Third Quarter Ended September 30, 2019 Forward-Looking Statements In - - PowerPoint PPT Presentation

Third Quarter Ended September 30, 2019

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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 & Last Mile

Full service:

Transport and logistics

North American Leader:

Operations across U.S., Canada and Mexico

Extensive Network:

390 facilities, 17,351 tractors1, 25,952 trailers

Decentralized, entrepreneurial

management approach

17,651 employees,

• f which 8,835

are drivers

1 7,834 owned or leased; 9,517 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 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

Best-in-class operating margins, FCF yield and FCF conversion  10.6% Operating Margin1  14.3% FCF Yield2  72.3% FCF Conversion3  Avg. Adjusted ROE of 17.7% since 20154 Proven track record of growth through disciplined acquisition strategy  Completed 80 acquisitions since 2008  Industry remains fragmented Balanced capital allocation approach to drive shareholder value  $3.5 billion 20-year total FCF  $1.1 billion returned to shareholders since 2015 Robust balance sheet position  Access to $1.2 billion revolving facility ($253 million undrawn)  Annual dividend yield of 2.6%5

4.4% 8.2% 8.2% 9.7% 1.2%

TFII Package & Courier Peer Average Less-Than-Truckload Peer Average Truckload Peer Average Logistics & Last Mile Peer Average

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Low Capex Facilitates Asset-Light Model

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. 2 3 1 4

Net Capex (% of Total Revenue)

99.2% 89.4% 59.6% 39.8% 87.4% 45.3% 85.1% 36.4% 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 & Last Mile

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. 2 4 3 1

Peer Average

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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

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Overview of the TFI International Platform

Over-the-road (13% of YTD 2019 Revenue) Intermodal (6% of YTD 2019 Revenue)

Less-Than-Truckload (19% of YTD 2019 Revenue)

Conventional (26% of YTD 2019 Revenue) Specialized (22% of YTD 2019 Revenue)

Truckload (48% of YTD 2019 Revenue) Package & Courier (14% of YTD 2019 Revenue) Logistics & Last Mile (19% of YTD 2019 Revenue)

Logistics (6% of YTD 2019 Revenue) Last Mile (13% of YTD 2019 Revenue)

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Services by Geography

Truckload Logistics & Last Mile 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 Q3-2019) By Top Customers' Industry (YTD Q2-2019)

26% 16% 11% 9% 8% 6% 5% 4% 4% 3% 2% 1% 5% Retail Manufactured Goods Food & Beverage Automotive Building Materials Metals & Mining Forest Products Energy Chemicals & Explosives Services Waste Management Maritime Containers Others 54.8% 44.8% 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 YTD 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 Au Aulick Leasing Be Bergeron Bra Brasseur BTC BTC Ea East Ch Charbonneau Co Contrans Flatbed Group Co Contrans Ta Tank Group Co Contrans Vra Vrac Laidlaw Ca Carriers Va Van Pa Papineau Intl. TF TF De Dedicated Tr Transport Ame America Tr Transport J.C.

• C. Germa

main Du Durocher Intl. 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 Tri-Line Ca Carriers TS TST T Ex Expedited TTL TTL Vi Villeneuve Ta Tank Lines We Westfreight Sy Systems ms Wi Winalta

1 Truckload in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

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Logistics & Last Mile Segment

 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

Cav Cavalier Logist stics CFI Lo CFI Logist stica CFI Lo CFI Logist stics CK CK Logist stics Cl Clarke No North Amer America Cor Cornerst stone Logist stics Cra Craler E&L Logist stics Hy Hyphen Transp sportation Manageme ment Ko Kobelt Transp sportation Landry Landry Logikit Patriot Freight Servi vices Qu Quik X X Logist stics St St-Lamb mbert Stream m Logist stics TForce Premi mier Di Dist stribution

Geographic Footprint Segment Overview

AC AC Final Mile Gu Guardian Medical Logist stics TForce Criti Critical TForce Final Mile Can Canada TForce Final Mile U.S U.S. TForce Logist stics

LOGISTICS (6% of Total Revs.) LAST MILE (13% of Total Revs.)

