Covanta Announces Adjustment to the Conversion Rate on Its 3.25% Cash Convertible Senior Notes Due 2014

Covanta Holding Corporation

("Covanta" or the "Company") today announced an adjustment to the conversion rate on its 3.25% cash convertible senior notes due 2014 in connection with its previously announced dividend that was paid on April 5, 2013 to stockholders of record as of March 28, 2013. As a result of this dividend, and effective as of May 22, 2013, which was the anniversary of the closing date of the note issuance, the conversion rate was adjusted to 63.0419 shares of Covanta's common stock per $1,000 principal amount of the notes. The adjusted conversion rate is equivalent to an adjusted conversion price of $15.86 per share. About Covanta Covanta Holding Corporation

is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into 9 million megawatt hours of clean renewable electricity and approximately 9 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaenergy.com.