First Quarter Ended March 31, 2020 Forward-Looking Statements In the - - PowerPoint PPT Presentation

First Quarter Ended March 31, 2020

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In the interest of providing shareholders and potential investors with information regarding TFI International, including management’s assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from those expressed in or implied by such statements. Such factors are further discussed under Risks and Uncertainties in the Company’s Annual Information Form and MD&A, but readers are cautioned that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forward- looking statements. The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

TFI International: Who We Are

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Diversified:

Package & Courier, Less-Than-Truckload, Truckload and Logistics

Full service:

Transport and logistics

North American Leader:

Operations across U.S., Canada and Mexico

Extensive Network:

398 facilities, 17,622 tractors1, 25,174 trailers

Decentralized, entrepreneurial

management approach

16,768 employees,

• f which 8,201

are drivers

1 7,634 owned or leased; 9,988 are independent contractors

…mitigate risk for customers

Our Customer Value Proposition

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…improve their efficiency and delivery timing …drive satisfaction for the end consumer

 We create transportation and supply chain advantages to…

…reduce their delivery costs

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Why Invest in TFI International?

Superior record

• f growth and

shareholder value creation Market leader in key transportation and logistics segments Diversification by industry sectors and geography Robust Return on Equity Track record of M&A execution with well-defined acquisition pipeline

Investment Highlights

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Note: All financial results presented on this page represent continuing operations.

1 TTM Q1 2020, calculated using revenue before surcharge. 2 TTM Q1 2020 FCF divided by the March 31, 2020 market cap. 3 Calculated as TTM Q1 2020 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. 4 Before impairment.

Best-in-class operating margins, FCF yield and FCF conversion  11.3% Operating Margin1  18.5% FCF Yield2  78.3% FCF Conversion3  Avg. Adjusted ROE of 18.6% since 20164 Proven track record of growth through disciplined acquisition strategy  Completed 81 acquisitions since 2008  Industry remains fragmented Balanced capital allocation approach to drive shareholder value  $3.8 billion 20-year total FCF  $981 million returned to shareholders since 2016 Robust balance sheet position  Access to $1.2 billion revolving facilities ($833 million undrawn)  Annual dividend yield of 3.3%

3.7% 9.2% 8.7% 8.1% 0.9%

TFII Truckload Peer Average Package & Courier Peer Average Less-than-Truckload Peer Average Logistics Peer Average

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Low Capex Facilitates Asset-Light Model

Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019.

1 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 2 Package & Courier: FedEx and UPS. 3 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 4 Logistics: CH Robinson, Landstar, Echo and Forward Air. 2 3 1 4

TTM Q1-2020 Net Capex (% of Total Revenue)

Less-Than-Truckload Peer Average 3

88.0% 40.1% 70.6% 46.4% Peer Average Peer Average Peer Average

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Market Leadership in Key Transportation and Logistics Segments: FCF Conversion

Package & Courier Less-Than-Truckload Truckload Logistics

Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019.

1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 4 Logistics: CH Robinson, Landstar, Echo and Forward Air. 2 4 3 1

Peer Average 99.4% 86.9% 81.7% 31.9%

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Our Strategy of Growth Through Acquisitions

 Proven track record of executing on M&A strategy across highly fragmented markets – Completed 81 acquisitions since 2008 – Strong focus on integration, operations and realization of synergies  Our disciplined acquisition criteria: – Immediately accretive to EPS and free cash flow – Fit with one of our four segments (Package & Courier, LTL, TL, Logistics) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential

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Overview of the TFI International Platform

Over-the-road (11% of Q1 2020 Revenue) Intermodal (6% of Q1 2020 Revenue)

Less-Than-Truckload (17% of Q1 2020 Revenue)

Conventional (26% of Q1 2020 Revenue) Specialized (22% of Q1 2020 Revenue)

Truckload (48% of Q1 2020 Revenue) Package & Courier (13% of Q1 2020 Revenue) Logistics (22% of Q1 2020 Revenue)

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Services by Geography

Truckload Logistics Less-Than- Truckload Package & Courier

✔ ✔ ✔ ✔

✔

✔ ✔

✔

✔ ✔

Canada United States Mexico1

 TFI has built a robust and well-diversified revenue base — No client accounts for > 5% of consolidated revenue

