Covanta appoints Robert S. Shapard as executive vice president and CFO

FAIRFIELD, N.J., Jan. 22, 2002 — Covanta Energy Corporation today announced the appointment of Robert S. Shapard as Executive Vice President and Chief Financial Officer, effective February 4, 2002.

Shapard succeeds Edward Moneypenny, who has been appointed senior vice president and chief financial officer of 7-Eleven, Inc. in Dallas, Texas, where he has lived for the past 23 years.

Until recently, Shapard served as Executive Vice President and Chief Financial Officer of Ultramar Diamond Shamrock (UDS), one of the largest independent refining and marketing companies in North America. UDS recently completed its merger with Valero Energy Corporation. He will report to President and Chief Executive Officer Scott G. Mackin and his responsibilities will include corporate finance, strategic planning, treasury, investor relations, accounting, risk management, tax and internal audit.

Mackin said, “Bob Shapard brings to Covanta more than 20 years of experience in the energy industry, including strategic planning, finance, investor relations, accounting, tax, internal audit and information technology. With his background and expertise, I am confident he will contribute significantly to Covanta’s future and I look forward to working with him.”

Shapard, 46, has served as Executive Vice President and Chief Financial Officer of Ultramar Diamond Shamrock since August 2000. Since that time, he has completed a business review for UDS, restructured its funding and capitalization and conducted an evaluation of UDS’ strategic alternatives.

Prior to joining UDS, Shapard spent more than 20 years with TXU Corporation, a diversified international energy company, including, most recently, positions as Chief Executive Officer of TXU Australia and Vice President of Finance for TXU Services. In the latter position, Shapard was responsible for all of the TXU companies’ finance activities, including financial planning, capital management, investor relations, treasury operations and financial reporting, as well as corporate planning.

Shapard, a Certified Public Accountant, received a B.B.A (Accounting) from Texas Tech University.

The executive search firm, Seiden Krieger Associates, Inc., conducted the search for Covanta.

Covanta Energy Corporation is an internationally recognized designer, developer, owner and operator of power generation projects and provider of related infrastructure services.

The company’s independent power business develops, structures, owns, operates and maintains projects that generate power for sale to utilities and industrial users worldwide. Its waste-to-energy facilities convert municipal solid waste into energy for numerous communities, predominantly in the United States.

The company also offers single-source design/build/operate capabilities for water and wastewater treatment infrastructures. Additional information about Covanta can be obtained via the Internet at www.covantaenergy.com.

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