Q1 2008Q1 2008

Forward - Looking StatementsForward - Looking Statements

This presentation may contain forward-looking statements that involvea number of risks and uncertainties and our actual results could differsignificantly from expected results.

Potential risks and uncertainties include difficulties in completing theintegration of acquired businesses, changes in governmental regulation of medical waste collection and treatment, and increases in transportation andother 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 pleasesee page 21 on our website presentation.

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Competitive StrengthsCompetitive Strengths

Broad range of high quality services• Regulated Medical Waste Services

• Steri-SafeSM OSHA Safety & Compliance Program

• Bio Systems Integrated Sharps Safety Solution

• Regulated Returns Management Services

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Protecting People, Reducing RiskProtecting People, Reducing Risk

We work with our customers to Protect People and Reduce Risk …

… by combining integrated solutions withsuperior customer service to promote safety,compliance and risk management for ourcustomers

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Investment HighlightsInvestment Highlights

Attractive niche services

Emerging global market

Low cost provider

Diverse customer base

Strong financial performance

Demonstrated growth strategy

Proven ability to integrate acquisitions and improvemargins

Proven, experienced management team

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Market LeadershipMarket Leadership

Total Estimated Global Market Size: $10.0 billion*

Note: * Frost & Sullivan Industry Study and Management Estimates (including ancillary services & products)

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Regulated Medical Waste ServicesRegulated Medical Waste Services

Compliant management of potentially infectious material toreduce cross contamination risk and spread of infection

Necessary Regulated ServiceLarge Diverse Customer BaseInt’l Network Premier AssetsLow Cost OperatorAttractive MarginsInternational Expansion

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Loyal Customer BaseLoyal Customer Base

Highly regulated industry(e.g. U.S. Market: EPA, DEA, FDA, OSHA, DOT, State/Local)

Insulated from economic cycles

397,200 accounts (granularity). Revenue retention exceeds 95%Hospitals, Blood banks, Pharmaceutical manufacturers, Medical andDental offices, Offsite and alternate care providers,Biomedical/Biotech companies, Laboratories/Pharmacies, CorporateAmerica, Veterinary offices, Pharmacies

Largest customer less than 2% of revenues

Predictable revenues: over 95% of revenues are under longterm contracts with automatic renewal

Contracts generally include pass through price increaseprovisions

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Network of Premier AssetsNetwork of Premier Assets

Emerging Global Presence North America Network

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Growth StrategyGrowth Strategy

Focus on small account customers

Leverage Steri-SafeSM OSHA Safety & ComplianceProgram

Expand Bio Systems Integrated Sharps SafetySolution

Grow Regulated Return Management Services

Target “tuck-in” strategic acquisitions

International growth and geographic expansion

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Focus on Small CustomersFocus on Small Customers

Small account customers generate gross margins higher than large account customers

Small account customers are more likely to outsource andeasier to up-sell

Q1 2008Q4 1996 % Revenue Mix*

44.6% Gross Margin21.0% Gross Margin

* Note: Domestic SQ and LQ Revenue Mix 10

Steri-SafeSM OSHA Safety & Compliance Program

Steri-SafeSM OSHA Safety & Compliance Program

Promotes a safe, compliantworkplace for healthcare employees

Subscription Safety Tools

Attractive Margins

Significant Penetration andUp-sell Opportunities

International Expansion

Compliance Manual SteriSafe.com Consulting Services Safety Products& Supplies11

Bio Systems Integrated Sharps Safety SolutionBio Systems Integrated Sharps Safety Solution

Promotes a safer workplace by reducing the infection risk from inadvertent needle sticks

Turnkey Integrated Sharps Safety Solution

Synergy with ExistingTransportation & PlantInfrastructure

Use of Product in Hospital Manage & Collect at Point of Use12

Returns Management ServicesReturns Management Services

Remove expired or unsafe products from supply chain to reduce risk

Data-driven notification,recall and returns solutions for pharmaceuticals, medicaldevices & durable goods

Serving manufacturers,hospitals & retail pharmacies,distributors

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AcquisitionsAcquisitions

Proven integrator having successfully completed 137acquisitions since 1993

Current North American acquisition pool represents morethan $50 million in revenues

Deal structures are predominantly asset purchases

Purchase price is based on multiples of EBITDA and dependon the quality of the asset base purchased

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Strong Financial PerformanceRevenues

