TFI International : Q3 ended September 30, 2020

Third Quarter Ended September 30, 2020

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

Full service:

Transport and

logistics

North

American

Leader:

Operations across

U.S., Canada and

Mexico

16,754

employees,

of which 8,432

are drivers

1 7,940 owned or leased; 10,559 are independent contractors

Diversified:

Package & Courier,

Less-Than-Truckload,

Truckload and

Logistics

Extensive

Network:

368 facilities,

18,499 tractors1,

25,720 trailers

Decentralized, entrepreneurial

management

approach

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
M&A execution	Diversification by
with well-defined	industry sectors
acquisition	and geography
pipeline

Robust Return on

Equity

5

Investment Highlights

	
Best-in-class operating margins,	
FCF yield and FCF conversion	
	

11.9% Operating Margin1

12.8% FCF Yield2

89.4% FCF Conversion3

Avg. Adjusted ROE of 18.6% since 20164

Proven track record of growth

through disciplined

acquisition strategy

• Completed 88 acquisitions since 2008
• Industry remains fragmented

Balanced capital allocation	 $4.2 billion 20-year total FCF
approach to drive	 $1.0 billion returned to shareholders since
shareholder value	2016
	 Access to $1.2 billion revolving facilities
Robust balance sheet position	($1.1 billion undrawn)
	 Annual Forward Dividend Yield of 2.1%5

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

1. TTM Q3 2020, calculated using revenue before surcharge.
2. TTM Q3 2020 FCF divided by the September 30, 2020 market cap.
3. Calculated as TTM Q3 2020 (Adjusted EBITDA - Net Capex ex-property) / Adjusted EBITDA.
4. Before impairment.
5. Based on $0.29 dividend approved by the Board on October 22, 2020.

6

Low Capex Facilitates Asset-Light Model

TTM Q3-2020 Net Capex (% of Total Revenue)

8.9%

7.8%

6.5%

2.0%

0.9%

Truckload Peer Average 1

Package & Courier Peer Average2 Less-than-Truckload Peer Average3 Logistics & Last Mile Peer Average 4

Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q3-2020 while peer data is TTM Q2-2020.

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.

7

Market Leadership in Key Transportation and Logistics Segments: FCF Conversion

Package & Courier

82.3%

Less-Than-Truckload

92.0%

35.5%

1

Peer Average

Truckload

59.0%

Peer Average 2

Logistics

88.5%

99.8%

84.4%

52.7%

	3	4
Peer Average	Peer Average

Note: FCF Conversion (%) calculated as (Adjusted EBITDA - Net Capex ex-property) / Adjusted EBITDA. TFII data reflects TTM Q3-2020 while peer data is TTM Q2-2020.

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.

8

Our Strategy of Growth Through Acquisitions

• Proven track record of executing on M&A strategy across highly fragmented markets
• • Completed 88 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

9

Overview of the TFI International Platform

Truckload

(47% of YTD 2020

Revenue)

Logistics

(24% of YTD 2020

Revenue)

Less-Than-Truckload

(16% of YTD 2020

Revenue)

Package & Courier

(13% of YTD 2020

Revenue)

Conventional	Specialized
(26% of YTD	(21% of YTD
2020 Revenue)	2020 Revenue)

Over-the-road	Intermodal
(10% of YTD	(6% of YTD
2020 Revenue)	2020 Revenue)

10

Services by Geography

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

Truckload Logistics	Less-Than-	Package &
	Truckload	Courier

Canada	✔	✔	✔	✔

United States	✔	✔	✔

Mexico1	✔	✔	✔

1 Truckload and LTL in Mexico provided by CFI Logistica.

By Geography (YTD Q3-2020)

0.5%

Canada

46.3%

United States

53.2%

Mexico

By Top Customers' Industry

(YTD Q3-2020)

3%	2%	1%
5%
5%
5%			26%
7%
7%			16%
	7%
		8%	8%
Retail			Manufactured Goods
Metals & Mining			Building Materials
Services			Food & Beverage
Automotive			Others
Forest Products			Chemicals & Explosives
Energy			Waste Management
Maritime Containers

11

Truckload Segment

Geographic Footprint1

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

 47% of YTD 2020 Revenue

Truckload Operating Companies

CONVENTIONAL (26% of Total Revs.)

