People & Talent Agenda

Recycling . • 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

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