Waste Management Inc. Announces Cash Dividend.

Business Editors

HOUSTON--(BUSINESS WIRE)--Jan. 30, 2004

Waste Management Inc. (NYSE:WMI) announced today the declaration of a quarterly cash dividend of $0.1875 per share payable March 25, 2004 to stockholders of record on March 1, 2004.

"Last August we announced that our Board of Directors had approved for 2004 this new quarterly dividend program," said A. Maurice Myers, chairman, president and chief executive officer of Waste Management. "Waste Management generates strong and predictable cash flows, and the allocation of that cash to provide the best return to our shareholders is one of our most important tasks at hand. We believe that the dividend announced today shows our commitment to delivering returns to our shareholders. Additionally, the capital allocation program we put in place this year, which is aimed at paying an annual dividend of $0.75 per share, demonstrates our confidence in the Company's cash generating ability."

Waste Management Inc. is its industry's leading provider of comprehensive waste management and environmental services. Based in Houston, the Company serves municipal, commercial, industrial, and residential customers throughout North America.