#1Republic Services Investor Presentation November 2019 REPUBLIC SERVICES#2Forward-Looking Statements Certain statements and information included herein constitute "forward-looking statements," including statements with respect to our anticipated 2019 and 2020 financial results, within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "anticipate," "estimate," "guidance" and similar words and phrases are used in this presentation to identify the forward-looking statements. These forward-looking statements, although based on assumptions that we consider reasonable, are subject to risks and uncertainties that could cause actual results, events or conditions to differ materially from those expressed or implied by the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that the expectations will prove to be correct. Other factors which could materially affect our forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating our forward-looking statements and are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements made herein are only made as of the date of this presentation, and except as required by law, we undertake no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. 2#3. • Industry Profile Revenue and earnings visibility - Multi-year contracts Strong and predictable free cash flow Good operating leverage - Benefit from moderate increases in inflation Continues to consolidate Approx. 35% of industry revenue with private entrepreneurs and regional publicly-traded companies 2410 REPUBLIC SERVICES REP REPUBLIC CAUTICACAUTION ACAUTION CAUTION HEIL REPUBLIC SERVICES We provide an essential service with strong and predictable cash flow 3#4• Republic's Strengths National platform - Vertically integrated North American recycling and solid waste provider High-quality asset base - - - Modern fleet Long-lived landfill network - Single-stream recycling E&P waste capabilities Cash return to shareholders Investment-grade credit ratings REPUBLIC REPUBLIC SERVICES REPUBLIC Our business culture centers around ROIC and Free Cash Flow 4#5• • • How We Create Value Profitably grow our business - Organically and through acquisitions Gain pricing power through differentiation and superior service Reduce costs and achieve operational excellence 1277 Generate consistent earnings & cash flow growth; improve ROIC • Increase cash returns to B REPUBLIC SERVICES shareholders We'll handle it from here." We are managing the business to create long-term shareholder value LO 5#6Our Performance Adjusted EPS1 Adjusted Free Cash Flow¹ $3.30 $1,200 $1,178 $3.09 $3.10 3-Yr $1,150 EPS CAGR $2.90 of 14% $1,100 $2.70 $1,050 $2.43 $2.50 $1,000 $2.30 $2.22 $950 $934 $2.10 $900 $885 $1.90 $850 2016 2017 2018 2016 2017 2018 Cash Returned to Shareholders $1,200 $1,000 $819 $800 $600 $400 $200 $0 2018 Total Shareholder Return (12 months ended December 31st) 3-Yr FCF/Share CAGR of 13% 8.8% Highest Return In 2018 $1,165 $1,085 3-Yr 8.0% Dividend CAGR of 6.0% 5.2% 5.3% 8% [2] 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 2018 -4.4% S&P 500 WCN WM RSG 2016 2017 ■Dividends ■Share Repurchases Solid growth in earnings & cash flow; substantial returns to shareholders 1. See "Reconciliation of Non-GAAP Measures" on pages 28-32 2. Annualized Q4 dividend per share declared 6#7• • • Organizational Structure Phoenix Headquarters Set strategy and direction Functional leadership and support Governance and policy setting Capital allocation 1 Areas • Lead market planning process • Provide functional resources to the Business Units • Hold Business Units accountable for financial and operational results • • Business Units Execute market plans and drive the Republic Way Achieve financial and operational results Own the customer experience Lead employee engagement Matrix organization provides functional support; full accountability and P&L responsibility resides in the business units ་ 7 1. Financial performance managed through two field groups#8The Five Pillars of Our Strategy Market Position Profitable Growth through Differentiation Operating Model People & Talent Agenda Digital Customer Zeal Platform Drive customer Develop the best vertically integrated infrastructure to build density, expand margins and improve returns Deliver the Republic Way: standardized best practices