SCHEDULE 13G/A 0001104659-23-018575 0001166559 XXXXXXXX LIVE 10 Common Stock, $0.01 par value 09/30/2025 0000823768 Waste Management, Inc. 94106L109 800 Capitol Street Suite 3000 Houston TX 77002 Rule 13d-1(c) Gates Foundation Trust WA 0.00 28934344.00 0.00 28934344.00 28934344.00 N 7.2 OO For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), all shares of common stock ("Common Stock") of Waste Management, Inc. (the "Issuer") beneficially owned by Gates Foundation Trust (the "Trust") may be deemed to be beneficially owned by William H. Gates III ("WHG" and together with the Trust, the "Reporting Persons") as Trustee of the Trust. Effective January 6, 2025, Bill & Melinda Gates Foundation Trust changed its name to Gates Foundation Trust. Item 11 is based on 402,867,051 shares of Common Stock outstanding as of October 24, 2025, as reported in the Issuer's Form 10-Q filed on October 28, 2025. Cascade Investment, L.L.C. ("Cascade"), the Trust, WHG, and Melinda French Gates ("MFG") initially reported their beneficial ownership of Common Stock of the Issuer on a Schedule 13G, filed on September 17, 2010, SEC File No. 005-39928. As disclosed in a prior amendment, Cascade is no longer a reporting person hereunder. As of this amendment, MFG is no longer a reporting person hereunder. William H. Gates III X1 0.00 28934344.00 0.00 28934344.00 28934344.00 N 7.2 IN For purposes of Rule 13d-3 under the Exchange Act, all shares of Common Stock of the Issuer beneficially owned by the Trust may be deemed to be beneficially owned by WHG as Trustee of the Trust. Item 11 is based on 402,867,051 shares of Common Stock outstanding as of October 24, 2025, as reported in the Issuer's Form 10-Q filed on October 28, 2025. Waste Management, Inc. 800 Capitol Street Suite 3000, Houston, TX, 77002 Gates Foundation Trust (the "Trust") and William H. Gates III ("WHG"). Neither the present filing nor anything contained herein shall be construed as an admission that the Reporting Persons constitute a "group" for any purpose and each expressly disclaims membership in a group. The Trust - 2365 Carillon Point, Kirkland, Washington 98033 WHG - 500 Fifth Avenue North, Seattle, Washington 98109 The Trust is a charitable trust organized under the laws of the State of Washington. WHG is a citizen of the United States of America. Y See the responses to Item 9 on the attached cover pages. 7.2 See the responses to Item 5 on the attached cover pages. See the responses to Item 6 on the attached cover pages. See the responses to Item 7 on the attached cover pages. See the responses to Item 8 on the attached cover pages. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 1: Joint Filing Agreement by and between Gates Foundation Trust and William H. Gates III Exhibit 2: Special Power of Attorney appointing Alan Heuberger attorney-in-fact, dated January 6, 2025, by and on behalf of WHG as Trustee Gates Foundation Trust /s/ Alan Heuberger 11/14/2025 William H. Gates III /s/ Alan Heuberger 11/14/2025 Duly authorized under Special Power of Attorney appointing Alan Heuberger attorney-in-fact, dated January 6, 2025, by and on behalf of WHG as Trustee, and attached hereto as Exhibit 2.