1. Collecting Value
Credit Suisse Global Industrials Conference
December 4, 2013

2. Forward Looking Statements
This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Words
such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," and "continue" or variations of such words, other similar words or
similar expressions are intended to identify such forward-looking statements. These forward-looking statements
may include, without limitation, statements relating to future financial and operating results, our financial condition
and our plans, objectives, prospects, expectations and intentions. These forward-looking statements involve
significant risks and uncertainties and other factors and assumptions that could cause actual results to differ
materially from the forward-looking statements. Most of these factors and assumptions are outside of our control
and are difficult to predict. In addition to the factors and assumptions contained in this presentation, the following
factors and assumptions, among others, could cause or contribute to such material differences: downturns in the
worldwide economy; our ability to realize all of the anticipated benefits of future acquisitions; our ability to obtain,
renew and maintain certain permits, licenses and approvals relating to our landfill operations; and fuel cost and
commodity price fluctuations. Additional factors and assumptions that could cause Progressive Waste Solutions Ltd.'s
results to differ materially from those described in the forward-looking statements can be found in the most recent
annual information form under the heading “Risk Factors”. Progressive Waste Solutions Ltd. cautions that the
foregoing list of factors is not exclusive and that investors should not place undue reliance on such forward-looking
statements. All subsequent written and oral forward-looking statements concerning Progressive Waste Solutions
Ltd., or other matters attributable to Progressive Waste Solutions Ltd. or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements above. Progressive Waste Solutions Ltd. does not undertake
any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in
this communication, except as required by law.
2

3. Snapshot
• One of the largest solid waste management companies in N.A.
• Over 4 million Commercial, Industrial and Residential customers
• Top 3 market share position by number of collection routes in over 80% of the
markets in which we operate
• Strong vertically integrated asset base in the U.S. and Canada with significant
and strategic landfill internalization rates
• More than 7,000 employees
• Quarterly cash dividend of $0.15 per share ($0.60/share annually)
• Listed on the NYSE & TSX : “BIN”
3

4. Industry Dynamics
•
•
•
•
•
•
•
•
4
$60 billion+ industry in N.A. with scale concentrated in top four players
Essential service with multi-year contracts
Strong and predictable cash flow
Recession resistance with operating leverage to an economic recovery due to high fixed
cost infrastructure (typically a late-cycle performer)
Assets are underutilized, presenting margin expansion opportunity
Competitive dynamics vary by local market and success is driven by local market
customer density and asset mix
Top players represent ~36% of industry revenues with many further consolidation
opportunities remaining
Industry growth driven by price and volume improvements, with recycling and waste
diversion growth creating new revenue opportunities

5. Consistent Strong Results
Revenue 5-year CAGR is 17.3%
Adjusted EBITDA(A) 5-year CAGR is 15.2%
Free Cash Flow(B) 5-year CAGR is 22.8%
$1,840 $1,897
Revenue
US $MM
$559
2005
$680
2006
US $MM
$1,430
$854
$1,047 $1,008
$170
2007
2008
2009
2010
2011
2012
2005
$208
2006
$291
2007
$194
$95
$48
$50
2005
2006
2009
172.5
$119
$64
2007
2008
2009
2010
2011
2012
$292
2008
$257
$199(1)
US$MM
$520
$416
262.5
Free Cash Flow (B)
5
$535
Adjusted EBITDA (A)
2011
(A) Please refer to the definition and explanation of (A) on slide 17. (B) Please refer to the definition and explanation of (B) on slide 19.
(1) Free cash flow excluding $26.5 million on discretionary infrastructure projects in 2012
2012
2010
2012 includes
$30 MM revenue
& EBITDA impact
of lower recycled
commodities
prices

6. Q3 Highlights
• Achieved strongest organic growth of the past five years
• Strong volume performance and price improvements
• Higher labor and repair and maintenance costs driven by industrial
volume growth and strategic capital allocation decisions
• Focused on operating our business to improve EBITDA, free cash flow(B)
and long-term return on invested capital (“ROIC”)
• Company unified to operate as one team to make the best capital
decisions across our portfolio of assets
(A) Please refer to the definition and explanation of (A) on slide 17.
(B) Please refer to the definition and explanation of (B) on slide 19.

