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Clean Harbors (CLH)

November 7, 2013

Fundamentals Remain Intact, Despite Softer Q3; CY14
Guidance Brackets Consensus; Adjusting Estimates; PT$74
• Maintaining OUTPERFORM despite softer quarter and lowered Q4 guidance;
2014 preliminary guidance brackets consensus estimates. We are maintaining
our positive stance on shares of Clean Harbors (CLH) following the slight shortfall
in adjusted EBITDA (AEBITDA) versus our consensus estimate. While revenue
trends in Q3 were positive and slightly higher than our above consensus estimate,
AEBITDA margin of 16.1% was 70 bps below our expectation due to: (i) weaker
than expected SK Environmental Service (SKES) business (ii) the loss of a major
contract in the oil sands; and (iii) delayed opening of the Ruth Lake Lodge; causing
management to lower 2013 AEBITDA guidance 2.7%. Despite the disappointing
short-term results and outlook, we believe the risk/reward is favorable given CY14
initial guidance is in line with consensus estimates, coupled with easy comps and
an improving pricing and volume environment in oil & gas market. Accordingly, we
are reiterating our OUTPERFORM rating and recommend buying at current levels.
• Q3 revenue of $907.5 million was above our estimate of $901.8 million while
adjusted EBITDA of $146.0 million was below our estimate of $151.6 million.
EPS was $0.58 versus our consensus estimate of $0.56. AEBITDA margin of
16.1% lagged our estimate of 16.8% and 18.8% in the year-ago period. Gross
margin of 28.7% was 140 bps below the prior year margin of 31.1% due to the
impact of Safety-Kleen. Adjusted for period severance costs, EPS was $0.61.
• Management lowers Q4 AEBITDA guidance ~3%, but CY14 is in line.
Management lowered its CY13 AEBITDA guidance to $523-528 million from $535545 million due to the delay in the Ruth Lake Lodge facility and a lost contract
within Industrial Field Services.
Management initiated CY14 revenue and
AEBITDA guidance to a range of $3.7-3.8 billion (+ 6.4% at midpoint) and $610640 million (+16.7%) and the first time in multiple quarters that guidance is not
expected to lead to lowered consensus estimates.
• Adjusting our CY13-CY15 earnings estimates to account for Q3:CY13 results,
management’s 2013 and 2014 guidance and cadence. See Figure 3.

Environmental Services

• Maintaining $74 price target. Our sum-of-the-parts valuation methodology
assumes a range of EV/EBITDA multiples of 5.5-8.5x, generally in line with
comparisons to our CY15 EBITDA segment estimates.
FYE Dec

2012A

REV (M)

ACTUAL

CURR.

2013E

Q1 Mar
Q2 Jun
Q3 Sep
Q4 Dec
Year*
Change

$572.0A
523.1A
533.8A
559.0A
$2,187.9A
10.3%

$862.2A
860.5A
907.5E
894.4E
$3,524.7E
61.1%

2012A
EPS

Q1 Mar
Q2 Jun
Q3 Sep
Q4 Dec
Year*
P/E
Change

2014E

PREV.

CONS.

CURR.

901.8E

$896.8A
885.3A
893.2E
902.0E
$3,518.7E

$889.5E
952.1E
970.6E
930.2E
$3,742.5E
6.2%

PREV.

CONS.

CURR.

0.65E
0.64E
$2.13E

$0.34A
0.59A
0.64E
0.63E
$2.12E

$0.42E
0.76E
0.81E
0.75E
$2.74E
--x
38.3%

$3,518.9E
2013E

ACTUAL

CURR.

$0.60A
0.44A
0.23A
1.11A
$2.40A
--x
0.5%

$0.39A
0.45A
0.58E
0.56E
$1.98E
--x
-17.3%

PREV.

CONS.

968.7E

912.3E
925.5E
956.5E
957.7E
3,752.5E

$3,740.5E

Price

$57.84
Rating

OUTPERFORM
12-Month Price Target

$74
Al Kaschalk
(213) 688-4539
al.kaschalk@wedbush.com
Taryn Kuida
(213) 688-4505
taryn.kuida@wedbush.com

Company Information
Shares Outst (M)
Market Cap (B)
52-Wk Range
Book Value/sh
Cash/sh
Enterprise Value (B)
LT Debt/Cap %

60.6
$3.5
$48.22 - $64.12
$23.36
$4.52
$4.8
50%

Company Description
Clean Harbors, based in Norwell, MA, is a
leading provider of environmental, energy,
and industrial services, used oil recycling
and re-refining, parts washers providing
services to over 250,000 customers located
in the US, Canada, Mexico and Puerto
Rico.

2014E
PREV.

CONS.

0.74E
0.85E
0.79E
$2.81E

0.55E
0.65E
0.80E
0.72E
2.76E

Source: Thomson Reuters

Consensus estimates are from Thomson First Call.
* Numbers may not add up due to rounding.

Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors
should consider this report as only a single factor in making their investment decision. Please see page 10 of this
report for analyst certification and important disclosure information.

Our favorable investment thesis include: (i) organic growth from new contracts and investments in high ROIC assets including lodging and maintenance facilities within Industrial & Field Services (IFS) segment. As such system uses manifest data to report (credit) revenues to the business unit versus the so-called end market sale. management expects to grow this segment in double digits. management provided CY14 guidance that was up over $100 million at the mid-point from CY13. Given strong demand. The Concern(s): • Industrial & Field Services margins impacted by October start-up of Ruth Lake lodge and loss of contract with a major customer. Q3 AEBITDA was generally in-line with consensus at $149 million. • Technical Services incineration utilization at record highs. SUMMARY We are maintaining our OUTPERFORM rating and $74 price target on shares of Clean Harbors (CLH) following the company’s Q3 earnings call.7% to $523-528 million from $535-545 million. the delays and resulting contract misses impacted CY13 more than we had anticipated. concerns and our thoughts on what to do with the stock.75 and $627 million. with improving end markets and costs controls. CLH moved the accounting for the SK Environmental Services and the Oil Re-refining businesses to the proprietary CLH WIN system. Overall. it’s the first time in four quarters that consensus was not lowered as guidance bracket both metrics. The recent acquisition of Evergreen Oil and recent increase in the base oil and blended products remain notable growth drivers for 2014. Despite the confusion. including the Safety-Kleen (SK) acquisition. SKES was lower while Oil Re-refining was higher than our plan and different from the most recent two quarters. The Positive(s): • Oil & Gas Field Services benefit from major seismic work in Western Canada while Oil & Re-refining benefit from a better pricing and volume environment. it’s insignificant in terms of the recovery of the company’s end markets in our view. management expects to reach full capacity no later than the beginning of Q1:CY14 suggesting that they will not compromise price to reach their return and occupancy goals.8 billion and $610-640 million. TS revenue was up ~20% from the prior year. (ii) net overall price increase of 3%+ within Technical Services (TS) and planned capacity expansion in late 2014 which should benefit 2015 and beyond.5% (the highest level in over five years). flood and oil spill cleanup work and continued expansion in the US. CLH missed several large contracts for the current winter drilling season. Despite the near-term setback. Given the seasonal nature of the business in the oil sands and the delayed opening. We provide a summary of the positives. reported margins in both SK businesses diverged from our expectations. Despite the series of headwinds.INVESTMENT THESIS We continue to view CLH as an attractive investment for investors looking to benefit from increased environmental regulation of waste streams as well as a secular demand for environmental services due to North American based oil & gas activities including oil sands region in western Canada.8% in Q2:CY13 driven by better volumes and improved base oil pricing. After adjusting for severance costs and acquisition cost.7-3. however. Coupled with a disappointing contract lost and an October start-up of the Ruth Lake lodge facility in the IFS segment. overall profitability and margin for the combined SK businesses were consistent to slightly higher on a sequential basis. AEBITDA margins of 21.1% estimate. • Margins within the Safety Kleen businesses diverged from earlier this year. And while CY14 revenue and AEBITDA guidance of $3. and (iii) cost optimization in the used oil collection market. in line with current consensus expectations of $3.3% compared to 16. Al Kaschalk (213) 688-4539 Clean Harbors | 2 . OGFS AEBITDA margins of 19.5% in Q2:CY13 but were marginally shy of our 26. and (iv) continued operational improvement as well as cost synergies and cost reductions from acquisitions. The extreme weather conditions that caused damage to as well as pushed-out the opening of Ruth Lake lodge was one of the primary reasons for the decline in CY13 AEBITDA guidance. • AEBITDA guidance was lowered for CY13. We estimate the lost contract was $20 million in revenue and approximately $3-5 million in EBITDA. As OGFS enters its seasonally strongest quarters (December and March quarters) we look for improving results as Canada rig count improves.8% in Q3: CY13 is up from 24. We remain constructive on the company as management delivered CY14 revenue and AEBITDA guidance range that bracketed consensus estimates. but CY14 guidance brackets consensus and long-term story remains intact. respectively. TS AEBITDA margin of 25. we expect core segment operating margins to improve as (i) sustained high utilization rates (~93%) can lead to increased selectivity of waste streams. (ii) SK businesses are put on the WIN accounting (revenue) system and benefits from further cost synergies. In regards to the Oil & Re-refining business.7% in the prior year driven by major seismic work in Western Canada. benefiting from the incremental volumes (cross-selling) that came with the SK acquisition which drove incineration utilization rate to 93. While another reduction in AEBITDA guidance was disappointing. management lowered its CY13 AEBITDA estimate guidance 2.8% in Q3:CY13 was up from 16. (iii) higher penetration and new placement in shale regions in the US within Oil & Gas Field Services (OGFS) business unit. During Q3:13.

