tradebeA AND ENERGY RECOVERY COMPANY. SINCE 1991 A RECYCLING AND ENERGY RECOVERY COMPANY. SINCE 1991

MARF Commercial Paper Program | Investor’s day | January 2019 I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous Recycling industry…………….7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………….25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….. 31

2 I. Introduction to Tradebe Environmental Services…………………………………………….3 II. Recycling industry…………….7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………….25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….. 31

3 I. 2. Tradebe Environmental Services at a Glance

. Tradebe is a Global Hazardous and Recycling Aggregated revenues(1) company with over 30 years of experience: Field Services Recycling & Energy Recovery - c. €500MM revenues(1) and c. €65 MM Adjusted EBITDA(1) in 2018 6% - c.2,500 employees 37% . Tradebe provides non-discretionary services for waste generators which are required by regulation to manage their waste sustainably 57% Technical Services . Leading hazardous waste manager(2) c.€500 MM - #1 in Spain - #1 in United Kingdom - Top 6 in United States Adjusted EBITDA (1) Field Services . 69 permitted treatment facilities Recycling & Energy Recovery 4% - Tradebe has scale and breadth of treatment capabilities in all 25% geographies where present

. International platform with a successful track record in organic and inorganic growth, well-established presence in Europe and US, and 71% encouraging operations in Oman Technical Services c.€65 MM (1) 2018 non-audited preliminary closing (2) Source: Tradebe. 4 II. 2. Environmental Services Footprint

EUROPE 63% AMERICA 34% MIDDLE EAST 3%

30%

1% 34% 3% 32%

SPAIN / UK / FRANCE / GER UNITED STATES OMAN TOTAL REVENUES (M€) 161 148 3 167 17 496 REVENUES (%) 32% 30% 1% 34% 3% 100% PERMITTED SITES 28 21 - 1 19 - 69 EMPLOYEES 660 887 10 856 69 2,482

2018 non-audited preliminary closing 5 I. 4. What do we do?

RECYCLING & TECHNICAL SERVICES FIELD SERVICES ENERGY RECOVERY 37% Treatment & Disposal (T&D) 57% 6%

RECYCLING 35% TREATMENT 51% Industrial Services 4%

• SOLVENTS • Tank and equipment cleaning • Physico-chemical (Solidification, Neutralization, • Emergency Response • FUEL and OIL • INDUSTRIAL Stabilization, etc.) • Total Waste Management • Biological • METAL • RADIOACTIVES • Soil Remediation • Thermal Desorption • LWA (Product) • TRANSFER STATION • Waste water Environmental Consulting • HEALTHCARE • NORM and Low Level 2% ENERGY • Deep sea, shores and fluvial RECOVERY environmental impact assessments 2% • Environmental Inspection and DISPOSAL 6% • monitoring •

6 % on 2018 non-audited preliminary closing revenues I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous waste Recycling industry…………7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………….25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….. 31

7 II. 1. Hazardous Waste Management is a Specific Niche within the Environmental Services Industry

Global Environmental Services(1) $505 Bn) Analytical Services Hazardous Waste 1% Remediation and Management Industrial Services 4% 8% Solid Waste Consulting and Management Engineering 28% 10%

Water Treatment 23% Water Utilities 26%

(1) Source: Environmental and Related Services USTIC 2010 figures 8 II. 2. Hazardous Waste Value Chain is Split in Three Main Areas

9 II. 3. Hazardous Waste is Mainly Industrial and its Management Requires Specialized Assets and Extensive Know-how

Markets Have Historically Valued Industrial Hazardous Waste Players above Municipal Non-Hazardous Competitors

Waste Industry Segmentation & Key Players Industrial Hazardous Waste(1)

Examples of Waste Key Success Factors

. Solvents . Permit ownership . Oils . Advanced treatment and . Sludges recycling technology . Industrial Water . Superior operations and handling know-how . Clinical Waste (2) . Deep knowledge of

Hazardous . Expired Drugs commodities market . Contaminated Soil . Track record and reputation . Acids . Chlorinated Organic Compounds Municipal Non-hazardous Waste

Examples of Waste Key Success Factors

(2) . Glass . State-of-the-art processes in . Plastic supply chain management . Paper & cardboard . Attractive catchment area

