People & Talent Agenda

2020 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

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