SPECIALIZED (21% of Total Revs.)

A&M Intl.

Laidlaw Carriers Van

BTC East

E.L. Farmer

Kingsway Bulk

TF Truckload & Logistics

Besner

MCT

BTC West

GBT

Laidlaw Carriers Bulk

Timeline Logisitc

CFI

Papineau Intl.

Charbonneau

GHL Transport

McArthur Express

Trans2D Logistics

Couture

TF Dedicated Logistics

Coastal Transport

Golden Intl.

Mirabel Logistic

Tri-Line Carriers

JCG

Transport America

Contrans Flatbed Group

Gusgo

Nordique

TST Expedited

Contrans Tank Group

JAF

P&W Intermodal

TTL

Contrans Vrac

JAG

Piston Tank

Westfreight Systems

Durocher Intl.

KHT

Rebel Transport

Winalta

1 Truckload in Mexico provided by CFI Logistica.

SAF Logistics

12

Logistics Segment

Geographic Footprint

Segment Overview

 Same day parcel delivery nationwide in the United States and Canada

 Truck brokerage and other logistics services

 24% of YTD 2020 Revenue

Logistics Operating Companies

AC Logistics Canada	Clarke North America	Kobelt Transportation	St-Lambert
Cavalier Logistics	Cornerstone Logistics	Landry	Stream Logistics
CFI Logistica	Craler	Logikit	TForce Critical
CFI Logistics	DSN Chemical Transportation	Patriot Freight Services	TForce Logistics
CK Logistics	E&L Logistics	Quik X Logistics	TForce Logistics Canada
	Guardian Medical Logistics		TForce Premier Distribution

13

Less-Than-Truckload Segment

Geographic Footprint1	Segment Overview
		 Over-the-road and intermodal LTL
		services
		 Solid track record for safety and
		on-time delivery
		 Focus on customer facing technology
		 Asset light intermodal
		 16% of YTD 2020 Revenue

Less-Than-Truckload Operating Companies

OVER-THE-ROAD (10% of Total Revs.)		INTERMODAL (6% of Total Revs.)
Cavalier	Normandin	Clarke Transport	Quiktrax Intermodal
Concord	Quik X Transportation	National Fast Freight	Vitran
La Crete Transport	Tripar Transportation
McMurray Serv-U Expediting	TST-CF Express

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

14

Package & Courier Segment

Geographic Footprint

Segment Overview

 Next-day in Canada and globally through partnership with DHL

 Cutting edge technology

 Specialized supply chain services  13% of YTD 2020 Revenue

Package & Courier Operating Companies

Canpar Express	Loomis Express
ICS Courier	TForce Integrated Solutions

15

Our Decentralized Structure: Uniquely Delivering Value for Shareholders

• Our four segments are constituted of wholly-owned subsidiaries operating under their own brands
• Our differentiated approach to operating our businesses enables us to create shareholder value by…

…reaping the benefits of both economies of scale and specialization

…more efficiently allocating resources

…capitalizing on market opportunities and exploiting

market dislocations in real time

16

Superior Track Record of Growth

Revenue Before Fuel Surcharge (C$ in millions)

Adjusted EBITDA1,2,4 (C$ in millions)

$5,000	$4,614	$1,000	$861
$4,000		$800
$3,000		$600
$2,000		$400
$1,000		$200
$0		$0
	1999	2019
1999	2019
Diluted Adjusted EPS from Continuing Operations1,2,3	Net Cash from Operating Activities (C$ in millions)

$5
$4	$3.94
$3
$2
$1
$0
1999	2019

$700	$649
$600
$500
$400
$300
$200
$100
$0
1999	2019

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. Recast as of April 21, 2020 for changes in presentation

17

Total Shareholder Return Over Various Periods

	15-Year
Return	10-Year
Total Shareholder
5-Year
	1-Year

	Peer	Package &	Less-Than-
	Average	Courier1	Truckload2	Truckload3	Logistics4
1,321%634	399%	247%	922%	206%	223%

1,030%596	292%	229%	658%	132%	148%

145%164%	92%	92%	154%	56%	64%

49%41%	31%	60%	32%	21%	11%

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 9/30/20. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested.

