Imperial Capital Global Opportunities Conference

September 18, 2014

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SAFE HARBORS STATEMENT

Statements made during the course of this presentation that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, including statements related to our financial outlook, return of capital to shareholders and acquisition opportunities. It is important to note that the Company’s actual results could differ materially from those projected in such forward looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings. Copies of these documents may be obtained by contacting the Company or the SEC. Shareholders, potential investors and others are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this presentation, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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WCN: INVESTMENT HIGHLIGHTS

Third largest solid waste and leading oilfield waste company in the U.S.

4 $5 billion in assets and 7,000 employees

Differentiated strategy

4 Only company focused on secondary and exclusive markets

4 Expanding presence in niche segments such as E&P waste

4 Solid waste predictability + oilfield waste growth potential

Differentiated results

4 Sector-leading EBITDA, EBIT and free cash flow margins

4 Sector-leading conversion of EBITDA to free cash flow

Well positioned for additional strategic opportunities

4 Investment grade rated => tremendous access to low cost growth capital

Proven management team creating substantial stockholder value

4

WCN: FINANCIAL HIGHLIGHTS

$0

$50

$100

$150

$200

$250

$300

$350

2009 2010 2011 2012 2013 2014e

$ IN

MIL

LIO

NS

Adjusted Free Cash Flow*FCF FCF as % of Revenue

28.0%

29.0%

30.0%

31.0%

32.0%

33.0%

34.0%

35.0%

$200

$300

$400

$500

$600

$700

$800

2009 2010 2011 2012 2013 2014e

$ IN

MIL

LIO

NS

Adjusted EBITDA*EBITDA EBITDA as % of Revenue

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2009 2010 2011 2012 2013 2014e

GAAP EPS and Adjusted FCF/Share*GAAP EPS FCF/share

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

2009 2010 2011 2012 2013 2014e

$ IN

MIL

LIO

NS

Revenue

___________________________________________________Note: 2014e reflects mid-point of July 2014 outlook* A Non-GAAP measure; see appendix for reconciliation tables.

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SOLID WASTE: A DIFFERENTIATED STRATEGY

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SOLID WASTE: 85% OF REVENUE

Almost 3 million customers across 30 states

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SOLID WASTE INDUSTRY TENETS $55 billion revenue => still consolidating

4 ~50% publicly traded companies / remainder private and municipalities4 ~40% concentrated in two largest companies

Solid waste is a commodity business4 Lowest price provider wins4 Basic level of service expectation by customers

Scale matters locally4 Market share = route density

Success is driven by:4 Market selection4 Asset and contractual positioning4 Execution at the local level

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OUR DIFFERENTIATED STRATEGY

Exclusive markets4 Vertically integrated, or4 Non-integrated

Competitive markets4 Secondary markets with4 High market share and4 Vertically integrated or disposal neutral

What we wish to avoid:4 Urban markets4 #3 or worse position in a market4 Collection-only position in a competitive market with competitor-

controlled disposal

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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 Solid Waste

Note: Rankings reflect relative attractiveness to WCN

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STRATEGIC IMPLICATIONS

Consistent pricing

Lower customer churn rates4 Comparably better core price + volume growth

Higher margins and free cash generation

Greater visibility and predictability

Attractive returns on invested capital

Our success: not dependent on behavior or execution of other national players

Our strategy: resilient in a weak economy; levered to improving economy

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E&P WASTE: MARKET LEADER INTREATMENT, DISPOSAL & RECOVERY

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E&P WASTE: 15% OF REVENUE

Strong asset positioning across diverse oil-rich basins

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E&P WASTE HIGHLIGHTS

Market leader in higher growth oilfield waste treatment, recovery and disposal industry4 Diversity across multiple oil-rich basins, including Permian, Bakken &

Eagle Ford4 Strong asset positions within targeted basins => almost 40 facilities4 Pursuing permits for several greenfield development opportunities

Solids disposal-oriented business => strong cash flows

Major sector growth drivers:4 Increased drilling in unconventional areas => higher waste intensity per

well4 Heightened customer awareness of waste stream management4 Potential increasing environmental regulations and enforcement

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1H 2014 HIGHLIGHTS Revenue: $1.0 billion, up 7.1% YoY

4 Solid Waste Price + Volume Growth of 4.8% 2.8% Price 2.0% Volume => MSW landfill tons up 7%

4 E&P Revenues above expectations – up almost 23% YoY Q2 revenues up almost 26% YoY and up 15% sequentially from Q1 All basins up year over year

Adjusted EBITDA: $346.6 million, or 34.4% of revenue, up 9.9% YoY4 Up 80 bps YoY on higher E&P activity

Adjusted free cash flow: $208.6 million, or 20.7% of revenue, up 18.8% YoY4 Paid down over $135 million of debt and reduced leverage to 2.75x

Announced acquisition of two development stage landfills in Q1’144 Expect both facilities to open before year-end

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Q3 2014 OUTLOOK (as of July 21st)

Revenue: $530 million - $535 million, up 5% to 6% YoY

4 Solid Waste Price + Volume growth between 3.5% and 4.0%4 E&P growth of 15%

Adjusted EBITDA: $186 million - $187 million, or about 35% of revenue4 Assumes 30 bps drag from lower recycled commodity prices

Operating Income: 22.8% of revenue

Expect increased M&A activity and capital return to shareholders during 2H ‘14

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PEER COMPARISONS – 2013 AND 2014 (e)

_________________________________________________________________* Non-GAAP measures; as defined by companies. Source: Company filings2014(e) based on analyst estimates and Company guidance as of as of July 2014.