7. Operating Model for Continuous Improvement
 Build dense collection network



organically or by acquisition
 Revenue/hour
Balance with franchise markets
Complement with strategic
landfills
Drive internalization
opportunities
 Critical mass matters
 Density drives productivity
 Strategic plans that drive

revenue and EBITDA per asset
up year over year
Year over year ROC
improvement
Business model
drives improvement
year-over-year




 Decentralized decision-making
 Local market execution and accountability
 Goal oriented and execution to a result
 Performance driven by metrics
 Commitment to year over year performance improvement
7
Culture
Passion
Training
Teamwork

8. Integrated Assets Support
Operating Strategy
126
non-hazardous
solid waste
collection
operations
Market focused strategy
Electricity
Natural Gas
Leading collection operations
in dense urban markets
Strategically located landfills
in close proximity to
urban markets
Gas-to-Energy Plant
67
transfer stations*
strategically
located near many
collection routes
49
Landfill
Transfer station
30 landfill sites*
5 gas-to-energy systems
*Owned and / or operated
Material recovery
Recycled goods
material
recovery
facilities*
process a variety
of materials

9. Positioning Asset Base for the Future
• Integrated assets are critical.
– The right combinations of collection, recycling, transfer and disposal assets
provide operating leverage
• Acquisitions can contribute incremental operating leverage.
– ‘Tuck-in’ collection companies that integrate into existing routes and assets
can help achieve higher route density and landfill internalization
• The right assets, at the right price, will position our company for future
success.
– Strategic assets, including acquisitions and internal infrastructure projects,
both collection and post-collection, need to meet our measures for return on
invested capital
9

10. Focusing on Operational Execution
• Management focused on internal execution.
– Drive productive organic growth
– Maintain an optimized cost structure
• Sales initiatives are taking hold.
– ‘Highgraded’ field sales teams
– Added strategic price management tools and field sales training programs
• Positioned well for the longer term.
– Serve higher growth, open markets that are most levered to an economic
recovery
– Opportunity to continue to grow in the markets we serve
10

11. Committed to Improving Return on Invested Capital
• Focused on the disciplined investment of free cash flow(B), with
the goal of improving our return on invested capital (“ROIC”).
• Deploying cash to generate the highest available returns for our
shareholders.
• Compensation programs directly tied to improving ROIC at the
company level.
11
(B) Please refer to the definition and explanation of (B) on slide 19.

12. Capital Expenditures
$USD (MM)
$220(2) $208 -$218(1)
$143
Growth
Replacement
$122
$171
30%
26%
36%40%
29%
61%
As a % of revenue:
Replacement
7.3%
Growth
4.8%
74%
70%
60%64%
2010
2011
2012
7.0%
2.9%
6.9%
2.4%
2013E
8.2%
3.5%
(1) Does not include anticipated internal infrastructure investments of $39MM - $44MM.
(2) Does not include internal infrastructure investments of $26.5MM.
12
•
200
150
50
0
2009
2013 Replacement CAPEX
•
100
39%
71%
250
Includes capital for
construction at several
landfills and utility
relocation at Seneca
Meadows.
Also reflects sale of
redundant properties in
2013.
2013 Growth CAPEX
•
Includes capital related to
municipal contract wins.

13. Internal Infrastructure Investments
Key Areas
Strategic Positioning
Internal Infrastructure
Investment
Opportunities
Expected
 More strategic and discretionary than normal growth CAPEX
 Projects span 12-24 months
 Timing dependent on factors such as permitting and
equipment lead times
What we expect
 Capital expenditures of approximately $80MM
 Roughly $26MM spent in 2012, and $39-44MM of capital
outlay expected in 2013, with balance of spend in 2014.
Impact
 Higher internalization, incremental organic revenue and free
cash flow starting in 2013 and beyond
 Low-risk projects resulting in high margin, long-term free cash
flow and high return on capital
 Expect aggregate return in the mid-to-high teens
13

14. 2013 Capital Allocation
• Focused on the optimal allocation of our cash
• Target long-term leverage between 2.5x – 3.0x
– Total long-term debt is $1.61B at September 30, 2013 vs. $1.62B at June 30,
2013
– Funded debt to EBITDA, as defined and calculated in accordance with our
consolidated facility, was 3.0x at September 30, 2013
– Comfortable with current leverage level and believe optimal long-term
leverage range for the Company is between 2.5x and 3.0x
• Balance sheet stability combined with strong levels of free cash flow provide
flexibility to direct capital where we expect to generate the most value
14

15. Progressive Waste Solutions Priorities
1. Optimization of asset base, including post-collection, to position for the future.
 Investments in assets will be strategic, not thematic, and need to meet our
measures for return on invested capital
2. Operational execution to deliver organic growth and cost efficiency.
 Continued focus on internal execution at the field level to drive productive
organic growth
 Focus on managing costs at field level
3. Disciplined deployment of capital to improve ROIC.
 Strict oversight of replacement and growth capital
 Allocation of free cash flow to generate the highest available returns for our
shareholders
15

