IESI-BFC LTD. ANNOUNCES STRONG RESULTS FOR THE THREE MONTHS AND YEAR
ENDED DECEMBER 31, 2009

Toronto, Ontario — February 23, 2010 — IESI-BFC Ltd. (the "Company") (NYSE, TSX: BIN) reported financial results for the three months and year ended December 31, 2009.

Revenue totalled $262.5 million in the quarter compared with $243.6 million in the year ago period. Holding foreign currency exchange ("FX") constant with the prior period, revenue in the fourth quarter would have totalled $249.3 million. In the fourth quarter of 2009 we incurred certain, or non-recurring, costs which are recorded to selling, general and administration expense. These costs include transaction costs related to the acquisition of Waste Services, Inc. ("WSI"), $3.6 million, non-cash fair value adjustments attributable to stock options, $1.0 million, and corporate reorganization expenses related to the dismantling of the income trust structure, $1.3 million. With the exception of $0.2 million of stock option expense recorded in the fourth quarter of 2008, these expenses are not comparable to the prior period. All references to adjusted EBITDA^(A), operating income, net income and net income per weighted average share, reflect the adjustment of the aforementioned costs. Accordingly, adjusted operating income was $39.4 million in the quarter compared to $34.8 million in the comparative period a year ago. Holding FX constant, adjusted operating income amounted to $37.1 million, an increase of $2.3 million over the comparative period. Adjusted EBITDA^(A) was $75.4 million in 2009 versus $67.8 million in the same quarter a year ago. Holding FX constant, adjusted EBITDA^(A) was $70.8 million, an increase of $3.0 million period to period.

Adjusted net income for the quarter was $15.2 million, or $0.16 per diluted share, compared to $10.1 million, or $0.15 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $13.8 million, or $0.14 per diluted share, representing an increase of $3.7 million, or a decline of $0.01 per diluted share, period over period. We increased our comparative diluted share count as a result of equity offerings completed in March and June 2009.

In the quarter, organic gross revenue, which includes intercompany revenues, grew 2.9% in Canada. Continued core pricing growth, 3.2%, coupled with volume growth, 0.3%, was partially offset by a fuel surcharge decline of 0.6%. In the U.S., organic gross revenues increased 0.1% in the quarter. While we realized core price growth of 1.8% and recycling and other pricing growth of 0.6%, declines in fuel surcharges, 2.2%, and volumes, 0.1%, offset this growth.

Free cash flow^(B) for the quarter totalled $23.5 million compared to $17.4 million in the comparative period last year. Excluding the impact of FX, free cash flow^(B) was $20.8 million, representing a 19.4% increase over the same period a year ago.

For the year ended December 31, 2009, revenues were $1.008 billion, compared with revenues of $1.047 billion in the year ago period. Holding FX constant, year-to-date revenue would have been $1.033 billion. As in the fourth quarter, transaction and related costs, non-cash fair value adjustments for stock options and corporate reorganization costs had a similar impact on year-to date operating income, adjusted EBITDA^(A), net income and net income per weighted average share. Accordingly, adjusting for these costs, coupled with fair value

movements in rabbi and trust units, adjusted operating income was $133.9 million compared to $122.7 million in the year ago period. Holding FX constant, adjusted operating income was $139.3 million or $16.6 million higher than the year ended December 31, 2008. Adjusted EBITDA^(A) was $290.4 million year-to-date versus $290.7 million in 2008. Holding FX constant, adjusted EBITDA^(A) was $299.2 million an increase of $8.5 million year over year.

Adjusted net income for the year was $60.1 million, or $0.71 per diluted share, compared to $51.3 million, or $0.75 per diluted share in the comparative period. Adjusted net income excluding the impact of FX was $63.1 million, or $0.74 per diluted share, representing an increase of $11.8 million, or a decline of $0.01 per diluted share, year over year.

For the year, organic gross revenue, which includes intercompany revenues, grew 1.4% in Canada. Continued core pricing growth, 3.2%, was partially offset by a fuel surcharge, volume and recycling and other pricing declines of 0.6%, 0.2% and 1.0%, respectively. In the U.S., organic gross revenues decreased 4.2% year-to-year. While we realized core price growth of 2.2%, declines in fuel surcharges, 2.6%, volumes, 2.3%, and recycling and other pricing, 1.5%, outpaced this growth.

Free cash flow^(B) for the year totalled $114.1 million compared to $92.9 million in the comparative period last year. Excluding the impact of FX, free cash flow^(B) was $118.7 million, representing a 27.8% increase over the comparative year.

"Our strong results in the fourth quarter cap a year of solid progress for our business and set us up for a promising performance in 2010," said Keith Carrigan, Vice Chairman and Chief Executive Officer, IESI-BFC Ltd. "On a reported basis, which includes the impact of FX, we achieved a revenue improvement of 7.7% in the quarter. We also achieved an 11.1% increase in adjusted EBITDA^(A) and a 35.2% improvement in free cash flow^(B). Our business growth can be attributed to our market-by-market strategies for organic improvement as well as targeted tuck-in acquisitions."

Mr. Carrigan continued, "Our achievements in 2009 include two successful equity offerings, a strengthened balance sheet and a listing on the New York Stock Exchange. We also began the process of acquiring WSI, a merger that, when completed, will position us as North America's third largest solid waste management company. As we move forward, we will maintain our disciplined focus on continuous improvement and value creation. For 2010, we anticipate positive revenue and adjusted EBITDA^(A) growth as indicated in our 2010 outlook."

The Company also announced that its Board of Directors declared a quarterly dividend of $0.125 Canadian per share for shareholders of record on March 31, 2010. The dividend will be paid on April 15, 2010.

The Company provided its outlook for 2010 assuming no change in the current economic environment and excluding the impact of any additional acquisitions, including WSI, and the associated expenses to close the WSI acquisition. For the purposes of these estimates, the Company is assuming a Canadian to U.S. currency exchange rate of $0.952.

The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed in the section on forward-looking statements at the end of this press release.