1 Truckload and LTL in Mexico provided by CFI Logistica.

By Geography (YTD Q1-2020) By Top Customers' Industry (2019)

25% 16% 9% 9% 8% 7% 5% 4% 4% 3% 2% 1% 7% Retail Manufactured Goods Building Materials Automotive Metals & Mining Food & Beverage Forest Products Chemicals & Explosives Energy Services Waste Management Maritime Containers Others 53.6% 46.0% 0.4% Canada United States Mexico

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Truckload Segment

 Dry van full truckload  Flatbed, tanks, dumps, oversized and

• ther specialized services

 Modern fleet  We own the majority of our assets and have long established partner carrier relationships  48% of Q1 2020 Revenue

Truckload Operating Companies

CONVENTIONAL (26% of Total Revs.) SPECIALIZED (22% of Total Revs.)

A& A&M Intl. Be Besner CF CFI Cl Clarke Ro Road Tr Transport Co Couture Ganeca Grégoire BTC BTC Ea East BTC BTC We West Ch Charbonneau Co Contrans Flatbed Group Co Contrans Ta Tank Group Co Contrans Vra Vrac Du Durocher Intl. Laidlaw Ca Carriers Va Van Pa Papineau Intl. TF TF De Dedicated Logistics Tr Transport Ame America Tr Transport J.C.

• C. Germa

main E. E.L. . Farme mer GBT BT GHL Tr Transport Golden Intl. JAF AF JAG AG Kingsway Bu Bulk Laidlaw Ca Carriers Bu Bulk McArt Arthur Ex Express Mirabel Logistic Nordique P& P&W W Intermo modal Pi Piston Ta Tank Re Rebel Tr Transport SAF SAF TF TF Tr Truckload & Logistics Ti Time meline Logisitc Tr Trans2D D Logistics Tr Tri-Line Ca Carriers TS TST T Ex Expedited TTL TTL We Westfreight Sy Systems ms Wi Winalta

1 Truckload in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

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Logistics Segment

 Same day parcel delivery nationwide in the United States and Canada  Truck brokerage and other logistics services  22% of Q1 2020 Revenue

Logistics Operating Companies

AC AC Logist stics s Can Canada Cav Cavalier Logist stics CFI FI Lo Logis gisti tica ca CFI Lo CFI Logist stics CK CK Logist stics Cl Clarke No North Amer America Cor Cornerst stone Logist stics Cra raler er E&L Logist stics Gu Guardian Medical Logist stics Ko Kobelt Transp sportation Landry Landry Lo Logiki gikit Patriot Freight Servi vices Qu Quik X X Logist stics

Geographic Footprint Segment Overview

St St-Lamb mbert Stream m Logist stics TForce Criti Critical TForce Logist stics TForce Logist stics s Can Canada TFo Forc rce e Pre remi mier er Distr stribu buti tion

• n

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Less-Than-Truckload Segment

 Over-the-road and intermodal LTL services  Solid track record for safety and

• n-time delivery

 Focus on customer facing technology  Asset light intermodal  17% of Q1 2020 Revenue

Less-Than-Truckload Operating Companies

OVER-THE-ROAD (11% of Total Revs.) INTERMODAL (6% of Total Revs.)

Can anad adian an Fr Freight eightways ays Cav Cavalier Con Concord La Cre Crete Transp sport McMurray Serv-U U Expediting Clar arke ke Tra ransp nspor

• rt

t Na National Fast st Freight Quiktr Quiktrax ax Inte Intermod rmodal al Vi Vitran Nor Normand mandin Qu Quik X X Transp sportation Tripar Transp sportation TST Ov Overland Express ss

1 LTL in U.S. provided by partners and in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

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Package & Courier Segment

Package & Courier Operating Companies

 Next-day in Canada and globally through partnership with DHL  Cutting edge technology  Specialized supply chain services  13% of Q1 2020 Revenue

Can Canpar Express ss ICS ICS Cou Courier Loomi mis s Express ss TForce In Integrated Solutions

Geographic Footprint Segment Overview

Our Decentralized Structure: Uniquely Delivering Value for Shareholders

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…reaping the benefits of both economies of scale and specialization …more efficiently allocating resources

