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Press Release Source: Covanta Holding Corporation On Friday October 7, 2011, 4:01 pm EDT

MORRISTOWN, N.J., Oct. 7, 2011 /PRNewswire/ — Covanta Holding Corporation (NYSE:CVANews) (“Covanta” or the “Company”) today announced an adjustment to the conversion rate on its 1.00% senior convertible debentures due 2027 in connection with its previously announced cash dividend of $ 0.075 per share.  The dividend was declared on September 22, 2011, and will be payable on October 14, 2011 to stockholders of record as of the close of business on October 3, 2011.  The conversion rate has been adjusted to 39.5441 shares of Covanta’s common stock per $ 1,000 principal amount of the debentures.  The adjusted conversion rate is equivalent to an adjusted conversion price of $ 25.29 per share.  This conversion rate adjustment was effective immediately following the dividend record date of October 3, 2011.

About Covanta

Covanta Energy 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 create more than 9 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaenergy.com.

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