Our consolidated financial position and operating results have been translated to U.S. dollars applying the following FX rates:

Financial Highlights

(in thousands of U.S. dollars,
except per weighted average share or trust unit amounts, unless otherwise stated)

	Three months ended December 31						Year ended December 31

	2009			2008			2009			2008
	(unaudited)			(unaudited)
Operating results
Revenues	$	262,462		$	243,606		$	1,008,466		$	1,046,803
Operating expenses		152,135			145,247			588,104			629,748
Selling, general and administration ("SG&A")		40,897			30,717			136,846			123,426
Amortization		36,000			33,562			156,702			168,859
Net gain on sale of capital and landfill assets		(70	)		(511	)		(198	)		(862	)

Operating income		33,500			34,591			127,012			125,632
Interest on long-term debt		7,979			11,379			34,225			51,490
Net foreign exchange loss (gain)		38			5			276			(612	)
Net (gain) loss on financial instruments		(696	)		6,367			(1,562	)		9,990
Conversion costs		90			921			298			3,137
Other expenses		53			35			162			123

Income before income taxes		26,036			15,884			93,613			61,504
Income tax expense		16,161			5,965			39,885			6,545

Net income	$	9,875		$	9,919		$	53,728		$	54,959

Net income per weighted average share, basic	$	0.11		$	0.14		$	0.64		$	0.80
Net income per weighted average share, diluted	$	0.11		$	0.14		$	0.63		$	0.80
Weighted average number of shares outstanding (thousands), basic		82,332			57,714			73,892			57,706
Weighted average number of shares outstanding (thousands), diluted		93,431			68,851			85,020			68,843
Adjusted EBITDA^(A)	$	75,363		$	67,801		$	290,449		$	290,697
Adjusted operating income	$	39,433		$	34,750		$	133,945		$	122,700
Adjusted net income	$	15,241		$	10,111		$	60,094		$	51,339
Adjusted net income per average share, basic	$	0.16		$	0.15		$	0.71		$	0.75
Adjusted net income per average share, diluted	$	0.16		$	0.15		$	0.71		$	0.75
Replacement and growth expenditures (see page 12)
Replacement expenditures	$	24,580		$	30,085		$	73,674		$	86,291
Growth expenditures		9,821			8,931			48,602			54,804

Total replacement and growth expenditures	$	34,401		$	39,016		$	122,276		$	141,095

Operating and free cash flow^(B)
Cash generated from operating activities	$	63,620		$	49,311		$	256,269		$	218,481
Free cash flow^(B)	$	23,505		$	17,379		$	114,109		$	92,909
Free cash flow^(B) per weighted average share outstanding, diluted	$	0.25		$	0.25		$	1.34		$	1.35
Dividends and distributions
Dividends and distributions declared (shares or trust units)	$	19,265		$	15,095		$	68,825		$	92,154
Dividends declared (participating preferred shares ("PPSs"))		2,608			2,922			9,748			17,830

Total dividends and distributions declared	$	21,873		$	18,017		$	78,573		$	109,984

Total dividends or distributions declared per weighted average share or trust unit, diluted	$	0.23		$	0.26		$	0.92		$	1.60

The following tables have been prepared to assist readers in assessing the impact of FX on select consolidated results for the three months and year ended December 31, 2009.

	Three months ended

	December 31, 2008			December 31, 2009			December 31, 2009			December 31, 2009			December 31, 2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	(as reported)			(organic, acquisition and other non- operating changes)			(holding FX constant with the comparative period)			(FX impact)			(as reported)
Consolidated Statement of Operations
Revenues	$	243,606		$	5,666		$	249,272		$	13,190		$	262,462
Operating expenses		145,247			51			145,298			6,837			152,135
SG&A		30,717			8,816			39,533			1,364			40,897
Amortization		33,562			202			33,764			2,236			36,000
Net gain on sale of capital assets		(511	)		455			(56	)		(14	)		(70	)

Operating income		34,591			(3,858	)		30,733			2,767			33,500
Interest on long-term debt		11,379			(3,806	)		7,573			406			7,979
Net foreign exchange loss		5			36			41			(3	)		38
Net (gain) loss on financial instruments		6,367			(7,122	)		(755	)		59			(696	)
Conversion costs		921			(841	)		80			10			90
Other expenses		35			18			53			—			53

Income before income taxes		15,884			7,857			23,741			2,295			26,036
Net income tax expense		5,965			9,793			15,758			403			16,161

Net income	$	9,919		$	(1,936	)	$	7,983		$	1,892		$	9,875

Adjusted EBITDA^(A)	$	67,801		$	3,020		$	70,821		$	4,542		$	75,363
Adjusted operating income	$	34,750		$	2,363		$	37,113		$	2,320		$	39,433
Adjusted net income	$	10,111		$	3,658		$	13,769		$	1,472		$	15,241
Free cash flow^(B)	$	17,379		$	3,375		$	20,754		$	2,751		$	23,505

	Year ended

	December 31, 2008			December 31, 2009			December 31, 2009			December 31, 2009			December 31, 2009
	(as reported)			(organic, acquisition and other non- operating changes)			(holding FX constant with the comparative year)			(FX impact)			(as reported)
Consolidated Statement of Operations
Revenues	$	1,046,803		$	(13,968	)	$	1,032,835		$	(24,369	)	$	1,008,466
Operating expenses		629,748			(29,215	)		600,533			(12,429	)		588,104
SG&A		123,426			17,104			140,530			(3,684	)		136,846
Amortization		168,859			(8,758	)		160,101			(3,399	)		156,702
Net gain on sale of capital and landfill assets		(862	)		653			(209	)		11			(198	)

Operating income		125,632			6,248			131,880			(4,868	)		127,012
Interest on long-term debt		51,490			(16,634	)		34,856			(631	)		34,225
Net foreign exchange loss (gain)		(612	)		886			274			2			276
Net (gain) loss on financial instruments		9,900			(11,588	)		(1,598	)		36			(1,562	)
Conversion costs		3,137			(2,818	)		319			(21	)		298
Other expenses		123			39			162			—			162

Income before income taxes		61,504			36,363			97,867			(4,254	)		93,613
Net income tax expense		6,545			34,989			41,534			(1,649	)		39,885

Net income	$	54,959		$	1,374		$	56,333		$	(2,605	)	$	53,728

Adjusted EBITDA^(A)	$	290,697		$	8,455		$	299,152		$	(8,703	)	$	290,449
Adjusted operating income	$	122,700		$	16,560		$	139,260		$	(5,315	)	$	133,945
Adjusted net income	$	51,339		$	11,780		$	63,119		$	(3,025	)	$	60,094
Free cash flow^(B)	$	92,909		$	25,802		$	118,711		$	(4,602	)	$	114,109

Management's Discussion
(all amounts are in thousands of U.S. dollars, unless otherwise stated)