1 0.4 (0.9 69.1 (19.1 629.2 372.4) 12.1% -140 bps 30.0% 6.0 186.8 (11.9 8.3% 14.8 - (5.6% 73.5 2.1% 250 bps 90 bps 160 bps $0.8% 26.6 80.760 $0.6 61.2 73. Al Kaschalk (213) 688-4539 Clean Harbors | 3 .4% -50 bps 2.23 53.1 $20.4) (25.1 (25.7 (18.36 7.6% -430 bps - NMF 21.5% 440 bps - NMF 12. Net Pretax Income Pretax Income Margin Income (Tax) Benefit Effective Tax Rate Net Income Net Margin COMPANY REPORTED DILUTED EPS Diluted Share Count Act vs.1% 9.1% 68.1) 2.4 - 120.1 373.1% 114.7 60. Wedbush Securities.0 $43.3) (0.6% $78.9 99.9 (43.8 6.2 (8.7% 17.8 $ 13.What To Do With the Stock: We believe investors should buy the stock as we view the current risk/reward profile as favorable given CLH’s long-term growth story remains intact following management’s initial CY14 guidance which was consistent with consensus for the first time in over four quarters suggesting to us that visibility is improving.4 15. Inc.2% -40 bps 19.9 (8.8% -270 bps 25.7 6.6 (5.9 (6.0% 66.6) 3.5% (18.5 $290.07) 0.9% 4.6 $3.1) 61.4 39.8 13.3) 54.8 $50.5% 260.8 $15.8% 25.6 187.5 245.7 19.9 86.9 $23.3% 500 bps 16.8 $ 151.8 208.0 66. 2012 $ Change % Change 9/30/2012 Actual $305.4 1.6 81.4 28.6 18.4) 160.0 4.3 $14.9) $ 0.1) (26.7% 260 bps (0.6 84.0% (12.3% 16.9 274.8 $255.565 Act vs.3% 70.8) (22.3) 56.6% 23.7% 30.2) (19.0 5.5 (11.5 107.5 76.4 9.6) 18.3) 151.7% 190.9% NMF NMF 13.5 (45.8 (0.3% $0.7) 146. except per share) Revenues: Technical Services Oil and Re-refining SK Environmental Industrial & Field Services Oil & Gas Field Services Corporate Items Total Revenues Total Cost of Revenue Gross Profit Gross Margin Operating Expenses: Selling.1% 29.20 NMF 13.2% (0.9% -140 bps 89.1 25.7) 35.0 $0.5) 62.6) (13.7 16.6 187. Consensus Estimate $ 893.4 271.8% 35.6 (0.1% 16.6) 45.4) (11.8% 17.8 86. Figure 1: Variance Analysis of CLH’s Q3:CY13 Results Quarter Actual Estimate ($ millions.0 $48.3) 5.65 $ (0.3% -160 bps 33.5 41.1% 47.5 11.0 $75.58 60.7% -250 bps $10.9 23.4 (7.9 $ (5.65 60.3) 907.2) 0.5) 197.3% 27.1 73.7% 36.3) 34.073 $0.4% -16.2 0.3 2.9 (21.0% -320 bps 22.4 (0.0 194.1% -100 bps 10.3 54.4) 533.6) $68.4) 9. Estimate 2013 vs.2 $0.4% Source: Company data.687 ($0.7 (4.4 901.8 $18.1 220.1% -30 bps 26.4 3.9% -100 bps 3.1) 27. General & Administrative Accretion of Environmental Liabilities Depreciation and Amortization Operating Profit Operating Margin Adjusted EBITDA: Technical Services Oil and Re-refining SK Environmental Industrial & Field Services Oil & Gas Field Services Corporate Items Total Adjusted EBITDA AEBITDA Margin Technical Services Oil and Re-refining SK Environmental Industrial & Field Services Oil & Gas Field Services Other Income (Expense) (Loss) on Refinancings Interest (Expense).9 23.5% NMF NMF 11.8% -100 bps 21.7) (0.1) 100.1) 26.2 3.5 28.9 17.0% 647.5 NMF 0.5 16.8% -70 bps 18.4 34.9% 45.

21 7.6% 16.5-6.1 353.4 $991.7 320.8% 7.67 $144.265.6% 10.0 $3.0 Corp $ (179.7) (0. Wedbush Securities.9 29.3 470.7 $1.2 409.74 $2.3 805.5x multiple range given company’s market share in the collection of used-oil and the economics around the supply/demand in re-refining.7 476.5-8.8 399.182.0 $2.0 $3.3 921. IFS and OGFS.0 $3.9% 16.7% 17.127.1 $ 247.74 60. Inc.182. For SK Environmental Services and SK – Re-refining we use 6-6.2% $373.6% 17.1 330.0 787.899.4% $687.5 $ 1.7 1.45 60.518. Inc.8 817. Figure 2: Changes to WS’ CLH Earnings Model 2011A Actual ($'s in millions) 2012A Actual 2013E Previous Current 2014E Previous Current 2015E Previous Initial $1.8 811.0 $3.4 29.5 88.1% -1.5x Segm ent Value $ 2.1% 6.3% 36.0x given the risk and volatility associated supply and demand of oil and gas related resources and activities as well as placement rates (utilization).077.4 17.4 $ 5.5x 7.7 14.2 $2.02 $2.0) Total $ 687.9 $3.3 $2.984.4% 4.76 $228.5 30.742.32 $3.5x and using CLH segment average multiple to apply to the company’s corporate costs.2 O&G Field Services $ 6.95 $3.2% $622.5 260. Valuation.400.5 28.3% DILUTED GAAP EPS Diluted Share Count Free Cash Flow FCF/share $2. (ii) adjusted revenue and EBITDA margin assumptions for SKES.2 997.1% 36.7 59.1% $536.1 0.224.2 $ 123.2 $2.76 Dil.0 28.1 $1.0 0.8x $(1.6 896. $ Im plied Stock price Im plied EV/EBITDA m ultiple 4.5 444.2 783. Accordingly.8 353.3% 6.39 53.4 $4.8 $ 6.6) (11.048.6% 10.896.2% 14. Oil Re-refine ($ & share count in millions) Services & Field Serv.9 $3.Earnings Model.5 $3.5x $ 809.8 811.3% 6.6% 35.2 30.2 Im plied Equity Val.0 Add: Cash 582. Changes to CY13-CY15 estimates reflect (i) Q3:13 results.5 970. Figure 3: Sum of the Parts Valuation Analysis Technical Industrial SK .0) Less: Debt 1.5% $683.4 0.6% 10. Field Services Industrial Services Industrial & Field Services Oil & Gas Field Services Corporate Revenue y/y growth $885.5x $ 491.2 (0.69 $262.8% 9.4) (11. Services & Recycling 2015 EBITDA (est) $ 347.5-8.6 5. Our $74 price target (rounded) is derived by our sum-of-the parts valuation methodology. We continue to view the Technical and Industrial Services segments as businesses where CLH has pricing power along with solid market share and warrant a multiple in the 7.2% 4.5x range while the Oil Re-refining and Recycling and Oil & Gas Field Services businesses warrant 5.7% $525.Env.448.1 353.2 0.6 Revenue Technical Oil Re-refining & Recycling SK Environmental Serv.8 353.5 369.8% 61.5 1.3% 36.9) $1.203.2 60.37 $1.32 $18.48 60.187.9 $3.3% 30.9 6.81 60.4% 11.1% 15.35 $2.3 396.08 $142.69 60. Shares $ 73. Wedbush Securities.0% 36.5% 17.0x $ 357.2 $1.1% $626.203.4 371.69 $183.6% Tax Rate 31.1 $2.5 425.524.9 $0.9% 9.6 EBITDA m ultiple 8.867. and (iii) moderately lower effective tax rate in CY13-CY154.6% 9.111.40 54. Al Kaschalk (213) 688-4539 Clean Harbors | 4 . our price target (rounded) is derived by applying segment EV/EBITDA multiples in the range of 5.66x Source: Company data.3% 60.5% 35.8 817.0% $350.63 Gross Margin Operating Margin EBITDA EBITDA margin $1.84 60.1 $1.0 $1.77 Source: Company data.964.740.1 29.71 $166.76 $179.

