Stericycle, Inc. – Q1 2015 NASDAQ: SRCL

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Forward - Looking Statements

This presentation may contain forward-looking statements that involve a number of risks and uncertainties and our actual results could differ significantly from expected results. Potential risks and uncertainties include difficulties in completing the integration of acquired businesses, changes in governmental regulation of medical waste collection and treatment, and increases in transportation and other operating costs, as well as various other factors described in our public filings with the U.S. Securities and Exchange Commission. Accordingly, past financial performance should not be considered a reliable indicator of future performance, and historical trends should not be used to anticipate future trends or results. For a definition of terms used throughout this presentation please see the last page on our website presentation.

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Stericycle Overview

• A global business-to-business solutions provider • Specializing in complex and highly regulated arenas

– Regulated Waste Management & Compliance Solutions

– Brand Protection Services

– Environmental & Sustainable Solutions

– Patient & Customer Communications Solutions

• Supporting healthcare and commercial organizations big and small

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– Regulated and Compliance Solutions • Medical Waste Services • Compliance Programs • Sharps Management Service • Pharmaceutical Waste Disposal • Hazardous Waste Services • Communication Solutions

– Recall and Returns Management Solutions

• Notification, Communication, Retrieval, Disposal & Compliance

Broad Range of High Quality Services

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Market Leadership

Total Estimated Global Market Size: $19.5 billion*

Note: Includes global markets with established regulatory framework for medical waste plus global markets in which Stericycle operates for recall/returns, hazardous waste and communication services. Source: Various industry studies and management estimates (including ancillary services & products).

Stericycle 13%

Onsite Management

and Other Competitors

87%

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Loyal Customer Base

• Highly regulated industry – U.S. Market: EPA, DEA, FDA, OSHA, DOT, State/Local;

International markets have similar agencies

• Insulated from economic cycles • Diverse customer base with largest customer counting for

less than 2% of revenues − Hospitals, medical and dental offices, offsite and alternate care

providers, pharmaceutical manufacturers, biomedical/biotech companies, laboratories, pharmacies, corporate sites, retailers, universities, municipalities, and manufacturers

• Predictable revenues: over 95% of revenues are under long term contracts

• Contracts generally include pass through price increase provisions

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Growth Strategy

Acquisitions Enhance Service

Platforms

International Expansion

Leverage Customer

Relationship

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Focus on Small Customers

• Small account customers generate gross margins higher than large account customers

• Small account customers are more likely to outsource and are easier to up-sell

42.4% Gross Margin 21.0% Gross Margin

1996 % Revenue Mix* Q1- 2015

Large Account Customers

67%

Small Account Customers

33%

Large Account Customers

37% Small Account Customers

63%

*Note: Domestic SQ and LQ revenue mix

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Medical Waste Services

Compliant management of medical waste to protect workers, reduce cross contamination risk, and improve sustainability

• Necessary regulated services • Large diverse customer base • Worldwide market opportunity • Foundation for a portfolio of

regulated waste and compliance services

• Low cost operator • Attractive margins

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Compliance Solutions

Promotes safety, compliance, and best practices for healthcare employees - Steri-Safe OSHA &

HIPAA - Clinical Services

(International) - Medical & Pharmaceutical

Waste • Subscription compliance

resources • Significant up-sell

opportunities • International expansion

MyStericycle.com Consulting Services

Clinical Services

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Sharps Management Service

Provides a safer workplace by reducing the infection risk from inadvertent needle sticks and supports sustainability efforts

• Turnkey integrated sharps safety solution to manage & collect reusable sharps containers

• Synergy with existing transportation and treatment Infrastructure

• International expansion opportunities

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Pharmaceutical Waste Disposal

Protects the environment through proper handling, segregation, transportation and disposal of pharmaceutical waste

• Turnkey integrated pharmaceutical waste management system for healthcare

• Synergy with existing infrastructure

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Hazardous Waste Management Services

Minimizes environment impact with the proper segregation, transportation and disposal of a wide variety of hazardous materials

• Turnkey solutions for the retail and healthcare industry

• Creative solutions to support corporate sustainability goals

• Leverages logistics and waste management expertise

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Global Presence

Network of Premier Waste Management Assets Integrated Network

Collection/Transfer Processing/TSDF

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Communication Solutions

Live voice telephone answering service, automated appointment reminders, appointment scheduling, physician referrals, post discharge and wellness calls

• Essential service for current customer base

• Serving medical offices, clinics, community care centers, hospitals, and commercial businesses