	Three months ended

	2008		2009		Change			2009		Change
	(as reported)		(holding FX constant)		(2009 holding FX constant less 2008 as reported)			(as reported)		(2009 as reported less 2008 as reported)
Revenues	$	243,606	$	249,272	$	5,666		$	262,462	$	18,856

Canada	$	80,301	$	83,283	$	2,982		$	96,473	$	16,172
U.S. south	$	83,452	$	86,882	$	3,430		$	86,882	$	3,430
U.S. northeast	$	79,853	$	79,107	$	(746	)	$	79,107	$	(746	)
Operating expenses	$	145,247	$	145,298	$	51		$	152,135	$	6,888

Canada	$	41,556	$	41,626	$	70		$	48,463	$	6,907
U.S. south	$	50,871	$	53,063	$	2,192		$	53,063	$	2,192
U.S. northeast	$	52,820	$	50,609	$	(2,211	)	$	50,609	$	(2,211	)
SG&A (unadjusted)	$	30,717	$	39,533	$	8,816		$	40,897	$	10,180

Canada	$	10,962	$	17,462	$	6,500		$	18,826	$	7,864
U.S. south	$	10,870	$	13,422	$	2,552		$	13,422	$	2,552
U.S. northeast	$	8,885	$	8,649	$	(236	)	$	8,649	$	(236	)

	Year ended December 31

	2008		2009		Change			2009		Change
	(as reported)		(holding FX constant)		(2009 holding FX constant less 2008 as reported)			(as reported)		(2009 as reported less 2008 as reported)
Revenues	$	1,046,803	$	1,032,835	$	(13,968	)	$	1,008,466	$	(38,337	)

Canada	$	366,491	$	373,657	$	7,166		$	349,288	$	(17,203	)
U.S. south	$	338,143	$	340,187	$	2,044		$	340,187	$	2,044
U.S. northeast	$	342,169	$	318,991	$	(23,178	)	$	318,991	$	(23,178	)
Operating expenses	$	629,748	$	600,533	$	(29,215	)	$	588,104	$	(41,644	)

Canada	$	196,074	$	190,576	$	(5,498	)	$	178,147	$	(17,927	)
U.S. south	$	213,998	$	209,279	$	(4,719	)	$	209,279	$	(4,719	)
U.S. northeast	$	219,676	$	200,678	$	(18,998	)	$	200,678	$	(18,998	)
SG&A (unadjusted)	$	123,426	$	140,530	$	17,104		$	136,846	$	13,420

Canada	$	44,613	$	56,487	$	11,874		$	52,803	$	8,190
U.S. south	$	42,398	$	47,389	$	4,991		$	47,389	$	4,991
U.S. northeast	$	36,415	$	36,654	$	239		$	36,654	$	239

Excluding the impact of FX on gross revenues, the increase in Canada is attributable to increases in core price, volumes and acquisitions. The increase in revenues attributable to volume is due in large part to an increase in our commercial and transfer service lines, partially offset by industrial and landfill volume declines. Lower diesel fuel costs are the primary reason for lower fuel surcharges.

U.S. south segment gross revenues increased. Core price, acquisition and volume growth all contributed to the comparative increase. We enjoyed volume growth from our commercial and residential services, as a result of increased sales efforts and contract wins. This volume growth was partially offset by lower comparative industrial, transfer station and landfill volumes, which is attributable to the softer economic environment in this segment. Lower comparative fuel surcharges, due to lower comparative diesel fuel costs, is the primary offset to gross revenue growth. A comparative increase in recycled materials pricing represents the balance of the comparative change.

Gross revenues in our U.S. northeast segment declined. Volume and fuel surcharge declines were partially offset by modest price and acquisition growth. While gross revenues continue to be affected by lower volumes, we are not experiencing any further deterioration as a result of the economic slowdown. Price growth in our commercial, industrial and residential collection lines were partially offset by price declines at our landfills and transfer stations. Volume growth in our landfills has more than offset landfill pricing declines. The balance of the change is the result of higher recycled materials pricing.

Excluding the impact of FX on gross revenues, the increase in Canada is attributable to core price and acquisition growth. Fuel surcharge declines and declines due to lower volumes were the primary offsets to core price and acquisition growth. Lower diesel fuel costs are the primary reason for lower fuel surcharges, while lower industrial collection volumes was the most significant contributor to the decline in gross revenues attributable to volumes. A decline in year-to-date recycled materials pricing accounts for the balance of the change.

U.S. south segment gross revenues increased. Core price, acquisition and volume growth all contributed to the comparative increase. We enjoyed volume growth from our commercial and residential services, as a result of increased sales efforts and contract wins. This volume growth was partially offset by lower comparative industrial volumes, which is attributable to the softer economic environment in this segment. Lower comparative fuel surcharges is the primary offset to gross revenue growth as a result of lower comparative diesel fuel costs. A comparative decline in recycled materials pricing represents the balance of the comparative change.

Gross revenues in our U.S. northeast segment declined. Volume and fuel surcharge declines were partially offset by modest price growth in our commercial, industrial and residential collection service lines. While gross revenues continue to be affected by lower volumes, we have not experienced any further deterioration as a result of the economic slowdown. Pricing in our collection service lines remained strong, but was partially offset by pricing at our landfills and transfer stations. Volume growth in our landfills has effectively offset landfill pricing declines. The balance of the change is the result of lower recycled materials pricing. Recycled materials pricing declined significantly in the fourth quarter of 2008, and while pricing has strengthened since the fourth quarter of 2008, it has not reached the same highs as the comparative period in total.

Excluding the impact of FX, the increase in Canadian segment operating expenses is marginal and is not attributable to one significant change or combination of changes.

Operating costs in our U.S. south segment increased period over period. Higher insurance costs represent a non-cash actuarial adjustment to our U.S. accident claims reserves and account for the majority of the comparative increase. The balance of the increase is due to higher labour costs as a result of higher collected waste volumes, partially offset by lower vehicle operating costs attributable to lower diesel fuel costs.

In our U.S. northeast segment, operating costs declined. The decline is attributable to lower disposal, transportation and vehicle operating costs. Lower disposal costs are the result of the economic slowdown in this region, while lower transportation and vehicle operating costs are due to the comparative decline in diesel fuel costs. Higher accident claims reserves partially offset these declines.

Excluding the impact of FX, the resulting Canadian segment decline is due to lower disposal and vehicle operating costs, partially offset by higher labour costs. Lower disposal costs are due to higher internalized waste volumes and lower comparative diesel fuel costs contributed to the overall decline in vehicle operating costs. Higher labour costs are the result of acquisitions, general wage increases and higher collected waste volumes.

