Stericycle, Inc. – Q1 2015 NASDAQ: SRCL 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 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.

2 Stericycle Overview

• A global business-to-business solutions provider • Specializing in complex and highly regulated arenas – Regulated & Compliance Solutions – Brand Protection Services – Environmental & Sustainable Solutions – Patient & Customer Communications Solutions • Supporting healthcare and commercial organizations big and small

3 Broad Range of High Quality Services

– Regulated and Compliance Solutions • Medical Waste Services • Compliance Programs • Sharps Management Service • Pharmaceutical Waste Disposal • Services • Communication Solutions – Recall and Returns Management Solutions • Notification, Communication, Retrieval, Disposal & Compliance

4 Market Leadership

Total Estimated Global Market Size: $19.5 billion*

Stericycle 13% Onsite Management and Other Competitors 87%

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).

5 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 − , 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

6 Growth Strategy

Enhance Acquisitions Service Platforms

Leverage International Customer Expansion Relationship

7 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

1996 % Revenue Mix* Q1- 2015

Small Account Large Account Customers Customers 33% Large Account Small Account 37% Customers Customers 67% 63%

21.0% Gross Margin 42.4% Gross Margin

*Note: Domestic SQ and LQ revenue mix

8 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

9 Compliance Solutions

Promotes safety, compliance, and best practices for healthcare employees - Steri-Safe OSHA & HIPAA - Clinical Services (International) MyStericycle.com Consulting Services - Medical & Pharmaceutical Waste • Subscription compliance resources • Significant up-sell opportunities • International expansion Clinical Services

10 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

11 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

12 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

13 Network of Premier Waste Management Assets Integrated Network Global Presence Collection/Transfer Processing/TSDF

14 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

15 LQ/SQ Opportunity

LQ – Example SQ – Physician Practice Example

Revenue Range Revenue Range Communication Communication Solutions Solutions $75k - $100k • Secure Messaging • Automated Reminder $6.3k - $8.8k • After Hours • Daytime Call Haz Waste $10k - $15k Management

Rx Waste $35k - $40k Compliance $1.2k - $1.5k Sharps Rx Waste Management $35k - $40k $1.5k - $1.8k Med Waste $30k - $35k Med Waste $1.0k - $1.5k

Total Revenue Opportunity: Total Revenue Opportunity: $185k - $230k $10k - $13.6k 6X Med Waste Revenue 10X Med Waste Revenue

16 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

17 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

18 Proven Financial Performance

$2,556 Revenue $2,143 $1,913 $1,676 CAGR $1,439 $1,084 $1,178 $933 $790 $610 15.9% $453 $516 $324 $359 $402

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

$615 $557 EBIT (non-GAAP) $499 $444 CAGR $391 $325 $280 Non-GAAP EBIT $240 $167 $202 $126 $147 16.2% $75 $88 $104

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 GAAP EBIT $63 $73 $101 $126 $146 $167 $202 $225 $274 $315 $371 $424 $469 $536 $556

$4.27 $3.75 EPS (non-GAAP) $3.30 $2.85 CAGR $2.52 $2.09 Non-GAAP EPS $1.73 $1.42 $1.04 $1.16 $0.73 $0.88 20.9% $0.30 $0.37 $0.54

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 GAAP EPS $0.18 $0.17 $0.51 $0.71 $0.85 $0.74 $1.16 $1.32 $1.68 $2.03 $2.39 $2.69 $3.08 $3.56 $3.79

19 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.

20 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

21 Appendix

Stericycle, Inc. NASDAQ: SRCL 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.

23 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 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

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