ADVANCED DRAINAGE SYSTEMS, INC. — Director's Dealing 2024

Mar 1, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADVANCED DRAINAGE SYSTEMS, INC. (WMS)
CIK: 0001604028
Period of Report: 2024-02-28

Reporting Person: Seetharam Anil (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-02-28	Common Stock	S	762895	$163.0000	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11026	Direct
Common Stock	1196	Indirect

Footnotes

F1: Represents shares by Stockbridge Fund, L.P. ("SF") and other certain accounts (collectivelly, the "Berkshire Entities"). Stockbridge Associates LLC ("SA") is the general partner of SF. Stockbridge Partners LLC ("SP") is the investment adviser to SF and such certain other accounts. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of SP.

F2: (continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, SP, and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by the Berkshire Entities. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.