Credit Suisse Industrial and Environmental Services Conference 2013

Credit Suisse Industrials and Environmental
Services Conference – Boston, MA
Tuesday, May 14, 2013

Forward-Looking Statements
2
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.

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
• Executive team of five with 100+ years of combined experience in the waste industry
• Listed on the NYSE & TSX : “BIN”
3

Industry Dynamics
• $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
4

Consistent Strong Results
5
$170
$208
$257
$291 $292
$416
$535 $520
2005 2006 2007 2008 2009 2010 2011 2012
$559
$680
$854
$1,047 $1,008
$1,430
$1,840 $1,897
2005 2006 2007 2008 2009 2010 2011 2012
Revenue
US $MM
$48 $50
$64
$95
$119
$194
262.5
172.5
2005 2006 2007 2008 2009 2010 2011 2012
Adjusted EBITDA (A)
US $MM
Free Cash Flow (B)
US$MM
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%
$199(1)
(A) Please refer to the definition and explanation of (A) on slide 40. (B) Please refer to the definition and explanation of (B) on slide 42.
(1) Free cash flow excluding $26.5 million on discretionary infrastructure projects in 2012
2012 includes
$30 MM revenue
& EBITDA impact
of lower recycled
commodities
prices

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

Geographical Distribution
7
Serve more than 4 million customers in North America
Revenue
Adjusted EBITDA(A)
% Margin
$723.3
$211.4
29.2%
US$ millions FY 2011 FY 2012
Revenue
Adjusted EBITDA(A)
% Margin
$359.2
$89.5
24.9%
Revenue
Adjusted EBITDA(A)
% Margin
$757.6
$280.4
37.0%
Canada
South
Northeast
Note: Corporate Adjusted EBITDA(A) of ($47.4) million and ($46.8) million in 2012 and 2011, respectively, are not shown.
$776.8
$278.5
35.1%
$780.3
$217.1
27.8%
$339.6
$71.5
21.1%
(A) Please refer to the definition and explanation of (A) on slide 40.

Execution Model for Continuous Improvement
8
Business model
drives improvement
year-over-year
 Build dense collection network
organically or by acquisition
 Revenue/hour
 Balance with franchise markets
 Complement with strategic
landfills
 Drive internalization
opportunities
 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
 Critical mass matters
 Density drives productivity
 Strategic plans that drive
revenue and EBITDA per asset
up year over year
 Year over year ROC
improvement
 Culture
 Passion
 Training
 Teamwork

Q1 2013 Financial Highlights
 On track for the year on all measures we provided in our February outlook.
 Gaining traction in our U.S. northeast segment. Canadian and U.S. south operations
continue to perform as expected.
 On a consolidated basis, achieved higher core price in every service line as a result of
our focused efforts.
 Acquisitions contributed on target and on schedule, and were the primary drivers of
our growth in the first quarter.
 We remain focused on the disciplined deployment of free cash flow(B) to improve return
on invested capital (“ROIC”).
10

Q1 2013 Financial Results
11
($ US millions)
Except per share amounts Q1/12 Q1/13 Change
Canada $173.9 $179.1 3.0%
U.S. South 187.4 $211.5 12.9%
U.S. Northeast 77.0 $95.9 24.6%
Total Revenues $438.2 $486.6 11.0%
Adjusted Net Income(A)
Reported Net Income
$24.1
$22.1
$27.1
$29.3
12.6%
33.0%
Adjusted EPS(A) (diluted)
Reported EPS (diluted)
$0.20
$0.19
$0.24
$0.25
20.0%
31.6%
Adjusted Operating EBIT(A)
$53.0 $58.4 10.1%
Adjusted EBITDA(A)
$116.3 $129.1 11.0%
Adjusted EBITDA(A)
Margins 26.5% 26.5% -
Adjusted EBITA(A)
$65.6 $73.1 11.5%
Free Cash Flow(B)
$43.7 $44.9 2.6%
Weighted Average Share Count 117.9 115.2
Total Actual Outstanding Share Count 115.2
(B) Please refer to the definition and explanation of (B) on slide 41.