18

Resilience Through the Cycle

• 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%

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.

19

E-Commerce Provides Additional Growth

• E-Commerceis a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics

E-Commerce Revenue

(C$ in millions)

Evolution of B2B/B2C Split

$ 440
26%	31%	32%	34%
		41%	39%
11.%			41%	42%
					53%
CAGR

$ 165	74%
	69%	68%	66%
			59%	61%
				59%	58%

47%

2012	TTM Q3 2020	12	13	14	15	16	17	18	19 TTM Q3
										2020
							B2B	B2C		20

Evolution of E-Commerce Fulfillment

• 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

Shipper - Warehouse

Same-Day Services

Shipper - Warehouse

Pickup

Sorting

Facility

Region A	Linehaul	Delivery

Region B

Sorting

Facility

Delivery

Business

Customer

Business

Customer

21

TFI International Serves a Vast E-Commerce Network

TTM Q3 2020 E-Commerce Revenue by Segment

(C$ in millions)

United States Canada

$71.2

$12.5

$167.9

$81.0

$107.0

$0.1

• TFI services E-Commerce from nearly 80 North American cities
• Further opportunities for the Logistics segment, both through acquisitions and organic growth

Logistics

TL

P&C

LTL

• Total Canadian E-Commerce revenue: $190.8 million
• Total U.S. E-Commerce revenue: $248.9 million

• Increasing facility utilization with addition of same-day service

22

Robust Balance Sheet With Strategic Flexibility

		As at
Covenants	Requirements	September 30,
		2020
Funded debt-to-EBITDAratio [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	< 3.50	1.631
months adjusted EBITDA from business acquisitions]
EBITDAR-to-interestand rent ratio [ratio of EBITDAR (EBITDA before rent and including last twelve	> 1.75	4.50
months adjusted EBITDAR from business acquisitions) to interest and net rent expenses]

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.

1 The Funded debt-to-EBITDA ratio is based on gross debt, the cash on hand of $371.9 million is excluded from the calculation of this measure.

23

Track Record of M&A Execution and Integration

• Acquired 88 companies across our highly fragmented markets since 2008

Number of Acquisitions per Year

										CCC
Winalta										KHT
La Crete										RRD Courier
					CFI		GBT		Services
14					Contrans
					Cavalier			MCT
						Brasseur	TTL
						National Fast
					Clarke			Coastal
					Freight	TForce Critical
						Normandin	BTC East	Transport
					Vitran
		TForce Logistics		10	TForce Premier			Gusgo
				9	BeavEx
			Total Transfer		Transport		Distribution
						8	8
TForce Integrated	Loomis Express		America		7
Solutions		6	Quik X		6	AC Logistics			RRD Courier
		Transportation E.L. Farmer				Services
5	Lafleche	Canada
	4	4		4

3

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

24

Our Approach To Creating Shareholder Value

Prudent

Balance Sheet

• We maintain a strong balance sheet and access to capital

Our

People

• We leverage our team of dedicated professionals to provide value-addedservices and solutions across each of our business segments

Market

Leadership

• We continually solidify our position as a leader in the North American transportation and logistics industry

Growth & ROIC

• We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy

25

Appendix

26

Balance Sheet Details

- As of September 30, 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

27

Additional Operating Data (Slide 1 of 3)

