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Nov 16, 2023 •205 likes •508 views

Where ADS Waste Holdings, Inc. Disclaimer This presentation contains forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements are subject to risks and uncertainties, including, in

  1. Where ADS Waste Holdings, Inc.

  2. Disclaimer This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Such forward-looking statements are subject to risks and uncertainties, including, in particular, statements about ADS Waste Holdings, Inc. (“ADS” or the “Company”) plans, strategies, prospects and industry estimates. These statements identify prospective information and include words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions. Examples of forward-looking statements include, but are not limited to, statements regarding: expected cost savings, sales increases, margins growth, cash flows, capital expenditures, market and industry growth rates and trends, including trends towards outsourcing, product line and market expansion, market share, operational and expense improvements (including headcount, technological, customer service and business improvement initiatives), retention rates, demand for the Company’s products and financial results. The foregoing is not an exclusive list of all forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. The matters referred to herein may not in fact occur. You are cautioned, therefore, against relying on any of these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 2

  3. Advanced Disposal snapshot - Largest privately owned solid waste management company in the U.S. Market leader - Geographically diversified footprint - Focused on secondary and franchise markets - Operate in 17 states and the Commonwealth of the Bahamas Significant scale - 91 collection operations, 73 transfer stations, 23 recycling facilities and 42 active landfills - Over 5,400 employees - Long lived landfill network Best in class asset - Modern fleet quality base - Investing in CNG / Automation - Increases in housing starts and commercial construction lead to organic volume growth Attractive opportunities - Municipal growth and privatization opportunities for growth - Successful acquisition tuck-in strategy - Disciplined organic growth strategy in core secondary markets - Revenue growth Focus on key value - Margin expansion drivers - Free cash flow maximization while reinvesting in the business 3

  4. Vertically integrated asset base supports our market strategy Collection Services Transfer Stations Recycling Facilities Landfill Services LTM 6/30/14 revenue by line of business National Landfill Gas Accounts 1% 2% Commodity Sales Other 2% 3% Temporary Rolloff Transfer 5% / Landfill 91 Collection Operations 73 Transfer Stations 23 Recycling Facilities 42 Landfills 30% Permanent 2.5M residential customers 3,200 vehicle fleet collecting 530K tons of recyclables 15M annual tons disposed in Rolloff serviced; 732 exclusive 7M tons of waste annually collected annually and 164K our 42 landfills with 64% 10% municipal contracts; 302K tons processed in 23 being internalized waste commercial, industrial & facilities Commercial construction customers Residential 23% 24% Revenue: $1,359 million Vertically integrated geographic hubs EBITDA: $367 million Leading collection Strategically located operations primarily in landfills throughout the secondary markets network 4

  5. Strategic position in attractive markets LTM 6/30/14 revenue by segment Over 2.5 million customers across 17 states and the Bahamas South Midwest 36% 39% East 25% LTM 6/30/14 revenue by market type Urban market revenue 25% Secondary market revenue Corporate Headquarters 47% Regional Headquarters Hauling/Collection Landfill Franchise Recycling revenue More than 70% of Transfer Stations Not Listed 27% revenue from franchise and secondary markets 5

  6. History of Advanced Disposal Best-in-class eastern U.S. footprint formed by combining 3 regional market leaders Today * – Combination of 2 market-leading regional players – Acquired in 2012 – Largest privately owned solid waste management acquired in 2006 company in the U.S. and the fourth largest overall – Focus on attractive secondary Midwestern – Focus on high density Northeastern markets and markets – Best-in-class eastern U.S. footprint focused on high growth Southeastern markets attractive secondary and franchise markets – Synergistic overlap in certain Southeastern and Northeastern markets Note: Continuing operations only. * Solid waste division purchased - name & trademark not purchased 6

  7. ADS core operating strategies and management philosophy – Capitalize on our vertically integrated geographic hubs – Control the waste stream from inception through disposal or beneficial reuse Corporate – Generate sustainable long term growth provides strategic direction – Organic volume growth – Pursue municipal contracting opportunities – National accounts program Region provides operational – Maintain financial discipline – focus on deleveraging direction and – Maximize free cash flow from operations strategic control – Pricing discipline – Attention to ROE and capital deployed – Asset swaps/strategic divestitures – Implement best practices District and General Managers execute locally – SERVICE FIRST. SAFETY ALWAYS. – Routing/driver productivity – Environmental compliance – Continue disciplined acquisition strategy SERVICE FIRST. SAFETY ALWAYS. – Tuck ins to leverage integrated geographic hubs – Effective new market strategy 7

  8. 2014 focus and accomplishments – Institutionalize the Advanced Disposal culture / management philosophy – Incentivize managers to act like owners/entrepreneurs – Significant executive management field involvement – Focus on operations – SERVICE FIRST! SAFETY ALWAYS! – Achieve organizational efficiencies – Implement comprehensive safety training programs – Implement price / volume increases – Increase customer retention – Complete the integration of the companies and achieve estimated synergies – Original estimate of $29.5mm updated to $45mm – Corporate and back office integration – Effective purchasing program established – Rebranding complete 8

  9. ADS investment highlights

  10. Leading vertically integrated solid waste services platform Largest privately owned solid waste company in the U.S. (a) $5 $16 High degree of vertical integration (b) 80% 68% 67% 64% 64% $13.1 Internalization rate 70% 54% 60% $13 $4 50% 40% 30% 20% $8.1 Revenue ($ billions) 10% $3 0% $8 Republic Waste ADS Casella Waste Services Management Connections $2.0 $2 $1.7 $1.3 $1 $0.7 $0.5 $0.5 $0.5 $0.5 $0.3 $0 Republic Progressive Management Services Connections Recology Casella Industries Waste Pro ADS(a) Rumpke WCA Waste Waste Waste Waste Public Private Non-US operations (a) Fourth largest in the US and fifth largest in North America as measured by 2013 calendar year revenue (b) Data as of last Fiscal Year End Note: Waste Management excludes Wheelabrator; Waste Connections excludes E&P segment Source: Public filings, Waste Business Journal 10

  11. Diversified business with multi-year contracts and long lived assets Contract summary LTM 6/30/14 revenue by segment – Approximately 68% of revenue has annuity-like profile South – Revenue distributed across multiple regional markets and Midwest 36% lines of business 39% – Strong residential business provides insulation from fluctuations in the C&D market – Relatively small amount of temporary roll-off business (approximately 5% of total revenue) East 25% – No individual customer accounts for more than 2% of revenue LTM 6/30/14 revenue by line of business Average expected life – active landfills 50 National Landfill Gas 39 38 Accounts 40 1% 34 Expected years Commodity Sales 2% Other 2% 3% 30 Temporary Rolloff Transfer 20 5% / Landfill 30% Permanent 10 Rolloff 10% 0 MSW C&D All Commercial Residential 23% # landfills 31 11 42 24% 11

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