INVESTOR PRESENTATION INTERWASTE HOLDINGS LTD. (JSE : IWE) INVESTOR PRESENTATION April 2017

AGENDA Company Introduction CEO Commentary Financial Performance Market Opportunities Outlook Conclusion

Company Overview

COMPANY OVERVIEW Established 1989 27 Years Operational Experience JSE Altx Listing 2007 Main Board Listing 2014 National and SADC Footprint Fully Accredited/Licensed Service Provider Shareholding 40% Management Owned BEE Level 3

COMPANY OVERVIEW – BUSINESS MODEL

COMPANY OVERVIEW – INTEGRATED WASTE MANAGEMENT Legal Compliance Technical Services On-Site Solutions Resource Recovery Solid & Liquid Waste Treatment Commodity Trading Waste Logistics Waste Disposal & Facilities Management

CEO COMMENTARY Trading environment Half year comparative Competitive Economic Growth Half year comparative EPS Performance improvement second half H1/2016 -8% H2/2016 +27% Volume decline existing customer base Up to 20% Margin improvement Logistics Facilities Discontinued operations Earth 2 Earth Enbitec

CEO COMMENTARY FINANCIAL PERFORMANCE SUMMARY

CEO COMMENTARY FG Landfill Site Design Nuisance abatement actions Continues to challenge Ongoing media coverage Site Design Class B Nuisance abatement actions Gas flare Leachate dam cover Effluent management Continued operation of facility Landfill Permit Increased legal and operational costs

Financial Performance 5 Year Financial Review

FINANCIAL PERFORMANCE – INCOME STATEMENT 2016 Rm 2015 % Change Revenue 923,403 851,300 8% Gross Profit 501,836 439,762 14% EBITA 204,244 165,185 24% Results from operating activities 96,648 71,468 35% Headline earnings attributable to ordinary shareholders 43,218 40,837 6% Continuing operations Enbitec Earth 2 Earth Currency loss Operational efficiency improvement Logistics Increased depreciation On balance sheet finance Poor performing assets Blending platform Recovered position in H2

FINANCIAL PERFORMANCE – 5 YEAR REVIEW *

FINANCIAL PERFORMANCE – 5 YEAR REVIEW *

FINANCIAL PERFORMANCE Logistics Facilities

FINANCIAL PERFORMANCE Logistics Facilities Segment Overview Low Barriers to Entry Low Capital Requirements Highly Competitive Performance Drivers Logistical Efficiencies Area Density Fixed vs. Variable 50/50 Facilities Dependant Capex Requirements - Financed Segment Overview High Barriers to Entry High Capital Requirements Regulated Environment Few Market Players Performance Drivers Legislation Volumes/Tonnages Fixed vs. Variable 70/30 Logistics Dependant Capex Requirements – Internally Funded

FINANCIAL PERFORMANCE – LOGISTICS

FINANCIAL PERFORMANCE – FACILITIES

REVENUE CONTRIBUTION – MARKET SEGMENTS

KEY FINANCIAL INDICATORS – 5 YEAR PERFORMANCE

FINANCIAL PERFORMANCE – BALANCE SHEET… 2016 Rm 2015 Non current assets 778,914 737,099 Property plant and equipment 713,290 674,804 Goodwill 64,009 61,082 Deferred tax asset 1,616 1,213 Current Assets 236,239 249,709 Inventories 8,143 11,472 Current tax receivable 6,066 4,745 Trade and other receivables 191,209 180,338 Cash and equivalents 30,851 53,154 Total Assets 1,015,183 986,808

FINANCIAL PERFORMANCE – BALANCE SHEET 2016 Rm 2015 Comment Equity and Liabilities 541,343 504,163 Equity attributable to shareholders 537,967 500,480 Non controlling interests 3,376 3,683 Non current liabilities 274,046 279,640 Current liabilities 199,794 203,005 Total Equity and Liabilities 1,015,183 986,808

FINANCIAL PERFORMANCE – CASH FLOW Cash Flow Statement 2016 Rm 2015 Commentary Net cash inflow from operating activities 135,442 142,114 Earth2 Earth Enbitec Net cash outflow from investing activities -145,356 -175,986 Klinkerstene FG cell 3 FG gas flare Net cash inflow from investing activities -7,910 26,538 Total cash movement for the period -17,823 -7,334 Effect of exchange rate fluctuations -4,479 -1,418 USD based contracts Cash and equivalents at the beginning of period 53,154 61,906 Cash and equivalents and the end of the period 30,851 Divisional investments Facilities' Cash dependent

CASH FLOWS – OPERATING ACTIVITIES (Rm)

CASH FLOWS – FINANCING ACTIVITIES (Rm) 2014 off balance sheet to on balance sheet financing Vehicle Term Utilization

CASH FLOWS – INVESTING ACTIVITIES (Rm) Facilities cash dependent – unable to finance R 15 Million FG gas flare R 20 Million FG cell 3 preparation R 25 Million completion of cell 1 Klinkerstene 2016 Includes R 16 Million proceed on sale of Earth to Earth

CAPITAL EXPENDIUTURE FY2015 (Rm) FY2016 (Rm)

FINANCIAL PERFORMANCE – 5 YEAR GEARING

OUTLOOK

ECONOMIC OUTLOOK Long term GDP growth estimated at 2% (IMF 2016) Waste Management Industry closely aligned Subdued levels of growth Stagnating growth in commercial, manufacturing, industrial, and mining sectors Increasing levels of competition Tightening legislation

Opportunities

OPPORTUNITIES Interwaste Strategically Aligned Legislation Solution based - Hierarchy of Waste Management Legislation Demand Driver Relatively low Market Share (15% National) Facilities Operational – Investments Complete Industry and Service Diversification 80% Annuity Based Income Capacity within Existing Assets SADC

MARKET OPPORTUNITIES - LOGISTICS Optimization of asset base Vehicle Life Cycles Routing Efficiencies Vehicle Routing Software Development Increased Market Share Aggressive Sales Strategy

MARKET OPPORTUNITIES – FACILITIES (ALTERNATIVE) Impending Legislation Volume driver to alternative facilities ZERO Waste to Landfill

MARKET OPPORTUNITIES – FACILITIES (LANDFILL) LANDFILLS IN PTA & JHB 2016 LANDFILLS IN PTA & JHB 2020 FG Landfill Klinkerstene FG Landfill Klinkerstene Multisands Gauteng Municipal Landfill Sites Near Capacity No Municipal Development in Future Capacity FG Capacity – 2022 Klinkerstein 50 Years Multisands 50 Years Source: Case study JHB and Tswane Metros Airspace Study

Conclusion

CONCLUSION Strategy Based on Organic Growth Sustainable Growth Rates End of Investments Cycle Leverage of Existing Infrastructure Major Investments in Facilities Completed Klinkersteine Landfill (R30Million) Sustainable Growth Rates Positive Cash Flows Future growth funded by operational cash flows Maintenance Capex 10% of Revenues

CONCLUSION Financial Reporting Focus on Increasing ROE Facilities and logistics Focus on Increasing ROE Targeted ROE improvement Improved operational performance Committed to dividend policy Prudent conserve cash Dividend payments Share buy back

CONCLUSION Q & A