0x 9.6 3.636 958 122.4 12. (v) environmental liabilities assumed as part of acquisitions.0 8.5 0.0x 10.1 8.72 39.7 27.5 1.0x 4.77 2.7 7.6 1.6 12.81 2.1 10.4 1.9 1.4x Std.5 18.63 3.1 2.1 9. Dev.1 17.8 12.3 1.595 4.0 19.8 7.1 11.4 27.41 318 1.16) 1.0 27.1 14.0 19.5 5.6 13.9 1.0x Mean = 7.6 7.3 8.2 1.9 15.8 1.5 2.4 0.3 2.4 3.1 5.54 2.351 4.924 635 20. and (vii) volatile commodity prices including natural gas and oil prices could delay planned future infrastructure investments and therefore demand for CLH’s services.8 12.9 1.7 6.87 1.979 1.0 21.5 1.5 1.80 0.294 5.633 6.0 25.3 1.0 23.5 21.1 17.67 3.3 11.3 21.6 1.5 18.2 3.41 Unweighted Average Median Energy Services Baker Hughes Parker Drilling Schlumberger Ltd Superior Energy Serv.90 Unweighted Average Median Hazardous/Non-Hazardous Waste Management Services Composite Weighted Average Median Clean Harbors CLH 58.22 Republic Services RSG 34.1 8.1 2.2 2.98 2. Inc.8 8.118 1.317.8 1.9 2.27 0.4 20.6 1.5 469.6 25.4 18.399 3.21 0.79 EV/EBITDA 12A 13E 14E Price/Sales 12A 13E 14E Price to Book FCF P/E CY12A CY13E CY14E (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) 22.7 8.0 0.0x 30.4 3.2 1.6 26.1 8.38 4.3 10.9 18.4 10.1 -57.0 0.7 30.5 1.7 8.2 2.5 16.2 3.9 115. (iii) decline in overall global and regional economic activities leading to reduced industrial production.1 1.5 24.47) 1.6 -0. Al Kaschalk (213) 688-4539 Clean Harbors | 5 .5 4.5 8.6 9. (vi) earnings volatility due to work delays or stoppages due to inclement weather conditions.6 46.80 1.2 15.649 473 2.5 16.4 85.5 3.422 869 45.207 530 5.6 2.536 1.76 3. Wedbush Securities.6 1. capacity utilization and lower waste levels.1 1.048 492 2.913 169 13.1 13.82 1.1 23.7 132.7 1.9 Source: Company data.0 20.537 4.3 6.897 8.7 19.1 21.9 6.7 6.0x 25.1 -16.3 1.1 17.97 Waste Management WM 43.038 1.22 2.4 20.149 4.74) 0.4 1.185 20.9 8.539 (0.1 N/A 18.6 24.2 24.2 8.4 2.356 216 14.7 9.07 1.0 0.Figure 4: EV/NTM Earnings Multiple 2008-2013 Figure 5: EV/NTM EBITDA Multiple 2008-2013 Price/NTM Earnings EV/NTM EBITDA Multiple 35.9 3.1 123.9 14.9 19.03 1.5 15. = 1.2 19.2 22.3 2.5 0.579 20.0x 10.5 33.6 1.2 120.5 1.5 7.0 10.9 1.1 10. Risks to the attainment of our share price target include: (i) inability to integrate acquisitions or realize planned acquisition synergies resulting in lower margins.4 6.26 Newpark Resources NR 12.1 7.3 9.4 6.1 15.378 1.2 12.508 1.100 8.0x 6.1 14.07 0.14 0. Figure 6: Peer Group Comparative Valuation Analysis Comparative Valuations (mm.3 15.048 330 1.645 24.72 18. (iv) changes in existing environmental regulations and programs which could reduce demand for CLH’s services.5 1.0x 8.0 5.8 20.124 9.1 4.9 31.0 1.8 20. Wedbush Securities.5 1.08 (0.0x 5.0 63.8 20.0 19.0x Source: Company data.1 1.1 19.6 3.84 7.1 8. Inc.13 0.608 Unweighted Average Median Non-Hazardous Waste Management Services Casella Waste Systems CWST 5.4 17.0 17.1 20.90 1.17 2.57 443.662 13.142 193 14.7 7.14 Waste Connections WCN 41.7 12.30 1.08 0.932 2.081 9.9 2.7 19.539 0.4 2.4 13.5 2.86 Stericycle SRCL 115.1 12.188 3.9 23.5 1.65 2.8 21.3 17. Inc.608 464 1.0x 20. = 3.7 8.93 93.65 5.0 4.35 60.5 13.2 238 3.0 8.8 8.0 4.1 12.929 678 42.8 19.929 14.026 8.9 19.4 -155.0 159.96 Progressive Waste BIN 26.8 18.2 360.2 1. 2/27/2009 2.0x Mean = 23x Std.19 0.9 19.39 2.0 21.0x 7.05 1.54 US Ecology ECOL 34.9 28.9 4.5 9. Dev.649 283 1.6 3.94 4.77 2.2 18.5 2.58 4.339 31 9.2 35.253 2.9 8.0 24.8 8.4 10.5 8.0 4.5 1.9 6.5 2.4 1.7 18.9 9.2 9.5 2.09 27.660 2.4 2.0 1.3 22.7 21.4 87.7 7.4 9.46 4.9 1.8 19.7 0.9 7.144 2.5 1.8 7.1 14. (ii) dilutive acquisitions or inability to close future acquisitions. Wedbush Securities.9 20.2 Market Cap Net Debt 12A Revenues 13E 14E 12A EPS 13E 14E ($) ($) ($) ($) ($) ($) ($) ($) 252 1.5 1.1 1.3 5. BHI PKD SLB SPN 57.19 (0.6 3.6 3.1 1.513 (27) 163 1.5 469.3 1.0 18.4 19.568 22.972 3.9 4.058 50.2 2.4 -36.97 1.020 12.0 20.8 2.525 3.131 2.1 8. except share price) Ticker Closing Shares Price O/S 11/5/13 Hazardous Waste Management Services Heritage Crystal Clean HCCI 17.5 1.0 11.1 1.9 1.16 1.3 8.073 14.6 121.73 1.0 2.0 NMF 21.513 496 1.0x 8/30/2013 10/31/2013 6/28/2013 4/30/2013 2/28/2013 12/31/2012 8/31/2012 10/31/2012 6/29/2012 4/30/2012 2/29/2012 12/30/2011 8/31/2011 10/31/2011 6/30/2011 4/29/2011 2/28/2011 8/31/2010 12/31/2010 10/29/2010 6/30/2010 4/30/2010 2/26/2010 12/31/2009 8/31/2009 10/30/2009 6/30/2009 4/30/2009 12/31/2008 8/30/2013 10/31/2013 6/28/2013 4/30/2013 2/28/2013 12/31/2012 8/31/2012 10/31/2012 6/29/2012 4/30/2012 2/29/2012 12/30/2011 8/31/2011 10/31/2011 6/30/2011 4/29/2011 2/28/2011 12/31/2010 8/31/2010 10/29/2010 6/30/2010 4/30/2010 2/26/2010 12/31/2009 8/31/2009 10/30/2009 6/30/2009 4/30/2009 2/27/2009 12/31/2008 Source: Company data.2 0.28 Waste Management WM 43.0 NMF 24.0 7.9 8.5 1.7 NMF 27.3 1.4 17.742 2.5 2.7 10.4 1.