Operating costs in our U.S. south segment decreased year over year due to lower vehicle operating costs which are the result of lower diesel fuel costs. Higher labour and insurance costs partially offset lower vehicle operating costs, which are attributable to higher collected waste volumes and non-cash actuarial adjustments to our U.S. accident claims reserves, respectively.

In the U.S. northeast, operating costs declined. The decline is attributable to lower disposal, transportation and vehicle operating costs. Lower disposal costs are the result of the economic slowdown in this region, while lower transportation and vehicle operating costs are due principally to the comparative decline in diesel fuel costs. Higher accident claims reserves partially offset these declines.

SG&A expense in our Canadian segment increased excluding the impact of FX. The majority of the increase is the result of transaction and related costs, fair value changes to stock options and reorganization costs. Reorganization costs represent a non-recurring expense we incurred on the amalgamation of the Company with its predecessor and was incurred in connection with the dismantling of the income trust structure.

Our U.S. south segment experienced a comparative increase in SG&A expense. Higher salary expense is the result of higher sales staffing levels and higher performance compensation amounts. Transaction and related costs also contributed to the comparative increase.

The period over period decline in our U.S. northeast segment is due to a non-recurring allowance for doubtful accounts provision recorded in 2008. Transaction and related costs partially offset the comparative decline.

Excluding the impact of FX, Canadian segment SG&A expense increased. The reasons for the increase are consistent with those outlined for the three months ended. The balance of the change is due to higher salaries which is due in large part to a higher compliment of sales personnel.

Higher salaries are the primary cause of the year-to-date increase in SG&A expense for our U.S. south segment due to a higher compliment of sales personnel and additional salaries resulting from acquisitions. Our U.S. northeast segment experienced a marginal decline comparatively, which is not attributable to one significant change or combination of changes. Transaction and related costs also contributed to the increase in our U.S. south and northeast segments as did fair value movements in rabbi trust units.

With the adoption of guidance on non-controlling interests in consolidated financial statements, which became effective January 1, 2009, we changed the presentation of non-controlling interests from mezzanine equity to equity on our consolidated balance sheet. Non-controlling interest is no longer deducted in the determination of net income. Instead, net income and each component of other comprehensive income or loss is attributed to shareholders' equity and non-controlling interest. Adopting this guidance affects our determination of net income presented in the consolidated statement of operations and comprehensive income, the

presentation of net income and non-controlling interest in the consolidated statement of cash flows, and the presentation of non-controlling interest in the consolidated statement of equity.

The purpose of presenting this non-GAAP measure is to align our disclosure with other U.S. publicly listed companies in our industry. Investors and analysts use this calculation as a measure of our valuation and liquidity. We use this non-GAAP measure to assess our performance relative to other U.S. publicly listed companies, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend policy.

In the current year, we adjusted our calculation of free cash flow^(B) to take into consideration transaction and related cost, non-recurring costs and fair value movements in rabbi and trust units. Accordingly, comparative amounts have been adjusted to conform to the current period and year presentation.

	Three months ended December 31									Year ended December 31

	2009			2008			Change			2009			2008			Change
Cash generated from operating activities (statement of cash flows)	$	63,620		$	49,311		$	14,309		$	256,269		$	218,481		$	37,788

Operating
Reorganization costs (non-recurring capital tax)		1,315			—			1,315			1,315			—			1,315
Stock option expense (recovery)		1,006			73			933			2,006			(1,125	)		3,131
Fair value movements in rabbi and trust units		—			86			(86	)		—			(1,807	)		1,807
Acquisition and related costs		3,612			—			3,612			3,612			—			3,612
Conversion costs		90			921			(831	)		298			3,137			(2,839	)
Other expenses		53			35			18			162			123			39
Changes in non-cash working capital items		(11,828	)		6,019			(17,847	)		(27,304	)		20,709			(48,013	)
Capital and landfill asset purchases		(34,401	)		(39,016	)		4,615			(122,276	)		(141,095	)		18,819
Financing
Financing and landfill development costs (net of non-cash portion)		—			(233	)		233			(77	)		(1,168	)		1,091
Purchase of restricted shares		—			178			(178	)		(172	)		(3,734	)		3,562
Net realized foreign exchange loss (gain)		38			5			33			276			(612	)		888

Free cash flow^(B)	$	23,505		$	17,379		$	6,126		$	114,109		$	92,909		$	21,200

	Three months ended December 31									Year ended December 31

	2009			2008			Change			2009			2008			Change
Adjusted EBITDA^(A)	$	75,363		$	67,801		$	7,562		$	290,449		$	290,697		$	(248	)

Restricted share expense		404			(321	)		725			1,485			633			852
Purchase of restricted shares		—			178			(178	)		(172	)		(3,734	)		3,562
Capital and landfill asset purchases		(34,401	)		(39,016	)		4,615			(122,276	)		(141,095	)		18,819
Landfill closure and post-closure expenditures		(2,181	)		(914	)		(1,267	)		(7,145	)		(2,022	)		(5,123	)
Landfill closure and post-closure cost
accretion expense		808			684			124			3,130			3,010			120
Interest on long-term debt		(7,979	)		(11,379	)		3,400			(34,225	)		(51,490	)		17,265
Non-cash interest expense		681			721			(40	)		2,902			3,540			(638	)
Current income tax expense		(9,190	)		(375	)		(8,815	)		(20,039	)		(6,630	)		(13,409	)

Free cash flow^(B)	$	23,505		$	17,379		$	6,126		$	114,109		$	92,909		$	21,200

Free cash flow^(B) increased period over period. Excluding the impact of FX, adjusted EBITDA^(A) increased comparatively due in large part to a stronger comparative performance in Canada. Lower capital and landfill asset purchases in our U.S. segments is a major contributor to the increase in free cash flow^(B). This comparative decline in purchases is principally attributable to the timing of landfill cell construction coupled with a reduction in growth capital expenditures. The Canadian segment also contributed to the comparative decline due primarily to the timing of growth expenditures as a result of a decline in new contract wins. Lower interest rates and overall debt levels contributed to the decline in interest expense, while higher cash taxes in Canada partially offset this decline. Higher Canadian cash taxes are the result of eroding loss carryforwards related to the repayment or capitalization of intercompany notes occurring on our conversion from an income trust to a corporation. The timing of restricted share purchases also contributed to the comparative increase in free cash flow^(B).