Non Hazardous Non . Metal . Long-term contracts with administration and city . Wood councils . Access to final disposal facility Municipal / Urban Industrial

1. Hazardous waste poses substantial or potential threats to public health or the environment. Hazardous waste exhibits one or more of the following traits: ignitability, reactivity, corrosivity, toxicity or similar. 10 2. Veolia and Suez are focused in municipal non-hazardous waste but is also strong in industrial hazardous waste (~ €9 bn revenues / 6bn revenues respectively ) II. 5. Tradebe is well established in growing Environmentally conscious markets

. European Waste Framework Directive 2008/98/EC . on Transboundary movements of Hazardous Waste . Industrial Emissions Directive (2010/75/EU) . REACH regulation (1907/2006/EC) . Best Available Techniques for the Waste Treatments Industries (Published 10 August 2018)

. Resource Conservation and Recovery Act (RCRA) (1976) . RCRA Permitting Framework (1987) . US EPA regulations . Toxic Substances Control Act

Source: Environmental Business International, “The Global Environmental Market: Regions & Segments Matrix in 2010.” Environmental Business Journal 25, no. 6–7 (June/July 2012): 26.

Stringency and Enforcement of Environmental Regulation . (48/2017) Regulations for Organizing Environmental Permitting 16 May 2017 All others Top 35 Top 70 (70+) Tradebe footprint Source: World Economic Forum, Executive Opinion Survey 11 I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous waste Recycling industry…………….7 Table of III. Credit Highlights ………………………….….....12 IV. Performance review……………………………….25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….. 31

12 III. Credit Highlights

1 Leading Specialized Player with Unique Assets…

2 …a Strong Client Base…

3 …Highly Diversified……

4 …in a Market with Attractive Fundamentals

54 …Company with Proven Cash Generation…

6 …with a Superior Track Record on Acquisitions…

7…and Committed Shareholders, led by High Caliber Management Team

13 III. 1. Leading specialized player with unique assets

Tradebe has Unique Capabilities that make it a Market Leader Spain UK US

. Treatment plants . One of the only two . Two high temperature strategically located in hazardous waste high rotary kilns (Norlite) for key Spanish ports temperature incineration aggregate production (only Unique permitted facilities facilities (Fawley) in the site of this kind in the US) . Hazardous waste UK Unique Footprint . . Largest Drum handling facility (East Chicago)

Extensive presence across Strong northwest and northeast Midwest and Northeast with Presence in key industrial locations northern industrialised part of the presence, with reach throughout strong field operations in Texas within each country country the country

. Maritime waste fuel . Largest capacity for . Patented Solids Distillation Advanced treatment and recycling treatment technology solvents recycling and System (SDS) technology and know-how . Solvents purification recovery technology

Analytical strengths through Over 50 dedicated labs (majority ISO certified) analyse and inspect waste prior to treatment for Advanced chemical and lab analysis enhanced yields Capabilities

Proficiency in handling capabilities Extensive network of owned and dedicated Transfer Stations for consolidation and handling

Excellent track record and Health and safety awards granted by internationally recognized organizations reputation . Significant presence with over 20 locations in each country Significant Scale . Broad range of services – Technical, Field and Recycling & Energy Recovery services in each country . Revenues in excess of €100 million in each country

Market Leadership(1) #1 in Spain #1 in UK Top #6 in US 14

1. Source: Tradebe III. 2. Strong Client base

20+ Year Relationship with a Broad Client Base with High Switching Costs

Offers “One-Stop Shop” Solution for Customers in the Fortune 500 (Captive Clients)

15 III. 3. Highly diversified

Well-balanced Geographical Broad Portfolio of Services to Provide Integrated No client represents more than 4% and our top Presence Solutions to Customers ten clients together represent 22% of the revenues Oman Field Services Client 1 4% Client 2 3% 6% Recycling & Energy Recovery Others 3% Client 3 79% 3% Client 4 Spain + France 2% USA 34% Client 5 32% 37% 2%

Clients 6-10 10%

57% Technical Services 31% UK Revenues by Geography Revenues by Segment

And also …

Highly Diversified Industry Sources of Waste

2018 non-audited preliminary closing 16 III. 4. a) In a market with attractive fundamentals

Tradebe is Well Positioned in Countries with Strong Forecasted Economic Growth and Specialized in Attractive, Growing Markets