5% -2.6 202.8 (4.3 134.1% -2.5% -6.7 180.5 14.41 $2.4 37.1% 6.7 1.14 $2.3% 31 19.7 217.6% 11.8% 31.1 64.63 49.7 0.5 399.0 129.2 (55.8 811. Al Kaschalk (213) 688-4539 Clean Harbors | 6 .6% 6.3) 228.3% 150 7.7 - 245.2 (0.0 (78.7% 9.1% 202. Net Pretax Income Income (Tax) Benefit Equity Interest in JV NI Before Cum.0% (284) 60.6 2.32 53.2 10.9 373.3 159.1% 69.3 18.0) 0.1 3.8 353.6 97.) SG&A Accretion .5 (2.59 19.5 9. Diluted Expense Analysis COGS % Revenue SG&A % Revenue Accretion .6 (4.5 17.5 0.8) 1.0 131.8 9.2) 1.7 9.5 405.5) 12.96 53.6 266.1 205.2 0.5% 0.8) 0.0 166.2% 1. Wedbush Securities.8 8.7% (127) 11.61 60.2% 61.7) 1. Liabilities Depreciation and Amortization Operating Income Operating Profit (bp.0 27.116.0 3.4% 29.6% 15.2 654% 343.1) 329.2 970.8) 142.1 9.210.4% 12.7 4.7 0.7 4.8 1.9 145.2 234.7% 19.4 282.3% 21 26.83 20.9 $1.0) (62.51 $2.40 $1.4 17.3 (16.93 52.3 37.1 52.8 275.3 (0.0% 9.2 16.3) 0.70 $1.5 320.9% -24.6% 4 6.0 209.074.8% 31.6% 34.1 99.5 13.5 11.5 $ 1.6% 28. in Acct.1 (1.4 135.4) 2.0 $2.1% 11.8 $3.1 $ 673.0 (36.8 10.9% 0.2 (28.2% 217.6% 2.9 82.8 10.2% 11.1% 10.6% 69.527.5% 6.5) 10.8 (1.2 753.6% 5.6 157.7 273.8% 338.2 268.2 687.0 217.0 36.8 10.1 $ 1.6 525.9 664.5% 7.0% 6.9) 184.5 369.0 57.13 127.8% 81.0 454.8 996.4% 9.7% 70.9% 40.4) (26.1 2012 (Restated) $ 991.7 268.7 350.524.8 44.6 85.1) 260.4 274.0 37.8% 4.0 57.76 70.2) 44.0% (259) 3.7 4.0 127.0) 61.88 49.1) (5.3 0.5 108.7 (57.9 1.3% 61.3% 9.0% 36. Chg.7 (37.9 92.) EBITDA Operating Income (Clean) Depreciation & Amortization Accretion of Environmental Liability EBITDA EBITDA Margin EBITDA % Y/Y Free Cash Flow EBITDA * (1-Tx) D&A * Tx Cash Taxes Less: Capital Expenditures Less: Change in Working Capital Free Cash Flow FCF % Y/Y 2007 2008 2009 2010 2011 $ 672.9% 12.39 $2.0) (278.56 $2.5 0.45 $3.0% 68.0% (130) 77.7 0.5 131.Ex Major Events COGS Gross Profit Gross Margin (bp.5) (8.1% 0.3 (4.56 60.1% 32.8% 0. Basic Shares Outstanding.6 (119. Inc.6 266.2 161.2 783.7 $2. General & Administrative Accretion of Environmental Liabilities Depreciation and Amortization Operating Profit Operating Margin Other Income (Expense) (Loss) on Refinancings Interest (Expense).5) (8.4% 14.0 102.8) -222% 214.Adjusted Shares Outstanding.3 409. Liab.0 166.2 11.8 15.5 $2.0 129.1% 4.0 40.6% 9.3% 44.2 $ 735.9 0.Figure 7: CLEAN HARBORS – INCOME STATEMENT (ANNUAL) ($ millions.41 $2.2% -1.1% 38 23.8% 30.1% 6.7 - 787.6% 2. except per share) Technical Services Oil Re-refining & Recycling SK Environmental Services Field (Site) Services Industrial Services Industrial & Field Services Oil & Gas Field Services Corporate Revenues Cost of Revenues Gross Profit Gross Margin Selling.5% 35.3% 12.1) 179.5 211.380.1 349.1 330.0) (180.5 14.0% 9.4% 12.2 $ 720.5% 1.7 1.4 0.5 $2.1% 54.0) (57.7% 234.4 9.74 $0.9 29.7% (147) 2.8 38.1 1.4) 184.1 353.2% 460 14.5 (26.1 -34% 90.625.0 61.69 52.9 254.9% 42.030.7 10.8) 34.42 $2.7% 13.2 $ 885.2% 13.6 647.9% 30.2 1.7 6.8 162.191.0 163.3% 10.8% -7.4 626.1% 8.4) 94.6 64.8% 135 85.5% 7.46 $3.2) 72.4 13.7 209.0 102.0 (76.1) 0.63 22.6% 3.6 490.048.9 93.9) 3.7% 73 2.5) (8.3 2013E 2014E 2015E $ 1.707.5 0.8 0.4 -424% 242.2% 4.7% 62.8% 21.5% -0.3% 108.3 92.90 102.8% 38.1% 15.0 604.2) (93.1) 946.7 476.4% 19.3 315.0 44.9% 10.0 102.0) (260.0 (13.6% 12.7 14.28 57.2% 6.5 0.2% 13.127.0 (39.2% 6.5 2.4 133.7 2.9 0.3% 2.3% 6.5 0.8) 0.984.0 127.1% 6.0 209.74 209.731.3% 29.4% 31.7% 15.3 (4.4 (0.2% 69.9% 11.2 484.0% 3.9% 0.8 817.0 10.4% 14.1 10.187.76 60.40 $2.5 4.8 $2.3% 44.9 14.8 (4.0 (36.84 127.4) 158.9 896.3) (41.2% 71.0 44.8 504.0% 4.2% 6.8 1.7 $0.7 707.0 338.4) 0.5) 51.61 60.0 12.3% 29.6% 7.0 35.0% 7.39 129.1 31.8% 1.1% 30.3 4.48 22.7% 0.7) 1.5% 45.7 122.7% 16.5% 14.1% (173) 64.9 76.Env.8 260.9 166.203.2 (0.0 (1.5 (56.7 (94.74 $0.2% 11. % Rev D&A % Revenue Operating Margin Y/Y Growth Revenue Revenue .22 $2.8% 6.2) 0.5) (108.3) 127.0 3.1% 405.9 -86% 417.2 2.0% 10.182.1% 18.0 127.86 54.9 161.540.2% 10.0 0.2% 100.1% 17. Principle Tax Rate Net Income Preferred Dividends & Accretion Net Income (to Common) Stock-Based Employee Compensation Pro Forma Net Income (Loss) Basic EPS Dilutive EPS Dilutive EPS .0 127.9 28% Source: Company data.6% 12.4% 0.4) 18.0) (148.8) (26.98 166.2% 15.7 520.1% -1.3% 26.3% 7.1 0.0) (56.4% 240 3.0% 70.08 60.2 10.5% 158.6% 149.742.0) (197.3) (14.69 $1.2 8% 437.3 (4.5 12.6% 147 6.7 2.74 $2.2 (0.1 17.7% -3.0 47.3 17% 400.7% 30.9% 82.0 (4.1 17.0 (78.3% 211.8% 42.5% 70.2% 14.3 NMF 99.0) (122.71 60.8 (2.4) (47.1% 36.3% 7.5 425.1% (86) 7.0) (116.3 470.59 35.0% 16.4 275.9 0.3% 64.8 322.75 $2.9) (16.899.9 0.0 166.0 $2.2 (11.0 0.0 0.5) 0.7 122.Environ.87 52.3) (27.0% 156 1.