Q1 2013 Revenue Growth
12
Components of Revenue Growth
(Decline)
CAN
Q1/12
U.S.
Q1/12
Total
Company
Q1/12
CAN
Q1/13
U.S.
Q1/13
Total
Company
Q1/13
Core Price(1) 2.0% 0.4% 1.0% 0.9% 1.4% 1.2%
Fuel Surcharges 0.8% 0.7% 0.8% 0.1% 0.4% 0.3%
Recycling and Other (0.9%) (1.5%) (1.2%) (1.0%) (0.1%) (0.5%)
Total Price Growth (Decline) 1.9% (0.4%) 0.6% - 1.7% 1.0%
Volume Growth (Decline) 0.2% (1.6%) (0.9%) (3.3%) 3.6% 0.8%
Total Gross Organic
Revenue Growth (Decline)
2.1% (2.0%) (0.3%) (3.3%) 5.3% 1.8%
Acquisitions 0.6% 7.4% 4.6% 7.1% 11.0% 9.5%
Total Growth Excluding FX 2.7% 5.4% 4.3% 3.8% 16.3% 11.3%
FX (0.3%)
Total Growth Including FX 11.0%
(1) Core Price reflects organic average price change, net of rollbacks and excludes fuel surcharges, across the Company’s customer base.
Q1 2013 reported revenues increased 11.0% to $486.6MM

13
Strong Revenue from
Canadian and U.S.
Operations
U.S. $307.5
Canada $179.1
Total Revenue $486.6
000’s
Consolidated
$US
% of Gross Revenue
Commercial $175,722 36.1
Industrial 85,156 17.5
Residential 113,020 23.2
Transfer and Disposal 160,248 32.9
Recycling 14,979 3.1
Other 10,106 2.1
Gross Revenues 559,231 114.9
Intercompany (72,671) (14.9%)
Revenues $486,560 100%
Gross Revenue From Operations(1)
Q1 2013 Reported and Gross Revenues
Reported Revenue
(1) Gross Revenue includes intercompany revenue.

14
000’s Canada ($C) Canada % of
Revenue
U.S. U.S. % of
Revenue
Commercial $78,059 43.2 $98,352 32.0
Industrial 32,848 18.2 52,598 17.1
Residential 32,771 18.1 80,538 26.2
Transfer and Disposal 52,563 29.1 108,149 35.2
Recycling 7,395 4.1 7,649 2.5
Other 5,311 2.9 4,842 1.6
Gross Revenues 208,947 115.6 352,128 114.6
Intercompany (28,258) (15.6%) (44,662) (14.6%)
Revenues $180,689 100% $307,466 100%
Q1 2013 Reported and Gross Revenues

16
Item (million tons) 2010 2015 2020
Resident Population (mil) 309.1 324.3 340.1
Pounds/capita 1,643 1,696 1,735
MSW Generated 254.0 275.0 295.0
Landfill Disposal 136.0 144.0 151.0
Recycling 65.0 74.0 83.5
Composting 24.0 29.5 35.5
Combustion & Incineration 29.0 27.5 25.0
Pounds/person per day 4.50 4.65 4.75
Waste Volumes Expected to Grow
• Despite the probability of
increased harvesting
(recycling, composting) of
the waste stream the actual
pounds per person will
increase
• Think single use packaging
• Waste volume grows based
on a combination of
population and GDP growth
MSW Generation, Recovery & Disposal
Source: The Freedonia Group, Inc.

17
Item
(billion dollars)
2010 2015 2020
% Annual
Growth
15/10
Gross Domestic Product* 14,650 18,400 23,400 4.7%
Waste Collection 47.7 58.5 71.3 4.1%
Waste Treatment & Disposal 16.6 19.2 22.0 3.0%
Material Recovery & Other 3.3 4.7 6.4 7.3%
Waste Volumes Expected to Grow
• Waste collection will continue
to be largest contributor to
industry revenues, reflecting
increasing waste generation
volumes and rising fuel and
labor costs
• Waste treatment and
disposal’s below average
growth rate reflects an
increasing emphasis on waste
diversion
• Material recovery growth will
be driven by higher adoption
of recycling programs and
new material recovery
revenue streams
• Critical mass of recycled
material volume will be key to
generating returns
MSW Generation, Recovery & Disposal
Source: The Freedonia Group, Inc.