 Our four segments are constituted of wholly-owned subsidiaries

• perating under their own brands

 Our differentiated approach to operating our businesses enables us to create shareholder value by…

…capitalizing on market opportunities and exploiting market dislocations in real time

$0 $100 $200 $300 $400 $500 $600 $700 1999 2019 $0 $1 $2 $3 $4 $5 1999 2019 $0 $1,000 $2,000 $3,000 $4,000 $5,000 1999 2019

Superior Track Record of Growth

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Revenue Before Fuel Surcharge (C$ in millions)

1 These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures. 2 Please refer to pages 32 and 33 for the most directly comparable measure determined under IFRS, being net income and diluted EPS. 3 Tax adjusted for 2002-2008 when TFI was an income trust. 4 Recasted as of April 21, 2020 for changes in presentation

Adjusted EBITDA1,2,4 (C$ in millions) Diluted Adjusted EPS from Continuing Operations1,2,3

$4,614 $3.94

Net Cash from Operating Activities (C$ in millions)

$649 $0 $200 $400 $600 $800 $1,000 1999 2019 $861

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Total Shareholder Return Over Various Periods

Peer Average Package & Courier1 Less-Than- Truckload2 Truckload3 Logistics4

Total Shareholder Return 15-Year

1,321% 255% 70% 603% 154% 195%

10-Year

1,030% 172% 68% 451% 82% 87%

5-Year

145% 7% (5%) 21% 7% 4%

1-Year

49% (17%) (23%) (15%) (8%) (21%)

1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 4 Logistics: CH Robinson, Echo, Landstar and Forward Air.

Note: All periods above are through 3/31/20. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested.

335% 307% 17% (19%)

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Resilience Through the Cycle

1 Total Revenue and Adjusted EBITDA have not been restated to reflect discontinued operations, including the exit from oil rig moving operations in 2015 and the sale of the Waste Management segment in 2016. 2 Adjusted EBITDA is a non-IFRS measure. Please refer to page 34 for the most directly comparable measure determined under IFRS, being net income. 3 Adjusted EBITDA margin is a non-IFRS measure calculated as adjusted EBITDA as a percentage of total revenue.

 TFI’s Adjusted EBITDA margin1, 3 held virtually flat through the Great Recession

(C$ in Millions) 2007 2008 2009 2010 2011 2012 Total Revenue1 1,940 2,262 1,847 2,002 2,691 3,140 Annual Growth 8% 17%

• 18%

8% 34% 17% Adjusted EBITDA1, 2 243 280 227 263 312 386 Annual Growth 1% 15%

• 19%

16% 19% 24% Adjusted EBITDA Margin1, 3 12.5% 12.4% 12.3% 13.1% 11.6% 12.3%

$ 165 $ 310 2012 TTM Q1 2020

E-Commerce Revenue

(C$ in millions) 20

E-Commerce Provides Additional Growth

74% 69% 68% 66% 59% 58% 59% 61% 61% 26% 31% 32% 34% 41% 42% 41% 39% 39%

12 13 14 15 16 17 18 19 TTM Q1 2020

B2B B2C

Evolution of B2B/B2C Split

7.9% CAGR

 E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics

Same-Day Services

 The evolution of E-Commerce fulfillment has created numerous opportunities for TFI companies – both next-day (Canada) and same-day (Canada & U.S.)

Next-Day Services

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Shipper - Warehouse

Evolution of E-Commerce Fulfillment

Shipper - Warehouse Sorting Facility Sorting Facility

Pickup Delivery Delivery Linehaul

Region A Region B Business Customer Customer Business

$117.3 $81.5 $38.9 $10.9 $60.3 Logistics TL P&C LTL United States Canada

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TFI International Serves a Vast E-Commerce Network

 TFI services E-Commerce from nearly 80 North American cities  Further opportunities for the Logistics segment, both through acquisitions and organic growth  Increasing facility utilization with addition of same-day service  Total Canadian E-Commerce revenue: $110.8 million  Total U.S. E-Commerce revenue: $198.7 million

TTM Q1 2020 E-Commerce Revenue by Segment

(C$ in millions)

$0.7

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Robust Balance Sheet With Strategic Flexibility

Note: The table above indicates the Company’s financial covenants to be maintained under its credit facility. These covenants are measured on a consolidated rolling twelve-month basis and are calculated as prescribed by the credit agreement which, among other things, requires the exclusion of the impact of the new standard IFRS 16 Leases.

