US Ecology, Inc. Q4 2013 Earnings Conference Call

February 13, 2014

Jeff Feeler President & Chief Executive Officer

Steve Welling Executive Vice President of Sales and Marketing

Eric Gerratt Executive Vice President & Chief Financial Officer

Today’s Hosts

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During the course of this presentation the Company will be making forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) that are based on our current expectations, beliefs and assumptions about the industry and markets in which US Ecology, Inc. and its subsidiaries operate. Because such statements include risks and uncertainties, actual results may differ materially from what is expressed herein and no assurance can be given that the Company will meet its 2014 earnings estimates, successfully execute its growth strategy, or declare or pay future dividends. For information on other factors that could cause actual results to differ materially from expectations, please refer to US Ecology, Inc.’s December 31, 2012 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Participants should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Important assumptions and other important factors that could cause actual results to differ materially from those set forth in the forward-looking information include a loss of a major customer or contract, compliance with and changes to applicable laws, rules, or regulations, access to cost effective transportation services, access to insurance, surety bonds and other financial assurances, loss of key personnel, lawsuits, labor disputes, adverse economic conditions, government funding or competitive pressures, incidents or adverse weather conditions that could limit or suspend specific operations, implementation of new technologies, market conditions, average selling prices for recycled materials, our ability to replace business from recently completed large projects, our ability to perform under required contracts, our ability to permit and contract for timely construction of new or expanded disposal cells, our willingness or ability to pay dividends and our ability to effectively close and integrate future acquisitions.

Safe Harbor

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Highlights

Financial Results

Q4 and Full Year 2013 Financial Position, Cash Flow & Return Metrics

2014 Earnings & Capital Expenditure Outlook

Questions & Comments

Agenda

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Strong revenue growth

Treatment and Disposal (“T&D”) revenue up 15%

Event Business revenue up 32%

Base Business revenue up 4%

Operating income, up 42% to $15.4 million

Record quarterly adjusted EBITDA1, up 29% to $20.2 million

Net income up 51% to $9.2 million

Adjusted EPS1 of $0.52 per share, up 44% from $0.36 per share in Q4 ‘12

Q4 ‘13 Highlights

5 1See reconciliation of Adjusted EBITDA and Adjusted earnings per share on page 11 & 12 of this presentation or attached as Exhibit A to our earnings release filed with the SEC on Form 8-K

Record T&D revenue of $165.1 million, total revenue of $201.1 million

Operating income growth of 30% to $52.9 million

Net income growth of 25% to $32.2 million

Adjusted EBITDA1 growth of 22% to $71.2 million

Adjusted EPS1 of $1.82, growth of 31%

Raised $96.4 million in December equity offering

Provides flexibility to pursue high quality assets and service platforms

2013 Highlights

6 1See reconciliation of Adjusted EBITDA and Adjusted earnings per share on page 11 & 12 of this presentation or attached as Exhibit A to our earnings release filed with the SEC on Form 8-K

Total revenue: $59.4 million vs. $50.4 million in Q4 ‘12 T&D revenue $47.5 million up 15%

Transportation service revenue $11.8 million up 28%

Volumes:

Average selling price (“ASP”) up 9% on favorable service mix

Financial Results: Q4 ‘13

(tons) 2012 2013 Change

Q1 215,000 223,000 +8,000 (+4%)

Q2 261,000 253,000 -8,000 (-3%)

Q3 266,000 266,000 -

Q4 291,000 308,000 +17,000 (+6%)

