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Investor Presentaiton

12 Strategic Latin American waste platform poised for significant potential growth Leading Market Position Estre 8% Not Collected 9% Solvi 6% Improper Destination 38% Other Players 25% Vital 6% JSL 5% Marquise 3% Estre's landfills serve markets that are among the largest and fastest growing in Brazil and are well positioned to capture growth from unserved smaller municipalities in their coverage area 134 million cubic meters of remaining capacity (>15 years) robust pipeline of additional capacity - Tuck in Opportunities for Potential Growth 226 waste companies in Brazil 3 Many lack scale and technology to remain independent, and are financially challenged Typically family-owned and potentially facing succession issues immediately actionable targets with significant potential incremental EBITDA Estre has pre-identified 10 potential acquisition targets, short listed 5, and is in discussions with 3 Successfully closing all 3 acquisitions could add significant incremental revenues and EBITDA Estre believes potential acquisitions can be completed at accretive EBITDA multiples Source: ABRELPE - Panorama of Solid Waste in Brazil (2015); Company's internal analysis. estre LODES COMEÇO

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