Covenants

Requirements As at March 31, 2020

Funded debt-to-EBITDA ratio [ratio of total debt plus letters of credit and some other long-term liabilities to earnings before interest, income tax, depreciation and amortization (“EBITDA”), including last twelve months adjusted EBITDA from business acquisitions]

< 3.50 1.981

EBITDAR-to-interest and rent ratio [ratio of EBITDAR (EBITDA before rent and including last twelve months adjusted EBITDAR from business acquisitions) to interest and net rent expenses]

> 1.75 4.54

1 The Funded debt-to-EBITDA ratio is based on gross debt, the cash on hand of $131.1 million is excluded from the calculation of this measure.

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Track Record of M&A Execution and Integration

Number of Acquisitions per Year

 Acquired 81 companies across our highly fragmented markets since 2008

14 5 3 6 4 4 6 4 10 7 9 8 1

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Wi Winalta La Cre Crete TF TForce Integrated So Solutions Lafleche To Total Tr Transfer Quik X X Tr Transportation E. E.L. Farme mer Co Contrans Cl Clarke Vi Vitran Tr Transport Ame America AC AC Logistics Ca Canada Ca Cavalier TF TForce Cri Critical TF TForce Pr Premi mier Di Distribution GBT BT Bra Brasseur Norma mandin TF TForce Logistics Loomi mis Ex Express CF CFI National Fast Freight TTL TTL BTC BTC Ea East Be BeavEx Ex RR RRD D Co Courier Se Services

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Our Approach To Creating Shareholder Value

Our People Market Leadership Growth & ROIC

 We continually solidify

• ur position as a leader in

the North American transportation and logistics industry  We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy  We maintain a strong balance sheet and access to capital  We leverage our team of dedicated professionals to provide value-added services and solutions across each of

• ur business segments

Prudent Balance Sheet

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Appendix

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Balance Sheet Details

— As of March 31, 2020—

 Debt structure — $1.2 billion unsecured revolving facility – Matures in June 2023 and can be extended annually – Provides favorable terms and conditions and capital management flexibility — US$25 million unsecured revolving facility – Matures in November 2020 — $610 million unsecured term loan – Two tranches, $200 million maturing in June 2021 and $410 million maturing in June 2022 – Same covenants and conditions as the banking revolving facility — $200 million unsecured debenture – Interest rate between 3.32% and 4.22% and matures in December 2024 – Can be repaid, without penalty, after December 20, 2022 — US$150 million unsecured senior notes – Interest rate of 3.85% and mature in December 2026

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Additional Operating Data (Slide 1 of 3)

Operating Data – TL

2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

U.S. based Conventional TL Revenue before fuel surcharge (in thousands

• f U.S. dollars)

172,009 171,766 168,451 163,749 164,171 162,377 155,861 157,243 Adjusted operating ratio1 94.5% 92.4% 93.3% 92.4% 90.2% 90.9% 92.4% 93.4% Total mileage (in thousands) 98,337 94,735 90,658 88,588 89,975 88,636 84,291 87,630 Tractor count, average 3,088 3,109 3,053 3,001 2,966 2,942 2,929 2,939 Trailer count, average 11,143 11,210 11,180 11,035 10,962 11,028 11,007 10,778 Tractor age 2.3 2.1 2.0 2.1 2.0 1.8 1.8 2.0 Trailer age 6.9 6.8 6.8 6.9 7.0 6.8 6.5 6.6 Number of owner operators, average 474 425 408 398 376 376 424 438 Canadian based Conventional TL Revenue before fuel surcharge (in thousands

• f dollars)

82,531 78,154 79,017 77,882 76,949 71,299 74,803 70,279 Adjusted operating ratio1 86.6% 85.2% 85.9% 86.2% 87.1% 83.1% 85.9% 87.8% Total mileage (in thousands) 27,867 26,139 26,019 25,536 26,151 23,019 24,237 23,395 Tractor count, average 719 700 708 720 718 657 641 640 Trailer count, average 3,086 3,182 3,043 2,932 2,953 2,824 2,826 2,835 Tractor age 2.8 2.8 2.7 2.5 2.7 2.6 2.3 2.2 Trailer age 5.2 5.6 5.5 5.6 5.6 5.5 5.4 5.5 Number of owner operators, average 380 371 363 353 348 348 317 308

1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36, 37 and 38.