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0%

20%

40%

60%

80%

Q3'12

Q4'12

Q1'13

Q2'13

Q3'13

Q4'13

Percentages*

Base Event

Base Business up 4% vs. Q4 ‘12

Event Business up 32% vs. Q4 ‘12

T&D Revenue Trends: Q4 ‘13

$-

$10.0

$20.0

$30.0

$40.0

$50.0

Q3'12

Q4'12

Q1'13

Q2'13

Q3'13

Q4'13

$s in millions*

Base Event

* Excludes transportation services

+

+

+

+

8

+

+

+

+

+

+

Disposal Revenue Analysis*

% Change

Q4 '13 vs. Q4 '12

Private Cleanup 190%

Broker 11%

Refinery 9%

Other Industry 6%

Rate Regulated 5%

Government Cleanup -64%

9 *Excludes transportation services

4% 3%

11%

46%16%

20%

% of Q4 '13 T&D Revenue

Government Cleanup Rate Regulated Refinery

Broker Other Industry Private Cleanup

Gross Profit $23.1 million, up 26% from $18.3 million in Q4 ‘12

Gross margin: 38.8% of total revenue, up from 36.3% in Q4 ‘12

T&D gross margin: 48.5% of T&D revenue, up from 44.2% in Q4 ‘12

SG&A $7.7 million (13% of total revenue) vs. $7.5 million (15% of total revenue) in Q4 ‘12

Operating Income $15.4 million, up 42% from $10.8 million in Q4 ‘12

Adjusted EBITDA 1 $20.2 million, up 29% from $15.6 million in Q4 ‘12

Net income $9.2 million, $0.48 per diluted share Foreign exchange (Fx) translation non-cash loss of $0.03 per share on weaker CAD$

Business development expenses of $0.01

Adjusted EPS1 of $0.52 excluding Fx translation gain and business development expenses

Financial Results: Q4 ‘13

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1See reconciliation of Adjusted EBITDA and Adjusted earnings per share on page 11 & 12 of this presentation or attached as Exhibit A to our earnings release filed with the SEC on Form 8-K

Financial Results: Q4 ‘13 vs. Q4 ‘12

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amounts in thousands except per share data 2013 2012 $ Change % Change

Revenue $ 59,360 $ 50,406 $ 8,954 17.8%

Gross profit 23,056 18,306 4,750 25.9%

SG&A 7,702 7,492 210 2.8%

Operating income 15,354 10,814 4,540 42.0%

Interest expense, net (169) (215) 46 -21.4%

Foreign currency gain (879) (562) (317) 56.4%

Other 84 56 28 50.0%

Pretax income 14,390 10,093 4,297 42.6%

Income tax expense 5,183 3,981 1,202 30.2%

Net income $ 9,207 $ 6,112 $ 3,095 50.6%

Diluted EPS $ 0.48 $ 0.33 $ 0.15 45.5%

Diluted shares outstanding 19,281 18,332

Adjusted EBITDA Reconciliation

Net Income 9,207$ 6,112$

Income tax expense 5,183 3,981

Interest expense, net 169 215

Foreign currency gain 879 562

Other income (84) (56)

Depreciation and amortization 4,023 3,695

Amortization of intangibles 369 373

Stock-based compensation 264 282

Accretion of closure & post-closure liabilities 187 464

Adjusted EBITDA 20,197$ 15,628$ 4,569$ 29.2%

Three Months Ended December 31,

Financial Results: Q4 ‘13 vs. Q4 ‘12

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(in thousands, except per share data)

Adjusted Earnings Per Share Reconciliation per share per share

Net income / earnings per diluted share 9,207$ 0.48$ 6,112$ 0.33$

Business development costs, net of tax 228 0.01 150 0.01

Non-cash foreign currency (gain) loss, net of tax 684 0.03 418 0.02 Adjusted net income / adjusted earnings per

diluted share 10,119$ $ 0.52 6,680$ $ 0.36

Shares used in earnings per diluted share

calculation 19,281 18,332

Three Months Ended December 31,

2013 2012

Total Revenue: $201.1 million vs. $169.1 million last year T&D revenue $165.1 million up 13%

Transportation service revenue $36.0 million up 54%

Volumes:

Average selling price (“ASP”) up 11%

Financial Results: 2013

(tons) 2012 2013 Change

Q1 215,000 223,000 +8,000 (+4%)

Q2 261,000 253,000 -8,000 (-3%)

Q3 266,000 266,000 -

Q4 291,000 308,000 +17,000 (+6%)

Full Year 1,032,000 1,050,000 +18,000 (+2%)