For the year ended, free cash flow^(B) increased comparatively. As outlined above for the three months ended, lower capital and landfill purchases and borrowing costs are the primary reasons for the increase in free cash flow^(B). The reasons for these changes are consistent with those outlined above for the three months ended.

Capital and landfill purchases characterized as replacement and growth expenditures are as follows:

Capital and landfill purchases characterized as "replacement expenditures" represent cash outlays to sustain current cash flows and are funded from free cash flow^(B). Replacement expenditures may include the replacement of existing capital assets, including vehicles, equipment, containers, compactors, furniture, fixtures

and computer equipment. Replacement expenditures also include all construction spending for our operating landfills.

Excluding the impact of FX, replacement expenditures decreased. The decline is attributable to the timing of landfill expenditures in both our U.S. and Canadian segments.

Excluding the impact of FX, replacement expenditures decreased. As outlined above for the three months ended, landfill expenditures in our U.S. segment represent the majority of the comparative decline. The balance of the change is attributable to the timing of landfill construction in our Canadian segment.

Capital and landfill purchases characterized as "growth expenditures" represent cash outlays to generate new or future cash flows and are generally funded from free cash flow^(B). Growth expenditures may include vehicles, equipment, containers, compactors, furniture, fixtures, computer equipment and facilities (new or expansion) to support new contract wins and organic business growth.

Net of FX, growth expenditures decreased. The decline is most pervasive in Canada, as a result of building, infrastructure, vehicle, container and landfill equipment expenditures incurred in 2008 that did not recur in 2009. Both our Canadian and U.S. segments are experiencing lower growth expenditure levels in light of continuing economic weakness.

Net of FX, growth expenditures decreased. The decline for the year ended is consistent with the reasons outlined for the three months ended.

Readers are reminded that revenue, adjusted EBITDA^(A), and cash flow contributions derived from vehicles, equipment and container growth expenditures will materialize over future periods.

Summary details of our long-term debt facilities at December 31, 2009 are as follows:

Funded debt to EBITDA (as defined and calculated in accordance with our Canadian and U.S. long-term debt facilities)

We drew on our revolving credit facility capacity to repay our C$47,000 senior secured series A debenture which matured on June 26, 2009. Drawing on the revolving credit facility had no impact on our Canadian segment's funded debt to EBITDA covenant, as this covenant includes both revolving credit facility drawings and senior secured debenture borrowings. In the second quarter, we entered into our fifth amendment to our amended and restated credit facility. The fifth amendment simply recognized the wind-up of the Fund and Ridge Landfill Trust. All significant terms and pricing remained unchanged.

On December 1, 2009, we entered into a 30-year agreement with Seneca County Industrial Development Agency, which permits us access to variable rate demand solid waste disposal industrial revenue bonds ("2009 Seneca IRB Facility"). The 2009 Seneca IRB Facility makes available $90,000 to fund a portion of landfill construction and equipment expenditures at the Company's Seneca Meadows landfill. The 2009 Seneca IRB Facility bears interest at a weekly floating interest rate that approximates the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA Index"). Interest is payable monthly in arrears, commencing on February 1, 2010. At December 31, 2009, the daily interest rate applicable to the 2009 Seneca IRB Facility was 0.35%. The 2009 Seneca IRB Facility matures on December 1, 2039 and is guaranteed by IESI Corporation ("IESI"). At December 31, 2009, $5,000 was drawn under this facility.

At December 31, 2009, we are not in default of our Canadian and U.S. long-term debt facility covenants. As a reminder, covenants are not subject to FX fluctuations. Holding the FX rate at parity results in a long-term debt to adjusted EBITDA^(A) ratio of 2.16 times. Readers are further reminded that contributions to adjusted EBITDA^(A) from acquisitions completed within the last twelve months are not included in this ratio. We have two revolving credit facilities to support our Canadian and U.S. operations, each of which require financial covenant tests to be prepared independently, and both facilities allow for pro forma acquisition contributions.

On November 11, 2009, we executed a merger agreement with WSI. The agreement provides for our wholly-owned subsidiary ("Merger Sub") to merge with and into WSI, with WSI surviving the merger as our wholly-owned subsidiary. We expect to complete the merger in the second calendar quarter of 2010, subject to, among other things, receipt of required WSI stockholder approval and regulatory approvals.

We are executing the transaction pursuant to our strategy of growth through acquisition. Specifically, we believe that the acquisition will provide the opportunity to diversify our business across U.S. and Canadian markets, customer segments and service lines. In addition, the transaction will enable us to increase our internalization. We also believe that the acquisition of WSI will create annual synergies and cash flow and earnings per share accretion, enhancing short-term and long-term returns to stockholders. Upon closing the transaction, we plan to direct the additional cash flow expected to be created from the transaction towards any combination of the following: funding growth, dividend payments, additional accretive strategic acquisitions and debt reduction.

In the merger, each outstanding share of WSI common stock will be converted into the right to receive 0.5833 of our common shares for each share of WSI common stock, with cash paid in lieu of fractional shares. This exchange ratio is fixed, subject to certain conditions in the event of a decline in the price of our common shares, and will not be adjusted to reflect stock price changes prior to closing of the merger.

The merger will have a significant impact on our financial condition, results of operations and cash flows. The effect of the merger on our consolidated balance sheet and statement of operations is outlined in the unaudited pro forma condensed combined financial statements included in our Form F-4 filing, filed January 19, 2010 with the Securities and Exchange Commission. We expect that our total assets following the merger will be in excess of $3,000,000 and that our net assets will be approximately $1,500,000. In addition, we expect total annualized revenues to exceed $1,500,000 and total annual adjusted EBITDA^(A) will be in excess of $400,000. These expected amounts are provided without taking into account divestitures stemming from regulatory reviews required to complete the transaction.

Completion of the merger remains subject to the satisfaction or waiver of certain closing conditions, including approval from WSI stockholders and the Canadian Competition Bureau. The transaction was reviewed by U.S. antitrust authorities, and the thirty day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on January 19, 2010 without a request for additional documentation or information.

In connection with our listing on the New York Stock Exchange and U.S. public offering, we elected to report our financial results in U.S. dollars. Accordingly, all comparative financial information for the three months and year ended December 31, 2008 contained in this press release has been recast from thousands of Canadian to U.S. dollars, unless otherwise stated.

Electing to report our financial position and results of operations in U.S. dollars improves comparability of our financial information with our peers and reduces foreign exchange fluctuations in our reported amounts as a significant portion of our assets, liabilities and operations are resident or conducted in the U.S., in U.S. dollars.

