The following materials were first provided to employees of Advanced Disposal Services, Inc. on April 15, 2019:

Employee Frequently Asked Questions

What are the details of the transaction? Why did we decide to sell the company versus continuing to run the business as before?

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We announced that Advanced Disposal has entered into an agreement for Waste Management to acquire the company for $33.15 per share in cash, which represents a premium of 22.1% over Advanced Disposal’s closing price as of April 12, 2019.

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Joining forces with Waste Management’s larger, complementary business offers many opportunities to leverage a broader industry scale, enhance financial stability, and share resources in order to better serve our customers. We believe our employees will benefit from long-term career opportunities within the larger Waste Management platform.

The transaction has been announced but has not closed. When do we expect closing to occur?

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Today’s announcement is the first of many steps to come before the transaction closes and we officially begin integrating with the Waste Management platform. We expect the transaction to close in the first quarter of 2020, before which we must obtain Advanced Disposal stockholder and regulatory approvals and satisfy other customary closing conditions. We will continue to communicate updates throughout the process.

Will my job responsibilities change between now and closing?

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We do not expect job responsibilities to change significantly between now and closing. Until the transaction closes, Advanced Disposal will remain a separate, independent company. We are going to continue to live out our Service First, Safety Always culture and provide the best possible service experience for our customers while remaining committed to our mission and long-term strategic plan.

What are the plans for integrating the two companies and how will the integration process be managed?

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Over the coming months, we expect to build a cross-functional integration planning team, led by members of senior management from both companies, to address how best we can bring our companies together post-close and capitalize on the strengths and talent from each organization. We will continue to communicate updates throughout the process.

Will my job responsibilities change after closing?

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For most positions and especially for front-line positions, we expect that job responsibilities will be essentially the same. While some job responsibilities may change, no decisions have been made at this time.

Will there be staff reductions?

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As part of the integration review process, we will examine the employee workforce and corporate footprints of both companies to determine where, if any, workforce consolidation may be appropriate. We are committed to communicating in a timely and transparent manner as these decisions are made. But, as indicated, no decisions have been made at this time and it’s business as usual.

What does this announcement mean for customers?

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Between now and when the transaction closes, it is “business as usual.” This announcement does not change our day-to-day operations and our team will continue to focus on providing a high-quality customer experience and the service our customers expect.

What can I say to customers, contractors and suppliers about this transaction?

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Senior management will be contacting key customers and suppliers to inform them about the announcement. Employees should refer all inquiries to the public press release and customer letter available on our website.

What if I have additional questions?

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If you have additional questions, please contact your manager. We will strive to update this Frequently Asked Questions (FAQ) document to keep employees current on new developments.

What should I do if I am contacted by the media or other parties?

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Please do not provide any comments or otherwise discuss the transaction with the media. Please direct any media inquiries that you receive to Mark Nighbor (mark.nighbor@advanceddisposal.com) and investor inquiries that you receive to Matt Nelson (matthew.nelson@advanceddisposal.com).

I have additional compensation and benefits related questions. When will additional guidelines around those topics be communicated to employees?

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We are preparing answers to a number of compensation and benefits related questions that, when ready, will be disseminated to all employees by their leaders. Please reach out to your manager or HR representative with any additional questions. Customized written communications based on job profile are expected to be completed and sent out in the coming weeks.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Such statements include statements concerning anticipated future events and expectations that are not historical facts. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions or the negative thereof. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) risks related to the consummation of the merger, including the risks that (a) the merger may not be consummated within the anticipated time period, or at all, (b) the parties may fail to obtain stockholder approval of the merger agreement, (c) the parties may fail to secure the termination or expiration of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (d) other conditions to the consummation of the merger under the merger agreement may not be satisfied; (2) the effects that any termination of the merger agreement may have on Advanced Disposal or its business, including the risks that (a) Advanced Disposal’s stock price may decline significantly if the merger is not completed, (b) the merger agreement may be terminated in circumstances requiring Advanced Disposal to pay Waste Management a termination fee, or (c) the circumstances of the termination, including the possible imposition of a 12-month tail period during which the termination fee could be payable upon certain subsequent transactions, may have a chilling effect on alternatives to the merger; (3) the effects that the announcement or pendency of the merger may have on Advanced Disposal and its business, including the risks that as a result (a) Advanced Disposal’s business, operating results or stock price may suffer, (b) Advanced Disposal’s current plans and operations may be disrupted, (c) Advanced Disposal’s ability to retain or recruit key employees may be adversely affected, (d) Advanced Disposal’s business relationships (including, customers and suppliers) may be adversely affected, or (e) Advanced Disposal’s management’s or employees’ attention may be diverted from other important matters; (4) the effect of limitations that the merger agreement places on Advanced Disposal’s ability to operate its business, return capital to stockholders or engage in alternative transactions; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the merger and instituted against Advanced Disposal and others; (6) the risk that the merger and related transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and/or tax factors; and (8) other factors described under the heading “Risk Factors” in Part I, Item 1A of Advanced Disposal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as updated or supplemented by subsequent reports that Advanced Disposal has filed or files with the U.S. Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Neither Waste Management nor Advanced Disposal assumes any obligation to publicly update any forward-looking statement after it is made, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed merger between a subsidiary of Waste Management and Advanced Disposal. In connection with the proposed transaction, Advanced Disposal plans to file a proxy statement with the SEC. STOCKHOLDERS OF ADVANCED DISPOSAL ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT ADVANCED DISPOSAL WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Stockholders and investors will be able to obtain free copies of the proxy statement and other relevant materials (when they become available) and other documents filed by Advanced Disposal at the SEC’s website at www.sec.gov. Copies of the proxy statement (when they become available) and the filings that will be incorporated by reference therein may also be obtained, without charge, by contacting Advanced Disposal’s Investor Relations at matthew.nelson@advanceddisposal.com or (904)737-7900.

Participants in Solicitation

Advanced Disposal and its directors, executive officers and certain employees, may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding Advanced Disposal’s directors and executive officers is available in its proxy statement filed with the SEC on April 3, 2019. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.

☐	Preliminary Proxy Statement
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☐	Definitive Proxy Statement
☐	Definitive Additional Materials
☒	Soliciting Material Pursuant to 240.14a-12


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