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

2013 2014e

Adj. EBITDA Margin *

WCN WM RSG BIN

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2013 2014e

Adj. Free Cash Flow Margin *

WCN WM RSG BIN

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

2013 2014e

Adj. FCF Margin Before Cash Taxes *

WCN WM RSG BIN

1.0%

1.5%

2.0%

2.5%

3.0%

2013 2014e

% Price Increase

WCN WM RSG BIN

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FINANCIAL TAKE-AWAYS Unique combination of industry-leading margins (EBITDA, EBIT and free cash

flow) and growth from:4 Price + increasing MSW volumes => levered to improving economy;4 Changes to or enforcement of E&P waste regulations;4 Potential newly permitted E&P waste facilities;4 Potential MSW and E&P waste acquisitions; and4 Return of capital to stockholders.

Strong conversion of EBITDA to free cash flow

Current priority for deployment of excess capital:4 Acquisitions and construction of newly permitted E&P waste facilities;4 Share repurchases; and4 Debt reduction.

Track record for increasing quarterly cash dividends every October4 Dividends account for less than 20% of our free cash flow

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LONG-TERM OBJECTIVES 8%-10% annual revenue growth balanced between organic and acquisitions

4 Maintain disciplined growth

Core solid waste price increase spread of 50-100bps over CPI

15-30 bps EBITDA margin expansion per year, excluding acquisitions and changes in recycled commodity prices4 Potentially greater margin expansion depending on growth in E&P waste

activity4 Slightly greater EBIT margin expansion given DD&A leverage

Double digit annual EPS and FCF/share growth

Maintain strong balance sheet as the right acquisitions are opportunistic

Increasing cash dividend and opportunistic share repurchases to return capital

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NON-GAAP RECONCILIATION SCHEDULES

Adjusted EBITDA* 2009 2010 2011 2012 2013 2013 2014Net Income 110,811 146,335 166,171 159,660 196,005 85,674 112,122 Plus: Income tax provision 64,565 89,334 106,958 105,443 124,916 55,408 74,470 Plus: Interest Expense 49,161 40,134 44,520 53,037 73,579 37,940 32,851 Plus: Depreciation and Amortization 130,758 147,456 167,100 193,584 243,864 119,064 126,378 Plus: Closure and post-closure accretion 2,055 1,766 1,967 2,581 2,967 1,514 1,739 Loss/(Gain) on disposal of assets (481) 571 1,657 1,627 2,853 3,122 (1,465) Less/Plus: Other income, net 6,138 (3,420) (587) (1,993) 220 965 (137) Gain from litigation settlement (3,551) Adjustments:Plus: Acquisition-related costs 3,987 2,081 1,744 6,415 1,946 806 648 Plus: Corporate relocation expenses 83 8,031 750 422 Plus: Loss of prior office leases 1,839 9,902 10,498 Plus: NEO equity grants 3,585

Adjusted EBITDA* 368,833 424,257 489,613 528,419 657,002 315,413 346,606

Revenues 1,191,393 1,319,757 1,505,366 1,661,618 1,928,795 939,272 1,006,402

Adjusted EBITDA* as % of Revenues 31.0% 32.1% 32.5% 31.8% 34.1% 33.6% 34.4%

Six months ended June 30,

NON-GAAP RECONCILIATION SCHEDULE(in thousands, except share and per share amounts)

_________________________________________________________________*Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Other companies may calculate differently.

Adjusted Free Cash Flow* 2009 2010 2011 2012 2013 2013 2014Net cash provided by operating activities 303,637 328,396 388,170 416,327 484,061 255,523 279,681 Plus/Less: Change in book overdraft 7,802 279 (227) 398 (110) (90) 18 Plus: Proceeds from disposal of assets 5,061 6,659 4,434 2,741 11,019 3,622 5,863 Plus: Excess tax benefit associated with equity- based compensation 4,054 11,997 4,763 5,033 3,765 2,667 7,096 Less: Capital Expenditures (128,251) (134,829) (141,924) (153,517) (209,874) (87,541) (83,679) Less: Distributions to noncontrolling interests (675) (198) (198) (198) (371) Adjustments: Payment of contingent consideration recorded in earnings 5,059 Payment for termination of corporate lease 9,690 Corporate office relocation 8,031 2,159 1,832 Tax effect (3,056) (3,992) (161) Adjusted Free Cash Flow* 192,303 212,502 254,541 275,759 301,579 175,654 208,608

Revenues 1,191,393 1,319,757 1,505,366 1,661,618 1,928,795 939,272 1,006,403

Net income attributable to Waste Connections 109,825 135,104 165,239 159,093 195,655 85,523 111,679

Free Cash Flow* as a % of Revenues 16.1% 16.1% 16.9% 16.6% 15.6% 18.7% 20.7%Free Cash Flow* as a % of Net Income 175.1% 157.3% 154.0% 173.3% 154.1% 205.4% 186.8%

Diluted shares outstanding 120,506,162 116,894,204 113,583,486 121,824,349 124,165,052 123,993,311 124,781,097

Free Cash Flow* Per Share 1.60$ 1.82$ 2.24$ 2.26$ 2.43$ 1.42$ 1.67$

Six months ended June 30,

NON-GAAP RECONCILIATION SCHEDULE(in thousands, except share and per share amounts)

______________________________________________________________________________________________*Adjusted 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.

CORPORATE HEADQUARTERS3 Waterway Square Place, Suite 110

The Woodlands, TX 77380(832) 442-2200

http://wasteconnections.investorroom.com

INVESTOR RELATIONS

Worthing Jackman, EVP CFO Mary Anne Whitney, VP Finance Phone: (832) 442-2266 Phone: (832) 442-2253 worthingj@wasteconnections.com maryannew@wasteconnections.com