New Revenue Opportunities
• Offer diversion solutions
– Increase recycling as a percentage of total revenue
– Organics recycling
• Identify opportunities to create value from the materials we collect
– Waste is a resource
• Identify opportunities to generate additional revenue that meets our return
on capital requirements
18

Capital Expenditures
20
As a % of revenue:
Replacement
Growth
61%
71%
74%
70% 60%-
64%
39%
29%
26%
30% 36%-
40%
0
50
100
150
200
250
2009 2010 2011 2012 2013E
Growth
Replacement
$171
$220(2)
$143
$USD (MM) 2013 Replacement CAPEX
• Includes $17-18 MM for
construction at several
landfills and utility
relocation at Seneca
Meadows.
• Also reflects sale of a few
redundant properties in
2013.
2013 Growth CAPEX
• Includes $10MM related
to recent municipal
contract wins.
$122
2.9%4.8% 2.4%
7.0%7.3% 6.9%
(1) Does not include anticipated internal infrastructure investments of $40MM - $45MM.
(2) Does not include internal infrastructure investments of $26.5MM.
$210 -$220(1)
3.5%
8.2%

2013 Capital Allocation
• Intend to direct excess cash to reduce our leverage and to the
payment of our dividend
– In Q1 2013, returned $16 million to our shareholders through the payment of
our quarterly dividend and applied approximately $12 million to debt
reduction
– At March 31, 2013, total funded debt to EBITDA ratio was 3.07x, down from
3.14x at December 31, 2012
• Opportunistic on acquisitions and share repurchases
21

Disciplined Acquisition Model
22
Acquisition Triggers
 Strategic Fit
• Can we apply our market
strategies to these assets?
• Allows us to leverage our organic
growth strategies
• Consistent with our business model
 Business Mix
Enhancement
• Would assets be consistent
with, or improve, existing
business mix?
• Long term revenue quality
• Improve internalization and
EBITDA(A)margins
 Cash Flow
Generation
• Is the free cash flow(B)
sustainable?
• FCF(B) per share
• Evaluate assets on DCF Model
 Meets Return
Requirements
• Does this acquisition meet our
own stringent return hurdles?
• Thresholds for IRR and ROE
• Focus on FCF(B)
generation/sustainability
• Solid Waste services industry is still consolidating
• Well positioned to be disciplined buyers of both strategic
“tuck-ins” and platforms that can deliver returns in excess of our targets.

2012 Acquisitions Driving Growth
23
Tuck-In Acquisitions 2011 Q1/12 Q2/12 Q3/12 Q4/12 2012
U.S. south 8 2 3 - 3 8
U.S. northeast 3 - - 2 3 5
Canada 3 1 3 1 1 6
Total 14 3 6 3 7 19
• Solid waste services industry is still consolidating
• Well-positioned to be disciplined buyers of both strategic “tuck-ins” and platforms
that can deliver returns in excess of our targets
• In 2012, we invested $308.3MM on strategic “tuck-in” acquisitions

Internal Infrastructure Investments
Opportunities to invest in internal infrastructure
- Projects will generate future earnings and free cash flow
- Transfer stations and material recovery facilities, to
facilitate the flow of more waste and recyclable materials
- Natural gas generation plant
- To be completed in 1H 2014
Infrastructure investments will start to contribute to
EBITDA in 2013
- Expect to spend
infrastructure
project capital of
$40-45 million in
2013, of which
$14.4 million was
spent in Q1 2013
24

25
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 $80MM
 Roughly $26MM spent in 2012, and $40-45MM 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
Project Capital
Allocation
Total
Expected EBITDA Contribution
2012 2013 2014
2012 ~$26MM ~$1MM
2013 ~$40-45MM
~$6MM
Incremental
2014 $8-14MM
~$11-13 MM
Incremental, on an annualized basis
Total ~$80MM

Balanced Return to Shareholders
In 2012, returned more than $129 million to shareholders
• $63 million in common dividends
• $66 million through share repurchase
• In 2012, increased regular quarterly dividend by 12% to $0.56 per year
• Demonstrated confidence in our ability to continue to generate strong earnings and free
cash flow.
26

