November 5, 2020

Nasdaq: SRCL

STERICYCLE INVESTOR PRESENTATION

Third Quarter 2020 Results

2

Safe Harbor Statement

This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. When we use words such as

“believes,” “expects,” “anticipates,” “estimates” “may,” “plan,” “will,” “goal” or similar expressions, we are making forward-looking statements. Forward-looking

statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of our management about

future events and are therefore subject to risks and uncertainties, which could cause actual results to differ materially from the future results expressed or

implied by the forward-looking statements. Factors that could cause such differences include, among others, developments in the COVID-19 pandemic and

the resulting impact on the results of operations, precautions we have taken to safeguard the health and safety of our employees which may make certain of

our business processes less efficient, measures taken by governmental authorities to prevent the spread of the COVID-19 virus which could disrupt our

supply chain, result in disruptions in transportation services and restrictions on the ability of our employees to travel, result in temporary closure of our

facilities or the facilities of our customers and suppliers, affect the volume of paper processed by our secure information destruction business and the

revenue generated from the sale of SOP, disruptions in our relationships with our employees as a result of certain cost-saving measures, an economic

slowdown in the U.S. and other countries resulting from the outbreak of the COVID-19 virus, SOP pricing volatility, foreign exchange rate volatility in the

jurisdictions in which we operate, the volume and size of any recall events, changes in governmental regulation of the collection, transportation, treatment

and disposal of regulated waste or the proper handling and protection of personal and confidential information, the level of government enforcement of

regulations governing regulated waste collection and treatment or the proper handling and protection of personal and confidential information, decreases

in the volume of regulated wastes or personal and confidential information collected from customers, the ability to implement our ERP system, charges

related to portfolio rationalization or the failure of divestitures to achieve the desired results, failure to consummate transactions with respect to non-core

businesses, the obligations to service substantial indebtedness and comply with the covenants and restrictions contained in our credit agreements and

notes, a downgrade in our credit rating resulting in an increase in interest expense, political, economic, inflationary and other risks related to our foreign

operations, the outcome of pending or future litigation or investigations including with respect to the U.S. Foreign Corrupt Practices Act, changing market

conditions in the healthcare industry, competition and demand for services in the regulated waste and secure information destruction industries, failure to

maintain an effective system of internal control over financial reporting, delays or failures in implementing remediation efforts with respect to existing or

future material weaknesses, disruptions in or attacks on information technology systems, as well as other factors described in our filings with the U.S.

Securities and Exchange Commission, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Forms 10-Q. As a result, past

financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future

results or trends. We disclaim any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with

legal and regulatory obligations.

3

Key Business Highlights

• Cash flow from operations improved to $365.2 million and free cash flow improved to $270.5 million for the

first nine months of 2020, compared to $201.2 million

and $40.0 million, respectively, in 2019.

• Net debt was reduced by approximately $135.5 million in the third quarter, decreasing total net debt below

$2.0 billion, the lowest in five years.

• Loss from operations, normalized for divestitures and foreign exchange rates, improved $8.0 million in the

third quarter, driven by operational efficiencies and

cost reductions.

• Regulated Waste and Compliance Services (“RWCS”) organic revenues grew 0.6% in the third quarter.

Excluding the impact on maritime waste services from

the pandemic, RWCS grew 1.9%.

• Argentina business was divested in the third quarter.

($ millions except for EPS)Three Months Ended

September 30, 2020

Revenue $636.4

Loss from Operations $(55.8)

Adjusted Income from Operations(1) $101.0

Diluted Loss per Share $(0.89)

Adjusted Diluted Earnings per Share(1) $0.68

($ millions)Nine Months Ended

September 30, 2020

Net cash from operating activities $365.2

Free Cash Flow(2) $270.5

(1) Reconciliation of Adjusted Income from Operations and Adjusted Diluted EPS to their respective U.S. GAAP measures can be found in the appendix of this presentation.(2) Free Cash Flow is calculated as Net cash from operating activities less capital expenditures.