Tradebe Operates in Economies with solid expected GDP GDP Growth and Hazardous Waste Activity are Correlated growth

4,00%

■ Generation of hazardous waste volumes is 3,50%

highly correlated to the chemical, petrochemical, 3,00% pharma and industrial activity levels 2,50%

2,00%

■ GDP by definition varies with activity levels 1,50% implying a strong correlation between the

Real YoY growth YoY Real 1,00% hazardous waste generation and GDP growth 0,50%

0,00% 2014 2015 2016 2017 2018E 2019E

Spain USA UK France Germany Italy

Main countries where Tradebe operates 17 Source: OECD Economic Outlook: Statistics and Projections III. 4. b) In a market with attractive fundamentals | with strong barriers of entry

PERMITTING & CAPACITY • Existing Permitted Disposal Facilities Non-Replicable Assets • Complex Permitting and Local Community Resistance

REGULATION Strict Safety Standards and Environmental Regulation STRONG BARRIERS CAPITAL INTENSIVE OF ENTRY High Capital Investment Required

REPUTATION & LOGISTICS High Switching Costs Ensure Customer Loyalty

KNOW-HOW EXPERTISE Extensive Technical Expertise 1/28/2019 18 III. 4. c) In a market with attractive fundamentals

Increasing Trend Towards Recycling Reduceand Generation Specialized Treatments

Prepare(3Rs for re-use and )

. Consulting services . Tank cleaning 6% . and consolidation 37% . Used solvents recycling 57% . Oil and fuel recovery . Hazardous waste blending into waste derived fuel . Metals and minerals recycling

. Physico-chemical treatment . Biological treatment Disposal . Specialized incineration . Clinical waste disposal

Waste Hierarchy(1) % of Tradebe Revenues Tradebe Business Segments

19 2018 non-audited preliminary closing 1. As defined by The Waste Framework Directive from the European Commission. The Waste Hierarchy sets the order of priority for waste management from an environmental protection perspective III. 5. Business with proven cash flow generation track record

Ability and potential to increase revenues (organic and inorganic growth) + sustainable and resilient EBITDA margins + …Stable maintenance CAPEX requirements

= a consistent cash generator

CASH GENERATION ADJUSTED EBITDA LEVERAGE RATIO (M EUR) (3) (M EUR) (4) (5) (4) (X ADJ. EBITDA)

2016 (1) 34 51 3.0x

2017 (1) 33 58 2.5x

2018 (2) 26 65 2.7x Average 31

(1) As per EY audited Consolidated Statutory Accounts (2) 2018 non-audited preliminary closing (3) Change in Deuda Financiera Neta as defined in the Contrato de Financiación Sindicada signed on 13/12/2018 less Acquisitions & Geoexpansion & Delta Capex (4) As per covenant certificate validated by EY for 2016 and 2017 (EY) Audited Consolidated Statutory Accounts and Tradebe’s leverage computation for 2018 non-audited preliminary closing. (5) Adjusted EBITDA means Statutory [Consolidated] EBITDA adjusted by extraordinary items and annualization of acquisitions as defined in the Contrato de Financiación Sindicada. 20 III. 6. With a superior track record on acquisitions

2008 PCI | USA 2009 FAWLEY | UK 2011 SRM | UK 2011 UNITED | USA 2013 INUTEC | UK

2014 SCOTOIL | UK ST 2017 1 RESPONSE | USA 2017 BADGER | USA 2018 AVANTI | UK 2018 VULCANO

• Petrochemical Services (2008) • Igest (2012) • Fondemar (2009) • Tradebe Solvents SARL (2013) • Sanemar (2010) • Sita Healthcare (2013) • Britcare (2010) • Transparuvi (2014) • Cycap (2011) • Solvents With Safety (2014) * LTM EBITDA AT / POST ACQUISITION IN M€ OTHERS • Ecowaste (2012) • Labwaste (2018) 21 III. 7. Commited shareholders…

Board of Directors Shareholders and Corporate Governance

Shareholders commitment . Founded Tradebe in 1983 and has >35 years in the Industry (growth, reinvestment and second generation) Josep Creixell . Chairman of Tradebe Founder . Previous experience at Banco Industrial del Mediterráneo, McKinsey and General Electric Chairman . Holds an MBA degree from Columbia Business School (1973) Board of Directors including independent non- executive Directors