2013 Priorities
1. Complete the integration of ‘tuck-in’ operations acquired in 2012 to obtain full benefit of
the asset synergies.
 Added 19 strategic ‘tuck-in’ acquisitions in 2012, including seven in Q4/12.
 Plan for the U.S. Northeast operations well underway, with five acquisitions in 2012 that will
improve landfill internalization.
2. Remain focused on the disciplined deployment of capital to improve ROIC.
 Strict oversight of replacement and growth capital.
 Internal infrastructure projects are discretionary investments of growth capital to generate highly
attractive, near-term returns.
3. Leverage strength of core business to deliver organic growth and focus on operational
efficiency.
 Local market-focused sales execution to drive expected consolidated organic growth of 1.0% to
1.5% in 2013, with higher core price offsetting flat volume.
 Largely recurring revenue in core business, combined with contributions from acquisitions and
infrastructure investments, provides visibility into 2013.
 Managing all elements of our operating cost structure to precise standards.
27

2013 Outlook
29
FY 2013E Outlook
Revenues Approximately $2.00 B to $2.02 B
Adjusted EBITDA(A) Approximately $545 MM - $555 MM
Amortization as a % of Revenue Approximately 14.4%
Capital and Landfill Expenditures(2) $250 MM - $265 MM
Cash Taxes $52 MM - $54 MM
Effective Tax Rate 40% of income before tax expense (on an adjusted
basis) and net loss from equity accounted investee
Adjusted Net Income(A) per Diluted Share $1.02 - $1.06
Free Cash Flow(B)(2) $160 MM - $170 MM
Expected Annual Cash Dividend (C$) per Share
Payable on a Quarterly Basis
$0.56
1. Outlook assumes no change in the current economic environment and excludes the impact of any
acquisitions we may complete in 2013.
2. Assumes parity between the Canadian and U.S. dollar.
3. Assumes an average recycled commodity price for the year that is equal to our average price for 2012.
(1) Included in our press release for the fourth quarter and year ended December 31, 2012, issued February 14, 2013, was our guidance for
the fiscal year ending December 31, 2013, including our 2013 outlook assumptions and factors. This press release is filed on SEDAR and
EDGAR. As of April 30, 2013, our guidance, including the related assumptions and factors provided on February 14, 2013 for fiscal year
ending December 31, 2013 remains unchanged.
(2) Includes internal infrastructure project investments of $40-$45 million in 2013.

Long-Term Debt Summary
30
• As at March 31, 2013, total long-term debt stood at $1.661B
• Funded debt to EBITDA, as defined and calculated in accordance with our consolidated facility,was
3.07x compared with 3.14x as at December 31, 2012
Long-Term Debt Facilities
(U.S.$MM) Available
Lending
Accordion Facility Drawn
Letters of
Credit
Available
Capacity
Ratings
Senior Secured Term B Facility
$498.8 _ $498.8 _ _
Moody’s
Ba1
October 1, 2012
S&P
BBB-
October 3, 2012
Senior Secured Revolving
Facility
$1,850.0 $750.0 $1,053.6 $186.1 $610.3
IRBs(1)
$194.0 $109.0 _ $85.0
Other Notes
$1.8 $1.8 _ _
(1) Variable Rate Demand Solid Waste Disposal Revenue Bonds.

2012 Highlights
31
 Core business of solid waste collection, transfer and disposal remained solid in
the fourth quarter and demonstrated resilience throughout 2012
 Plan for the U.S. Northeast operations was well underway
 Completed 19 strategic acquisitions in 2012, including seven in Q4/12
 We remained focused on the disciplined deployment of capital to improve Return
on Invested Capital
 Core business well-positioned for growth in 2013

