Slide 1: Supplemental Materials
Supplemental Materials October 2015 1 JCP INVESTMENT MANAGEMENT
Slide 2: Disclaimer
Disclaimer This presentation is for discussion and general informational purposes only. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation, and should not be taken as advice o
Slide 3: Casella Assets
Casella Assets (1) Includes nine Subtitle D landfills and one landfill permittable airspace estimates at each site as of December 31, 2014 (2) Annual capacity does not reflect the 1.5mm ton per year rail permit at McKean LF 3 JCP INVESTMENT MANAGEMENT
Slide 4: Over-Promise, Under-Deliver
Over-Promise, Under-Deliver Another “transformational” plan – one of several since IPO in 1997 A history of over-promising and under-delivering 4 JCP INVESTMENT MANAGEMENT
Slide 5: Competitive Tonnage market
Competitive Tonnage market We continue to be skeptical that Casella will receive the tons…at $30.00 per ton 5 JCP INVESTMENT MANAGEMENT
Slide 6: Opportunities
Opportunities 1. Monitor Capital Expenditures and Plan 1. Closely monitor the proposed capital expenditure program and transformational plan 2. Assess All Opportunities to Decrease Leverage 1. Assess opportunity to deleverage through asset sales 3. G&A Analysis 1. Corporate Structure Analysis – anal
Slide 7: JCP Has Made Every Attempt to Reach Amicable Resolution
JCP Has Made Every Attempt to Reach Amicable Resolution August 9th, 2015 • JCP submitted a Formal Settlement Proposal to the Company in an attempt to resolve the proxy contest amicably August 18th, 2015 • Casella responded with a flat rejection, with no counter offer and a clear indication that the
Slide 8: JCP's Nominees Will Drive Positive Change
JCP’s Nominees Will Drive Positive Change Brett Frazier (60) • 12 years at Waste Management, Senior VP over East and Southern Groups • 19 years at BFI, formerly second largest waste company in the world. • Full P&L responsibility for 20 years • Area Vice President – Marketing and Sales and Head of I
Slide 9: Additional Board Disclosure
Additional Board Disclosure Greg Peters (69), the Class A director designee, has served on the Board for 22 years and allowed significant corporate governance issues and stock dilution to persist Doug Casella (59), a director for 22 years and John’s brother - we question whether he represents the be