We also elected to report our financial results in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") to improve the comparability of our financial information with our peers, who are predominantly U.S. publicly listed companies.

Pursuant to a plan of arrangement, BFI Canada Income Fund (the "Fund") converted from a trust to a corporation on October 1, 2008. The conversion resulted in unitholders of the Fund receiving one common share of BFI Canada Ltd., predecessor to IESI-BFC Ltd. ("IESI-BFC"), for each trust unit held on the effective date of conversion. The Class A unit held by IESI was redeemed by the Fund for ten Canadian dollars and IESI-BFC issued, and IESI subscribed for, 11,137 special voting shares for aggregate cash consideration of ten Canadian dollars. The PPSs issued by IESI remained outstanding and were exchangeable into common shares of IESI-BFC on a one for one hundred basis, instead of trust units of the Fund. The conversion did not constitute a change of control. Accordingly, the consolidated financial statements have been prepared applying continuity of interests accounting. With the exception of amounts related to the fourth quarter ended 2008, the comparative figures presented herein are those of the Fund.

^(A) All references to "Adjusted EBITDA" in this press release 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. Adjusted EBITDA excludes some or all of the following: "certain SG&A expenses, amortization, net gain or loss on sale of capital and landfill assets, interest on long-term debt, financing costs, net foreign exchange gain or loss, net gain or loss on financial instruments, conversion costs, other expenses, and income taxes". Adjusted EBITDA is a term used by us that does not have a standardized meaning prescribed by U.S. or Canadian GAAP and is therefore unlikely to be comparable to similar measures used by other issuers. 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 amortization, net gain or loss on financial instruments, net foreign exchange gain or loss, and deferred income taxes) or non-operating (in the case of certain SG&A expenses, net gain or loss on sale of capital and landfill assets, interest on long-term debt, conversion costs, 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, or non-recurring, expenses. These expenses include transaction costs related to acquisitions, fair value adjustments attributable to stock options and rabbi and trust units, and corporate reorganization expense. 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.

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 and landfill assets — proceeds from the sale of capital and landfill assets are either reinvested in additional or replacement capital or landfill 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).

Conversion costs — conversion costs represent professional fees incurred on the Fund's conversion from an income trust to a corporation and its eventual wind-up. These expenses are not considered an expense indicative of continuing operations. Conversion costs represent 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. 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.

Adjusted EBITDA should not be construed as a measure of income or of cash flows. The reconciling items between adjusted EBITDA and net income are detailed in the consolidated statement of operations and comprehensive income or loss beginning with operating income before amortization and net gain on sale of capital and landfill assets and ending with net income and includes certain adjustments for expenses recorded to SG&A which management views as not indicative of continuing operations. A reconciliation between operating income and adjusted EBITDA is provided below.

	Three months ended December 31						Year ended December 31

	2009			2008			2009			2008
Operating income	$	33,500		$	34,591		$	127,012		$	125,632
Net gain on sale of capital and landfill assets		(70	)		(511	)		(198	)		(862	)
Amortization		36,000			33,562			156,702			168,859
Transaction and related costs — SG&A		3,612			—			3,612			—
Fair value movements in stock options — SG&A		1,006			73			2,006			(1,125	)
Fair value movements in rabbi and trust units — SG&A		—			86			—			(1,807	)
Corporate reorganization expense — SG&A		1,315			—			1,315			—

Adjusted EBITDA	$	75,363		$	67,801		$	290,449		$	290,697

^(B) We have adopted a measure called "free cash flow" to supplement net income or loss as a measure of operating performance. Free cash flow is a term which does not have a standardized meaning prescribed by U.S. or Canadian GAAP, is prepared before dividends and or distributions declared, and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to align our disclosure with disclosures presented by other U.S. publicly listed companies in the waste industry, to assess our primary sources and uses of cash flow, and to assess our ability to sustain our dividend. All references to "free cash flow" in this press release have the meaning set out in this note.

This communication 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," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include, without limitation, IESI-BFC Ltd.'s expectations with respect to: the synergies, efficiencies, capitalization and anticipated financial impacts of the transaction; approval of the transaction by Waste Services, Inc. stockholders; the satisfaction or waiver of the closing conditions to the transaction; and the timing of the completion of the transaction.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside our control and difficult to predict. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Waste Services, Inc. stockholders; the ability to realize the expected

synergies resulting for the transaction in the amounts or in the timeframe anticipated; the ability to integrate Waste Services, Inc.'s businesses into those of IESI-BFC Ltd. in a timely and cost-efficient manner; and the ability to obtain governmental approvals of the transaction or to satisfy or waive the other conditions to the transaction on the proposed terms and timeframe. Additional factors that could cause IESI-BFC Ltd.'s results to differ materially from those described in the forward-looking statements can be found in the Registration Statement on Form F-10, as amended, of IESI-BFC Ltd., and the Registration Statement on Form F-4 of IESI-BFC Ltd., each filed with the SEC and available at the SEC's Internet web site (www.sec.gov). IESI-BFC Ltd. cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning IESI-BFC Ltd., the transaction or other matters and attributable to IESI-BFC Ltd. or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. IESI-BFC 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.

The proposed transaction will be submitted to Waste Services, Inc. stockholders for their consideration. IESI-BFC Ltd. has filed with the SEC a Registration Statement on Form F-4 containing a preliminary proxy statement/prospectus. Stockholders are encouraged to read the preliminary proxy statement/prospectus regarding the proposed transaction and the definitive proxy statement/prospectus when it becomes available, as well as other documents filed with the SEC because they contain important information. Stockholders may obtain a free copy of the preliminary proxy statement/prospectus, and will be able to obtain a free copy of the definitive proxy statement/prospectus when it becomes available, as well as other filings containing information about IESI-BFC Ltd. and Waste Services, Inc., without charge, at the SEC's Internet site (www.sec.gov).

You may also obtain copies of all documents filed with the SEC regarding this transaction, without charge, from IESI-BFC's website (www.iesi-bfc.com) or by directing a request to IESI-BFC Ltd., 135 Queens Plate Drive, Suite 300, Toronto, Ontario, Canada M9W 6V1, Attention: Investor Relations, (416) 401-7729.

IESI-BFC, through its subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in ten states and the District of Columbia in the U.S., and five Canadian provinces. Its two brands, IESI and BFI Canada, are leaders in their markets and serve over 1.8 million customers with vertically integrated collection and disposal assets. IESI-BFC's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN. To find out more about IESI-BFC, visit its website at www.iesi-bfc.com.