2012 Financial Results
32
($ US millions)
Except per share amounts Q4/11 Q4/12 QoQ FY11 FY12 YoY
Canada $185.6 $199.0 7.2% $757.6 $776.8 2.5%
U.S. South 185.4 201.7 8.8% 723.3 780.3 7.9%
U.S. Northeast 86.2 95.1 10.3% 359.2 339.6 (5.4%)
Total Revenues $457.2 $495.8 8.4% $1,840.1 $1,896.7 3.1%
Adjusted Net Income(A)
Reported Net Income (Loss)
$38.0
($296.2)
$28.2
$11.8
(25.9%)
104.0%
$135.0
($196.1)
$113.2
$94.4
(16.2%)
148.1%
Adjusted EPS (diluted)
Reported EPS (diluted)
$0.32
($2.48)
$0.24
$0.10
(25.0%)
104.0%
$1.12
($1.63)
$0.97
$0.81
(13.4%)
150.0%
Adjusted Operating Income(A)
$76.0 $61.6 (19.0%) $280.9 $246.1 (12.4%)
Adjusted EBITDA(A)
$133.9 $133.7 (0.1%) $534.5 $519.7 (2.8%)
29.3% 27.0% (230bps) 29.0% 27.4% (160bps)
Free Cash Flow(B)
$59.3 $36.6 (38.2%) $262.5 $172.5 (34.3%)
Weighted Average Share Count 120.7 116.2
Total Actual Outstanding Share Count 115.2 118.3

2012 Revenue Growth
33
Components of Revenue Growth
(Decline)
CAN
FY11**
US
FY11**
Total
Company
FY11
CAN
FY12**
US
FY12**
Total
Company
FY12
Core Price* 2.4% 0.8% 1.4% 2.1% 1.0% 1.4%
Fuel Surcharges 1.1% 1.1% 1.1% 0.3% 0.5% 0.4%
Recycling and Other* 0.3% 0.4% 0.4% (1.6%) (1.7%) (1.6%)
Total Price Growth (Decline) 3.8% 2.3% 2.9% 0.8% (0.2%) 0.2%
Volume 1.2% 0.2% 0.6% (0.9%) (1.4%) (1.2%)
Total gross organic
revenue growth (Decline)
5.0% 2.5% 3.5% (0.1%) (1.6%) (1.0%)
Acquisitions 0.7% 9.8% 6.0% 3.7% 5.1% 4.5%
Total growth excluding FX 5.7% 12.3% 9.5% 3.6% 3.5% 3.5%
FX (0.4%)
Total growth including FX 3.1%
(*)Prior period amounts have been adjusted to conform to the current period's presentation.
(**)Component percentages for 2012 have been presented on a reportable revenue basis, while component percentages for 2011 have been presented on a gross
revenue basis. In addition, component percentages for 2011 have been prepared as if Waste Services, Inc.'s results for the year ended December 31, 2010 were
combined with our own for the period from January 1 to June 30, 2010.
FY12 reported revenues increased 3.1% to $1,896.7MM YoY

2012 Revenue
34
349
584 758 777
340
502
723 780
319
343
359 340
0
400
800
1,200
1,600
2,000
2009 2010 2011 2012
U.S. Northeast
U.S. South
Canada
$1,430
$1,840
$US (Millions)
$1,008
• Canadian revenue
increased 2.5%
year-to-year
•U.S. south revenue
increased 7.9%
year-to-year
•U.S. northeast revenue
declined 5.4%
year-to-year
% of Total Revenues
Canada
U.S. south
U.S. northeast
34.6% 40.9% 41.2%
33.8% 35.1% 39.3%
31.6% 24.0% 19.5%
$1,897
41.0%
41.1%
17.9%

35
Strong Revenue from
Canadian and U.S.
Operations
U.S. $1,119.9
Canada $776.8
Total Revenue $1,896.7
000’s
Consolidated
$US
% of Gross Revenue
Commercial 665,715 35.1%
Industrial 336,353 17.7%
Residential 440,725 23.2%
Transfer and Disposal 640,923 33.8%
Recycling 65,344 3.4%
Other 26,467 1.4%
Gross Revenues 2,175,527 114.6%
Intercompany (278,786) (14.6%)
Revenues $1,896,741 100%
2012 Reported and Gross Revenues
Reported Revenue

36
000’s Canada ($C) Canada % of
Revenue
U.S. U.S. % of
Revenue
Commercial $308,715 39.8% $356,804 31.9%
Industrial 141,027 18.2% 195,236 17.4%
Residential 150,603 19.4% 290,026 25.9%
Transfer and Disposal 236,425 30.5% 404,348 36.1%
Recycling 31,314 4.0% 34,010 3.0%
Other 22,875 2.9% 3,577 0.3%
Gross Revenues 890,959 114.8% 1,284,001 114.6%
Intercompany (114,639) (14.8%) (164,074) (14.6%)
Revenues $776,320 100% $1,119,927 100%
2012 Reported and Gross Revenues

