Financial Astrology of Allied Waste Industries, Inc.

FINANCIAL ASTROLOGY

First Trade Date for Allied Waste Industries, Inc.

Company Name	First Trade Date (yyyy-mm-dd)
Allied Waste Industries, Inc.	1998-12-30

Company Name	Symbol
Allied Waste Industries, Inc.	AW
History and Business of Company (this information may include date of incorporation)
We are the second largest, non-hazardous solid waste management company in the United States. The non-hazardous solid waste industry in the United States generates approximately $40 billion of annual revenue from publicly traded companies, municipalities and privately held companies. Publicly traded companies generate approximately 47% of the revenues, while municipalities and private companies generate approximately 30% and 23% of revenues, respectively. Presently, the three largest publicly traded companies in the waste management industry in the United States generate over 90% of the public company revenues. We provide collection, transfer, recycling and disposal services for approximately 10 million residential, commercial and industrial customers. We operate as a vertically integrated company which entails picking up waste from businesses and residences and disposing of that waste in our own landfills to the extent that it is economically feasible (referred to as internalization). This allows us greater stability in and control over the waste flow into our landfills and, therefore, greater control over the cash flow stability in our business. We serve our customers through a network of 340 collection companies, 175 transfer stations, 169 active landfills and 66 recycling facilities in 118 major markets within 39 states. We reported revenues of approximately $5.5 billion and approximately $5.6 billion for the years ended December 31, 2002 and 2001, respectively. During the years ended December 31, 2002 and 2001, we generated operating cash flows of approximately $1,032.7 million and $905.2 million, and reinvested $542.3 million and $500.9 million of capital into the business, respectively. During 2002, we reduced our debt balance by $377.5 million to $8.88 billion and our debt to total capitalization was 82.1% and 84.1% at December 31, 2002 and 2001, respectively. Our current business objectives are to focus on internal growth and maximize cash flow to repay debt. Our management philosophy utilizes a decentralized operating model, with centralized management oversight and centralized control of functions and activities related to risk, regulations and compliance. Because the waste collection and disposal business is a very local business, operations and opportunities differ in each of our markets. By utilizing a decentralized operating model, the day-to-day operating decisions are made locally, close to the customer. We believe that this model allows us to maximize the growth and development opportunities in each market in which we operate and has largely contributed to our ability to operate the business efficiently, while maintaining effective controls over our operations and administrative matters, including financial reporting and risk management. We were incorporated in Delaware in 1987. Since then we have acquired companies within the waste industry that either provide additional infrastructure, such as landfills and transfer stations in existing markets, or tuck into our existing collection companies and enhance our internalization and profitability in a market. Since 2001, we have funded the acquisition of companies through the proceeds from divestitures of our own non-integrated assets. In 2002, we divested companies with $69.3 million of annualized revenue for net proceeds of $84.3 million and acquired companies with $28.3 million of annualized revenue for a purchase price of $55.4 million. General information about us can be found at www.alliedwaste.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after we file them with, or furnish them to, the Securities and Exchange Commission (the SEC).

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