9% 11.5 0.3) 0.0% 13.1% 10. (net tax) Pro Forma Net Income (Loss) Basic EPS 1Q12 $231.0 $0.0 22.0 69.3) 0.0 (19.7) (43.8 111.1) (5.2 24.5% 132 3.7 200.9 889.9 24.0) 92.7 991.0% 57.9 35.6 14.7% 2.4 3Q13E $305.2 90.4 12.9 115.8 130.7 257.7 235.5 647.61 57.4 100.7% 8.0 (5. Net Net Income Preferred Dividends & Accretion Income from Discontinued Operations Gain on Embeded Derivative Net Income (to Common) Stock-Based Employee Comp.1% 133 61.42 $0.5) 40.97 $0.0 0.9 (32.94 $0.8 24.7 3.8 96.4% 14.61 0.4) (11.0 99.0 32.64 $0.15 60.3% 7.6 148.9 $0.61 0.9% 16.7% 6.0 0.5% 34.0) (88.4% 6.38 35.1 59.1 141.81 45.6% 0.61 0.5 111.6 (0.8% 14.0 32.7 $260.61 0.0 57.6 210.0) (55.5 0. General & Administrative Accretion of Environmental Liabilities Depreciation and Amortization Restructuring.0 49.6% 9.3 246.9 -11.0) (67.44 12.15 60.4) 533.97 56.0 25.1 NMF 107. Basic Options & Other Shares Outstanding. Al Kaschalk (213) 688-4539 Clean Harbors | 7 .0) (27.1% 12.4 0.2 23.3 264.5% 94.57 55.61 0.6 106.0 (19.6% 54.6 685. Principle Tax Rate Cum.0 61.1 367.5% 13.3) 54.9% 10.0 0.76 60.61 0.8 121.0 16.8% 9.9 67.2 -148.15 60.0 0.76 $0.5% (675) 64.60 23.3% 14.5 96.2 24.0 (19.1% 12.0 45.1 68.4 68.5% 7.5 83.7 17.8 70.9% 69.0 3.76 60.0 61.23 0.1% 11.9 0.9 10.3 178.56 $0.4 -98.6 2.0 $253.6 69.0% 2.9 3.0 35.7% 30.4 3Q15E $311.8% 6.9 2.1% 1.3% (111) 83.9 69.9 130.4) (0.2 279.3% 7.7% 9.1 (18.8% -175.15 60.6 187.39 $0.9 10.2% 3.3 (1.0% 71.6 (27.7 59.5% 30.0 0.6 53.76 37.4 0.8% 8.2 306.7 $0.1 232.5 73.0 0.7) 862.3% 0.1% 9.2% 2.0 32.5% -0.6 113.4) 21.4 (32.1 198.0 930.1 203.9 128.4% 7.6% 8.58 $0.14 60.6% 6. in Acct.2 $1.4 572.0 0.2% 71.5% 113.7 0.5% 0.1 $0.4 34.7% 17.4) (11.38 $0.0% -3.4 63.2% 6.5 2.5% -2.0 0.5% -2.9% 18.0 45.2 73.0) 15.3% 7.0 0.58 34.8 3.0% 2192.5 100.2% 19.2) (0.1% 28.0 59.0 $0.63 60.8 71.1 168.3 181.1 163.6) 35.0 34.76 60.4 $305.76 60.2% 36.2% 165 17.3) 50.2% 8.6 212.6 185.4 77.4 2Q13 $283.0% 36.9% 71.15 60.0% 29.5 13.0% 6.69 60.49 53.7 0.9% 343 7.9% 69.4 250.76 70.6) 0.9 254.6 204.5 1.5 104.0% 30.0) (72.5% (146) 14.54 $1.4 119.3% 0.1) 0.0 (11.2% 3. and Other Costs Operating Profit Operating Margin Other Income (Expense) (Loss) on Refinancings Interest Income (Expense).0) (56.8 299.0 0.3% 7.6) 53.0 49.6% 70.8 2Q15E $322.0) (1.76 60.0) (59.0 18.7 96.1 131.2 120.4 61.8) 0.8 124.26 53.0 0.5% 61.0 45.3 171.0) 58.2% 12.3% 30.2) 12.4% 39.3 3.7% 69.9) 15.0 0.8 2.0 288.9% 104 57.75 $0.8 0.5% 96 3.8 (0.3 1Q13 $259.94 Diluted EPS Diluted EPS .6% 14.2% 3.23 0.9 0.1 2.0 14.3 (19.4 0.4% 122 4.6% 71.0) (45.8 91.4 194.5) -112.76 60.17 60.6 191.4) (5.1 117.9% 18.1 68.4% -15.4 $0.0 0.0 58.94 59.7% 55.0 0.4% (251) -4.1% 3.3) 95.0 0.6 2.3 64.0 0.4) (1.0 400.0% 19.17 $0.2 2Q12 3Q12 4Q12 $252.1% 17.1% 0.5% 26.0 0.1% 95.4 70.3% 29.9 24.8% 30.3% 7.0 399.2% 35.5% 67.9 0.42 $0.1% 69.0) (67.0% 9.15 60.6 82.5 107.7 (0.9 (26.3% 62.Adjusted $0.4 (1.9 952.0) (45.5 22.7% (252) 60.4% 9.3% -0.5 $0.11 10.4 277.9% -14.5 56.2% 36.4% 7.1% 29.5) 71.4 (21.1 3.7 45.9 0.0 0.8 (1.9 69.7% 84.5 57.5% 73.9 (1.5 73.3 59.1 68.3% 2.5 19.2) 0.1) (0.60 $0.6% 12.1 68.0) (65.1 91. Wedbush Securities.6 84.0 151. Liab.1% 6.6 $299.4% 9. Chg.3% 2.3% 19.7% 32.9 (1.44 $0.5% 72 -0.6 24.0 3.2 NMF -12078.1% 58.9 66.9 17.0 (26.0 $0.2 (1.4 0.0 0.6 14.15 60.0 (19.8 196.4 79.61 0.3) 907.5 38.5% 0.5% -2.9% 0.1 (18.1) (26.0 23.4) 0.9 59.1 0.7 142.8 209.0 0. Principle.4% 6.3 (1.6% 71.1% 45.7 68.7% 10.5 152.2) 32.5% 3.8 208.0 (19.5% 0.5 68.6 155.0 (11. Diluted 53.60 $0.76 $0.0) (67.5 38.5% 36.3 289.0 0. D&A % Revenue Operating Margin Y/Y Growth Revenue COGS Gross Profit Gross Margin (bp.3 934.2 67.2 636.3 178.3% 2.93 $0.5 631.2% 74.7% 158 4.9% 11.1 0.0) (65.3% 188 29.3% 11.0% 30.3% 7.9% 30.6) -164.8 118.8 195.7) 122.7% 65.0 (19.7 269.2 648.9 37.76 49.37 0.1 2.58 $0.7% 0.75 $0.3 126.0% (290) 70.5 194.8 86.0 10.0 -23.0 654.7% 14.0) (62.0 0.9 146.0) 1.4) (11.97 $1.3 149.3% 7.3% 12.9 13.4 72.4% 25.5 44.3 3.8% 6.7 47.7% 10.4% 168 5.55 0.8 2.9 18.8 70.7% 36.6 205.2 699.2% 6.5 18.4% 0.7% 29.7% 4.6 681.8 2.2% 9.76 60.0 105.) SG&A Accretion of Environ.2 (0.0% 9.4 NMF 2030.17 22.1% 111 6.3 83.2) 559.0 0.5) 72.8 53.0 0.4 2.3 66.1) 0.81 $0.1) (0.4 630.8% (437) 50.0) (45.3% 12.5 68.3% 3.6% 8.28 53.1% 8.0 23.23 $0.7 60.1% 66.0% 36.5 0.61 0.4 $316.0 0.51 53.0% 3.3 24.4 $0.4% -1.0 (19.0 (19.5 (5.8 372.11 $0.0) (51.5 86.6 133.0 0.3% 229.8% 70.7% 7.8 281.2 220.1 NMF 80.1 68.9% -43.7 (0.1% 43.3 36.2 16.1% 69.5 24.0% 6.3% 3.1 163.7% 25.5% 28.8 66.0% 165 1.61 0.8% -3.4 1Q15E $265.7% 3.6% 179 4.8% 0.2 34.2% 71.2% 2.13 55.2) 523.0 0.7% 13.1% 3.1% (35) -8.7% 29.3 108.7 91.0 0.1 0.9 $0.5% 11.5 614.2% 32.Figure 8: CLEAN HARBORS – INCOME STATEMENT (QUARTERLY) ($ millions.0 0.0) 88.9 113.0 145.8% 70.0 122.0) (70.0 0.0% 30.9% 74.5 967.8 77.0 37.3% 8.3% 6. Acquisition. Effect of Change in Acct.1 260.2 24.7% 12.8 124.0 0.0% 14.1 $0.2) 0.0) (47.2) 16.44 $0.9 66. except per share) Technical Services Oil Re-refining & Recycling SK Environmental Services Field Services (Site Services) Industrial Services Industrial & Field Services Oil & Gas Field Services Corporate Revenues Cost of Revenues Gross Profit Gross Margin Selling.4) 3.9% 9.2) 49.9% 0.5% 4.0 (19.1 (1.0% 36.7 4Q15E $304.3) (0.0% 5.6 2.3% 15.7% 58.2% 64 2.1% 40.9% 70.3% 6.7 41.2% 2.5 41.5 108.0 0.7 56.7 0.6 (10.) EBITDA Operating Income (Clean) Depreciation & Amortization Other Accretion of Environ.3% 69.6% 17.1) 4.8% -38.1 $0.0 12.0% 64.2 24.7 36.0) (1.7 159.6% 49.2% -0.8 NMF 92.0 34.1 894.7 36.0 (19.81 $0.9 107.0% 3.5% 12.6) (13.9% (144) 89.5% -8.4 75.7 144.8 3.3 68.1% 35.76 60.2 44.1% 44.1% (138) 2.8 (3.9% 31.0) 89.0) (45.0 0.3 66.56 $0.3% 7.2% 0.0% 0.0 0.4 17.2 $255.5) 0.0 (13.0 56.7 (6.0 0.5% -5.0 22.1% 8.2 12.4% 10.9 123.0% 12.3% 6.8 60.97 Shares Outstanding.75 60.0 59.7 2.5% 36.5% 104.4 0.0 (19.7% 9.15 60.8 47.7% 6.2 (14.1% 68.9 75.0) 0. Liability EBITDA EBITDA Margin EBITDA % Y/Y Free Cash Flow EBITDA * (1-Tx) D&A * Tx Cash taxes Less: Capital Expenditures Less: Change in Net WC Free Cash Flow FCF % Y/Y Source: Company data.3 (12.6% 6.6) 18.0) (65.61 $0.6 78.0 25.0 35.8 107.2% (0.3% 3.4 61.3 127.0 16.5 306.5 104.6% 28.0 47.006.9 0.0 0.2% 0.1 664.2 30.3 14.0 0.8 60.9 49.45 $0.5 114.0 0.1 0. Inc.4 70.7 $0.9) 0.0 0.4 36.4 $0.5% 6.3 105.0% 67 2.0 0.9 $0.0 0.7 202.3 2.3 NMF 56.Liabilities Depreciation and Amortization Operating Income Operating Profit (bp.2 3.8 121.0 13.9 0.8 111.3 17.5 (13.9% 11.46 0.6 14.7 0.5% 13.5% 29.1 228.0 45.8 (78.2% 167 3.6% 11.0% 14.7 668.2% Expense Analysis COGS % Revenue SG&A % Revenue Accretion of Env. Net Pretax Income Income (Tax) Benefit Equity Interest in JV NI before Cum.7 106.4% 64 2.8% 18.0 56.5% 12.5 124.4% 101.7% 8.4% 9.5) 76.0% 73.7 252.0) (65.4% 0.30 $0.0 2.2% 36.23 61.1% 70.8% 33.7 (1.9 160.5) 56.1 25.5% 267 10.2% 31.2 82.0 39.2% 3.1 4Q13E 1Q14E 2Q14E 3Q14E 4Q14E $278.0% 4.0 17.8 191.9 0.3 75.0 0.15 60.61 0.76 60.5% 7.4 39.8% (316) 0.5 18.0) (69.9) 860.0) (17.2% 28.4% 8.2 970.1% -7.2% 2.9 (1.0 (19.3 251.0% 6.8 (33.9% 6.0 23.61 0.8) 5.1% 34.6 72.5 66.0 0.42 45. % Rev.15 60.1 235.0 226.0 10.5 88.0) 36.19 53.3 66.0 0.0 0.7% (379) 81.0% 276 -1.00 $0.3% 75.4 0.1 57.7% 1.3) 0.0 45.0) (1.8 91.2% 0.3% 10.5 2.7 36.5) 22.4 107.56 25.