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Additional Operating Data (Slide 2 of 3)

Operating Data – TL

2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Specialized TL Revenue before fuel surcharge (in thousands of dollars) 222,434 220,333 227,438 235,964 275,963 273,029 264,591 253,211 Adjusted operating ratio1 86.0% 85.6% 89.2% 90.4% 87.0% 87.1% 89.3% 88.2% Tractor count, average 1,407 1,439 1,546 1,771 2,116 2,194 2,189 2,065 Trailer count, average 4,525 4,541 4,693 5,519 6,095 6,341 6,142 5,986 Tractor age 3.3 3.6 3.5 3.7 4.6 4.1 4.0 3.9 Trailer age 9.5 10.2 9.7 10.0 11.1 11.4 11.7 12.0 Number of owner operators, average 1,075 1,054 1,102 1,192 1,157 1,225 1,224 1,154

1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36, 37 and 38.

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Additional Operating Data (Slide 3 of 3)

Operating Data - LTL

2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Revenue before fuel surcharge (in thousands

• f dollars)

239,245 227,514 231,994 207,986 219,075 205,434 199,718 180,194 Adjusted operating ratio1 89.8% 88.8% 90.0% 91.2% 86.2% 87.4% 88.2% 90.2% Revenue per hundredweight (excluding fuel) $11.89 $13.18 $13.79 $12.82 $13.62 $13.51 $13.19 $13.27 Revenue per shipment (including fuel) $303.29 $316.68 $324.84 $319.92 $316.36 $320.28 $334.42 $332.32 Tonnage (in thousands of tons) 1,005 863 841 811 804 760 757 679 Shipments (in thousands) 927 847 838 753 806 742 692 627 Average weight per shipment (in lbs) 2,168 2,038 2,007 2,154 1,995 2,049 2,188 2,166 Average length of haul (in miles) 820 833 831 838 820 824 839 808 Vehicle count, average 1,080 1,081 1,020 1,031 1,019 1,031 1,016 976

1 This is a non-IFRS measure. Please refer to the reconciliation on page 39.

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Reconciliations

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Five-Year Reconciliation of Adjusted EBITDA1

(C$ in millions) (from Continuing Operations) TTM Q1 2020 20192 20182 20172 20162

Net Income $335.2 $324.5 $292.0 $158.0 $157.1 Net Finance Costs $82.4 $82.3 $47.4 $61.4 $51.7 Income Tax Expense (Recovery) $104.3 $101.5 $90.2 $(40.6) $46.3 Depreciation of Property and Equipment $228.5 $223.8 $198.5 $209.6 $139.4 Depreciation of Right-of-Use Assets $103.8 $102.6 – – – Amortization of Intangible Assets $65.7 $65.9 $62.1 $61.2 $53.7 Impairment of Intangible Assets – – $12.6 $143.0 – Bargain Purchase Gain $(16.4) $(10.8) – – – Gain on Sale of Land and Buildings $(0.0) $(0.0) $(0.5) $(0.2) $(8.9) Gain on Sale of Assets Held for Sale $(29.2) $(28.6) $(15.6) $(77.4) – Gain on Sale of Intangible – – $(1.2) – – Adjusted EBITDA $874.1 $861.2 $685.4 $514.8 $439.2

1 This is a non-IFRS measure. 2 Recasted as of April 21, 2020 for changes in presentation.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

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Five-Year Reconciliation of Adjusted Net Income1 and Adjusted EPS – Diluted1