IESI-BFI Ltd.
Chaya Cooperberg
Director, Investor Relations and Corporate Communications
Tel: (416) 401-7729
Email: chaya.cooperberg@bficanada.com

Management will hold a conference call on Wednesday, February 24, 2010, at 8:30 a.m. (ET) to discuss results for the three months and year ended December 31, 2009. Participants may listen to the call by dialling 1-888-300-0053, conference ID 53103100, at approximately 8:20 a.m. (ET). International or local callers should dial 647-427-3420. The call will also be webcast live at www.streetevents.com and at www.iesi-bfc.com.

A replay will be available after the call until Wednesday, March 10, 2010, at midnight, and can be accessed by dialling 1-800-642-1687, conference code 53103100. International or local callers can access the replay by dialling 706-645-9291. The audio webcast will also be archived at www.streetevents.com and www.iesi-bfc.com.

IESI-BFC Ltd.

CONSOLIDATED BALANCE SHEETS

December 31, 2009 and December 31, 2008 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)

		December 31, 2009			December 31, 2008

ASSETS
CURRENT
	Cash and cash equivalents	$	4,991		$	11,938
	Accounts receivable		111,839			107,767
	Other receivables		546			228
	Prepaid expenses		18,276			19,597
	Restricted cash		382			82
	Other assets		770			—

			136,804			139,612
OTHER RECEIVABLES			1,213			394
FUNDED LANDFILL POST-CLOSURE COSTS			8,102			6,115
INTANGIBLES			100,917			119,898
GOODWILL			630,470			617,832
LANDFILL DEVELOPMENT ASSETS			7,677			8,589
DEFERRED FINANCING COSTS			9,358			9,936
CAPITAL ASSETS			439,734			408,681
LANDFILL ASSETS			661,738			621,862
OTHER ASSETS			1,574			—

		$	1,997,587		$	1,932,919

LIABILITIES
CURRENT
	Accounts payable	$	62,753		$	54,134
	Accrued charges		70,572			55,509
	Dividends payable		11,159			2,337
	Income taxes payable		6,278			1,387
	Deferred revenues		13,156			10,800
	Current portion of long-term debt		—			38,380
	Landfill closure and post-closure costs		6,622			7,210
	Other liabilities		8,312			—

			178,852			169,757
LONG-TERM DEBT			654,992			835,210
LANDFILL CLOSURE AND POST-CLOSURE COSTS			63,086			50,857
OTHER LIABILITIES			3,611			15,045
DEFERRED INCOME TAXES			81,500			64,348

			982,041			1,135,217

EQUITY
NON-CONTROLLING INTEREST			230,014			230,452
SHAREHOLDERS' EQUITY
	Common shares		1,082,950			868,248
	Restricted shares		(3,928	)		(3,756	)
	Paid in capital		2,118			633
	Deficit		(214,898	)		(193,135	)
	Accumulated other comprehensive loss		(80,710	)		(104,740	)

			785,532			567,250

			1,015,546			797,702

		$	1,997,587		$	1,932,919

IESI-BFC Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the three months (unaudited) and years ended December 31, 2009 and 2008 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars, except net income per share or trust unit amounts)

		Three months ended						Year ended

		2009			2008			2009			2008
REVENUES		$	262,462		$	243,606		$	1,008,466		$	1,046,803
EXPENSES
	OPERATING		152,135			145,247			588,104			629,748
	SELLING, GENERAL AND ADMINISTRATION		40,897			30,717			136,846			123,426
	AMORTIZATION		36,000			33,562			156,702			168,859
NET GAIN ON SALE OF CAPITAL AND LANDFILL ASSETS			(70	)		(511	)		(198	)		(862	)

OPERATING INCOME			33,500			34,591			127,012			125,632
INTEREST ON LONG-TERM DEBT			7,979			11,379			34,225			51,490
NET FOREIGN EXCHANGE LOSS (GAIN)			38			5			276			(612	)
NET (GAIN) LOSS ON FINANCIAL INSTRUMENTS			(696	)		6,367			(1,562	)		9,990
CONVERSION COSTS			90			921			298			3,137
OTHER EXPENSES			53			35			162			123

INCOME BEFORE INCOME TAXES			26,036			15,884			93,613			61,504
INCOME TAX EXPENSE (RECOVERY)
	Current		9,190			375			20,039			6,630
	Deferred		6,971			5,590			19,846			(85	)

			16,161			5,965			39,885			6,545

NET INCOME			9,875			9,919			53,728			54,959

OTHER COMPREHENSIVE INCOME (LOSS)
	Foreign currency translation adjustment		3,064			(29,253	)		25,049			47,088
	Commodity swaps designated as cash flow hedges, net of income tax		2,072			(1,260	)		2,717			(1,260	)
	Settlement of commodity swaps designated as cash flow hedges, net of income tax		30			—			(332	)		—

COMPREHENSIVE INCOME (LOSS)		$	15,041		$	(20,594	)	$	81,162		$	100,787

NET INCOME — CONTROLLING INTEREST		$	8,731		$	8,313		$	47,062		$	46,050
NET INCOME — NON-CONTROLLING INTEREST		$	1,144		$	1,606		$	6,666		$	8,909
COMPREHENSIVE INCOME (LOSS) — CONTROLLING INTEREST		$	13,297		$	(20,594	)	$	71,092		$	100,787
COMPREHENSIVE INCOME — NON-CONTROLLING INTEREST		$	1,744		$	—		$	10,070		$	—
Net income per weighted average share, basic		$	0.11		$	0.14		$	0.64		$	0.80
Net income per weighted average share, diluted		$	0.11		$	0.14		$	0.63		$	0.80
Weighted average number of shares outstanding (thousands), basic			82,332			57,714			73,892			57,706
Weighted average number of shares outstanding (thousands), diluted			93,431			68,851			85,020			68,843

IESI-BFC Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months (unaudited) and years ended December 31, 2009 and 2008 (stated in accordance with accounting principles generally accepted in the United States of America and in thousands of U.S. dollars)

