Waste Management : WM 2023 Sustainability Report -

INNOVATING FOR TOMORROW®

2023 SUSTAINABILITY REPORT

INTRODUCTION	MATERIAL	ENERGY	COMMUNITIES	GOVERNANCE	APPENDIX
IS REPURPOSED	IS RENEWABLE	ARE THRIVING

Table of Contents

Introduction		Material is Repurposed		Energy is Renewable
2022 At-A-Glance	. 3	Circularity.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..13	Climate Impact	22
WM's Sustainability Ambitions	. 6	Sustainability &		Renewable Energy	25
2022 Key Achievements	. 8	Environmental Solutions	17	Landfill	26
Our 2030 Sustainability				Fleet	28
Goals Progress	. 9			Electricity	29
Creating Value for Customers	10

Communities are Thriving		Governance		Appendix
Our People	32	Our Board of Directors	44	Data Center	46
Diversity & Inclusion	38	Ethics & Integrity	44	Resources	64
Social Impact	41	Data Privacy & Security	44	Forward-Looking Statements	65
		Public Policy	44

WMis North America's leading provider of comprehensive environmental solutions. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling, and disposal services to millions of residential, commercial, industrial, and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics, and renewable energy, WM provides environmental solutions to and collaborates with its customers to help them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials, and is the leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants in North America.

WM's fleet includes over 11,000 natural gas trucks - the largest heavy-duty natural gas truck fleet of its kind in North America.

2023 Sustainability Report 2

About This Report

WM is committed to consistent and meaningful public disclosure and discussion of our sustainability progress through the publication of our annual Sustainability Report. This report has been prepared in reference to the Global Reporting Initiative (GRI) Standards. This report generally covers our sustainability performance for 2022 and, unless otherwise noted, the report boundary includes WM's wholly-owned operations and majority- owned subsidiaries in the United States, Canada and India. All data is for the year ended December 31, 2022, except where noted.

We publish updates in a few formats:

• This annual Sustainability Report, which details progress on our sustainability initiatives and shares progress towards our 2030 sustainability goals over the past year, is available as a PDF.
• Detailed information and data related to many aspects of our ESG performance, policies and initiatives can be found in ourESG Data Center.
• OurSustainability Hub, which also houses our ESG Data Center, WM's GRI Index, UN SDGs, our CDP, SASB and TCFD reports and an archive of past reports.

INTRODUCTION	MATERIAL	ENERGY	COMMUNITIES	GOVERNANCE	APPENDIX	2023 Sustainability Report 3
IS REPURPOSED	IS RENEWABLE	ARE THRIVING

2022 At-A-Glance

Economic Impact

• $19.7B total revenue
• $3.47B adjusted income from operations1
• $2.6B capital expenditures
• $2.6B returned to shareholders
• $665M spent on diverse suppliers

Material is Repurposed

• 97 recycling facilities
• 41 organics recycling facilities, including WM CORe® sites and composting
• 14,831,559 tons of material recovered

Energy is Renewable		Communities are Thriving
Energy		People
• 11,307 alternative-fuel vehicles		• 49,317 team members
• 95 landfill gas-to-electricity facilities2		• 19.2% of workforce are female
• 181 natural gas fueling stations		• 41.9% of workforce are minorities
• 17 renewable natural gas facilities2		• 33% of senior leaders are women
• 23 direct landfill gas-to-industrial customers		• 22% of senior leaders are minorities
Landfills and Transfer Stations		Environmental Conservation3
• 337 transfer stations		• 74 certified wildlife habitat programs
• 254 solid waste landfills		• 72 pollinator gardens and wildflower
		meadow projects
		• 291 habitat, species and education
		projects "on-the-ground"
		• 13,413 acres actively managed for
		wildlife preservation
		Charitable Contributions
		• $14.1M in charitable donations
		• $1.8M in-kind services donated
		Education
		• 302,998 people engaged in WM-supported
		education and community activities
		• 1,421 community events hosted and/or
		supported by WM

Figures on this page represent WM as of December 31, 2022.

1. This is a non-GAAP financial measure. Please see the footnotes and tables that accompany our press release dated January 31, 2023, available at investors..wm..com, for more information about the Company's use of non-GAAP measures and a reconciliation of adjustments to the GAAP measure.
2. Facility counts are inclusive of WM-owned facilities plus third-party facilities operating on WM landfills.
3. Acres and projects are actively managed through the Wildlife Habitat Council programs.