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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  19% of YTD Revenue

Less-Than-Truckload Operating Companies

OVER-THE-ROAD (13% 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  14% of YTD 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

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.

Adjusted EBITDA1,2 (C$ in millions) Diluted Adjusted EPS1,2,3

$0 $1,000 $2,000 $3,000 $4,000 $5,000 1998 2018 $686 $0 $200 $400 $600 $800 1998 2018 $0 $1 $2 $3 $4 1998 2018 $4,508 $3.54 $0 $100 $200 $300 $400 $500 $600 1998 2018

Net Cash from Operating Activities (C$ in millions)

$544

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Total Shareholder Return Over Various Periods

Peer Average Package & Courier1 Less-Than- Truckload2 Truckload3 Logistics & Last Mile4

Total Shareholder Return 15-Year

1,321% 296% 113% 614% 189% 268%

10-Year

1,030% 234% 147% 464% 181% 143%

5-Year

145% 38% 18% 33% 38% 63%

1-Year

49% (11%) (16%) (19%) (4%) (6%)

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.

Note: All periods above are through September 30, 2019. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested.

706% 536% 70% (11% )

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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 $ 411 2012 TTM Q3-2019

E-Commerce Revenue

(C$ in millions) 20

E-Commerce Provides Additional Growth

74% 69% 68% 66% 59% 58% 59% 60% 26% 31% 32% 34% 41% 42% 41% 40%

12 13 14 15 16 17 18 TTM Q3-2019

B2B B2C

Evolution of B2B/B2C Split

14.4% 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

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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 & Last Mile segment, both through acquisitions and organic growth  Increasing facility utilization with addition of same-day service  Total Canadian E-Commerce revenue: $140.3 million  Total U.S. E-Commerce revenue: $270.5 million

TTM E-Commerce Revenue by Segment

(C$ in millions)

Note: TTM as of Q3 2019

$1.0

$169.4 $101.1 $44.8 $13.5 $81.0 Logistics & Last Mile TL P&C LTL United States Canada

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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 September 30, 2019

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 2.29

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 4.94

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Track Record of M&A Execution and Integration

Number of Acquisitions per Year

 Acquired 80 companies across our highly fragmented markets since 2008

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

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

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 Final Mile Ca Cavalier TF TForce Cri Critical TF TForce Pr Premi mier Di Distribution GBT BT Bra Brasseur Norma mandin TF TForce Final Mile Loomi mis Ex Express CF CFI National Fast Freight TTL TTL Sc Schilli Be BeavEx Ex

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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 September 30, 2019 —

 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 — $575 million unsecured term loan – Two tranches, $200 million maturing in June 2021 and $375 million maturing in June 2022 – Same covenants and conditions as the banking revolving facility — $125 million unsecured debentures – Interest rate between 3% and 3.45% and matures in December 2020 – Can be repaid, without penalty, after December 18, 2019

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Additional Operating Data (Slide 1 of 3)

Operating Data – TL

2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

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

• f U.S. dollars)

164,500 166,757 172,009 171,766 168,451 163,749 164,171 162,377 Adjusted operating ratio1 100.0% 98.3% 94.5% 92.4% 93.3% 92.4% 90.2% 90.9% Total mileage (in thousands) 99,340 97,465 98,337 94,735 90,658 88,588 89,975 88,636 Tractor count, average 3,115 3,100 3,088 3,109 3,053 3,001 2,966 2,942 Trailer count, average 11,360 11,201 11,143 11,210 11,180 11,035 10,962 11,028 Tractor age 2.4 2.5 2.3 2.1 2.0 2.1 2.0 1.8 Trailer age 6.4 6.5 6.9 6.8 6.8 6.9 7.0 6.8 Number of owner operators, average 548 520 474 425 408 398 376 376 Canadian based Conventional TL Revenue before fuel surcharge (in thousands

