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.

Certain statements contained in this press release include statements that are "forward-looking statements." Outlined below are some of the risks that the Company faces and that could affect our financial statements for 2004 and beyond and that could cause actual results to be materially different from those that may be set forth in forward-looking statements made by the Company. However, they are not the only risks that the Company faces. There may be additional risks that we do not presently know or that we currently believe are immaterial which could also impair our business. We caution you not to place undue reliance on these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the Company, from time to time, provides estimates of financial and other data relating to future periods. Such estimates and other information are the Company's expectations at the point in time of issuance but may change at some future point in time. By issuing such estimates the Company has no obligation, and is not undertaking any obligation, to update such estimates or provide any other information relating to such estimates.

-- possible changes in our estimates of site remediation