16. Collecting Value
November 2013

17. Non-GAAP Disclosure
(A) All references to “Adjusted EBITDA” in this document are to revenues less operating expense and SG&A, excluding certain non-operating or non-recurring SG&A expense, on the consolidated statement of
operations and comprehensive income or loss. Adjusted EBITDA excludes some or all of the following: certain SG&A expenses, restructuring expenses, goodwill impairment, amortization, net gain or loss on sale of
capital assets, interest on long-term debt, net foreign exchange gain or loss, net gain or loss on financial instruments, loss on extinguishment of debt, other expenses, income taxes and income or loss from equity
accounted investee. Adjusted EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. GAAP and is therefore unlikely to be comparable to similar measures used by other
companies. Adjusted EBITDA is a measure of our operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by us as either non-cash (in the case of goodwill
impairment, amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, deferred income taxes and net income or loss from equity accounted investee) or non-operating (in the case of
certain SG&A expenses, restructuring expenses, net gain or loss on sale of capital assets, interest on long-term debt, loss on extinguishment of debt, other expenses, and current income taxes). Adjusted EBITDA is a
useful financial and operating metric for us, our Board of Directors, and our lenders, as it represents a starting point in the determination of free cash flow(B). The underlying reasons for the exclusion of each item
are as follows: Certain SG&A expenses – SG&A expense includes certain non-operating or non-recurring expenses. Non-operating expenses include transaction costs or recoveries related to acquisitions, fair value
adjustments attributable to stock options and restricted share expense. Non-recurring expenses include certain equity based compensation, payments made to senior management on their departure, severance
and other non-recurring expenses from time-to-time. These expenses are not considered an expense indicative of continuing operations. Certain SG&A costs represent a different class of expense than those
included in adjusted EBITDA. Restructuring expenses – restructuring expenses includes costs to integrate various operating locations with our own, exiting certain property and building and office leases, employee
severance and employee relocation costs incurred in connection with our acquisition of WSI. These expenses are not considered an expense indicative of continuing operations. Accordingly, restructuring expenses
represent a different class of expense than those included in adjusted EBITDA. Goodwill impairment – as a non-cash item goodwill impairment has no impact on the determination of free cash flow(B).
Amortization – as a non-cash item amortization has no impact on the determination of free cash flow(B). Net gain or loss on sale of capital assets – proceeds from the sale of capital assets are either reinvested in
additional or replacement capital assets or used to repay revolving credit facility borrowings. Interest on long-term debt – interest on long-term debt is a function of our debt/equity mix and interest rates; as such,
it reflects our treasury/financing activities and represents a different class of expense than those included in adjusted EBITDA. Net foreign exchange gain or loss – as non-cash items, foreign exchange gains or losses
have no impact on the determination of free cash flow(B). Net gain or loss on financial instruments – as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash
flow(B). Loss on extinguishment of debt – loss on extinguishment of debt is a function of our debt financing; as such, it reflects our treasury/financing activities and represents a different class of expense than those
included in adjusted EBITDA. Other expenses – other expenses typically represent amounts paid to certain management of acquired companies who are retained by us post acquisition and amounts paid to certain
executives in respect of acquisitions successfully completed. These expenses are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense
than those included in adjusted EBITDA. Income taxes – income taxes are a function of tax laws and rates and are affected by matters which are separate from our daily operations. Net income or loss from equity
accounted investee – as a non-cash item, net income or loss from our equity accounted investee has no impact on the determination of free cash flow(B). All references to “Adjusted EBITA” in this document
represent Adjusted EBITDA after deducting amortization of capital and landfill assets. All references to “Adjusted operating income or adjusted operating EBIT” in this document represent Adjusted EBITDA after
adjusting for net gain or loss on the sale of capital assets and all amortization expense, including amortization expense recognized on the impairment of intangible assets. All references to “Adjusted net income”
are to adjusted operating income after adjusting net gain or loss on financial instruments, loss on extinguishment of debt, other expenses and net income tax expense or recovery.
Adjusted EBITA, Adjusted operating income or adjusted operating EBIT and Adjusted net income should not be construed as measures of income or of cash flows. Collectively, these terms do not have standardized
meanings prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures used by other companies. Each of these measures are important for investors and are used by management in
the management of its business. Adjusted operating income or adjusted operating EBIT removes the impact of a company’s capital structure and its tax rates when comparing the results of companies within or
across industry sectors. Management uses Adjusted operating EBIT as a measure of how its operations are performing and to focus attention on amortization and depreciation expense to drive higher returns on
invested capital. In addition, Adjusted operating EBIT is used by management as a means to measure the performance of its operating locations and is a significant metric in the determination of compensation for
certain employees. Adjusted EBITA accomplishes a similar comparative result as Adjusted operating EBIT, but further removes amortization attributable to intangible assets. Intangible assets are measured at fair
value when we complete an acquisition and amortized over their estimated useful lives. We view capital and landfill asset amortization as a proxy for the amount of capital reinvestment required to continue
operating our business steady state. We believe that the replacement of intangible assets is not required to continue our operations as the costs associated with continuing operations are already captured in
operating or selling, general and administration expenses. Accordingly, we view Adjusted EBITA as a measure that eliminates the impact of a company’s acquisitive nature and permits a higher degree of
comparability across companies within our industry or across different sectors from an operating performance perspective. Finally, Adjusted net income is a measure of our overall earnings and profits and is
further used to calculate our net income per share. Adjusted net income reflects what we believe is our “operating” net income which excludes certain non-operating income or expenses. Adjusted net income is
an important measure of a company’s ability to generate profit and earnings for its shareholders which is used to compare company performance both amongst and between industry sectors.
17