• f dollars)

74,398 73,603 82,531 78,154 79,017 77,882 76,949 71,299 Adjusted operating ratio1 92.0% 90.5% 86.6% 85.2% 85.9% 86.2% 87.1% 83.1% Total mileage (in thousands) 27,427 26,142 27,867 26,139 26,019 25,536 26,151 23,019 Tractor count, average 731 703 719 700 708 720 718 657 Trailer count, average 3,072 3,021 3,086 3,182 3,043 2,932 2,953 2,824 Tractor age 2.9 3.1 2.8 2.8 2.7 2.5 2.7 2.6 Trailer age 5.2 5.4 5.2 5.6 5.5 5.6 5.6 5.5 Number of owner operators, average 370 344 380 371 363 353 348 348

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

2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Specialized TL Revenue before fuel surcharge (in thousands of dollars) 198,098 207,258 222,434 220,333 227,438 235,964 275,963 273,029 Adjusted operating ratio1 91.5% 91.1% 86.0% 85.6% 89.2% 90.4% 87.0% 87.1% Tractor count, average 1,346 1,365 1,407 1,439 1,546 1,771 2,116 2,194 Trailer count, average 4,663 4,625 4,525 4,541 4,693 5,519 6,095 6,341 Tractor age 3.5 3.5 3.3 3.6 3.5 3.7 4.6 4.1 Trailer age 10.7 10.6 9.5 10.2 9.7 10.0 11.1 11.4 Number of owner operators, average 1,242 1,108 1,075 1,054 1,102 1,192 1,157 1,225

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

2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Revenue before fuel surcharge (in thousands

• f dollars)

204,136 203,567 239,245 227,514 231,994 207,986 219,075 205,434 Adjusted operating ratio1 92.9% 95.3% 89.8% 88.8% 90.0% 91.2% 86.2% 87.4% Revenue per hundredweight (excluding fuel) $11.40 $12.13 $11.89 $13.18 $13.79 $12.82 $13.62 $13.51 Revenue per shipment (including fuel) $254.55 $278.72 $303.29 $316.68 $324.84 $319.92 $316.36 $320.28 Tonnage (in thousands of tons) 895 839 1,005 863 841 811 804 760 Shipments (in thousands) 922 846 927 847 838 753 806 742 Average weight per shipment (in lbs) 1,941 1,983 2,168 2,038 2,007 2,154 1,995 2,049 Average length of haul (in miles) 839 827 820 833 831 838 820 824 Vehicle count, average 838 766 1,080 1,081 1,020 1,031 1,019 1,031

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 Q3-2019 2018 2017 2016 2015

Net Income $324.6 $292.0 $158.0 $157.1 $145.7 Net Finance Costs $63.3 $48.3 $61.1 $54.9 $75.7 Income Tax Expense (Recovery) $102.7 $90.2 $(40.6) $46.3 $55.1 Depreciation of Property and Equipment $217.2 $198.5 $209.6 $139.4 $129.1 Depreciation of Right-of-Use Assets $76.8 – – – – Amortization of Intangible Assets $64.6 $62.1 $61.2 $53.7 $47.1 Impairment of Intangible Assets $12.6 $12.6 $143.0 – – Bargain Purchase Gain $(10.8) – – – – Gain on Sale of Land and Buildings $(0.3) $(0.5) $(0.2) $(8.9) $(12.0) Gain on Sale of Assets Held for Sale $(21.7) $(15.6) $(77.4) – $(3.9) Gain on Sale of Intangible $(1.2) $(1.2) – – – Adjusted EBITDA $827.7 $686.3 $514.5 $442.4 $436.8

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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 Q3-2019 2018 2017 2016 2015

