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FIRST QUARTER 2009 INVESTOR CONFERENCE

CALL

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Today’s Hosts

Steve RomanoChairman & Chief Executive Officer

Jim BaumgardnerPresident & Chief Operating Officer

Jeff FeelerVice President & Chief Financial Officer

Steve WellingVice President of Sales and Marketing

Safe Harbor

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 American Ecology Corporation 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 2009 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 American Ecology Corporation’s December 31, 2008 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, compliance with and changes to applicable laws and regulations, access to cost effective transportation services, access to insurance and other financial assurances, loss of key personnel, lawsuits, adverse economic conditions, government funding or competitive pressures, incidents that could limit or suspend specific operations, implementation of new technologies, our ability to perform under required contracts, our willingness or ability to pay dividends and our ability to integrate any potential acquisitions.

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Agenda

First Quarter 2009 highlights

Closer look at Q1 2009 financials

Updated 2009 Business Outlook

Earnings guidance

Capital spending

Dividend update

Questions & comments

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Q1 2009 Overview

Revenue $35 million Q109, down from $46 million Q1’08 Economic downturn adversely affected financial results

Treatment & disposal revenue down 13%

Transportation revenue down 37%

Texas thermal desorption contributed $2.8 million of incremental revenue

Recurring “base” business down 5%

Event business down 19%

– Government & private industry shipments both down

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Q1 2009 Overview (cont.)

Gross Margin – 27% of total revenue Disposal margin – 46% 38% lower volumes reduced operating leverage

SG&A – 10% of revenue, 8.8% lower expense than prior year

Operating Income – $6 million, down from $9.5 million All four facilities again profitable

Net Income – $3.6 million ($0.20 per diluted share)

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Financial Results: Q1 2009 vs. Q1 2008

amounts in thousands except per share data Q1 2009 Q1 2008 $ Change % ChangeRevenue $ 34,965 $ 46,219 $ (11,254) -24.3%Gross profit 9,546 13,444 (3,898) -29.0%SG&A 3,573 3,919 (346) -8.8%Operating income 5,973 9,525 (3,552) -37.3%Other income, net 80 127 (47) -37.0%Income tax 2,409 3,784 (1,375) -36.3%

Net income $ 3,644 $ 5,868 $ (2,224) -37.9%

Diluted EPS $ 0.20 $ 0.32 $ (0.12) -37.5%Diluted Shares Outstanding 18,176 18,277

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Base & Event Revenue GrowthQ1 2008 vs. Q1 2009

Q1 2008

52%48%

Base Event

Recurring “base” business down 5%

Clean-up “event” business down 19%

Q1 2009

48%

52%

Base Event

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Customer Disposal Revenue Comparison*Q1 2009 vs. Q1 2008

% of Total Q1 Disposal Revenue

Q1 2009 Growth Over Q1 2008

Refinery 13% 158%

Rate Regulated 7% 11%

Broker 33% 3%

Other Industry 11% -28%

Private Cleanup 21% -31%

Government Cleanup 14% -36%

Steel 1% -65%

*Excludes transportation service revenue

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Q1 2009 Financial Metrics

Return on invested capital: 17.2%

Return on total assets: 15.3%

Working capital: $38 million

Cash & cash equivalents: $24.1 million

Line of credit: $11 million available

No term debt

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2009 Business Outlook

Revised 2009 earnings estimate: $0.85 to $1.00 per diluted share

Challenging economic conditions significantly affecting first quarter results continue to limit visibility for remainder of year

Expect total Honeywell project volume ~1.3-1.35 million tons – up from 1.2 million tons Expected completion in September 2009

Benefit expected from federal economic stimulus package Amount and timing of benefits not knowable yet

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Capital Spending Update/Outlook

No change: 2009 capital spending estimated ~$11-$12 million – compared to $13.6 million in 2008

Planned spending on: Landfill capacity in Idaho, Texas & Washington Expanded storage & treatment in Texas Routine equipment replacement

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Dividend

$0.18 quarterly dividend ($3.3 million) paid in April 2009

Annual dividend yield 4.4% based on $0.18 per quarter

Dividend policy on website at www.americanecology.com

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Questions and Comments

We invite your questions and comments!