Investor Presentaiton

Investment highlights 1 Growth opportunity in Brazil's waste management industry(1) 2 • Strong underlying volume growth: Municipal Solid Waste ("MSW") volume growing 4% per year, >2x US growth Unmet demand: 37 million tons (47%) MSW in Brazil not properly disposed of Positive shift in regulatory framework: 2010 Solid Waste National Policy adopted Fragmented industry: no players >8% share, top five = 28%, most with leveraged balance sheets and limited ability to invest for growth Favorable macro outlook: Brazil emerging from recession in 2017 and benefiting from lower inflation, ongoing rate easing, strengthening currency, and predicted return to GDP growth Strategic Latin America waste platform capable of significant growth Largest waste management company in Latin America; operates in 7 Brazilian states that together account for 50% of Brazil's population and 60% of Brazil's GDP Strategically located landfills to capture growth on long runway of underserved demand Defensible business has grown sales organically high single digits in difficult macroeconomic environment Strong balance sheet post transaction (~2x net leverage (2), >$140 million cash) well positioned to ramp tuck-in strategy (1) สล 3 (2) Source of industry data: ABRELPE - Panorama of Solid Waste in Brazil (2015); IBGE; Company's internal analyses. Net leverage calculated as Net Debt / Adjusted EBITDA. Net Debt, Adjusted EBITDA and Net Debt / Adjusted EBITDA are non-IFRS financial measures. Net Debt is calculated as Gross Debt Cash and Cash Equivalents. For a reconciliation of Estre's indebtedness as reflected in its balance sheet, and a reconciliation of Estre's Adjusted EBITDA to net income (loss), see the Appendix hereto. estre LODES COMEÇO

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