Connect with the Future JP Morgan Diversified Industries Conference WASTE CONNECTIONS INC. Connect with the Future JP Morgan Diversified Industries Conference June 7, 2011

SAFE HARBORS STATEMENT

INVESTMENT HIGHLIGHTS 3rd largest publicly traded solid waste company in the U.S. Differentiated strategy => focused on secondary and exclusive markets Industry-leading margin and free cash flow profile $3.5 billion equity market cap and $4.5 billion enterprise value One of the strongest balance sheets in the sector Well positioned for additional growth opportunities and return of capital Track record for disciplined capital deployment Proven management team creating substantial stockholder value

INDUSTRY TENETS $50 billion revenue => still consolidating ~50% publicly traded companies / remainder private and municipalities ~40% concentrated in two largest companies Solid waste is a commodity business Lowest price provider wins Basic level of service expectation by customers Scale matters locally Market share = route density Success is driven by: Market selection Asset and contractual positioning Execution at the local level

OUR DIFFERENTIATED STRATEGY Exclusive markets Vertically integrated, or Non-integrated Competitive markets Secondary markets with High market share and Vertically integrated or disposal neutral What we wish to avoid: Urban markets #3 or worse position in a market Collection-only position in a competitive market with competitor-controlled disposal

STRATEGIC IMPLICATIONS Differentiated model Exclusive markets Secondary and suburban markets Differentiated results Consistent pricing Comparably better volume growth Lower customer churn rates Higher margins Attractive returns on invested capital More predictability Our strategy: resilient in a weak economy; levered to improving economy Our success: not dependent on behavior or execution of other national players

TARGETING ATTRACTIVE MARKETS Integrated Operations Non-Integrated Operations Exclusive Markets: #1 EBITDA margin #1 EBIT margin #1 FCF margin #1 ROA -#3 EBITDA margin -#2(tie) EBIT margin -#2 FCF margin -#2 ROA Competitive Markets: #2 EBITDA margin #2(tie) EBIT margin #3 FCF margin #3 ROA -#4 EBITDA margin -#4 EBIT margin -#4 FCF margin -#4 ROA 90% of WCN Note: Rankings reflect relative attractiveness to WCN

WCN TODAY… Over 2 million customers across 29 states

…$1.3+ BILLION REVENUE IN 2010 $ millions

Q1 2011 RESULTS Revenue: $331.5 million, up 7.8% YoY 4.9% organic/2.9% acquisition Adjusted operating income before D&A: 32.2% up 120 bps YoY => margins exceeding expectations EPS $0.32, up 39.1% YoY Net cash from operating activities: $88.4 million, or 26.7% of revenue Free cash flow: $70.8 million, or 21.4% of revenue => 193.7% of net income Repaid about $40mm of debt and distributed almost $30mm to stockholders

COUNTY WASTE ACQUISITION Largest provider of collection, transfer and recycling services in NY’s Hudson Valley, primarily in Albany and the Capital Region; closed April 1st Approximately $120mm annualized revenue and 30%+ EBITDA margins County has almost doubled over the past five years Note: brings WCN to about $1.5 billion revenue run-rate Unique high quality of assets Three year average fleet age State-of-the-art, single stream recycling facility opened last October Purchased almost 200,000 new carts to accelerate recycling participation Opportunities for additional organic growth, tuck-in acquisitions and privatizations Estimated four cents accretive to EPS and 10 cents accretive to FCF/share Acquisition accounting dampens GAAP accretion, not free cash flow

Q2 2011 OUTLOOK (as of April 26th) Revenue: $378 - $382mm, up 15% YoY 3.5% - 4% organic growth Between 4% - 4.5% price and commodity growth with slightly negative $ volume Adjusted operating income before D&A: $123.5 - 124.5mm 32.6% margin, up about 20 bps YoY, despite fuel increasing 100 bps as a percentage of revenue Operating income: almost 21.5% of revenue Implies mid-teens % EPS growth Completed County Waste and Recycling acquisition and $250mm note offering April 1st Expect to launch credit facility refinancing during the quarter

LONG-TERM OBJECTIVES 8%-12% annual revenue growth balanced between organic and acquisitions Maintain disciplined growth Core price increase spread of at least 100bps over CPI 20-40bps per year EBITDA margin expansion, excluding acquisition impact Slightly greater EBIT margin expansion given DD&A leverage Return 5%-6% of market cap per year to shareholders Maintain strong balance sheet as the right acquisitions are opportunistic Above average EPS accretion from acquisitions currently given low cost of incremental debt Low to mid-teens annual EPS and FCF/share growth

FREE CASH FLOW TRENDS 18.6% CAGR

STRONG FINANCIAL POSITION Leading free cash flow margin 16.1% of revenue for FY 2009 and 2010 Leverage: 1.9x Debt/EBITDA as of March 31, 2011 About 2.4x leverage pro forma for County acquisition No significant near-term debt maturities Unsecured, investment grade credit facility maturing September 2012 Expect to launch refinancing during Q2 Fixed rate senior notes due between 2015 and 2021 Flexible capital structure to fund growth strategy and return of capital Strongest balance sheet and financial performance in the sector Investment grade rated with continuing access to debt capital markets

NON-GAAP RECONCILIATION SCHEDULE

_________________________________________________________________________________________________________________ Free cash flow, free cash flow as a % of revenue, and free cash flow per share, non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation and liquidity measures. Other companies may calculate these metrics differently.

Connect with the Future WASTE CONNECTIONS INC. Connect with the Future