(C$ in millions, except per share data) TTM Q1 2020 2019 2018 2017 2016

Net Income $321.0 $310.3 $292.0 $158.0 $639.6 Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $46.9 $47.1 $44.0 $38.3 $32.7 Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $0.2 $0.2 $(8.9) $(0.4) $0.1 Net Change in Fair Value of Derivatives, Net of Tax $0.5 $(0.0) $(0.3) $(1.2) $3.5 Net Foreign Exchange (Gain) Loss, Net of Tax $(0.5) $0.2 $0.5 $1.8 $1.6 Impairment of Intangible Assets, Net of Tax – – $9.1 $138.4 – Bargain Purchase Gain $(16.4) $(10.8) – – – Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(25.3) $(24.8) $(13.9) $(66.7) $(7.5) Gain on Sale of Intangible Assets, Net of Tax $(0.0) $(0.0) $(0.9) – – U.S. Tax Reform – – – $(76.1) – Net (Income) Loss from Discontinued Operations $14.2 $14.2 – – $(482.5) Adjusted Net Income from Continuing Operations $340.6 $336.4 $321.6 $192.2 $187.5 Adjusted EPS from Continuing Operations – Basic $3.71 $4.03 $3.66 $2.12 $2.00 Adjusted EPS from Continuing Operations – Diluted $3.60 $3.94 $3.54 $2.07 $1.96 EPS from Continuing Operations – Diluted $3.94 $3.80 $3.22 $1.70 $1.64

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

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2007-2012 Reconciliation of Adjusted EBITDA1

1 This is a non-IFRS measure.

Note: Figures have not been restated to reflect discontinued operations, including the exit from oil rig moving operations in 2015 and the sale of the Waste Management segment in 2016.

(C$ in millions) 2012 2011 2010 2009 2008 2007

Net income

$154.2 $102.2 $102.7 $10.9 $79.7 $44.8

Net Finance Costs

$38.4 $50.3 $8.0 $29.5 $60.5 $36.2

Income Tax Expense

$54.6 $33.9 $33.5 $21.4 $19.5 $3.6

Depreciation of Property and Equipment

$103.4 $97.5 $98.8 $102.6 $106.3 $96.6

Amortization of Intangible Assets

$44.2 $35.0 $27.6 $20.0 $16.7 $11.1

Gain on Sale of Property and Equipment

$(8.8) $(6.5) $(7.9) $(2.9) $(2.7) $(5.3)

Impairment of Intangible Assets

– – – $45.0 – $56.0

Adjusted EBITDA

$386.0 $312.4 $262.7 $226.5 $280.0 $243.0

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Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Truckload Total revenue 609,812 604,759 610,161 600,535 655,548 633,547 620,122 605,694 Total operating expenses 554,291 541,101 557,879 549,791 588,307 557,785 558,871 542,690 Operating income 55,521 63,658 52,282 50,744 67,241 75,762 61,251 63,004 Operating expenses 554,291 541,101 557,879 549,791 588,307 557,785 558,871 542,690 Gain on sale of land and buildings and assets held for sale 1,167 3,208 1,560 696 76 9,020 6,530 10,661 Adjusted operating expenses 555,458 544,309 559,439 550,487 588,383 566,805 565,401 553,351 Fuel surcharge revenue (84,702) (84,112) (81,997) (73,388) (85,190) (76,342) (75,289) (72,206) Adjusted operating expenses, net of fuel surcharge revenue 470,756 460,197 477,442 477,099 503,193 490,463 490,112 481,145 Revenue before fuel surcharge 525,110 520,647 528,164 527,147 570,358 557,205 544,833 533,488 Adjusted operating ratio 89.6% 88.4% 90.4% 90.5% 88.2% 88.0% 90.0% 90.2%

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

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Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Truckload - Revenue before fuel surcharge U.S. based Conventional TL 222,206 224,115 223,128 217,606 219,480 214,318 206,810 211,251 Canadian based Conventional TL 82,531 78,153 79,017 77,882 76,949 71,299 74,803 70,279 Specialized TL 222,434 220,333 227,438 235,964 275,963 273,029 264,591 253,211 Eliminations (2,061) (1,954) (1,419) (4,305) (2,034) (1,441) (1,371) (1,253) 525,110 520,647 528,164 527,147 570,358 557,205 544,833 533,488 Truckload - Fuel surcharge revenue U.S. based Conventional TL 43,944 43,980 43,034 37,318 39,867 36,404 35,270 34,581 Canadian based Conventional TL 13,269 12,756 12,257 10,567 11,478 9,795 10,133 8,782 Specialized TL 27,659 27,496 26,815 26,224 33,923 30,195 29,945 28,895 Eliminations (170) (120) (109) (721) (78) (52) (59) (52) 84,702 84,112 81,997 73,388 85,190 76,342 75,289 72,206 Truckload - Operating income (loss) U.S. based Conventional TL 12,181 17,091 15,012 16,507 21,435 19,429 15,751 13,997 Canadian based Conventional TL 11,088 11,553 11,172 10,777 9,901 12,024 10,562 8,539 Specialized TL 32,252 35,013 26,098 23,460 35,905 44,308 34,938 40,468 55,521 63,657 52,282 50,744 67,241 75,761 61,251 63,004

