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55 Million Shares Of Republic Services, Inc. Priced At $24 Per Share; Trading Begins On NYSE

Jul. 01, 1998

FORT LAUDERDALE, Fla., July 1 /PRNewswire/ -- Republic Services, Inc. announces that, based on market demand, it has increased its initial public offering from 51 million shares to 55 million shares of Class A common stock. The offering has been priced at $24 per share through the underwriters, led by Merrill Lynch & Co., Deutsche Bank Securities, and Donaldson, Lufkin & Jenrette Securities Corporation. Employees and employee family members of Republic Services, Inc. and Republic Industries, Inc. have indicated an interest in purchasing approximately $105 million of the stock.

Republic Services, Inc. has granted the underwriters an over-allotment option to purchase an additional 8.25 million shares of common stock. The gross proceeds, including the over-allotment option, if exercised, will be approximately $1.5 billion.

Following the offering, Republic Industries, Inc. will own approximately 68.6 percent of the outstanding shares of Republic Services, Inc., excluding the underwriters' over-allotment option. The shares of Republic Services, Inc. will begin trading today on the New York Stock Exchange (NYSE) under the symbol RSG.

Republic Services, Inc. is the nation's fourth largest solid waste collection and disposal company. The Company has 96 collection companies, 54 transfer stations and 42 landfills, and enjoys a leading market position in many of the country's fastest growing communities, principally throughout the "Sunbelt" states. Republic Services had revenue of $1.128 billion and $953 million and operating income of $201 million and $106 million for the years ended December 31, 1997 and 1996, respectively. Net income in 1997 was $116 million versus $52 million in 1996.

This press release is neither an offer to sell nor a solicitation of an offer to buy these securities. Any offer is made only by the Prospectus, a copy of which can be obtained from Merrill Lynch & Co., Deutsche Bank Securities, Donaldson, Lufkin & Jenrette Securities Corporation and such other dealers as may lawfully offer these securities, or by contacting Sheila Stuewe, Republic Industries, Inc., 110 S.E. 6th Street, Fort Lauderdale, Florida 33301; telephone 954-769-7342; facsimile 954-769-6403.

SOURCE Republic Industries, Inc.
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