			Three months ended						Year ended

			2009			2008			2009			2008
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
	Net income		$	9,875		$	9,919		$	53,728		$	54,959
	Items not affecting cash
		Restricted share expense		404			(321	)		1,485			633
		Write-off of landfill development assets		—			233			77			1,168
		Accretion of landfill closure and post-closure costs		808			684			3,130			3,010
		Amortization of intangibles		6,996			7,276			28,669			31,512
		Amortization of capital assets		18,638			18,752			74,532			76,854
		Amortization of landfill assets		10,366			7,534			53,501			60,493
		Interest on long-term debt (deferred financing costs)		681			721			2,902			3,540
		Net gain on sale of capital and landfill assets		(70	)		(511	)		(198	)		(862	)
		Net (gain) loss on financial instruments		(696	)		6,367			(1,562	)		9,990
		Deferred income taxes		6,971			5,590			19,846			(85	)
	Landfill closure and post-closure expenditures			(2,181	)		(914	)		(7,145	)		(2,022	)
	Changes in non-cash working capital items			11,828			(6,019	)		27,304			(20,709	)

Cash generated from operating activities				63,620			49,311			256,269			218,481

INVESTING
	Acquisitions			(5,224	)		(2,623	)		(27,385	)		(59,134	)
	Restricted cash deposits			(382	)		—			(382	)		—
	Restricted cash withdrawals			—			(59	)		82			1,473
	Investment in other receivables			(36	)		—			(1,434	)		—
	Proceeds from other receivables			133			57			487			428
	Funded landfill post-closure costs			(362	)		(413	)		(1,021	)		(1,550	)
	Purchase of capital assets			(22,849	)		(20,673	)		(81,219	)		(82,071	)
	Purchase of landfill assets			(11,552	)		(18,343	)		(41,057	)		(59,024	)
	Proceeds from the sale of capital and landfill assets			667			653			4,487			2,001
	Investment in landfill development assets			(775	)		1,576			(1,530	)		(3,626	)

Cash utilized in investing activities				(40,380	)		(39,825	)		(148,972	)		(201,503	)

FINANCING
	Payment of deferred financing costs			(1,706	)		(149	)		(2,106	)		(3,283	)
	Proceeds from long-term debt			47,794			75,725			190,609			275,427
	Repayment of long-term debt			(46,372	)		(63,361	)		(443,320	)		(169,051	)
	Common shares issued, net of issue costs			—			—			209,264			(3	)
	Purchase of restricted shares or trust units			—			156			(172	)		(3,756	)
	Dividends paid to share and participating preferred shareholders and distributions paid to unitholders			(31,667	)		(25,088	)		(70,849	)		(117,055	)

Cash utilized in financing activities				(31,951	)		(12,717	)		(116,574	)		(17,721	)
Effect of foreign currency translation on cash and cash equivalents				4,677			2,245			2,330			780

NET CASH (OUTFLOW) INFLOW				(4,034	)		(986	)		(6,947	)		37

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OR YEAR				9,025			12,924			11,938			11,901

CASH AND CASH EQUIVALENTS, END OF YEAR			$	4,991		$	11,938		$	4,991		$	11,938

SUPPLEMENTAL CASH FLOW INFORMATION:
	Cash and cash equivalents are comprised of:
		Cash	$	4,991		$	11,558		$	4,991		$	11,558
		Cash equivalents		—			380			—			380

			$	4,991		$	11,938		$	4,991		$	11,938

	Cash paid during the period or year for:
		Income taxes	$	14,215		$	(402	)	$	16,785		$	9,286
		Interest	$	5,719		$	15,827		$	33,428		$	47,510

	2009						2008

	Consolidated Balance Sheet		Consolidated Statement of Operations and Comprehensive Income				Consolidated Balance Sheet		Consolidated Statement of Operations and Comprehensive Income
	Current		Average		Cumulative Average		Current		Average		Cumulative Average
March 31	$	0.7935	$	0.8030	$	0.8030	$	0.9729	$	0.9959	$	0.9959
June 30	$	0.8602	$	0.8568	$	0.8290	$	0.9817	$	0.9901	$	0.9930
September 30	$	0.9327	$	0.9113	$	0.8547	$	0.9435	$	0.9599	$	0.9817
December 31	$	0.9555	$	0.9467	$	0.8760	$	0.8166	$	0.8248	$	0.9371

	Three months ended December 31, 2009

	Canada — stated in Canadian dollars			Canada — percentage of gross revenues		U.S.			U.S. — percentage of gross revenues
Commercial	$	42,536			36.2%	$	47,510			24.7%
Industrial		19,506			16.6%		23,477			12.2%
Residential		17,450			14.8%		43,707			22.8%
Transfer and disposal		31,750			27.0%		67,743			35.3%
Recycling and other		6,327			5.4%		9,643			5.0%

Gross revenues		117,569			100.0%		192,080			100.0%
Intercompany		(14,627	)				(26,082	)

Revenues	$	102,942				$	165,998

	Year ended December 31, 2009

	Canada — stated in Canadian dollars			Canada — percentage of gross revenues		U.S.			U.S. — percentage of gross revenues
Commercial	$	161,629			35.3%	$	186,324			24.4%
Industrial		76,345			16.7%		101,847			13.3%
Residential		63,737			13.9%		164,251			21.5%
Transfer and disposal		124,251			27.2%		278,109			36.3%
Recycling and other		31,788			6.9%		34,689			4.5%

Gross revenues		457,750			100.0%		765,220			100.0%
Intercompany		(59,026	)				(106,042	)

Revenues	$	398,724				$	659,178

		Three months ended December 31, 2009						Year ended December 31, 2009

		Canada			U.S.			Canada			U.S.
Price
	Core price		3.2			1.8			3.2			2.2
	Fuel surcharges		(0.6	)		(2.2	)		(1.0	)		(2.6	)
	Recycling and other		—			0.6			(0.2	)		(1.5	)

	Total price		2.6			0.2			2.0			(1.9	)
Volume			0.3			(0.1	)		(0.6	)		(2.3	)

Total organic gross revenue growth (decline)			2.9			0.1			1.4			(4.2	)
Acquisitions			0.4			1.9			1.5			1.9

Total gross revenue growth (decline)			3.3			2.0			2.9			(2.3	)

	Available lending		Facility drawn		Letters of credit (not reported as long-term debt on the Consolidated Balance Sheet)		Available capacity

Canadian long-term debt facilities — stated in Canadian dollars
Senior secured debenture, series B	$	58,000	$	58,000	$	—	$	—
Revolving credit facility	$	305,000	$	178,000	$	39,282	$	87,718
U.S. long-term debt facilities — stated in U.S. dollars
Term loan	$	195,000	$	195,000	$	—	$	—
Revolving credit facility	$	588,500	$	125,500	$	123,700	$	339,300
Variable rate demand solid waste disposal revenue bonds ("IRBs")⁽¹⁾	$	194,000	$	109,000	$	—	$	85,000