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

37

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

U.S. based Conventional TL Operating expenses** 253,969 251,004 251,150 238,417 237,912 231,294 226,329 231,835 Fuel surcharge revenue (43,944) (43,980) (43,034) (37,318) (39,867) (36,404) (35,270) (34,581) Adjusted operating expenses, net of fuel surcharge 210,025 207,024 208,116 201,099 198,045 194,890 191,059 197,254 Revenue before fuel surcharge 222,206 224,115 223,128 217,606 219,480 214,318 206,810 211,251 Adjusted operating ratio 94.5% 92.4% 93.3% 92.4% 90.2% 90.9% 92.4% 93.4% Canadian based Conventional TL Operating expenses** 84,712 79,357 80,102 77,672 78,526 69,070 74,374 70,522 Gain on sale of land and buildings and assets held for sale

• 11
• Adjusted operating expenses

84,712 79,357 80,102 77,672 78,526 69,070 74,385 70,522 Fuel surcharge revenue (13,269) (12,756) (12,257) (10,567) (11,478) (9,795) (10,133) (8,782) Adjusted operating expenses, net of fuel surcharge revenue 71,443 66,601 67,845 67,105 67,048 59,275 64,252 61,740 Revenue before fuel surcharge 82,531 78,153 79,017 77,882 76,949 71,299 74,803 70,279 Adjusted operating ratio 86.6% 85.2% 85.9% 86.2% 87.1% 83.1% 85.9% 87.8%

** Operating expenses excluding intra TL eliminations

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

38

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Specialized TL Operating expenses** 217,841 212,817 228,155 238,728 273,981 258,916 259,598 241,638 Gain on sale of land and buildings and assets held for sale 1,167 3,208 1,560 696 76 9,020 6,519 10,661 Adjusted operating expenses 219,008 216,025 229,715 239,424 274,057 267,936 266,117 252,299 Fuel surcharge revenue (27,659) (27,496) (26,815) (26,224) (33,923) (30,195) (29,945) (28,895) Adjusted operating expenses, net of fuel surcharge revenue 191,349 188,529 202,900 213,200 240,134 237,741 236,172 223,404 Revenue before fuel surcharge 222,434 220,333 227,438 235,964 275,963 273,029 264,591 253,211 Adjusted operating ratio 86.0% 85.6% 89.2% 90.4% 87.0% 87.1% 89.3% 88.2%

** Operating expenses excluding intra TL eliminations

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

39

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Less-Than-Truckload Total revenue 281,152 268,231 272,212 240,897 254,989 237,644 231,421 208,363 Total operating expenses 256,258 242,822 248,751 213,255 224,721 211,853 205,923 190,682 Operating income 24,894 25,409 23,461 27,642 30,268 25,791 25,498 17,681 Operating expenses 256,258 242,822 248,751 213,255 224,721 211,853 205,923 190,682 Gain (loss) on sale of land and buildings and assets held for sale 509 (61) 254 9,401 (2) (0) 1,947 (0) Adjusted operating expenses 256,767 242,761 249,005 222,656 224,719 211,853 207,870 190,682 Fuel surcharge revenue (41,907) (40,717) (40,218) (32,911) (35,914) (32,210) (31,703) (28,169) Adjusted operating expenses, net of fuel surcharge revenue 214,860 202,044 208,787 189,745 188,805 179,643 176,167 162,513 Revenue before fuel surcharge 239,245 227,514 231,994 207,986 219,075 205,434 199,718 180,194 Adjusted operating ratio 89.8% 88.8% 90.0% 91.2% 86.2% 87.4% 88.2% 90.2%

1 This is a non-IFRS measure.

Note: As of 2019, results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.