Third Quarter Ended September 30, 2019
Forward-Looking Statements 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. 2
TFI International: Who We Are Diversified: Full service: Package & Courier, Transport and Less-Than-Truckload, logistics Truckload and Logistics & Last Mile North Extensive American Network: Leader: 390 facilities, Operations across 17,351 tractors 1 , U.S., Canada and 25,952 trailers Mexico 17,651 Decentralized, employees, entrepreneurial of which 8,835 management are drivers approach 1 7,834 owned or leased; 9,517 are independent contractors 3
Our Customer Value Proposition We create transportation and supply chain advantages to… …mitigate risk for customers …improve their efficiency and delivery timing …reduce their delivery costs …drive satisfaction for the end consumer 4
Why Invest in TFI International? Superior record Market leader in of growth and key transportation shareholder value and logistics creation segments Track record of Diversification by M&A execution industry sectors with well-defined and geography acquisition pipeline Robust Return on Equity 5
Investment Highlights 10.6% Operating Margin 1 14.3% FCF Yield 2 Best-in-class operating margins, 72.3% FCF Conversion 3 FCF yield and FCF conversion Avg. Adjusted ROE of 17.7% since 2015 4 Proven track record of growth Completed 80 acquisitions since 2008 through disciplined Industry remains fragmented acquisition strategy $3.5 billion 20-year total FCF Balanced capital allocation $1.1 billion returned to shareholders since approach to drive shareholder value 2015 Access to $1.2 billion revolving facility ($253 million undrawn) Robust balance sheet position Annual dividend yield of 2.6% 5 Note: All financial results presented on this page represent continuing operations. 1 TTM as of Q3 2019, calculated using revenue before fuel surcharge. 2 TTM FCF divided by the September 30, 2019 market cap. 3 Calculated as TTM Q3 2019 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. 4 Before impairment. 5 Based on next $0.26 dividend approved by the Board on October 24, 2019 6
Low Capex Facilitates Asset-Light Model Net Capex (% of Total Revenue) 9.7% 8.2% 8.2% 4.4% 1.2% TFII Package & Courier Peer Less-Than-Truckload Peer Truckload Peer Logistics & Last Mile Peer 1 2 4 3 Average Average Average Average Note: TFI Net Capex excludes purchases and sales of property. TFI data reflects TTM Q3-2019 while peer data is TTM Q2-2019. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 7
Market Leadership in Key Transportation and Logistics Segments: FCF Conversion Package & Courier Less-Than-Truckload 87.4% 85.1% 45.3% 36.4% Peer Average 2 1 Peer Average Truckload Logistics & Last Mile 99.2% 89.4% 59.6% 39.8% Peer Average 3 4 Peer Average Note: TFI FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. TFI data reflects TTM Q3-2019 while peer data is TTM Q2-2019. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 8
Our Strategy of Growth Through Acquisitions Proven track record of executing on M&A strategy across highly fragmented markets – Completed 80 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 & Last Mile) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential 9
Overview of the TFI International Platform Truckload Logistics & Last Mile Less-Than-Truckload Package & Courier (48% of YTD 2019 (19% of YTD 2019 (19% of YTD 2019 (14% of YTD 2019 Revenue) Revenue) Revenue) Revenue) Conventional Specialized Logistics Last Mile Over-the-road Intermodal (26% of YTD (22% of YTD (6% of YTD (13% of YTD (13% of YTD (6% of YTD 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 10
Services by Geography TFI has built a robust and well-diversified revenue base By Geography (YTD Q3-2019) 0.4% — No client accounts for > 5% of consolidated revenue Canada 44.8% United States Truckload Logistics & Less-Than- Package & 54.8% Last Mile Truckload Courier Mexico By Top Customers' Industry ✔ ✔ ✔ ✔ Canada (YTD Q2-2019) 2% 1% 3% 5% 4% 4% 26% ✔ ✔ ✔ 5% United States 6% 16% 8% 9% 11% ✔ ✔ ✔ Mexico 1 Retail Manufactured Goods Food & Beverage Automotive Building Materials Metals & Mining Forest Products Energy Chemicals & Explosives Services Waste Management Maritime Containers 1 Truckload and LTL in Mexico provided by CFI Logistica. Others 11
Truckload Segment Geographic Footprint 1 Segment Overview Dry van full truckload Flatbed, tanks, dumps, oversized and other specialized services Modern fleet We own the majority of our assets and have long established partner carrier relationships 48% of YTD Revenue Truckload Operating Companies SPECIALIZED (22% of Total Revs.) CONVENTIONAL (26% of Total Revs.) Au Aulick Leasing Durocher Intl. Du Laidlaw Ca Carriers Bu Bulk TF Tr TF Truckload & Logistics A& A&M Intl. Laidlaw Ca Carriers Va Van Be Bergeron E.L. E. . Farme mer McArt Arthur Ex Express Time Ti meline Logisitc Be Besner Pa Papineau Intl. Bra Brasseur GBT BT Mirabel Logistic Tr Tri-Line Ca Carriers CF CFI TF TF De Dedicated BTC BTC Ea East GHL Tr Transport Nordique TS TST T Ex Expedited Cl Clarke Ro Road Tr Transport Transport Ame Tr America Charbonneau Ch Golden Intl. P&W P& W Intermo modal TTL TTL Co Couture Transport J.C. Tr C. Germa main Contrans Flatbed Group Co JAF AF Pi Piston Ta Tank Villeneuve Ta Vi Tank Lines Ganeca Co Contrans Ta Tank Group JAG AG Re Rebel Tr Transport We Westfreight Sy Systems ms Grégoire Co Contrans Vra Vrac Kingsway Bu Bulk SAF SAF Wi Winalta 1 Truckload in Mexico provided by CFI Logistica. 12
Logistics & Last Mile Segment Geographic Footprint Segment Overview Full service logistics and transportation management Last mile in the U.S. and Canada Provides a complete one-stop experience for TFI customers, completing TFI’s portfolio of services 19% of YTD Revenue Logistics & Last Mile Operating Companies LOGISTICS (6% of Total Revs.) LAST MILE (13% of Total Revs.) Cav Cavalier Logist stics Craler Cra Patriot Freight Servi vices AC Final Mile AC CFI Lo CFI Logist stica E&L Logist stics Qu Quik X X Logist stics Gu Guardian Medical Logist stics CFI Lo CFI Logist stics Hy Hyphen Transp sportation Manageme ment St-Lamb St mbert TForce Criti Critical CK CK Logist stics Ko Kobelt Transp sportation Stream m Logist stics TForce Final Mile Can Canada Clarke No Cl North Amer America Landry Landry TForce Premi mier Di Dist stribution TForce Final Mile U.S U.S. Cor Cornerst stone Logist stics Logikit TForce Logist stics 13
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