Operating Data - TL	2018-Q42019-Q12019-Q22019-Q32019-Q42020-Q12020-Q22020-Q3
U.S. based Conventional TL
Revenue before fuel surcharge (in thousands	168,451	163,749	164,171	162,377	155,861	157,243	147,459	166,413
of U.S. dollars)
Adjusted operating ratio1	93.3%	92.4%	90.2%	90.9%	92.4%	93.4%	91.8%	91.2%
Total mileage (in thousands)	90,658	88,588	89,975	88,636	84,291	87,630	83,849	91,443
Tractor count, average	3,053	3,001	2,966	2,942	2,929	2,939	2,897	3,028
Trailer count, average	11,180	11,035	10,962	11,028	11,007	10,778	10,675	11,294
Tractor age	2.0	2.1	2.0	1.8	1.8	2.0	2.1	2.3
Trailer age	6.8	6.9	7.0	6.8	6.5	6.6	6.7	6.4
Number of owner operators, average	408	398	376	376	424	438	462	578
Canadian based Conventional TL
Revenue before fuel surcharge (in thousands	79,017	77,882	76,949	71,299	74,803	70,279	60,917	68,732
of dollars)
Adjusted operating ratio1	85.9%	86.2%	87.1%	83.1%	85.9%	87.8%	86.5%	85.7%
Total mileage (in thousands)	26,019	25,536	26,151	23,019	24,237	23,395	20,852	21,870
Tractor count, average	708	720	718	657	641	640	572	591
Trailer count, average	3,043	2,932	2,953	2,824	2,826	2,835	2,778	2,761
Tractor age	2.7	2.5	2.7	2.6	2.3	2.2	2.2	2.2
Trailer age	5.5	5.6	5.6	5.5	5.4	5.5	5.2	5.5
Number of owner operators, average	363	353	348	348	317	308	286	298

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

28

Additional Operating Data (Slide 2 of 3)

Operating Data - TL	2018-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
Specialized TL
Revenue before fuel surcharge (in	227,438	235,964	275,963	273,029	264,591	253,211	207,225	255,952
thousands of dollars)
Adjusted operating ratio1	89.2%	90.4%	87.0%	87.1%	89.3%	88.2%	78.6%	83.3%
Tractor count, average	1,546	1,771	2,116	2,194	2,189	2,065	1,786	2,219
Trailer count, average	4,693	5,519	6,095	6,341	6,142	5,986	5,779	6,594
Tractor age	3.5	3.7	4.6	4.1	4.0	3.9	3.9	3.9
Trailer age	9.7	10.0	11.1	11.4	11.7	12.0	12.3	12.4
Number of owner operators, average	1,102	1,192	1,157	1,225	1,224	1,154	1,068	1,122

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

29

Additional Operating Data (Slide 3 of 3)

Operating Data - LTL	2018-Q42019-Q12019-Q22019-Q32019-Q42020-Q12020-Q22020-Q3
Revenue before fuel surcharge (in thousands	231,994	207,986	219,075	205,434	199,718	180,194	158,406	177,384
of dollars)
Adjusted operating ratio1	90.0%	91.2%	86.2%	87.4%	88.2%	90.2%	78.9%	80.3%
Revenue per hundredweight (excluding fuel)	$13.79	$12.82	$13.62	$13.51	$13.19	$13.27	$12.75	$13.04
Revenue per shipment (including fuel)	$324.84	$319.92	$316.36	$320.28	$334.42	$332.32	$329.65	$311.15
Tonnage (in thousands of tons)	841	811	804	760	757	679	621	680
Shipments (in thousands)	838	753	806	742	692	627	536	637
Average weight per shipment (in lbs)	2,007	2,154	1,995	2,049	2,188	2,166	2,317	2,135
Average length of haul (in miles)	831	838	820	824	839	808	830	823
Vehicle count, average	1,020	1,031	1,019	1,031	1,016	976	909	886

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

30

Reconciliations

31

Five-Year Reconciliation of Adjusted EBITDA1

(C$ in millions)	TTM Q3	20192	20182	20172	20162
(from Continuing Operations)	2020
Net Income	$332.7	$324.5	$292.0	$158.0	$157.1
Net Finance Costs	$76.0	$82.3	$47.4	$61.4	$51.7
Income Tax Expense (Recovery)	$123.1	$101.5	$90.2	$(40.6)	$46.3
Depreciation of Property and Equipment	$230.5	$223.8	$198.5	$209.6	$139.4
Depreciation of Right-of-Use Assets	$105.5	$102.6	-	-	-
Amortization of Intangible Assets	$63.6	$65.9	$62.1	$61.2	$53.7
Impairment of Intangible Assets	-	-	$12.6	$143.0	-
Bargain Purchase Gain	$(5.6)	$(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	$(21.8)	$(28.6)	$(15.6)	$(77.4)	-
Gain on Sale of Intangible	-	-	$(1.2)	-	-
Adjusted EBITDA	$904.0	$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.