. More than 30 years in the industry with Tradebe Jordi Creixell . Legal counsel Tradebe Legal Counsel . General Manager at Absis Legal (2009) . Holds an degree in Law by UB Financial discipline

. Harvard Business School Boston. Candidate for master in business administration (2017-2019) Maria Creixell . Morgan Stanley London, UK leveraged finance analyst (2013-2015) Long term incentives linked to value creation Non Executive . Centerbridge partners, l.P. London. Private equity associate 2015-2017 Director . Restaurant brands international Zurich Business development summer intern2018

Compliance and internal control Rob Molenaar . More than 15 years in paints & coats industry, 3 years in Tradebe Non Executive . Non Excutive Director BoD Tradebe Director . Senior executive Akzo Worldwide and head of Marine Coatings worldwide . Holds an Advanced Management Program from Harvard Business School

. More than 4 years in the industry with Tradebe Oscar Creixell . Since July 2016, Managing Director of the Chemicals Division. Director Tradebe . Previously worked at Goldman Sachs capital partners (2010-2012) Chemicals Division . Holds an MBA degree from Harvard Business School (2014)

. More than 8 years in the industry with Tradebe Victor Creixell . Global CEO since July 2017, having held positions previously both in Europe and USA CEO Environmental . Previously worked McKinsey & Company (2004-2006) and at Morgan Stanley (2008-2010) Services Division . Holds an MBA degree from Columbia Business School (2008)

22 *Non executive directors NOT directly involved in the day-to-day management of the business III.7. …and High Caliber Management Team

. More than 8 years in the industry with Tradebe . Global CEO since July 2017, having held positions in Europe and USA Victor Creixell CEO Environmental . Previously worked McKinsey & Company (2004-2006) and at Morgan Stanley (2008-2010) Services Division . Holds an MBA degree from Columbia Business School (2008)

. More than 14 years in the industry with Tradebe . CEO Tradebe Spain (2015) Iñaki Zaldúa . Joined Tradebe in 2005 from Ferrovial Servicios CEO Spain . Holds an PDD degree from IESE

. More than 20 years in the industry. 8 in Tradebe . CEO Tradebe USA (2017) Jeff Beswick . Clean Harbors Vice President of Recycling Services (2008-2010) CEO US . Holds a Bachelor of Science degree from University of Massachusetts

. More than 15 years in paints & coats industry, 3 years in Tradebe . Tradebe UK CEO 2018 Robin Randall . Akzo Nobel Director of Finance (2009 – 2015) CEO UK . Holds a degree in Economics

. More than 13 years in the industry with Tradebe Jordi Borrell . Granville Baird Capital Partners (Private Equity) (2000 – 2003) Chief Financial Officer . Deloitte (1995 -2000) . Lic& MBA from ESADE and International Management and Financial programs in LSE and HEC Paris

Alex Gazulla . More than 15 years in the industry with Tradebe Development & . Development & Expansion Director (2012) Expansion Director . Previously CFO at Commercial Union Insurance (1988-2000) . MBA from ESADE and holds degrees in BA from UAB

Sandra Erliso . More than 8 years in the parfum's sector. Global HR & . Global HR & Communications Officer at TRADEBE (2018) Comm Officer . PUIG Corporate Talent Director (2016 - 2018) . Holds an MBA degree from ESADE 23 III. Credit Highlights

1 Leading Specialized Player with Unique Assets…

2 …a Strong Client Base…

3 …Highly Diversified……

4 …in a Market with Attractive Fundamentals

54 …Company with Proven Cash Generation…

6 …with a Superior Track Record on Acquisitions…

7 …and Committed Shareholders, led by High Caliber Management Team I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous waste Recycling industry…………….7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………..25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….. 31

25 IV. ENVIRONMENTAL SERVICES | EXECUTIVE SUMMARY | PERFORMANCE REVIEW | M EUR

493 65 58 24 51 21 22 457 45 15 422 406

Act 2015 Act 2016 Act 2017 2018 (4) Act 2015 Act 2016 Act 2017 2018 (4) Act 2015 Act 2016 Act 2017 2018 (4)

OPERATING REVENUES ADJUSTED EBITDA (1) OPERATING CAPEX (Aggregated and Non-annualized)

