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Allied Shareholders Convert Stocks; Company Reports Second Quarter Results

Scottsdale, Ariz. -- A group of equity investors will exchange $1 billion in Allied Waste Industries preferred stock for common shares, allowing more leeway to improve the company’s balance sheet. Allied also has reported that revenues for the second quarter ending June 30 were up to $1.394 billion from $1.374 billion for the same quarter in 2002. Operating income was down from $319 million in 2002 to $281 million. Debt was reduced by $517 million in the second quarter to $8.207 billion. For details, visit

www.alliedwaste.com

.