Investor Presentaiton

18 Estimated potential equity growth Commitment to long-term value creation for shareholders Illustrative potential growth in equity value(1) (US$ Million) Growth in Equity Value +97% +85% +34% 1,608 +15% 1,513 1,096 938 816 Inital Fully-Distributed Multiple 1-Year Potential Equity Value Adj. EBITDA (2) 1 year forward Adj. EBITDA multiple US$145 US$145 US$159 7.7x 8.5x(2) (3) 8.5x 3-Year Potential Equity Value US$190 8.5x 3-Year Potential Equity Value US$190 9.0x (1) (2) (3) Estimates assume (i) no tuck-in acquisitions but rather organic and new project growth with excess free cash flow paying down debt, and (ii) that Estre will generate $190 million free cash flow over the period and, as a result, that Net Debt/Adjusted EBITDA ratio will decrease from 2.2x in 2017 to 0.6x in 2020. R$3.19 to US$1.00. Adjusted EBITDA is a non-IFRS financial measure. For a reconciliation of Estre's Adjusted EBITDA to net income (loss), see the Appendix hereto. Fully distributed multiple of 8.5x reflecting a 15%+ discount to median multiple of peers of 10.3x. Estre's definition of Adjusted EBITDA is different from that of its peers operating in the waste management industry, which may significantly distort comparability. Market data based on most recent publically available information as of Oct 2, 2017. estre LODES COMEÇO

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