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Disposal Revenue Analysis*

% Change

2013 vs. 2012

Private Cleanup 188%

Refinery 33%

Rate Regulated 3%

Broker 5%

Other Industry -3%

Government Cleanup -45%

14 *Excludes transportation services & US Ecology Michigan acquired May 31, 2012

6% 4%

11%

48%

16%

15%

% of 2013 T&D Revenue

Government Cleanup Rate Regulated Refinery

Broker Other Industry Private Cleanup

Gross Profit $79.0 million, up 19% from $66.3 million last year

Gross margin: 39.3% of total revenue, up from 39.2% last year

T&D gross margin: 47.8% of T&D revenue, up from 45.7% last year

SG&A $26.1 million (13% of total revenue) vs. $25.7 million (15% of total revenue) last year

Operating Income $52.9 million, up 30% from $40.6 million last year

Adjusted EBITDA 1 $71.2 million, up 22% from $58.4 million last year

Net income $32.2 million, $1.72 per diluted share Foreign exchange (Fx) translation non-cash loss of $0.09 per share on weaker CAD$

Adjusted EPS1 of $1.82 excluding Fx translation loss and business development expenses

Financial Results: 2013

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1See reconciliation of Adjusted EBITDA and Adjusted earnings per share on page 16 & 17 of this presentation or attached as Exhibit A to our earnings release filed with the SEC on Form 8-K

Financial Results: 2013 Year-to-Date

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amounts in thousands except per share data 2013 2012 $ Change % Change

Revenue $ 201,126 $ 169,138 $ 31,988 18.9%

Gross profit 78,986 66,297 12,689 19.1%

SG&A 26,055 25,659 396 1.5%

Operating income 52,931 40,638 12,293 30.3%

Interest expense, net (809) (861) 52 -6.0%

Foreign currency gain (loss) (2,327) 1,213 (3,540) -291.8%

Other 352 728 (376) -51.6%

Pretax income 50,147 41,718 8,429 20.2%

Income tax expense 17,996 16,059 1,937 12.1%

Net income $ 32,151 $ 25,659 $ 6,492 25.3%

Diluted EPS $ 1.72 $ 1.40 $ 0.32 22.9%

Diluted shares outstanding 18,676 18,281

Adjusted EBITDA Reconciliation

Net Income 32,151$ 25,659$

Income tax expense 17,996 16,059

Interest expense, net 809 861

Foreign currency (gain) loss 2,327 (1,213)

Other income (352) (728)

Depreciation and amortization 14,815 13,916

Amortization of intangibles 1,461 1,469

Stock-based compensation 865 846

Accretion of closure & post-closure liabilities 1,114 1,483

Adjusted EBITDA 71,186$ 58,352$ 12,834$ 22.0%

For the Year Ended December 31,

Financial Results: 2013 Year-to-Date

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(in thousands, except per share data)

Adjusted Earnings Per Share Reconciliation per share per share

Net income / earnings per diluted share 32,151$ 1.72$ 25,659$ 1.40$

Business development costs, net of tax 254 0.01 628 0.03

Non-cash foreign currency (gain) loss, net of tax 1,597 0.09 (713) (0.04) Adjusted net income / adjusted earnings per

diluted share 34,002$ $ 1.82 25,574$ $ 1.39

Shares used in earnings per diluted share

calculation 18,676 18,281

For the Year Ended December 31,

2013 2012

$73.9 million in cash

No debt

$79.9 million available on lines of credit

2013 Cash Flow Stats:

$49.6 million cash flow from operations

$21.4 million capital investments

$96.4 million raised in common stock offering

$45.0 million debt payments

$10.0 million dividend payments

Trailing Twelve Month Return Metrics:

Return on Capital = 17.3%

Return on Equity = 18.7%

Return on Assets = 12.4%

Financial Position, Cash Flow & Return Metrics

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Earnings per share estimated at $1.50 - $1.601

Adjusted EBITDA estimated to range from $70 - $74 million

Favorable business activity trends continue

Business Climate: Event pipeline remains healthy and improving Base business growth, mid-single digits 2014 T&D gross margin projected at 46% - 47% Tax rate estimated at 37% for full year

Capital Expenditures estimated at $20-$21 million Includes $2.3 million carryover not spent in 2013

2014 Outlook

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1Guidance excludes non-cash foreign currency translation gains or losses and business development expenses

We invite your questions & comments!

Questions and Comments

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