32

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

(C$ in millions, except per share data)	TTM Q3	2019	2018	2017	2016
2020
Net Income	$330.9	$310.3	$292.0	$158.0	$639.6
Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax	$45.1	$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	$0.0	$(0.0)	$(0.3)	$(1.2)	$3.5
Net Foreign Exchange (Gain) Loss, Net of Tax	$(1.9)	$0.2	$0.5	$1.8	$1.6
Impairment of Intangible Assets, Net of Tax	-	-	$9.1	$138.4	-
Bargain Purchase Gain	$(5.6)	$(10.8)	-	-	-
Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax	$(20.8)	$(24.8)	$(13.9)	$(66.7)	$(7.5)
Gain on Sale of Intangible Assets, Net of Tax	-	-	$(0.9)	-	-
U.S. Tax Reform	$7.5	-	-	$(76.1)	-
Net (Income) Loss from Discontinued Operations	$1.7	$14.2	-	-	$(482.5)
Adjusted Net Income from Continuing Operations	$357.1	$336.4	$321.6	$192.2	$187.5
Adjusted EPS from Continuing Operations - Basic	$3.77	$4.03	$3.66	$2.12	$2.00
Adjusted EPS from Continuing Operations - Diluted	$3.66	$3.94	$3.54	$2.07	$1.96
EPS from Continuing Operations - Diluted	$3.79	$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.

33

2007-2012 Reconciliation of Adjusted EBITDA1

(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

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.

34

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands)	2018-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
Truckload
Total revenue	610,161	600,535	655,548	633,547	620,122	605,694	515,921	595,695
Total operating expenses	557,879	549,791	588,307	557,785	558,871	542,690	446,397	521,126
Operating income	52,282	50,744	67,241	75,762	61,251	63,004	69,524	74,569
Operating expenses	557,879	549,791	588,307	557,785	558,871	542,690	446,397	521,126
Gain on sale of land and buildings	1,560	696	76	9,020	6,530	10,661	170	2,615
and assets held for sale
Adjusted operating expenses	559,439	550,487	588,383	566,805	565,401	553,351	446,567	523,741
Fuel surcharge revenue	(81,997)	(73,388)	(85,190)	(76,342)	(75,289)	(72,206)	(44,703)	(50,956)
Adjusted operating expenses, net of	477,442	477,099	503,193	490,463	490,112	481,145	401,864	472,785
fuel surcharge revenue
Revenue before fuel surcharge	528,164	527,147	570,358	557,205	544,833	533,488	471,218	544,739
Adjusted operating ratio	90.4%	90.5%	88.2%	88.0%	90.0%	90.2%	85.3%	86.8%

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.

35

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands)	2018-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
Truckload - Revenue before fuel
surcharge
U.S. based Conventional TL	223,128	217,606	219,480	214,318	206,810	211,251	204,187	221,601
Canadian based Conventional TL	79,017	77,882	76,949	71,299	74,803	70,279	60,917	68,732
Specialized TL	227,438	235,964	275,963	273,029	264,591	253,211	207,225	255,952
Eliminations	(1,419)	(4,305)	(2,034)	(1,441)	(1,371)	(1,253)	(1,111)	(1,546)
	528,164	527,147	570,358	557,205	544,833	533,488	471,218	544,739
Truckload - Fuel surcharge revenue
U.S. based Conventional TL	43,034	37,318	39,867	36,404	35,270	34,581	23,507	25,895
Canadian based Conventional TL	12,257	10,567	11,478	9,795	10,133	8,782	5,034	5,897
Specialized TL	26,815	26,224	33,923	30,195	29,945	28,895	16,218	19,331
Eliminations	(109)	(721)	(78)	(52)	(59)	(52)	(56)	(167)
	81,997	73,388	85,190	76,342	75,289	72,206	44,703	50,956
Truckload - Operating income
U.S. based Conventional TL	15,012	16,507	21,435	19,429	15,751	13,997	16,683	20,857
Canadian based Conventional TL	11,172	10,777	9,901	12,024	10,562	8,539	8,244	9,825
Specialized TL	26,098	23,460	35,905	44,309	34,938	40,468	44,597	43,887
	52,282	50,744	67,241	75,762	61,251	63,004	69,524	74,569