4

Continued Progress on Key Initiatives

Quality of revenue

• Generated RWCS organic revenue growth of 1.9% when excluding the impact of maritime

waste services

• Implemented pipeline management process and tool in the third quarter

• Launched three service innovations in the second quarter

• Priority and Express document destruction services are being well received by

customers

• Attracting a new base of customers with the non-healthcare PPE waste disposal service

Operational cost efficiencies

• Continued operating efficiency improvements through

• Sizing and balancing staffing, fleet, and equipment

• Efficient route and long-haul planning

• Network optimization and increased asset utilization

• Achieved sustainable productivity improvements of $3 to $5 million per quarter

Portfolio rationalization • Divested operations in Argentina for $3.9 million in August

Debt reduction and leverage

improvement

• Reduced net debt by approximately $135.5 million during the third quarter

• Reduced net debt below $2.0 billion, the lowest in five years

• Adjusted debt-to-EBITDA leverage ratio improved to 3.75X

ERP system• Deployed capabilities associated with our North American ERP system:

• North American employee travel and expense management system

• Global tax management system

5

Q3 2020 Global Revenues by Service and Segment Compared to Prior Year Quarter

(1) Growth is the change in revenues excluding the impact of SOP pricing, divestitures, and foreign exchange.

For more details and explanation, please see Stericycle’s earnings press release for Q3 2020 issued on November 5, 2020.

Three Months Ended September 30,

In millions Components of Change (%)

Organic

2020 2019

Change

($) Change (%) Growth(1) SOP Pricing Divestitures

Foreign

Exchange

Revenues by Service

Regulated Waste and Compliance Services $ 415.5 $ 551.6 $ (136.1) (24.7)% 0.6 % — (25.1)% (0.2)%

Secure Information Destruction Services 187.3 222.6 (35.3) (15.9)% (16.8)% 0.6 % — 0.4 %

Communication and Related Services 33.6 58.9 (25.3) (43.0)% (2.9)% — (40.2)% 0.1 %

Total Revenues $ 636.4 $ 833.1 $ (196.7) (23.6)% (4.3)% 0.1 % (19.4)% — %

North America

Regulated Waste and Compliance Services $ 322.5 $ 445.6 $ (123.1) (27.6)% (0.8)% — (26.8)% — %

Secure Information Destruction Services 163.4 189.7 (26.3) (13.9)% (14.3)% 0.6 % — (0.1)%

Communication and Related Services 31.2 56.6 (25.4) (44.9)% (3.0)% — (41.8)% —

Total North America Segment $ 517.1 $ 691.9 $ (174.8) (25.3)% (4.7)% 0.2 % (20.7)% — %

International

Regulated Waste and Compliance Services $ 93.0 $ 106.0 $ (13.0) (12.3)% 6.4 % — (17.7)% (1.0)%

Secure Information Destruction Services 23.9 32.9 (9.0) (27.4)% (31.2)% 0.5 % — 3.3 %

Communication and Related Services 2.4 2.3 0.1 4.3 — % — — 4.3 %

Total International Segment $ 119.3 $ 141.2 $ (21.9) (15.5)% (2.5)% 0.1 % (13.3)% 0.1 %

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Q3 2020 Revenue Bridge

In $ millions

$833.1

162.2

36.2

$636.4

1.7

3.3

7

Q3 2020 Financial Performance

(1) Reconciliation of Adjusted Income from Operations and Adjusted Diluted EPS to their respective U.S. GAAP measures can be found in the

appendix of this presentation.

($ millions except for EPS)Three Months Ended

September 30, 2020

Three Months Ended

September 30, 2019

Revenues $636.4 $833.1

Loss from Operations $(55.8) $(34.5)

Diluted Loss per Share $(0.89) $(0.65)

Adjusted Income from Operations (1) $101.0 $118.8

Adjusted Diluted Earnings Per Share (1) $0.68 $0.80

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Q3 2020 Adjusted Diluted EPS Bridge

Reconciliation of Adjusted Diluted EPS to its respective U.S. GAAP measure can be found in the appendix of this presentation.

$0.80

0.12

0.07 0.11

$0.68

0.04

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Liquidity, Debt Leverage and Cash Flow

($ in millions)As of As of

September 30, 2020 December 31, 2019

Net Debt* $1,949.1 $2,641.9

Net Debt to Adjusted EBITDA* 3.75X 4.45X

*Amounts and measures above are defined by debt agreements in effect as of the respective period end.

• Continued net debt reduction over multiple quarters with net debt below $2.0 billion as of

September 30, 2020, the lowest in 5 years

• ~$600 million available under the Credit agreement maturing in November 2022

(1) When excluding the revenues from divested businesses from the trailing 12-month DSO calculation, DSO was 55 days,

compared to 52 days for the second quarter of 2020.

