WCN Notes

Secondary Offering 9/24/08

• Priced 11m shares at $32.50

• Lead underwriters JPM, MER, BAC, CSFB – Host of other co-managers

• Underwriting commissions $1.30 – so company received $31.20

• Strong history of consistent earnings growth

• Operates primarily in Western and Southern US

  • Serves 1.5m residential and commercial and industrial clients

  • 127 solid waste collection operations, 48 transfer stations, 29 recycling operations, 34 municipal solid waste landfills, & 2 construction and demolition landfills

• focus on secondary markets: exclusivity, more barriers to entry, projected economic & population growth, acquisition targets

• Balance sheet LT debt of $701m (raised $343m)