8 901.3 40.044.0 1.1 29.3 45.832.1 155.7 117.0 321.3 27.4 $ 238.3 256.8 0. net 918.2 567.7 Source: Company data.086.5 4.7% 263.8 Accounts Receivable.199.442.5 21.2 40.0 1. Net 463.6 4.806.9 $ 4.7 190.9 1.7 1.2 567.9 171.101.825.7 0.509.1 17.531.7 1.7 156.0 2.6 172.9 145.7 1.7 217.458.8 655.1 $ 1.613.69 Cash / Share $4.8 53.3 301.825.0 1.105.7 0.3 $ 1.9 15.028.34 1.7 655.0 373.2 1.417.9 168.9 4.7 3.9% 1.7 73.9 Other Long Term Liabilities 119.8 733.8 3.2 11.7 10.4 242.5 91.0 315.5 39.207.0 21.9 6.6 22.4 21.8 603.0 Other 10.400.2 567.5 18.5 4.9 18.13 $3.7 643.3 $ 208.7 42.4 21.0 0.0 $ 11.2 171.0 138.8 523.956.3 Total Assets $ 2.400.5 5.3 21.9 1.1 63.7 449.4 541.8 4.7 553.2 19.0 2.3 75.170.7 4.7 232.0 57.8 1.4 2.4 575.4 19.9 1.3 3.88 $4.3 2.1 2.1 19.9 5.9 1.4% 1.6 10.2 11.1 41.4 21.330.7 217.5 3.7 613.3 28.484.0 157.686.3 45.8 1.1 17.2 7.0 0.9 40.0 524.8 0.1 $ 1.96 $18.2 2.0 15.7 116.5 47.5 4.8 1.9% 29.9 21.2 34.1 11.4% 226.1 3.3 EBIT-to-Interest Expense 5.5 305.9 Prepaid Expenses 62.8 15.9 73.0 2.9 233.4 Deferred Financing Costs 12.7 1.7 2.Current 7.0 15.3 5.2 $ 260.5 19.2 567.0 335.0 1.8 0.7 2.3% 524.0 1.7 217.1 27.9 155.4 $ 3.400.1 41.0 626.400.9 1.3 61.1 41.1% 1.0 2.9 $24.073.69 $16.1 1.304.0 21.401.9 1.0 2.0 1.875.3 15.1 $ $23.7 955.7 56.7 82.5 $ 296.969.8 636.3 5.0 418.1 1.0 181.609.4 903.66 2.8 Deferred Tax Assets 0.1 41.199.127.2 6.0 3.127.9 41.7 27.1% Debt-to-EBITDA Debt 523.400.3 960.88 $3.8 6.6 590.0 464.4 $ 3.9 1.8 0.8 144.0 232.1 Accounts Payable 172.7 27.0 546.0 151.0 1.3% 1.7 11.7% 1.5 10.199.1% 1.5 40.009.9 19.598.172.3 4.4 1.0 15.0 5.6 564.7 44.2 0.832.410.1 1.9 155.0 29.122.3 4.014.7 0.1 60.400.2 1.57 2.4 $ 263.Current Capital Lease .8 0.0 2.400.0 41.8 40.5 4.78 $4.4 157.2 61.0 $31.1 17.0 233.1 643.5 Deferred Revenue 29.8 53.9 273.1 18.0 2.9% 1.2 61.5 3.5 49.8 $ 3.9 $ $11.9 189.5 Debt-To-EBITDA 1.9 34.400.0 97.2) -3.9 865.0 21.227.3 0.086.3% 800.2 292.1 215.1 1.12 Capital Structure Analysis Debt % Total Capital Debt 523.170.9 6.7 3.8 $ 523.400.4 1.7 48.7 19.2 212.0 14.9 91.2 4.9% 817.8 2.400.2 42.0 0.400.400.7 27.2 36.0 0.3 56.75 $4.425.9 264.475.0 178.4 46.086.4 906.3 17.0 3.0 27.9 1.2 215.0 168.1 $ 10.2% 1.400.4 21.6 569.7 217.8 1.2 4.9 42.0 40.2 21.9 $27.393.0 15.0 687.6 613.161.1 148.5 $ $25.4 39.4 1.4 44.0 2.141.3 555.7 49.2 17.4 22.5 2.2 $ 2.1 Closure & Post-Closure Liabilities 28.400.390.0 525.5 217.7 3.109.7 Other Assets 292.1 41.4 0.8 LT Investments (Restr.449.0 158.2 567.5 3.5 391.0 2.9 1.400.187.2 $ 11.0 Capital Lease Obligations 5.0 0. & S/Hs' Equity Current Liabilities Uncashed Checks LT Debt .68 $4.9 188.602.0 1.0 285.686.0 0.400.5 39.400.34 $9.9 137.823.184.97 $5.0 151.1 5.4 4.5 4.7 217.0 3.4 22.7 3.2 350.9 124.0 287.2 1.6 3.7% 1.400.0 59.199.4 246.136.7 42.2 32.0 16.330.9 6.3% 276.6 590.1 1.0 0.4 1.0 2.157.88 $27.9 155.0 0.6 590. Post-Closure .832.400.199.3 1.085.393.122.7 4.3 Net Debt % Total Capital 19.5 40. Wedbush Securities.6 2.9 1.6 21.0 2.4 10.0 383.5 1.4 18.2 0.92 $6.0 15.7 0.Current 18.6 19.8 31.4 19.9 6.7 $ 229.4 139.7 569.5 399.48 $3.9 19.5% 1.0 Shareholders' Equity Tot.0 47.4 264.157.4 Closure.0 1.0 626.0 155.9 28.0 2.598.615.0 0.7 174.0 1.7 48.4 Deferred Tax Assets 16.1 17.7 4.8 EBITDA 383.0 1.4 4.161.8 1.4% 1.7 45.3 61.4 12.6 21.29 $4.08 2.9 118.1 49.8 42.7 107.61 $14.085.8 $ 238.5 3.400.400.1% 1.8 780.50 2.6 590.7 11.8 11.199.0 0.1 $ 248.4 46.5 4.441..7 217.9 1.1 91.0 586.0 787.4 2.Cash) 282.2 4.2 30.6 613.9 36.006.400.2 40.1 2.6 Properties Held for Sale Total Current Assets 881.8 27.401.0 305.613.2 567.9 32.1 3.2 13.400.3 263.4 21.0 27.0 0.4 4.9 256.5 11.0 373.9 Other Accrued Expenses 114.911.969.42 2.3% (38.5 4.2 114.7 1.7 24.939.2 41.9 2.5 1.4% 1.458.1 Income Taxes Payable Liabilities Held For Sale Total Current Liabilities 342.9 $ 582.8 636.6 62.400.5 800.78 $17.2 567.207.192.7 57.956.9 563.014.0 2.7 217.0 49.0 3.038.9 61.5 3.8 13.204. & S/Hs' Equity $ 2.3 365.8 $ 2.5 32.3 $ 1.3% 1.1 61.1 41.379.1 151.904.9 147.605.4 11.0 165.092.4 1.0 0.7 669.1 42.Net 139.31 $4.531.0 0.6 24.7 187.9 12.910.3 75.0 161.605.5 136.5 Accrued Pension Cost 0.4 14.4 6.4 593.3 61.6 13.2 2.55 $9.5 15.5 Q1:13 $ $ $ Q2:13 Q3:13E Q4:13E 222.5 $ 302.9 21.6 40.0 15.7 217.6 3.5 1.7 4.0 6.5% Net Debt % Total Capital Net Debt (Debt .4 566.0 134.1 17.7 593.9 $ 2.2 567.0 2.Figure 9: CLEAN HARBORS – BALANCE SHEET ($ millions.0 $ 11.7 565.5 3.4 397.969.3 32.0 15.910.2 36.7 0.601.0 0.0 0.1 1.009.7 1.6 590.0 0.9 1.1 2.5 25.0 4.0 4.3 1.5 155.97 $3.400.400.4 27.803.0 1.3 19.79 $25.8 589.6 16.7 1.9 246.0 1.6% 1.7 136.0 1.7 21.7 19.9 1.8 $ 3.8 524.400.4 16. Al Kaschalk (213) 688-4539 Clean Harbors | 8 .2 821.6 $ 11.2 42.5 Remedial Liabilities 121.7 600.8 40. except per share) Q1:12 Q2:12 Q3:12 Q4:12 Assets Current Assets Cash & Cash Equivalents $ 241.4 21.9 5.5 40.638.2 1.9 224.8 567.4 $ $23.141.4% 1.400.2 1.086.7 96.9 655.6 21.1 17.6 29.3 1.0 0.9 32.75 $6.9 $ 2.7 34.3 335.9 1.511.8% 1.1 42.9 187.0 11.4 292.9 1.87 $25.400.7 $ 229.7 59.0 8.8 572.1 Deferred Costs 5.9 194.2 168.3 4.400.8 1.8 Liab.8 Total Capital (Equity + Preferred + Debt) 1.9 147.0 1.8 0.0 2.9 332.7 61.969.180.127.6 590.7 3.911.4 23.0 525.9 1.4 27.3 1.1 50.58 523.4 EBIT-to-Interest Expense EBIT 61.7 Goodwill 125.9 6.7 $ 385.602.5 891.432.3 1.4 35.6 48.8 1.0 1.8 Book Value / Share $17.092.6 1.8 0.6 1.0 Total Liabilities 1.4 $ $24.9 Long-Term Debt 523.3 381.5 56.0 2.2 0.9 155.7 4.4 0.432.8 0.8 274.2 590.4% 292.0 1.400.1 17.5 130.8 41.7% 1.2 12.0 13.6 1.4 4.449.2 4.9 40.0 15.2 4.6 590.9 30.400.8 63.0 3.5 $ 2.3 5.825.1 29.7 1.400.0 1.414.8 19.0 1.4 Unbilled Accounts Receivable 29.1 11.8 $ 3.1 Debt % Total Capital 35.7 Interest Expense 11.400.9 187.5 2.0 570.0 40.4 4.9 61.6 151.5 1.3% 1.3 14.2 361.3 122.1 42.3 53.177.6 $ 11.3 43.0 6.8 1.987.5 $ 212.8 19.4 1.539.7% 1.4 224.9 2.4 21.423.92 Q1:14E $ $ $ Q2:14E Q3:14E Q4:14E 2009 2010 2011 2012 $ 2013E 2014E 2015E 216.1 41.9 41.400.6 541.8 Marketable Securities 5.1 2.69 $24.7 0.34 $3.7 124.4 21.8 3.1 17.7 4.9 204.0 305.3 306.8 1.3 549.803.0 0.7 32.9 1.8 Supplies Inventories 57.8 72.161.5 $ 10.9 90.127.0 2.5 1.3% 1.1% 1.5 2.52 $5.0 608.6 1.0 2.7 32.7 15.587.814.34 2.9 $ 4.475.0 0.0 3.8 25.3% 264.8 Permits & Other Intang.0 0.003.2 41.0 49.0 1.7 1.0 387.1 14.5 20.511.7 0.0 3.Cash) 4.6 590.8 604.825.199.6 1.7 11.3 800.199.6 620.3 1.441.7 0.0 39.7 $ $26.3 $ $26.2 4.5 604.6 572.7 1.7% 523.8 7.832.0 2.371.34 2.7 336.5 $ 2.1 256.400.5 290.9 8.1 17.400.8 687.3 6.183.7 0.1 24.0 2. Liab.9 191.0 2.0 1.8 1.2 572.1 21.9 1.555.3 50.0 1.3 61.5 1.400.6 22.421.3 752.0 0.7 951.151.7 91.6 118.028.9 0.3% 1.1 27.9 4.315.7 3.0 273.6 1.8 0.0 2.8 114.2 1.8 PP&E.199.4 $ 385.0 9.12 $3.1 1.1 41.480.9 155.315.9% 1.1 42.1 27. Inc.3 125.4 128.5 3.6 2.7 1.0 1.6 1.0 45.8 6.549.0 0.2 1.8 696.3 5.7 0.0 3.2 $ 2.6% 1.2 13.4 21.400.2 7.

