1 FIRST QUARTER 2009 INVESTOR CONFERENCE CALL

2 Today ’ s Hosts Steve Romano Chairman & Chief Executive Officer Jim Baumgardner President & Chief Operating Officer Jeff Feeler Vice President & Chief Financial Officer Steve Welling Vice President of Sales and Marketing

Safe Harbor During the course of this presentation the Company will be making forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Because such statements include risks and uncertainties, actual results may differ materially from what is expressed herein and no assurance can be given that the Company will meet its 2009 earnings estimates, successfully execute its growth strategy, or declare or pay future dividends. For information on other factors that could cause actual results to differ materially from expectations, please refer to American Ecology Corporation’s December 31, 2008 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Participants should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Important assumptions and other important factors that could cause actual results to differ materially from those set forth in the forward-looking information include a loss of a major customer, compliance with and changes to applicable laws and regulations, access to cost effective transportation services, access to insurance and other financial assurances, loss of key personnel, lawsuits, adverse economic conditions, government funding or competitive pressures, incidents that could limit or suspend specific operations, implementation of new technologies, our ability to perform under required contracts, our willingness or ability to pay dividends and our ability to integrate any potential acquisitions.

4 Agenda  First Quarter 2009 highlights  Closer look at Q financials  Updated 2009 Business Outlook  Earnings guidance  Capital spending  Dividend update  Questions & comments

5 Q Overview  Revenue $35 million Q109, down from $46 million Q1’08  Economic downturn adversely affected financial results  Treatment & disposal revenue down 13%  Transportation revenue down 37%  Texas thermal desorption contributed $2.8 million of incremental revenue  Recurring “base” business down 5%  Event business down 19% –Government & private industry shipments both down

6 Q Overview (cont.)  Gross Margin – 27% of total revenue  Disposal margin – 46%  38% lower volumes reduced operating leverage  SG&A – 10% of revenue, 8.8% lower expense than prior year  Operating Income – $6 million, down from $9.5 million  All four facilities again profitable  Net Income – $3.6 million ($0.20 per diluted share)

7 Financial Results: Q vs. Q1 2008

8 Base & Event Revenue Growth Q vs. Q  Recurring “base” business down 5%  Clean-up “event” business down 19%

9 Customer Disposal Revenue Comparison* Q vs. Q *Excludes transportation service revenue

10 Q Financial Metrics  Return on invested capital: 17.2%  Return on total assets: 15.3%  Working capital: $38 million  Cash & cash equivalents: $24.1 million  Line of credit: $11 million available  No term debt

Business Outlook  Revised 2009 earnings estimate: $0.85 to $1.00 per diluted share  Challenging economic conditions significantly affecting first quarter results continue to limit visibility for remainder of year  Expect total Honeywell project volume ~ million tons – up from 1.2 million tons  Expected completion in September 2009  Benefit expected from federal economic stimulus package  Amount and timing of benefits not knowable yet

12 Capital Spending Update/Outlook  No change: 2009 capital spending estimated ~$11-$12 million – compared to $13.6 million in 2008  Planned spending on:  Landfill capacity in Idaho, Texas & Washington  Expanded storage & treatment in Texas  Routine equipment replacement

13 Dividend  $0.18 quarterly dividend ($3.3 million) paid in April 2009  Annual dividend yield 4.4% based on $0.18 per quarter  Dividend policy on website at

14 Questions and Comments We invite your questions and comments!