• Leverages recall call center expertise

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LQ/SQ Opportunity

LQ – Hospital Example SQ – Physician Practice Example

Total Revenue Opportunity: $185k - $230k

6X Med Waste Revenue

Total Revenue Opportunity: $10k - $13.6k

10X Med Waste Revenue

Communication Solutions

Haz Waste

Sharps Management Med Waste

Revenue Range

$75k - $100k

$10k - $15k

$35k - $40k

$30k - $35k

Rx Waste $35k - $40k

Communication Solutions • Secure Messaging • Automated

Reminder • After Hours • Daytime Call

Management

$6.3k - $8.8k

Revenue Range

$1.5k - $1.8k

$1.0k - $1.5k

Rx Waste

Med Waste

Compliance

$1.2k - $1.5k

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Recall and Returns Management Solutions

Comprehensive notification, returns or recall, and call center solutions to protect and build brands • Reduces business and

consumer risk • Serving manufactures of all

types, hospitals, distributors, and retail pharmacies

• Growing capability in global markets

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Acquisitions

• Proven integrator having successfully completed 407 acquisitions since 1993

• Current worldwide acquisition pool represents more than $100 million in revenues

• Purchase price is based on IRR/multiples of EBITDA and depends on the risk and quality of the assets purchased

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$0.30 $0.37 $0.54 $0.73 $0.88 $1.04 $1.16 $1.42 $1.73 $2.09

$2.52 $2.85 $3.30

$3.75 $4.27

2000$0.18

2001$0.17

2002$0.51

2003$0.71

2004$0.85

2005$0.74

2006$1.16

2007$1.32

2008$1.68

2009$2.03

2010$2.39

2011$2.69

2012$3.08

2013$3.56

2014$3.79

$75 $88 $104 $126 $147 $167 $202 $240 $280 $325

$391 $444

$499 $557

$615

2000$63

2001$73

2002$101

2003$126

2004$146

2005$167

2006$202

2007$225

2008$274

2009$315

2010$371

2011$424

2012$469

2013$536

2014$556

$324 $359 $402 $453 $516 $610 $790 $933

$1,084 $1,178 $1,439

$1,676 $1,913

$2,143

$2,556

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Proven Financial Performance

CAGR

15.9%

CAGR Non-GAAP EBIT

16.2%

CAGR Non-GAAP EPS

20.9%

Revenue

EPS (non-GAAP)

EBIT (non-GAAP)

GAAP EBIT

GAAP EPS

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Capitalization

($ in millions) Dec 31, 2013 Dec 31, 2014 Mar 31, 2015

Current Portion of Long Term Debt $150.4 $132.0 $113.2

Revolver / Term Loan $272.4 $460.0 $425.6

Private Placement $750.0 $750.0 $750.0

Other Debt $258.3 $317.3 $286.6

Total Long Term Debt $1,280.7 $1,527.3 $1,462.2

Common Equity* $1,750.5 $1,895.0 $1,930.9

Total Capitalization $3,181.5 $3,554.2 $3,506.3

Debt to EBITDA 2.06X 2.22X 2.07X

* Common Equity is defined as Total Shareholders’ Equity less noncontrolling interests.

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Investment Highlights

• Attractive broad range of niche services

• Emerging global market

• Low cost provider

• Diverse customer base

• Strong financial performance and strong free cash flow

• Demonstrated growth strategy

• Successful in integrating acquisitions and improve margins

• Proven, experienced, worldwide management team

Stericycle, Inc. NASDAQ: SRCL

Appendix

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Financial Footnotes

EBIT NOTES • 2000-2001: Adjusted for pro-forma adoption of new accounting standards to

cease amortization of goodwill. • 2006-2015: Includes expensing of stock compensation. • 2000-2015: Excludes integration related costs, write-off of fixed assets and other

non-operational items. • 2009-2015: Excludes expenses associated with acquisitions/business

combinations.

EPS NOTES • Adjusted for 2-for-1 stock split in May 2002 and in May 2007. • Non-GAAP EPS is adjusted for: Acquisition and integration related costs, bond

buyback premium & bank loan financing fees, tax adjustment to fully taxed, non-cash fixed assets write-offs, legal settlements, non-cash write-down of investments, goodwill amortization pre-2002, insurance proceeds, note receivable write-down, gain on divestiture of assets, impairment of intangible assets, restructuring and litigation costs. Expensing of stock compensation is NOT part of the adjustments.

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Definition of Terms

This presentation uses certain abbreviations:

CAGR means compound annual growth rate

EBIT means earnings before interest expense and income taxes

EPS means earnings per share diluted

GAAP means United States generally accepted accounting principles

LQ refers to a Large Account customer

SQ refers to a Small Account customer

Free Cash Flow means cash from operations less capital expenditures