• A combination of ORGANIC & INORGANIC GROWTH (13% +13% CAGR 2018-2015) 4,2 65 58 • RESILIENT Adjusted EBITDA (1) protected by diversification 51 3,0 2,7 45 (geographical and business) 2,5 50 • MAINTENANCE CAPEX (c. 20% on EBITDA) complemented 54 51 by STRATEGIC & EXPANSION CAPEX 45

• STRONG CASH FLOW generation(2) (c. EUR 30MM Avg 15 Act 2015 Act 2016 Act 2017 2018 (4) 0 0 4 2016-2018 excl. Acquisitions & geoexpansion & Delta) Act 2015 Act 2016 Act 2017 2018 (4) LEVERAGE (DFN/ADJUSTED • CONSISTENT 3.0x or LOWER LEVERAGE (2016-2018) EBITDA) (3) ADJUSTED EBITDA (1) despite acquisitions Like for Like 2015

(1) Adjusted EBITDA means Statutory [Consolidated] EBITDA adjusted by extraordinary items and annualization of acquisitions as defined in the Contrato de Financiación Sindicada. Acquisitions (2) Change in Deuda Financiera Neta (DFN) as defined in the Contrato de Financiación Sindicada (3) Leverage as per Covenant Certificate validated by EY for 2015, 2016 and 2017 [EY] Audited Consolidated Statutory Accounts and Tradebe’s leverage computation for 2018 non-audited preliminary closing. (4) 2018 non-audited preliminary closing 26 IV. ENVIRONMENTAL SERVICES | LONG TERM FUNDING STRUCTURE - Background

• 1st Syndicated Facility (EUR Term Loan and Multicurrency RCF) 12/2014 Reunite all local long term banking facilities into one global Syndicated Facility. Raised in competition with Institutional Investors (Term Loan B).

• 1st Amendment and Extension of the Syndicated Facility 07/2017 World’s first Green Syndicated Loan Natural currency hedging (EUR & USD Term Loan), financial cost reduction and tenor extension (7/2023).

• 2nd Amendment and Extension of the Syndicated Facility 12/2018 Additional growth capacity (EUR 100M Acquisitions & CAPEX facility), financial cost reduction and tenor extension (12/2024).

27 I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous waste Recycling industry…………….7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………….25 contents V. Strategy……..………………………………….....28 VI. MARF Transaction……………………………….. 31

28 V. 1. Strategy

Sustainable Growth Organic & Inorganic

Increase FOOT PRINT in new geographies (Germany, Italy)

Stringency and Enforcement of Environmental Regulation Consolidate competitive position

Top 35 & GROWTH in our

Top 70 home markets.

All others (70+)

Tradebe footprint 29 V. 1. Acquisitions and CAPEX opportunities

PROJECT DELTA (US) c. USD 30MM(2) (Q3 2018 – Q1 2020) Strategic CAPEX. Major site upgrade (kiln modernization).

PROJECT ALABAMA (US) c. USD 60MM(1) (Q1 2019) Acquisition of major Fuel and Oil Recycler. Geographical consolidation and service enhancement.

Environmental HazWaste Arm of COMSA (ESP) c. EUR 25MM(1) (7/2018) Acquisition of Unique Assets (2 Landfills). Market consolidation.

AVANTI Environmental Holdings (UK) BASF Schwarzheide (GER) (1) c. GBP 23MM (5/2018) c. EUR 6MM(2) (Q4 2018 –Q1 2020) Acquisition of a Unique Asset (large established (1st permitted site in Germany (CAPEX)). HazWaste Transfer Station in Liverpool). (1) Revenues. Geographical Expansion. Long term partnership Market consolidation. (2) Capex. with largest chemical producer in the world. 30 I. Introduction to Tradebe Environmental Services……………………….…………………….3 II. Hazardous waste Recycling industry……………..7 Table of III. Credit Highlights ……………………………….....12 IV. Performance review……………………………….25 contents V. Strategy……..……………………………………...28 VI. MARF Transaction……………………………….31

31 VI. 2. MARF | Transaction Rationale

Listed Short Term prom-notes Target use

• Diversification of funding sources • Average amount of c. EUR 25MM • Optimization of financial cost • From 1 to 6 months term • Familiarization with Institutional Markets • Alternative use to the RCF (no additional) (Rating, Reporting discipline) and • Brand awareness

32