18. Non-GAAP Disclosure – continued
2013
174,586 $
(111)
6,061
792
1,635
4,074
187,037
(7,227)
219,038
398,848
(174,229)
224,619 $
179,088
2,045
(813)
1,215
3,010
184,545
(975)
202,352
385,922
(163,146)
222,776
Net income
$
20,094 $
32,158 $
Transaction and related costs (recoveries) - SG&A
64
675
4,811
237
Fair value movements in stock options - SG&A(*)
266
(143)
Restricted share expense (recovery) - SG&A(*)
Non-operating or non-recurring expenses - SG&A
1,635
3,010
Impairment of intangible assets - Amortization
4,074
Net loss (gain) on financial instruments
2,597
(3,988)
Other expenses
Net income tax expense or (recovery)
(2,193)
173
Adjusted net income(A)
$
31,348 $
32,122 $
Note:
(*)Amounts exclude long-term incentive plan ("LTIP") compensation.
(*)(*)Amortization is presented net of amortization expense recorded on the impairment of intangible assets.
81,728 $
(111)
6,061
792
1,635
4,074
1,537
(1,981)
93,735 $
82,604
2,045
(813)
1,215
3,010
(1,816)
105
(1,315)
85,035
18
$
50,776
64
4,811
266
1,635
4,074
61,626
(822)
74,097
134,901
(59,666)
75,235
2013
Nine months ended
September 30
2012
63,047 $
675
237
(143)
3,010
66,826
(225)
70,328
136,929
(56,937)
79,992 $
Operating income
Transaction and related costs (recoveries) - SG&A
Fair value movements in stock options - SG&A(*)
Restricted share expense (recovery) - SG&A(*)
Non-operating or non-recurring expenses - SG&A
Impairment of intangible assets - Amortization
Adjusted operating income or adjusted operating EBIT(A)
Net gain on sale of capital assets
Amortization(*)(*)
Adjusted EBITDA(A)
Amortization of capital and landfill assets
Adjusted EBITA(A)
$
Three months ended
September 30
2012
$
$

19. Non-GAAP Disclosure – continued
(B) We have adopted a measure called “free cash flow” to supplement net income or loss as a measure of our operating performance. Free cash flow is a term which does not have
a standardized meaning prescribed by U.S. GAAP, is prepared before dividends declared and shares repurchased, and may not be comparable to similar measures prepared by other
companies. The purpose of presenting this non-GAAP measure is to provide disclosure similar to the disclosure provided by other U.S. publicly listed companies in our industry and
to provide investors and analysts with an additional measure of our value and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly
listed companies and to assess the availability of funds for growth investment, debt repayment, share repurchases or dividend increases. All references to “free cash flow” in this
document have the meaning set out in this note.
2013
Adjusted EBITDA(A)
Recovery (purchase) of
restricted shares(*)(*)
Capital and landfill asset
purchases(*)
Proceeds from the sale of
capital assets
Landfill closure and postclosure expenditures
Landfill closure and postclosure cost accretion
expense
Interest on long-term debt
Non-cash interest expense
Current income tax expense
Free cash flow(B)
$
2012
134,901
$
Three months ended
September 30
Change
136,929
$
(2,028)
2013
$
398,848
2012
$
Nine months ended
September 30
Change
385,922
$
12,926
101
642
(1,591)
(541)
(1,050)
(89,990)
(74,233)
(15,757)
(214,466)
(173,997)
(40,469)
1,248
540
708
15,632
2,107
13,525
(1,305)
$
(541)
(1,201)
(104)
(3,534)
(5,401)
1,867
1,422
(14,815)
877
(5,447)
26,992
1,313
(14,696)
1,701
(14,219)
35,593
4,237
(45,272)
2,582
(23,104)
133,332
3,927
(42,934)
5,069
(38,312)
135,840
310
(2,338)
(2,487)
15,208
(2,508)
$
$
109
(119)
(824)
8,772
(8,601) $
$
$
Note:
(*)Capital
and landfill asset purchases include infrastructure expenditures of approximately $5,900 and $6,900 for the three months and $34,000 and
$13,800 for the nine months ended September 30, 2013 and 2012, respectively.
(*)(*)Amounts exclude LTIP compensation.
19