Net Income $312.2 $292.0 $158.0 $639.6 $163.4 Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $46.1 $44.0 $38.3 $32.7 $28.8 Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $(9.2) $(8.9) $(0.4) $0.1 – Net Change in Fair Value of Derivatives, Net of Tax $(0.0) $(0.3) $(1.2) $3.5 $9.5 Net Foreign Exchange (Gain) Loss, Net of Tax $1.8 $0.5 $1.8 $1.6 $(1.0) Impairment of Intangible Assets, Net of Tax $9.1 $9.1 $138.4 – – Bargain Purchase Gain $(10.8) – – – – Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(17.3) $(13.9) $(66.7) $(7.5) $(13.5) Gain on Sale of Intangible Assets, Net of Tax $(0.9) $(0.9) – – – U.S. Tax Reform – – $(76.1) – – Net (Income) Loss from Discontinued Operations 12.5 – – $(482.5) $(17.7) Adjusted Net Income from Continuing Operations $343.5 $321.6 $192.2 $187.5 $169.5 Adjusted EPS from Continuing Operations – Basic $4.05 $3.66 $2.12 $2.00 $1.69 Adjusted EPS from Continuing Operations – Diluted $3.95 $3.54 $2.07 $1.96 $1.66 EPS from Continuing Operations – Diluted $3.73 $3.22 $1.70 $1.64 $1.43

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Truckload Total revenue 546,251 564,133 609,812 604,759 610,161 600,535 655,548 633,547 Total operating expenses 523,438 527,871 554,291 541,101 557,879 549,791 588,307 557,785 Operating income 22,813 36,262 55,521 63,658 52,282 50,744 67,241 75,762 Operating expenses 523,438 527,871 554,291 541,101 557,879 549,791 588,307 557,785 Gain (loss) on sale of land and buildings and assets held for sale (18) 7,253 1,167 3,208 1,560 696 76 9,020 Adjusted operating expenses 523,420 535,124 555,458 544,309 559,439 550,487 588,383 566,805 Fuel surcharge revenue (65,300) (73,466) (84,702) (84,112) (81,997) (73,388) (85,190) (76,342) Adjusted operating expenses, net of fuel surcharge revenue 458,120 461,658 470,756 460,197 477,442 477,099 503,193 490,463 Revenue before fuel surcharge 480,951 490,667 525,110 520,647 528,164 527,147 570,358 557,205 Adjusted operating ratio 95.3% 94.1% 89.6% 88.4% 90.4% 90.5% 88.2% 88.0%

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Truckload - Revenue before fuel surcharge U.S. based Conventional TL 209,174 211,182 222,206 224,115 223,128 217,606 219,480 214,318 Canadian based Conventional TL 74,398 73,603 82,531 78,153 79,017 77,882 76,949 71,299 Specialized TL 198,098 207,258 222,434 220,333 227,438 235,964 275,963 273,029 Eliminations (719) (1,376) (2,061) (1,954) (1,419) (4,305) (2,034) (1,441) 480,951 490,667 525,110 520,647 528,164 527,147 570,358 557,205 Truckload - Fuel surcharge revenue U.S. based Conventional TL 36,674 39,715 43,944 43,980 43,034 37,318 39,867 36,404 Canadian based Conventional TL 10,098 11,411 13,269 12,756 12,257 10,567 11,478 9,795 Specialized TL 18,728 22,494 27,659 27,496 26,815 26,224 33,923 30,195 Eliminations (200) (154) (170) (120) (109) (721) (78) (52) 65,300 73,466 84,702 84,112 81,997 73,388 85,190 76,342 Truckload - Operating income (loss) U.S. based Conventional TL (15) 3,536 12,181 17,091 15,012 16,507 21,435 19,429 Canadian based Conventional TL 6,049 13,979 11,088 11,553 11,172 10,777 9,901 12,024 Specialized TL 16,779 18,747 32,252 35,013 26,098 23,460 35,905 44,308 22,813 36,262 55,521 63,657 52,282 50,744 67,241 75,761