1) (4.2 (14.0 5.7) (480.3) (2.2) (1.0 98.0 0.8 (10.4) 51.1 (10.8) 41.6 7.7 3.0 0.4) 0.0) (45.5 1.6 (72.0 385.0) (45.3) Impairment on Assets Held for Sale (Gain) Loss on Sale of Fixed Assets Gain on Insurance Settlement Stock Options Expensed 2.0 0.1 Tax Benefit Stock Compensation/Options Write-off Def.6 385.5 16.0 (0.0 1.8) (6.8 238.5 (2.7) 0.6) 25.6 (19.57) 0.0 (0.8 68.1 57.4) 0.1 263.0 0.313.4) (278.2 5.0 433.0 0. Al Kaschalk (213) 688-4539 Clean Harbors | 9 .0 0.9 1.9 (1.8 68.0 (53.7) Changes Operating Assets & Liabilities Accounts Receivable (11.0 0.5 0.9) 0.4 12.3) 2.0 (4.4 (0.6) 177.6) 12.0 0.9 1.5) (260.0 302.0 0.0 13.6) (78.3 - 3.8 (3.0 0.8) 1.7 0.0 56.3 0.7 130.0 0.4 (8.0 0.2) (72.5) (5.4) 0.9 (53.7 433.0 1.217.0 0.4 (16.27 4.0) (7.0) - - - - - - - - - - - - 0.9) 49.4 Changes in Environmental Estimates (0.5 (52.8 (12.7) 0.0 (1.9) (47.0 0.9) 0.1) (10.3 5.8) (17.5) 229.6) 4.6 6.0 0.9 8.8 30.8) (0.0 4.1) (12.6 2.0) (67.6 0.0) 44.0 0.0 (0.9 1.0 369.5 127.9 37.7 229.2 (0.5 57.2 8.6) 586.4) (7.2 0.3 66. End of Period 241.2 0.1) 4.9) (30.9 (47.0 0.6) (18.8 0.1 (0.2 (31.6 (59.5 296.7 (294.7 146.5 (91.5 2012 129.8 0.0) 0.0 258.7 1.2 (15.0 (11.1 6.7) (1.3) 1.6 (0.2 (0.0) (1.2 Source: Company data.9 9.8) Increase (Decrease) in Cash (20.8) (3.4 Accretion of Environmental Liabilities 2.3 - 3.7) Increase in Permits (0.7) 234.3 - 64. Other 0.1) 40.8 (1.0 (7.5) (14.1) 67.0) 4.0 (1. Beginning of Period 260.5 8.9) (4.0 Excess Tax Benefit of Stock Options 0.0 0.0 0.1 2.8) (10.4 1.43 (19.0 0.0 0.0 0.0 (1.9 1.0) (45.4) 123.9) (56.6) (2.6) (70.0) 43.0 0.7 26.3 - (0.3 2.1 59.4) (65.0) 0.0 78.1 5.0) (45.0 0.9 0.0 Q1:14E Q2:14E Q3:14E Q4:14E (56.8) 241.0 0.0 1.0 0.2) 3.0 1.0 322.5 248.0 2.2) (0.6 1.4 61.0) (65.6) Proceeds Exercise Stock Options 0.0 0.4 69.3 586.1) 93.6 512.5 Q2:12 Q3:12 23.0) 0.6 0.8 161.5 523.0 0.2) 28.2) 0.0 (4.3 0.2 (2.5) (197.0 (41.1 0.2 3.2 9.1 Cash Flow Investing (35.0) 2.2 65.0 0.7) (0.3 224.0 0.0) (0.5 248.0 993. Inc.1 0.0 0.0 2.2) (2.4 (10.0 0. Accounting adj.2 (69.1 25.2) 0.0 2.3) 1.2 Payments on Capital Leases (2.0) (10.8) 0.6) 32.1) 39.4 (107.6 (83.3 0.0 0.9) (33.0 0.5) (2. Wedbush Securities.2) (4.3 3.0 0.5) (0.0) (1.5) (148.2 (2.2 260.6 377.0 0.4 260.4) 0.0 0.0 2.2 (54.9 296.0) (69.1 263.9 (1.5) (0.1 0.379.6 212.9 337.1 (7.3 0.9) (41.5 600.0 (520.2) (116.8 60.2) (11.4 0.3) 69.3) Q1:15E Q2:15E Q3:15E Q4:15E 2010 2011 36.0 0.0 0.7 0.0 385.8 68.4 (30.0 2.4) 32.0 0.3 0.6 208.8 Allowance for Doubtful Accounts 0.9 0.0 1.0 (0.3 9.8) Cash Flow Financing Uncashed Checks (13.6) 0.5) Other Assets (1.6 (4.8 15.3 406.3) (1.0 0.8 582.5) 2.5 302.0 197.400.4 0.0) (2.2) (9.5 6.0 (7.5 1.3 1.0) (65.3 1.2) 29.3) (55.0 0.0 9.0 0.3 - 3.3) 0.3) 91.0) (65.6) 13.8) 11.3 13.9) 17.0 0.0 142.8) (4.0 0.8 (1.2 (0.8 1.4) 41.0 1.9) (4.7) 13.2 144.8) 0.7 38.8 2.8) (47.0) (3.9 10.4 2.9) 31.6) 0.1 (2.0) 40.2) Issuance (Payments) on Sub Notes/Loans Repayments of Subordinated Loans Proceeds from Public Offering Additional Borrowings Under Term Notes Payments Under Long Term Obligations (0.7 2013E 2014E 2015E 102.4 (45.9 (15.3 - 3.2 (8.0) (65.4 385.0 9.6 (32.1 (30.0) (45.0 0.5 1.0 0.0 (0.6 212.5 209.2 0.9 (0.2 238.6) 0.2 56.5) (6.5) 66.0 10.0 0.5 122.0 261.0 0.0) (65.0 0.0 - - - - - - - (33.8) 369.0 0.9) (58.5) Marketable Securities Proceeds (Purchase) Fixed Assets 0.5 Cash Flow Investing Acquisitions (8.4) (125.6 0.4 0.0 0.6 14.4) 2.9) (45.1) (5.5) 43.5 (1.0) (65.0 0.1) (2.0) (1.0 0.6 208.6) (36.0 2.0 0.8) 5.0 (8.373.8 0.0 0.4 34.0 0.5 0.0) (45.0 0.3 9.4 29.1) (21.0 (0.8 66.4 (34.0) 0.0 (523.5 (12. Financing Costs & Debt DiscountPre-tax non cash acq.571.0) (180.0) 1.0) (260.2 (57.0 582.3) 48.4) (67.0 0.2 222.3 Q1:13 Q2:13 Q3:13E Q4:13E 1.Figure 10: CLEAN HARBORS – CASH FLOW STATEMENT ($ millions.0 13.8 1.5 (1.5) 3.1 (67.9 35.0 (21.0 0.4 (0.5 233.0 0.0 0.8) (0.4 2.4 Other 5.1 38.4 242.0) Other Cash Flow Financing (13.5) 0.8 13.7 229.0 34.6) (337.8) 32.8 238. except per share) Q1:12 Cash Flow Operations Income (Loss) Operations 32.2) (1.0) 0.0 3.3 - 3.6 10.0) 3.3 68.5) Inventories and supplies (1.9) (64.2 (22.2 275.7 1.8) 0.6) Amortization of Debt Discount Deferred Income Taxes (0.4 0.7) 0.0) - - - - 1.0 5.0 0.0 1.5 (17.9 49.0) (0.0 0.4 Q4:12 1.4 0.8 93.4) 13.5 22.0) 2.0 216.7 Deferred Financing Costs Incurred Proceeds Employee Stock Purchase Plan 1.0 0.2) (335.4) (1.0 1.0 Items Not Effecting Cash Depreciation and Amortization 36.5 7.6 0.4 0.5 233.8 66.4) 3.7 119.0 3.0 0.3 Environmental Expenditures (1.9 12.4) (4.0 (2.8) (9.6 266.9 2.2 (2.0 268.8 2.0 292.3) 0.4 216.2 1.0 7.3) 1.0 6.0 2.8 (0.0 0.3) (17.0 (2.0) (0.1 0.4 (1.3 3.5) (19.4) (14.3) 0.8) 18.8 523.0) 3.9) 60.8 0.9) Cash Flow Operations 29.2) (126.8 222.0 7.0 (30.0) (45.7 229.0) Exchange Rate Effects 0.8 Cash.7 13.3) (11.0 45.6 0.2 0.1) 2.0 0.2 Amortization of Deferred Financing Costs 0.3) 0.6 (8.0 8.0 0.0 (118.5 249.9 0.0 54.0 29.9 40.9 37.0 (8.7 Cash.8 (1.3) 0.8) PP&E.0) (65.0) 1.7) (4.2) (0.8 8.8 68.0 0.0 0.0 0.1 (1.9 21.3 60.5 512.0 0.3) (3.0 0.4 0.1) 0.3) Accounts Payable Other Liabilities (22.0) (2.2) (21.0) 1.4) (0.2 3.1) 1.8 0.0 0.0 48.0 2.0 3.2) 5.7) (2.7 (8.0 0.0 0.0) (30.7 (28.4 (7.3 - 3.7 45.6 2009 (49.0 0.7) 0.1 179.6 (27.9 166.0) (180.0 0.2 (12.3 0.1) (230.1 238.0) (64.9 (0.0 2.9 0.9 (18.0 (62.8 2.8 800.4) 11.5) (3.3) (0.2 0.4 226.8 2.1) 57.6) 92.0 0.0 74.8 (7.4) (1.4 0.0 0. Net (27.3 - 3.0 4.0) (65.