2012 Acquisitions Driving Revenue Growth
37
Tuck-In Acquisitions 2011 Q112 Q212 Q312 Q412 2012
U.S. south 8 2 3 - 3 8
U.S. northeast 3 - - 2 3 5
Canada 3 1 3 1 1 6
Total 14 3 6 3 7 19
• Solid Waste services industry is still consolidating
• Well positioned to be disciplined buyers of both strategic
“tuck-ins” and platforms that can deliver returns in excess of our targets
• In FY 2012, we invested $308.3MM on strategic “tuck-in” acquisitions.

Recycled Fiber Sensitivity
• Revenues and earnings are impacted by changes in recycled commodity prices, which principally include
old corrugated cardboard (“OCC”) and other paper fibers, including newsprint, sorted office paper and
mixed paper.
• Other commodities we receive include wood, plastics, aluminum and metals.
• Our results of operations may be affected by changing prices or market requirements for recyclable
materials. The resale and purchase price of, and market demand for, recyclable materials can be volatile
due to changes in economic conditions and numerous other factors beyond our control.
• These fluctuations may affect our consolidated financial condition, results of operations and cash flows.
• Based on current volumes, a $10 change in the price of an average basket of commodities results in an
~$8.0 million change to revenues and an approximately $0.04 change to net income per share on an
annual basis.
• Our outlook provided for 2013 assumes an average price per ton for OCC of $106.00, which is equal to
the 2012 average price per ton based on our market weighting of the Official Board Markets index.
38

FX Sensitivity
• We have provided our guidance assuming parity between the Canadian and U.S. dollar.
• If the U.S. dollar strengthens one cent our reported revenues will decline by
approximately $7,600.
• EBITDA(A) is similarly impacted by approximately $2,500, assuming a strengthening U.S.
dollar.
• The impact on net income for a similar change in FX rate, results in an approximately
$1,000 decline.
• Should the U.S. dollar weaken by one cent, our reported results will improve by similar
amounts.
39

Non-GAAP Disclosure
40
(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. These expenses include transaction costs or recoveries related to
acquisitions, fair value adjustments attributable to stock options, restricted share expense and payments made to senior executives on their departure. 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).
Continued on next slide.

Non-GAAP Disclosure – continued
41
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. All
references to “Adjusted net income” are to adjusted operating income after adjusting for restructuring expenses and goodwill impairment, 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.
(‘000s) Three months ended
March 31
2013 2012
Operating income $ 59,174 $ 50,372
Transaction and related (recoveries) costs - SG&A (565) 288
Fair value movements in stock options - SG&A (505) 1,644
Restricted share expense - SG&A 265 734
Adjusted operating income or adjusted operating EBIT(A) 58,369 53,038
Net gain on sale of capital assets (617) (384)
Amortization 71,299 63,654
Adjusted EBITDA(A) 129,051 116,308
Amortization of capital and landfill assets (55,939) (50,726)
Adjusted EBITA(A) $ 73,112 $ 65,582

Non-GAAP Disclosure – continued
42
(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.
(‘000s) Three months ended
March 31
2013 (*) 2012 (*) Change
Adjusted EBITDA(A) $ 129,051 $ 116,308 $ 12,743
Purchase of restricted
shares (358) - (358)
Capital and landfill asset
purchases (61,386) (50,091) (11,295)
Proceeds from the sale of
capital assets 1,121 719 402
Landfill closure and post-
closure expenditures (795) (1,534) 739
Landfill closure and post-
closure cost accretion
expense 1,409 1,308 101
Interest on long-term debt (15,243) (14,264) (979)
Non-cash interest expense 856 1,690 (834)
Current income tax
expense (9,799) (10,425) 626
Free cash flow(B) $ 44,856 $ 43,711 $ 1,145
Note:
(*) Capital and landfill asset purchases include infrastructure expenditures of approximately $14,400 and $3,600 for the three months ended March
31, 2013
and 2012, respectively.

Credit Suisse Industrial and Environmental Services Conference 2013

Credit Suisse Industrial and Environmental Services Conference 2013

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