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

U.S. based Conventional TL Operating expenses** 245,863 247,361 253,969 251,004 251,150 238,417 237,912 231,294 Loss on sale of land and buildings and assets held for sale (119)

• Adjusted operating expenses

245,744 247,361 253,969 251,004 251,150 238,417 237,912 231,294 Fuel surcharge revenue (36,674) (39,715) (43,944) (43,980) (43,034) (37,318) (39,867) (36,404) Adjusted operating expenses, net of fuel surcharge 209,070 207,646 210,025 207,024 208,116 201,099 198,045 194,890 Revenue before fuel surcharge 209,174 211,182 222,206 224,115 223,128 217,606 219,480 214,318 Adjusted operating ratio 100.0% 98.3% 94.5% 92.4% 93.3% 92.4% 90.2% 90.9% Canadian based Conventional TL Operating expenses** 78,447 71,035 84,712 79,357 80,102 77,672 78,526 69,070 Gain on sale of land and buildings and assets held for sale 101 7,023

• Adjusted operating expenses

78,548 78,058 84,712 79,357 80,102 77,672 78,526 69,070 Fuel surcharge revenue (10,098) (11,411) (13,269) (12,756) (12,257) (10,567) (11,478) (9,795) Adjusted operating expenses, net of fuel surcharge revenue 68,450 66,647 71,443 66,601 67,845 67,105 67,048 59,275 Revenue before fuel surcharge 74,398 73,603 82,531 78,153 79,017 77,882 76,949 71,299 Adjusted operating ratio 92.0% 90.5% 86.6% 85.2% 85.9% 86.2% 87.1% 83.1%

** Operating expenses excluding intra TL eliminations

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Specialized TL Operating expenses** 200,047 211,005 217,841 212,817 228,155 238,728 273,981 258,916 Gain on sale of land and buildings and assets held for sale

• 230

1,167 3,208 1,560 696 76 9,020 Adjusted operating expenses 200,047 211,235 219,008 216,025 229,715 239,424 274,057 267,936 Fuel surcharge revenue (18,728) (22,494) (27,659) (27,496) (26,815) (26,224) (33,923) (30,195) Adjusted operating expenses, net of fuel surcharge revenue 181,319 188,741 191,349 188,529 202,900 213,200 240,134 237,741 Revenue before fuel surcharge 198,098 207,258 222,434 220,333 227,438 235,964 275,963 273,029 Adjusted operating ratio 91.5% 91.1% 86.0% 85.6% 89.2% 90.4% 87.0% 87.1%

** Operating expenses excluding intra TL eliminations

1 This is a non-IFRS measure.

Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim 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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Less-Than-Truckload Total revenue 234,696 235,801 281,152 268,231 272,212 240,897 254,989 237,644 Total operating expenses 221,475 224,433 256,258 242,822 248,751 213,255 224,721 211,853 Operating income 13,221 11,368 24,894 25,409 23,461 27,642 30,268 25,791 Operating expenses 221,475 224,433 256,258 242,822 248,751 213,255 224,721 211,853 Gain (loss) on sale of land and buildings and assets held for sale (1,355) 1,872 509 (61) 254 9,401 (2) (0) Adjusted operating expenses 220,120 226,305 256,767 242,761 249,005 222,656 224,719 211,853 Fuel surcharge revenue (30,560) (32,234) (41,907) (40,717) (40,218) (32,911) (35,914) (32,210) Adjusted operating expenses, net of fuel surcharge revenue 189,560 194,071 214,860 202,044 208,787 189,745 188,805 179,643 Revenue before fuel surcharge 204,136 203,567 239,245 227,514 231,994 207,986 219,075 205,434 Adjusted operating ratio 92.9% 95.3% 89.8% 88.8% 90.0% 91.2% 86.2% 87.4%

1 This is a non-IFRS measure.

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