7. WS managed a public offering of securities within the last 12 months. The Investment Ratings are based on the expected performance of a stock (based on anticipated total return to price target) relative to the other stocks in the analyst’s coverage universe (or the analyst’s team coverage). 9. receive compensation or other payments in connection with my specific recommendations or views contained in this report. The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity.A. Taryn Kuida. Previously. The research analyst. Underperform: Expect the total return of the stock to underperform relative to the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. Hold. 2. WS provided investment banking services within the last 12 months. Al uses his deep business understanding and industry relationships to build detailed operating and earnings models for companies in his coverage universe. The analyst maintains Contingent Value Rights that enables him/her to receive payments of cash upon the company’s meeting Al Kaschalk (213) 688-4539 Clean Harbors | 10 . Wedbush Equity Research Disclosures as of November 7. 11.* Rating Distribution (as of September 30. Kaschalk is a Senior Vice President covering the Environmental/Commercial Services sector. directly or indirectly. 8. however. 10. Neutral. Disclosure information regarding historical ratings and price targets is available at http://www. any associate of the research analyst. Mr. WS is acting as financial advisor.wedbush. 2013) Outperform:14% Neutral: 2% Underperform: 0% The Distribution of Ratings is required by FINRA rules. Kaschalk received his M. WS has received compensation for investment banking services within the last 12 months. certify that the views expressed in this report accurately reflect my personal opinion and that I have not and will not. Kaschalk was Vice President and Equity Research Analyst at a boutique capital markets firm in Los Angeles covering small cap industrial companies and also served as an associate in investment banking at Tucker Anthony Sutro and at Prudential Securities. degree from University of Southern California and his Bachelor's in Business Administration from the University of Michigan (Dearborn). Al's Edge: Along with his quarterly waste survey. 2013 Company Disclosure Clean Harbors 1 Research Disclosure Legend 1. WS expects to receive compensation for investment banking services within the next 3 months. 3. 12. 2013) Outperform:55% Neutral: 41% Underperform: 4% Investment Banking Relationships (as of September 30. a member of the research analyst’s household. a portion of which are generated by WS’ investment banking activities. Prior to that. WS or one of its affiliates beneficially own 1% or more of the common equity securities. WS provided non-investment banking securities-related services within the past 12 months. 4.B. A certified public accountant. Mr. 6. WS has received compensation for products and services other than investment banking services within the past 12 months.pdf Investment Rating System: Outperform: Expect the total return of the stock to outperform relative to the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. Please note. and Underperform most closely conform to Buy. the definitions are not the same as WS’ stock ratings are on a relative basis. Neutral: Expect the total return of the stock to perform in-line with the median total return of the analyst’s (or the analyst’s team) coverage universe over the next 6-12 months. WS makes a market in the securities of the subject company. WS’ stock ratings of Outperform. The analysts receive compensation that is based upon various factors including WS’ total revenues. Al Kaschalk.Analyst Biography Mr. or any individual directly involved in the preparation of this report has a long position in the common stocks. 5. WS co-managed a public offering of securities within the last 12 months. and Sell. however.com/ResearchDisclosure/DisclosureQ313. he was an audit manager for the Technology Group at Price Waterhouse. Analyst Certification I. respectively.

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Los Angeles.Managed Care Sarah James (213) 688-4503 Medical Devices Tao Levy (212) 938-9926 (212) 938-9925 Environmental Services / Building Products Al Kaschalk (213) 688-4539 Taryn Kuida (213) 688-4505 Industrial Biotechnology Liana Moussatos.D. Ph. CFA (213) 688-4319 EQUITY SALES Los Angeles San Francisco New York Boston Social Internet and E-Commerce Michael Pachter (213) 688-4474 Nick McKay (213) 688-4343 Nick Citrin (213) 688-4495 Media James Dix. CFA CPA (212) 938-9934 (415) 274-6822 Footwear. Ph. CFA (213) 688-8062 Biotechnology/Biopharmaceuticals/BioDefense Gregory R. CFA (212) 938-9954 RETAIL/CONSUMER MARKET RESEARCH Gabriella Santaniello (213) 688-4557 TECHNOLOGY. Nierengarten. INTERNET.. MEDIA & SOCIAL MEDIA LIFE SCIENCES Communications and Application Software / Internet Shyam Patil. Christopher N.D. (415) 263-6626 (415) 274-6861 Water and Renewable Energy Solutions David Rose. Ph. RESEARCH OPERATIONS Ellen Kang (213) 688-4529 RETAIL AND CONSUMER Consumer Products Rommel T.EQUITY RESEARCH DEPARTMENT (213) 688-4529 DIRECTOR OF RESEARCH Mark D.wedbush. Dionisio Kurt M. CFA (213) 688-4470 / (800) 444-8076 (415) 274-6800 (212) 938-9931 (617) 832-3700 (415) 274-6869 (415) 263-6669 EQUITY TRADING Los Angeles San Francisco New York Boston CORPORATE HEADQUARTERS 1000 Wilshire Blvd. Apparel and Accessories Corinna Freedman (212) 668-9876 Alicia Reese (212) 938-9927 Healthy Lifestyles Kurt M. Frederick.D. Ph.D. Ph. CFA (213) 688-4315 Movies and Entertainment Michael Pachter (213) 688-4474 Nick McKay (213) 688-4343 Nick Citrin (213) 688-4495 Semiconductors Betsy Van Hees Ryan Jue. (415) 274-6863 David M. CFA (213) 688-4523 Seth Basham. Wade. Marai.com (212) 938-9948 Medical Diagnostics and Life Sciences Tools Zarak Khurshid (415) 274-6823 INDUSTRIAL GROWTH TECHNOLOGY Clean Technology Craig Irwin Min Xu (415) 263-6626 (415) 274-6851 (415) 274-6861 (213) 688-4470 / (800) 421-0178 (415) 274-6811 (212) 344-2382 (617) 832-3700 . Benson (213) 688-4435 MANAGER. Healthcare Services . Richard Lau Christopher N. Marai.D. Marai.D. Ph. CFA (213) 688-4537 John Garrett. Ph.D. Frederick. Storms. CA 90017-2465 Tel: (213) 688-8000 www. (415) 274-6861 Communications Equipment Rohit Chopra (212) 668-9871 Sanjit Singh (212) 938-9922 Ryan Flanagan (212) 938-9942 Computer Services: Financial Technology Gil B. Luria (213) 688-4501 Aaron Turner (213) 688-4429 Enterprise Software Steve Koenig Kevin Ikeda (415) 274-6801 (213) 688-4423 Entertainment: Retail Michael Pachter Nick McKay Nick Citrin (213) 688-4474 (213) 688-4343 (213) 688-4495 Entertainment: Software Michael Pachter Nick McKay Nick Citrin (213) 688-4474 (213) 688-4343 (213) 688-4495 Emerging Pharmaceuticals Liana Moussatos. (415) 274-6862 Christopher N. CFA CPA Restaurants Nick Setyan Colin Radke (415) 274-6822 (213) 688-4519 (213) 688-6624 Specialty Retail: Hardlines Joan L.