to deliver a consistent, high level of service to all of our customers Create an environment to attract and retain the best talent loyalty by offering differentiated products and services specifically designed to meet our customers' needs Provide a consistent experience across our business while enabling customers to do business with us the way they prefer Our strategy is designed to generate consistent earnings and cash flow growth, while continually improving ROIC 8#9Investment - $ in millions Market Position Acquisitions 300 Managing the "Evolving" Ton $500 $400 $300 $200 $100 $0 $233 $195 5-year average of $232M $437 $221 n.h $72 Million Tons 250 200 150 100 50 Source: Berkeley Research Group, EPA, Waste Business Journal, RSG Internal Data 2014 20151 2016 0 2017 2018 ■Purchase Price ($M) 1975 1980 1985 1990 1995 2000 2005 2010 2015 2026 MSW Recycling & Composting • Five-year average of $232M 2019 pipeline supports approx. $550 million of annual investment • Population growth drives waste generation Focused on traditional recycling in select and prioritized markets Developing the best vertically integrated market position to further build density and improve returns 1. Excludes Tervita acquisition of $485 million 9#10Operating Model The Republic Way Standardized best practices to deliver a consistent, high level of service to our customers and reduce costs: One Way Everywhere Everyday Alternative Fuel Automation • . • 20% of our fleet runs on CNG . Lower cost fuel and competitive advantage Electric-drive dozers at landfills Partnering with Mack Trucks on EV technology • 76% of our residential routes are automated • • Assessing automation & autonomy technology Positive-sort "Next Gen" recycling processing center Standardized Maintenance In-Cab Technology Pilots • 100% of fleet certified • · Greater fleet reliability and availability, increased asset utilization, lower parts inventory and reduced capex Improve safety, streamline manual processes and increase productivity • Increase customer connectivity Leveraging our scale through standardized processes and delivering durable operational excellence 10#11People & Talent Agenda Our people continue to be the most critical component in successfully executing our strategy . Safety Learning & Development • • Prioritize safety above all else Industry-leading safety training program Safety performance 40%¹ better than solid- waste industry average Develop employees throughout their career Experiential on-boarding and learning Leadership training and development Recognized for Being an Employer of Choice Great Place To Work® Certified AUG 2019-AUG 2020 USA Forbes 2019 THE BEST EMPLOYERS for WOMEN POWERED BY STATISTA ✓ Annual employee engagement survey . Inclusion & Diversity Programs to drive inclusion and diversity Recruiting strategy focused on attracting a diverse pool of candidates including, veterans, women and minorities 2019 WORLD'S MOST ETHICAL COMPANIES® WWW.ETHISPHERE.COM Creating an environment to attract and retain the best talent and most engaged workforce 1. Based on OSHA recordable rates since 2008 11#12● Customer Zeal Heightened focus on target customers to build customer loyalty and increase willingness to pay Customer Segmentation Identify customer segments Understand Expanded Products Customer Loyalty • Meet customer demand • Focus on Offer suite of services and products ● wants & needs • Focus on those • Utilization of alliance partners · customer experience Increase NPS and ~93% retention rate willing to pay Driving customer loyalty and willingness to pay by offering differentiated products and services 12#13• Digital Platform Increasing our digital capabilities to enhance customer satisfaction and reduce costs MyResource Portal & App . Enhance customer interaction and connectivity Easier to do business with us E-commerce Capabilities • Addresses consumers' evolving buying preferences • • Lower-cost sales channel • Capture Pricing Tool Enhance revenue quality Digital configure, price and quote Professional sales experience • Self-service Providing a consistent experience across our business while enabling our customers to do business with us through more channels 13#14Sustainability & Corporate Responsibility 2030 Sustainability Goals 0 Safety Amplified: SAFETY