($ in millions)Nine Months Ended

September 30, 2020

Nine Months Ended

September 30, 2019

Cash Flow from Operations $365.2 $201.2

Free Cash Flow $270.5 $40.0

Capital Expenditures $(94.7) $(161.2)

Days Sales Outstanding 50 days (1) 61 days

Appendix

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The Non-GAAP financial measures contained in this document are reconciled to the most comparable measures calculated in accordance

with U.S. GAAP. Management believes the Non-GAAP financial measures are useful measures of Stericycle’s performance because they

provide additional information about Stericycle’s operations and exclude certain specified items, allowing better evaluation of underlying

business performance and better period-to-period comparability. Additionally, the Company uses such Non-GAAP financial measures in

evaluating business unit and management performance. All Non-GAAP financial measures are intended to supplement the applicable U.S.

GAAP measures and should not be considered in isolation from, or a replacement for, financial measures prepared in accordance with U.S.

GAAP and may not be comparable to or calculated in the same manner as Non-GAAP financial measures published by other companies.

Please see Stericycle’s Current Report on Form 8-K furnished to the SEC on the date hereof for more information regarding these Non-GAAP

financial measures.

Non-GAAP Financial Measures

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For more details on adjusted items, please see Stericycle’s earnings press release for Q3 2020 issued on November 5, 2020.

Reconciliation of U.S. GAAP to Adjusted Q3 2020 Financial Measures

(In millions, except per share data)

Three Months Ended September 30, 2020

Gross Profit

Selling,

General and

Administrative

Expenses

(Loss) Income from

Operations

Net (Loss)

Income

Attributable to

Common

Shareholders

Diluted (Loss)

Earnings

Per Share

U.S. GAAP Financial Measures $ 267.3 $ 219.0 $ (55.8) $ (81.2) $ (0.89)

Adjustments:

Business Transformation - (10.7) 10.7 8.0 0.09

Intangible Amortization - (31.4) 31.4 23.6 0.26

Acquisition and Integration - - - - -

Operational Optimization - (3.1) 3.1 2.5 0.03

Divestitures (including Divestiture Losses (Gains), net) - (1.3) 105.4 104.1 1.13

Litigation, Settlements and Regulatory Compliance - (3.5) 3.5 2.8 0.03

Asset Impairments - (0.6) 0.6 0.4 -

Other - (2.1) 2.1 1.8 0.02

Diluted Shares Impact - - - - 0.01

Total Adjustments - (52.7) 156.8 143.2 1.57

Adjusted Financial Measures $ 267.3 $ 166.3 $ 101.0 $ 62.0 $ 0.68

Depreciation 25.8

Adjusted EBITDA $ 126.8

-

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For more details on adjusted items, please see Stericycle’s earnings press release for Q3 2020 issued on November 5, 2020.

Reconciliation of U.S. GAAP to Adjusted Q3 2019 Financial Measures

(In millions, except per share data)

Three Months Ended September 30, 2019

Gross Profit

Selling,

General and

Administrative

Expenses

(Loss) Income from

Operations

Net (Loss)

Income

Attributable to

Common

Shareholders

Diluted (Loss)

Earnings

Per Share

U.S. GAAP Financial Measures $ 295.3 $ 246.6 $ (34.5) $ (59.2))$ (0.65)

Adjustments:

Business Transformation 0.1 (17.0) 17.1 12.7 0.14

Intangible Amortization - (35.8) 35.8 28.4 0.31

Acquisition and Integration - (1.6) 1.6 1.5 0.02

Operational Optimization 3.8 (0.1) 3.9 3.4 0.04

Divestitures (including Divestiture Losses (Gains), net) - (2.1) 85.3 75.7 0.83

Litigation, Settlements and Regulatory Compliance - (2.4) 2.4 2.4 0.03

Asset Impairments - - - - -

Other - (7.2) 7.2 7.6 0.08

Diluted Shares Impact - - - - -

Total Adjustments 3.9 (66.2) 153.3 131.7 1.45

Adjusted Financial Measures $ 299.2 $ 180.4 $ 118.8 $ 72.5 $ 0.80

Depreciation 31.7

Adjusted EBITDA $ 150.5