Analysts Reports

"For nearly a decade, recycling has decimated aggregate volume growth in the traditional waste management business, while regulatory foot dragging has allowed excess (low-cost) capacity to persist. However, the tides are now finally turning, in our view, as recycling (as well as competing waste-to-energy capacity) has shown distinct indications of leveling off."
-- Environmental Services: Initiation of Coverage, May 6, 1997, at p. 1

"[R]ecycling has long been the enemy of the solid waste industry, stealing volumes otherwise headed for landfills."
-- U.S. Investment Research: Environmental Services, December 10, 1997, at p. 1 also Environmental Services: Solid-Waste Pricing Debate Intensifies, March 2, 1998, at p. 1

"This year's [Biocycle] survey continued to provide evidence that recycling has reached a saturation point in the U.S. and should therefore not be nearly as large a threat to solid-waste companies going forward as it has been over the past decade."
-- U.S. Investment Research: Environmental Services, May 8, 1998, at p. 1

"...[L]ess recycling should lead to accelerating disposal volumes, which in turn should lead to priving leverage for landfill operators. Primary beneficiaries of such a trend, in our view would be highly vertically integrated waste companies like Waste Management and Allied Waste, which remain our favorites in the group."
-- Equity Research Briefing Note, January 21, 1999, p. 1

"Recycling is a competitive threat to disposal, the primary business of publicly traded solid waste companies."
-- Equity Research Briefing Note, July 20, 1999, at p. 1

"[R]ecycling in the U.S. is leveling off after a decade of strong growth. Less recycling growth is positive for landfill operators such as Waste Management and Allied Waste - both rated Strong Buy."
-- U.S. Investment Research: Environmental Services, February 3, 1999, at p. 1.

"Although the publicly traded waste companies derive a very small portion of their revenues from it, recycling is primarily seen as a competitive threat because it steals volumes away from landfills, their most promising assets. Therefore, we view any declines in recycling as bullish for these stocks."
-- U.S. Investment Research: Environmental Services, April 28, 1999, at p. 1

"Recycling is a competitive threat to disposal, the primary business of publicly traded solid -waste companies."
-- U.S. Investment Research: Environmental Services, July 21, 1999, at p. 1



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