Investor Presentaiton

Investment highlights (continued) 3 Strong leadership team and sponsorship <+ Highly disciplined approach to cost and cash management with focus on constantly improving efficiencies Developed environmentally progressive, transparent and compliance-focused company in Latin America waste management 100% rollover and full alignment of management and sponsors Majority independent board bringing mix of US and Brazilian waste management sector best practices 4 Attractive valuation US$132 / US$145 million estimated 2017 / 2018 Adj. EBITDA (1), US$1.1 billion Enterprise Value, US$816 million equity market cap(2) 25% discount to waste peer median (7.7x 2018E Adj. EBITDA vs. comparables at 10.3x)(1)(3) Double-digit Adj. EBITDA (¹) organic growth vs. mid single-digit peer group(3) Line of sight to potential ~2x increase in equity value over the next 3 years (1) (2) Adjusted EBITDA is a non-IFRS financial measure. For a reconciliation of Estre's Adjusted EBITDA to net income (loss), see the Appendix hereto. R$420 / R$462 million 2017/2018 Adjusted EBITDA, R$3.5 billion Enterprise Value, R$2.6 million market cap. US$ information is presented using an exchange rate of R$3.19 to US$1.00. Enterprise Value and market cap assume a $10/share value of the shares post transaction. (3) Market data available as of Oct 2, 2017 reflecting the consensus estimates of research analysts covering publicly traded peers, including Waste Management, Republic Services, Waste Connections, Advanced Disposal Services, Casella Waste Systems, US Ecology, and Stericycle. estre LODES COMEÇO

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