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Risks

• Our businesses are subject to operational and safety risks.
• Our businesses are subject to numerous statutory and regulatory requirements, which may increase in the future.
• Our operations are increasingly dependent upon technology. Failure of these technologies, failure to upgrade or innovate these technologies or failure to identify and develop new technologies could have an adverse impact on our results.
• A cyber security incident could negatively impact our business and our relationships with customers.
• If we become unable to obtain, at reasonable cost, the insurance, surety bonds, letters of credit and other forms of financial assurance required for our facilities and operations, our business and results of operations would be adversely affected.
• Our insurance coverage and self-insurance reserves may be inadequate to cover all significant risk exposures, and increasing costs to maintain adequate coverage may significantly impact our financial condition and results of operations.
• Tax interpretations and changes in tax regulations and legislation could adversely affect our results of operations.
• Fluctuations in foreign currency exchange could affect our financial results.
• Failure to correctly identify and manage acquisitions and divestitures could adversely impact our future results.
• Certain adverse conditions have required, and future conditions might require, us to make substantial write-downs in our assets, which have adversely affected or would adversely affect our balance sheet and results of operations.
• Our growth and success are dependent upon our people. If we lose key personnel and are unable to hire additional qualified personnel in a timely manner, our business may be harmed. A change or deterioration in our relations with our employees could have a materially adverse effect on our business, financial condition and results of operations.
• Natural disasters or other catastrophic events, including pandemics, could negatively affect our business, financial condition and results of operations.
• The hazardous waste management business which our Environmental Services segment operates is subject to significant environmental liabilities.
• The hazardous waste management industry in which we participate is subject to significant economic and business risks.
• The extensive environmental regulations to which we are subject may increase our costs and potential liabilities and limit our ability to expand our facilities.
• If our assumptions relating to expansion of our landfills should prove inaccurate, our results of operations and cash flow could be adversely affected.
• A significant portion of our Environmental Services business depends upon the demand for cleanup of major spills and other remedial projects and regulatory developments over which we have no control.
• Reductions in the demand for oil products and automotive services in the markets we serve may negatively affect our Safety-Kleen business.
• Environmental laws and regulations have adversely affected and may adversely affect Safety-Kleen's parts cleaning and other solvent related services.
• Safety-Kleen is subject to existing and potential product liability lawsuits.
• Our substantial levels of outstanding debt and letters of credit could adversely affect our financial condition and ability to fulfill our obligations.
• Despite our substantial levels of outstanding debt and letters of credit, we could incur substantially more debt and letter of credit obligations in the future.
• The covenants in our debt agreements restrict our ability to operate our business and might lead to a default under our debt agreements.
• The Massachusetts Business Corporation Act and our By-Laws contain certain anti-takeover provisions.