Zero employee fatalities Reduce our OSHA Total Recordable Incident Rate (TRIR) to 2.0 or less by 2030 • Board committee oversight PEOPLE Engaged Workforce: 88% Achieve and maintain employee engagement scores at or above 88% by 2030 OPERATIONS MATERIALS MANAGEMENT Climate Leadership: Circular Economy: 40% Increase recovery of key materials by 40% on a combined basis by 2030 (2017 baseline year) 35% Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% by 2030 (2017 baseline year)' * ALIGNED WITH SBTI * Regenerative 50% Landfills: Charitable Giving: 20M COMMUNITIES Increase biogas sent to beneficial reuse by 50% by 2030 (2017 baseline year) Positively impact 20 million people by 2030 • • Achieved time-bound goals established in 2014 In 2019, unveiled new, more ambitious goals Address critical global macrotrends and our most material sustainability risks and opportunities Aligned goals with the United Nations' Sustainable Development Goals We are committed to sustainability, which we believe drives profitability, reduces risk and enhances long-term value creation Note: GRI and Sustainability reports available at www.republicservices.com/sustainability 14#15● Cash Flow Utilization Priorities We have an efficient and balanced approach to cash utilization which drives shareholder value Internal Growth & Acquisitions Share Repurchase Increase Shareholder Value Dividends Strong Capital Structure 2019 Estimated Cash Utilization Acquisitions Γ I Dividends Share Repurchase I $550M 7 $500M I $400M Est. $900 million cash returned to shareholders in 2019 $4.7 billion cash returned to shareholders over last 5 years We return a majority of free cash flow to shareholders 15#16Financial Overview REPUBLIC SERVICES#17Guidance & Preliminary Outlook Adjusted Diluted EPS² 2019 Guidance1,2 $3.28 $3.30 2020 Preliminary Outlook 1,3 $3.46 $3.51 - Adjusted Free Cash Flow Expect to achieve upper end of guidance range of $1.125 $1.175 billion $1.15 $1.20 billion In October we raised our Adjusted EPS guidance and reaffirmed our Free Cash Flow guidance. Given the stability and predictability of our business we also provided a preliminary outlook for 2020. 1. See "Reconciliation of Non-GAAP Measures" on pages 28-32 2. Full-year 2019 Adjusted EPS guidance updated in October 2019 3. Expect to reinvest $100 million of tax-reform savings into our fleet and front-line employee facilities 17#182020 Preliminary Outlook 12% Underlying Growth in Adjusted EPS1,2 10% Underlying Growth in Adjusted Free Cash Flow 1,3 Underlying Growth Headwinds Underlying Growth Headwinds $0.40 $3.48 -$0.21 $3.29 $1,175 million -$115 $115 $1,175 million 2019 Guidance Mid-Point 2020 Preliminary Outlook Mid-Point 2019 Guidance Upper End 2020 Preliminary Outlook Mid-Point Adjusted EPS Headwinds4 Adjusted Free Cash Flow Headwinds4 $0.16 Increase in effective tax rate from 15% in 2019 to 21% in 2020 $25M Higher cash taxes from increase in effective tax rate $20M $0.04 Lower recycled commodity prices (~$78/ton in 2019 to ~$68/ton in 2020) Lower recycled commodity prices (~$78/ton in 2019 to ~$68/ton in 2020) $5M Decline in U.S. rig counts and drilling activity $0.01 Decline in U.S. rig counts and drilling activity $25M 1. See "Reconciliation of Non-GAAP Measures" on pages 28-32 2. Full-year 2019 Adjusted EPS guidance updated in October 2019 3. Expect to reinvest $100 million of tax-reform savings into our fleet and front-line employee facilities 4. Approximate amounts $40M Higher capex headwind associated with the reinvestment of tax reform savings Higher working capital due to the timing of disbursements in 2020 versus 2019 18#192018 Revenue by Market Type • Over 60% of revenue in Franchise or Small & Mid- Size markets Franchise 29% Large Urban 37% - Small & Mid-Size 34% • • Franchise: - Sole service provider - Long-term contracts. Optimal operating density Small & Mid-Size: - - Market leader Vertical integration Strong operating density Large Urban: - Vertical integration - More competitive 19#20• 2018 Revenue by Line of Business Approximately 80% of revenue has an annuity-type profile Other 3% E&P 2% Transfer & Landfill 18% Recycling Processing & Commodity Sales 3% Temporary Large Container (C&D) 6% Recurring Large Container 15% 22% Small Container 31% Collection business represents ~74% of total