Strong Financial PerformanceRevenues

Stericycle continues to exhibit steady top-line revenue growth

Fiscal Year Ended December 31

2000- 2007 CAGR: 16.3%($ in millions)

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Growth: 20.7%

Strong Financial PerformanceIncome from Operations (EBIT*)Strong Financial PerformanceIncome from Operations (EBIT*)

Stericycle has effectively leveraged its infrastructure to improve margins

Fiscal Year Ended December 31

2000- 2007 CAGR: 16.9%

($ in millions)

* 2000-2001 Adjusted for Proforma Adoption of FAS 142. Includes acquisition related costs, write-off of fixed assets and other non-GAAP adjustments.* 2006 and onward includes FAS123R expensing of stock compensation

Margin: 9.6% 9.3% 23.2% 23.6% 25.1% 27.9% 28.2% 27.3% 25.6% 24.1% 26.3% 23.3%

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* Q108 includes $5.4M settlement charge

Strong Financial PerformanceEPS**

Strong Financial PerformanceEPS**

Stericycle has met or exceeded EPS estimates since 1996 IPO

Fiscal Year Ended December 31

2000 - 2007 CAGR GAAP EPS: 33%

**Note: Adjusted for 2-for-1 stock split in May 2002 and again in May 2007. Adjustments to GAAP EPS: Acquisition related costs (1999-2000); Bond buyback premium & bank loan financing fees (2001-2005); Tax adjustment to fully taxed (1999); Non cash fixed assets write-offs (2001- 2002 & 2004-2007); FAS142 (2000-2001); Licensing legal settlement refund (2005); Non-cash write-down of investments (2005 & 2007); 3CI legal settlement & insurance proceeds (2005-2007); South African joint venture note receivable write-down (2005); Australian arbitration settlement & related costs (2007-2008); Gain on divestiture of assets (2007); Impairment of intangible assets (2007). FAS 123R expensing of stock compensation is NOT part of the adjustments.

CapitalizationCapitalization

($ in millions) Dec. 31, 2000

Dec. 31, 2007

March 31, 2008

Current Portion of Long Term Debt $5.1 $22.0 $22.4

Revolver (Used/Total Available) $5.0/$50.0 $465.4/$850.0 $495.1/$850.0

Term Loan A 67.5 0.0 0.0

Term Loan B 140.5 0.0 0.0

Other Debt 7.1 148.4 154.8

Senior Subordinated Notes 125.0 0.0 0.0

Total Long Term Debt, Less Current Portion $345.1 $613.8 $649.9

Convertible PIK Preferred Stock 71.4 0.0 0.0

Common Equity 134.7 714.1 671.1

Total Capitalization $556.3 $1,349.9 $1,343.4

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EPS ReconciliationEPS Reconciliation

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1999 2000 2001 2002 2003 2004 2005 2006 2007 Q108

EPS Diluted (as reported in 10K or 10Q) $ 0.23 $ 0.18 $ 0.17 $ 0.51 $ 0.71 $ 0.85 $ 0.74 $ 1.16 $ 1.32 $ 0.35 Acquisition related costs 0.080 0.035

Debt extinguishments/bank fees 0.083 0.018 0.017 0.030 0.003

Tax adjustments for full tax rate (0.155)

Non-cash fixed asset write-offs 0.025 0.020 0.008 0.006 0.002 0.009 Pro forma FAS 142 impact 0.085 0.085 Licensing legal settlement 0.013 Investment write-down 0.018 0.020 3CI legal settlement 0.258 (0.007) (0.023)Arbitration Settlement and related costs 0.096 0.037 STG & Scherer Divestiture (0.014)

Impairment of intangible assets 0.016

EPS after presentation adjustments $ 0.15 $ 0.30 $ 0.37 $ 0.54 $ 0.73 $ 0.88 $ 1.04 $ 1.16 $ 1.42 0.39

Definition of TermsDefinition of Terms

This presentation uses certain abbreviations:CAGR means compound annual growth rate (see, for example,page 15)EBIT means earnings before interest expense and income taxes(see page 16)EPS means earnings per share diluted (see page 17)FAS 142 means Financial Accounting Standard 142, Goodwill andOther Intangible Assets, of the Financial Accounting StandardsBoard (effective for 2003 and later years) (see page 17)FAS 123R means Financial Accounting Standard 123R, accounting forshare based payments (see page 17)GAAP means United States generally accepted accounting principles(see page 17)SQG means small quantity generators (sometimes called “small accountcustomers”) (see page 9)

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