Waste Management, Inc. Loss Submission Form

(i) the U.S. Department of Justice had indicated to Waste Management that it would require Waste Management to divest significantly more assets than the $200 million indicated in the merger agreement between the Company and Advanced Disposal Services; (ii) as a result, the merger would not be completed by July 14, 2020, the end date under the merger agreement; and (iii) the Waste Management redeemable senior notes would be subject to mandatory redemption at 101% of par.