revenue Recycling processing & sale of commodity represents ~3% of total revenue Residential Over half of our recurring large container revenue is consumer driven 20#21• • Pricing Trends Open Market Approximately 50% of revenue in open markets We secure price increases directly with customers Greater pricing power due to: Increase in demand for service - Attracting higher value segments (PBS) Capture pricing tool • • Restricted Approximately 50% of our pricing is restricted - Contractual; majority CPI - Adjust annually; mostly 2nd half Higher CPI drives higher pricing Improves operating leverage Expanding use of waste-related indices for price resets - Better aligned with costs Higher CPI drives additional operating leverage in our business 21#22• Volume Trends Collection Small-Container - Modest growth; late cycle - Leverage from route density - Strategically shedding work performed on behalf of brokers Large-Container - - Modest growth in recurring and temporary hauls ("C&D") Limited operating leverage Residential Only renewing contracts that meet return criteria • Post-Collection Landfill - Strong event-driven volumes Broad-based MSW volume growth Recycling - Demand for single-stream recycling Volumes are driven by population growth, household formation and new business formation 22#23RSG Volume Correlation to Housing Starts High correlation between historical volume performance and single-family housing starts 10% 5% 0% -5% -10% -15% T % Change: RSG Volume vs. Single-Family Housing Starts (1-Yr lag) 88% Correlation 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 RSG Volume Single Family Starts (1-yr lag) Source: U.S. Census Bureau and Department of Housing and Urban Development Construction has been a catalyst for recent growth 40% 20% 0% -20% -40% -60% Single-Family Starts (1-Yr Lag) 23#24Recycling . • Business Overview Customers demanding, demonstrating willingness to pay Manage approx. 8 million tons of material - 73% of recycling processing volume related to fiber Majority sold domestically Recycling processing and commodity sales represented 3% of 2018 revenue Making Progress Transitioning to a More Sustainable Model RSG average price per ton sold Average Commodity Price $175 $150 $121 $125 $113 $100 $75 $149 il $104 Declin $78 $50 2015 2016 2017 2018 2019 Est. Recovered fiber pricing collapse driven by Chinese mixed paper import ban and dramatically lower contamination standard PAST Value of Commodity Used to Subsidize Processing & Contamination Costs Earnings Volatility FUTURE Fee for Service & Share Value of Commodity less Contamination Costs Predictable ROI A $10/ton move in commodities impacts annual EPS by approx. 4¢ Less capital intensive business with solid long-term cash returns 24#25• Fuel Consume approximately 160 million gallons of fuel annually DOE Average Diesel Price $5.00 $3.82 $4.00 - 130 million gallons diesel; 30 million gallon $3.00 $3.18 $2.71 $2.65 $2.30 $2.00 $1.00 2014 2015 2016 2017 2018 equivalents of CNG/LNG Recover approximately 80% of annual diesel cost through fuel recovery fees (FRF) 5-Yr Avg. $2.93 At current FRF participation levels, changes in diesel prices do not have a significant impact on full- year Operating Income or EPS 25#26$'s in millions Tax Related Expense Effective Tax Rate¹ 40% 35% 30% 25% 20% 15% 21% 21% 15% 10% 2018 2019 Est. 2020 Est. Tax-Related Non-Cash Charges³ • $150 $120 $90 $60 $140 $110 $30 $36 $0 2018 2019 Est. 2020 Est. 1. Effective tax rate included in adjusted earnings per 8K filings 2. Cash taxes included in adjusted free cash flow as % of ETR provision included in adjusted earnings 3. Charge recorded in the "Loss from unconsolidated equity method investment" on the Income Statement Cash Tax % of Provision² 80% 70% Approx. 65% Approx. 55% 60% 40% 20% 0% 2018 2019 Est. 2020 Est. . Effective Tax Rate Statutory tax rate of 27% 2019 estimated to be 15%; 2020 estimated to be 21% Cash Tax % of Provision . Includes a benefit from bonus depreciation and tax planning opportunities Tax-Related Non-Cash Charges . Estimate $140 million of non-cash charges in 2019 related to solar energy investments that qualify for tax credits. Estimate $110 million in 2020. • Expect mid-teen return on investment 26#27• Debt Maturity Profile Committed to maintaining investment grade credit rating Current average cash interest rate is 3.8% $3,500 Investment Grade Ratings: S&P BBB+ As of 9/30/2019 $3,000 Fitch BBB Moody's Baa2 $2,500 Approx. 