.465 per share. Each future dividend must be separately declared by the Board
of Directors.

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Solid Financial Position Provides Strategic Flexibility

Net Debt / EBITDA1

Best-in-Class Credit Ratings 3.2x
• S&P – A- (stable)
3.1x
• Moody’s – Baa2 (positive)
• Fitch – BBB (stable)
3.0x

2.9x
Committed to maintenance
of strong investment grade 2.8x

credit ratings 2.7x

2.7x

• Access to capital markets

2.6x
• Competitive advantage, particularly with
municipal and large M&I customers 2.5x
2.5x
• Strategic flexibility
2.4x
2.4x

2.3x
Cornerstones of WM credit rating include
strong liquidity, modest leverage, a balanced 2.2x

debt maturity profile, and industry

2.1x
leadership
2.0x
2015 2016 2017

1 Measured based on the covenant as defined in the Company’s revolving credit facility filed with the SEC. See appendix for reconciliation of this non-GAAP financial measure.

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 Impact of the Tax Cuts and Jobs Act
The lower tax rate should reduce cash taxes by approximately $275 million.

Invest in our employees Invest in growing our business

• $65 million bonus to approximately • Standardize the fleet across the

34,000 employees that are not eligible
for an annual incentive plan
• Target improvements in driver and
technician turnover
• Analyze the impact of the bonus
program over the long term to
evaluate the merits of a retention
program beyond 2018
company to reduce maintenance and
operating costs and improve our service
offering to our customers
• Improve our customer’s digital
experience
• Utilize our strong balance sheet to
continue to invest in accretive
acquisitions

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Summary

• 2017 was arguably the best year ever

for Waste Management
• Highest cash from operations and
operating EBITDA
• Returned $1.5 billion to shareholders
• ROIC expanded 50 basis points

• 2018 expected to continue that success

• Expected 9.4% increase in dividends
• $1.25 billion share repurchase
authorization
• Strong Balance Sheet for acquisition
opportunities

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Appendix
Financial Information and Reconciliation
of Certain Non-GAAP Measures
Financial Highlights
Amounts in millions, except margins

2017 2016 2015

Revenue $14,485 $13,609 $12,961

Operating costs $9,021 $8,486 $8,231

Operating cost margin 62.3% 62.4% 63.5%

SG&A $1,468 $1,410 $1,343

SG&A margin 10.1% 10.4% 10.4%

Adjusted income from operations1 $2,630 $2,406 $2,185

1 The reconciliation of this non-GAAP financial measure is provided on slide 24

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Financial Highlights (Cont.)
Amounts in millions

2017 2016 2015

Net cash provided by operations $3,180 $3,006 $2,528

Capital expenditures $1,509 $1,339 $1,233

Free cash flow1 $1,770 $1,710 $1,410

Acquisition and investments $218 $632 $574

Cash dividends $750 $726 $695

Common stock repurchases $750 $725 $600

1 The reconciliation of this non-GAAP financial measure is provided on slide 25

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Reconciliation of Certain Non-GAAP Measures
Adjusted Income from Operations | Amounts in millions

2017 2016 2015

Income from operations (as reported) $2,636 $2,296 $2,045

Adjustments

(Income)/expense from divestitures, asset

$(17) $108 $77
impairments and unusual items, net

Restructuring - $2 $8

Multiemployer pension withdrawal costs $11 - $55

Adjusted income from operations $2,630 $2,406 $2,185

1 TheAdjusted income from operations measure included here reflects adjustments for earnings contributions of divested businesses. Refer to the tables to the press release filed
with our Form 8-K filed on February 18, 2016 for additional information.

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Reconciliation of Certain Non-GAAP Measures
Free Cash Flow | Amounts in millions

2017 2016 2015

Net cash provided by operations $3,180 $3,006 $2,528

Capital expenditures $(1,509) $(1,339) $(1,233)

Proceeds from divestitures of

businesses (net of cash divested) $99 $43 $145
and other sale of assets

Free cash flow $1,770 $1,710 $1,440

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Return on Invested Capital
Amounts in millions, except margins
2017 2016 2015

Adjusted income from operations1 $2,630 $2,406 $2,185

Less: Adjusted provision for income tax1 $(803) $(679) $(567)

After-tax adjusted income from operations $1,827 $1,727 $1,618

Current portion of long-term debt2 $594 $497 $208

Long-term debt (less current portion)2 $8,640 $8,927 $8,824

Noncontrolling interests2 $22 $22 $22

Stockholders’ equity2 $5,575 $5,289 $5,380

Less: Cash2 $(30) $(51) $(175)

Total Invested Capital2 $14,801 $14,683 $14,259

Return on Invested Capital Margin 12.3% 11.8% 11.3%

1 See remainder of this Appendix for the reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.
2 Average of previous four quarters.

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Reconciliation of Certain Non-GAAP Measures
Adjusted Tax Expense | Amounts in millions
2017 2016 2015

Provision for income taxes, as reported $242 $642 $308

Adjustments

Impact of Tax Cuts and Jobs Act $529 - -

Expense from divestitures, asset

$(6) $37 $27
impairments and unusual items, net

Loss on early extinguishment of debt $2 - $206

Restructuring - - $3

Tax benefits related to equity-based

$32 - -
compensation

Multiemployer pension withdrawal costs $4 - $23

Adjusted provision for income taxes $803 $679 $567

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Reconciliation of Certain Non-GAAP Measures
Operating EBITDA| Amounts in millions, except margins
2017 2016 2015

Income from operations $2,636 $2,296 $2,045

Depreciation and amortization $1,376 $1,301 $1,245

Withdrawal from a multiemployer pension

$11 - $55
plan

Restructuring - - $8

(Income) expense from divestitures, asset

$(17) $110 $77
impairments and unusual items, net

Adjusted Operating EBITDA $4,006 $3,707 $3,430

Revenue $14,485 $13,609 $12,961

Adjusted Operating EBITDA Margin 27.7% 27.2% 26.5%

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Reconciliation of Certain Non-GAAP Measures
Net Debt / EBITDA | Amounts in millions
2017 2016 2015

Balance sheet debt $9,491 $9,310 $8,981

Adjustments for accounting for fair value

$56 $47 $(10)
hedges and discounts

Guarantees of indebtedness of others $5 $6 $7

Numerator1 $9,552 $9,363 $8,978

Operating EBITDA2 $4,006 $3,707 $3,430

Less: Restructuring cost - $4 $15

Less: Net income attributable to

- $(2) $(1)
noncontrolling interests

Other $50 $(10) $(39)

Denominator - EBITDA1 $4,056 $3,695 $3,377

Net Debt / EBITDA1 2.4x 2.5x 2.7x

1 The Numerator and Denominator used for this calculation are based on defined terms for this covenant within the Company's revolving credit facility.
2 See Slide 28 for a reconciliation of this non-GAAP financial measure.

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Waste Management, Inc.
Raymond James Institutional Investors Conference

March 6, 2018