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

2. SAFE HARBORS STATEMENT

3. 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

4. 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

5. 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

6. 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

7. 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

8. WCN TODAY…
Over 2 million customers across 29 states

9. …$1.3+ BILLION REVENUE IN 2010
$ millions

11. 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

12. 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

13. 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: $ mm
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

14. 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

15. FREE CASH FLOW TRENDS
18.6% CAGR

16. 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

17. NON-GAAP RECONCILIATION SCHEDULE

18. _________________________________________________________________________________________________________________
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.

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