18% of debt is point increase in variable $2,000 floating-rate; every 100 basis interest rates is ~$16 million $1,500 $1,000 $500 $0 2020 2021 2022 2023 2024 2025 ■Senior Notes ■IRBs 2026 Credit Facility 2027 2028 2029+ 27#28Reconciliation of Non-GAAP Measures Adjusted Diluted EPS: FY 2016 FY 2017 FY 2018 Diluted EPS- as reported $1.78 $3.77 $3.16 Withdrawal costs for multiemployer pension funds 0.01 0.00 0.00 Bridgeton insurance recovery 0.00 0.00 (0.07) Restructuring charges 0.07 0.03 0.07 Incremental contract startup costs - large municipal contract 0.00 0.02 0.01 Loss (gain) on disposition of assets and impairments, net 0.00 (0.03) (0.08) Loss on extinguishment of debt 0.36 0.00 0.00 Adoption of 2017 tax reform 0.00 (1.36) 0.00 Adjusted Diluted EPS $2.22 $2.43 $3.09 28#29Reconciliation of Non-GAAP Measures Adjusted Free Cash Flow: ($ in millions) FY 2016 FY 2017 FY 2018 Cash provided by operating activities $1,847.8 $1,910.7 $2,242.8 Property and equipment received (915.6) (1,006.0) (1,104.3) Proceeds from sales of property and equipment 9.8 6.1 31.6 Bridgeton insurance recovery, net of tax 0.0 0.0 (30.5) Divestiture related tax payments 4.2 11.6 20.2 Cash tax benefit for debt extinguishment (80.7) 0.0 0.0 Restructuring payments, net of tax. 19.6 11.3 18.2 Adjusted Free Cash Flow $885.1 $933.7 $1,178.0 29#30Reconciliation of Non-GAAP Measures FY 2018 Adjusted EBITDA: ($ in millions) Net income attributable to Republic Services, Inc. Net income attributable to non-controlling interests Provision for income taxes Other income, net Interest income Interest expense Depreciation, amortization and depletion Accretion Restructuring charges $1,036.9 0.7 283.3 (3.4) (1.6) 383.8 1,033.4 80.7 26.4 Incremental contract startup costs 5.7 Bridgeton insurance recovery (28.0) Loss from unconsolidated equity method investment 35.8 Loss on extinguishment of debt 0.3 Loss (gain) on disposition of assets and impairments, net (44.9) Adjusted EBITDA $2,809.1 Total Revenue $10,040.9 30#31Reconciliation of Non-GAAP Measures FY 2019 Guidance Adjusted Diluted Earnings Per Share: Diluted earnings per share - as reported Restructuring charges Gain on disposition of assets and asset impairments, net Acquisition deal costs Diluted Earnings Per Share - As Adjusted Adjusted Free Cash Flow: ($ in millions) Cash provided by operating activities Property and equipment received Proceeds from sales of property and equipment Restructuring payments, net of tax Divestiture related tax payments Adjusted Free Cash Flow $3.27 - $3.29 0.04 (0.04) 0.01 $3.28 - $3.30 $2,276 $2,326 (1,185) 15 9 10 $1,125 - $1,175 31#3212 1. 2. Reconciliation of Non-GAAP Measures FY 2020 Preliminary Outlook 1,2 Adjusted Diluted Earnings Per Share: Diluted earnings per share as reported Restructuring charges Diluted Earnings Per Share - As Adjusted $3.44 - $3.49 0.02 $3.46 - $3.51 Full-year 2020 preliminary outlook provided in October 2019, see 8k filing dated October 30, 2019 With respect to the preliminary outlook for adjusted free cash flow, a reconciliation to the closest corresponding GAAP financial measure, which would be cash flow from operations, is not available without unreasonable effort 32#33National Footprint WA ME MT ND VT OR Ho MN NH ID WI SD NY MA WY MI CT RI IA PA NJ NE NV OH DE UT IL IN MD CA I CO WV VA KS MO KY NC OK AZ NM AP TN AR SC MS AL GA TX LA 41 States and Puerto Rico 342 Collection Operations 211 Transfer Stations 190 Active Landfills 88 Recycling Processing Centers 8 Treatment, Recovery and Disposal Facilities 15 Salt Water Disposal Wells 2 Deep Injection Wells 75 Landfill Gas and Renewable Energy Projects FL PR PR 33#34Industry Leading Performance Forbes 2019 THE BEST EMPLOYERS for WOMEN POWERED BY STATISTA 2019 WORLD'S MOST ETHICAL COMPANIES® WWW.ETHISPHERE.COM BARRON'S 2019 100 Most Sustainable Companies Great Place To Work® Certified AUG 2019-AUG 2020 USA TH CDP DRIVING SUSTAINABLE ECONOMIES Global Climate Management Level Supplier Climate Management Level distinctions MEMBER OF Dow Jones Sustainability Indices SAM In collaboration with RobecoAM brand SAM Sustainability Award Bronze Class 2019 34