INTRODUCTION	MATERIAL	ENERGY	COMMUNITIES	GOVERNANCE	APPENDIX	2023 Sustainability Report 4
IS REPURPOSED	IS RENEWABLE	ARE THRIVING

CEO Message

WM has played an integral role in our communities for decades, enabling sustainability progress for businesses and cities. With hundreds of facilities across North America, we provide a range of environmental solutions to municipal, residential and corporate customers of all sizes - from mom-and-pop shops to some of the largest brands in the world - and operate our business with the highest standards.

Our breadth, scale and expertise uniquely position WM to provide unparalleled service and insight to our customers. This matters because, as companies and communities seek to advance their own sustainability journey, having access to experts in environmental and sustainability services is critical to their progress. In this report, you can read how we are working with a broad range of customers to activate solutions today, including film recycling for their plastic bags, measuring value chain greenhouse gas (GHG) emissions and impacts and unlocking the value of organics to improve community biogas renewable energy production.

WM's success is directly linked to our team of nearly 50,000 employees. We have industry-leading, robust sustainability goals related to our people that will continue to drive the business forward. We design our workplace, benefits and development programs to support employee safety, inclusion, wellness and growth. In the Our People section, you'll read about how we invested in making our operations safer for workers using state-of-the-art automation technology, led targeted training and development programs to build skills and competencies and supported diversity in

our workforce by cultivating an environment that is welcoming and supportive to all people.

As much as we rely on our stakeholders, they rely on us to continue providing critical services and jobs. Remaining resilient as our economy continues to be challenged by extreme weather, inflation and supply chain instability, it is more important than ever to have a robust and wellrounded strategy.

As our industry becomes more complex and our customers face new challenges when seeking to manage a greater volume and variety of materials, we will continue to optimize our business. With sustainability at the center of everything we do, we feel prepared for today and the future. After reading the progress and achievements detailed in our 2023 Sustainability Report, we believe you will feel the same.

Jim Fish

President and Chief Executive Officer

At WM, we are driven by commitments to our people and to operate with integrity. Our core values guide all that we do: diversity & inclusion, customer service, safety and environmental sustainability. Read more.

INTRODUCTION	MATERIAL	ENERGY	COMMUNITIES	GOVERNANCE	APPENDIX	2023 Sustainability Report 5
IS REPURPOSED	IS RENEWABLE	ARE THRIVING

CSO Message

WM has played a vital role in keeping our communities and environment clean and safe by providing environmental solutions across North America for generations. In 2022, we refreshed our sustainability strategy, announcing planned financial investments and our commitment to sustainability initiatives. We recognize that the issues facing the world today require bolder action, and that yesterday's solutions won't meet the demands of our current social and environmental challenges. With this strategy, WM is deepening its commitment to communities by expanding the breadth and depth of our sustainability offerings.

Our sustainability strategy is centered on three core ambitions:

1. Material is repurposed
2. Energy is renewable
3. Communities are thriving

But what does this mean for WM?

It means we're reimagining a circular economy by investing in and operating innovative recycling and waste

solutions that fuel the continuous reuse of materials. It means we're innovating for climate progress by deploying advanced technologies that use waste to produce energy that powers communities and reduces our footprint. It also means we're empowering people to live sustainably, both our team members and community while strengthening the resiliency of the diverse places where we live and work.

We believe these ambitions will enable us to meet our sustainability and corporate objectives and open up a new horizon - one where more materials can be reused, our advanced renewable energy systems can be used to power both our trucks and cities and our people and communities are empowered to thrive through education and conservation initiatives.

With our 2030 sustainability goals - significantly increasing our material management, cutting our greenhouse gas emissions, building a culture of belonging and more - we aim to stretch ourselves while remaining confident in our ability to meet each one. In this report, we are proud to highlight key accomplishments towards our goals, including reduction

in direct emissions towards our validated science-based target, unlocking value in recovering material for reuse and generating renewable energy to power communities and vehicles.

We've never been more excited about what the future holds for WM. By rooting our business in sustainability, we believe we will be successful for years to come, together. The future demands nothing less.

Tara Hemmer

Chief Sustainability Officer

"With this strategy, WM is deepening its commitment to communities by expanding the

breadth and depth of our sustainability offerings and innovating today, FOR TOMORROW®".