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.

36

Adjusted Operating Ratio1 Reconciliation

		(C$ in thousands)	2018-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
		U.S. based Conventional TL
		Operating expenses**	251,150	238,417	237,912	231,293	226,329	231,835	211,011	226,639
		Gain on sale of assets held for sale	-	-	-	-	-	-	-	1,456
		Adjusted operating expenses	251,150	238,417	237,912	231,293	226,329	231,835	211,011	228,095
		Fuel surcharge revenue	(43,034)	(37,318)	(39,867)	(36,404)	(35,270)	(34,581)	(23,507)	(25,895)
		Adjusted operating expenses, net of	208,116	201,099	198,045	194,889	191,059	197,254	187,504	202,200
		fuel surcharge
		Revenue before fuel surcharge	223,128	217,606	219,480	214,318	206,810	211,251	204,187	221,601
		Adjusted operating ratio	93.3%	92.4%	90.2%	90.9%	92.4%	93.4%	91.8%	91.2%
		Canadian based Conventional TL
		Operating expenses**	80,102	77,672	78,526	69,070	74,374	70,522	57,707	64,804
		Gain on sale of land and buildings	-	-	-	-	11	-	-	-
		and assets held for sale
		Adjusted operating expenses	80,102	77,672	78,526	69,070	74,385	70,522	57,707	58,907
		Fuel surcharge revenue	(12,257)	(10,567)	(11,478)	(9,795)	(10,133)	(8,782)	(5,034)	(5,897)
		Adjusted operating expenses, net of	67,845	67,105	67,048	59,275	64,252	61,740	52,673	58,907
		fuel surcharge revenue
		Revenue before fuel surcharge	79,017	77,882	76,949	71,299	74,803	70,279	60,917	68,732
		Adjusted operating ratio	85.9%	86.2%	87.1%	83.1%	85.9%	87.8%	86.5%	85.7%
1	** Operating expenses excluding intra TL eliminations
	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-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
Specialized TL
Operating expenses**	228,155	238,728	273,981	258,915	259,598	241,638	178,846	231,396
Gain on sale of land and buildings	1,560	696	76	9,020	6,519	10,661	170	1,159
and assets held for sale
Adjusted operating expenses	229,715	239,424	274,057	267,935	266,117	252,299	179,016	232,555
Fuel surcharge revenue	(26,815)	(26,224)	(33,923)	(30,195)	(29,945)	(28,895)	(16,218)	(19,331)
Adjusted operating expenses, net of	202,900	213,200	240,134	237,740	236,172	223,404	162,798	213,224
fuel surcharge revenue
Revenue before fuel surcharge	227,438	235,964	275,963	273,029	264,591	253,211	207,225	255,952
Adjusted operating ratio	89.2%	90.4%	87.0%	87.1%	89.3%	88.2%	78.6%	83.3%

** 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-Q4	2019-Q1	2019-Q2	2019-Q3	2019-Q4	2020-Q1	2020-Q2	2020-Q3
Less-Than-Truckload
Total revenue	272,212	240,897	254,989	237,644	231,421	208,363	176,692	198,201
Total operating expenses	248,751	213,255	224,721	211,853	205,923	190,682	143,273	163,208
Operating income	23,461	27,642	30,268	25,791	25,498	17,681	33,419	34,993
Operating expenses	248,751	213,255	224,721	211,853	205,923	190,682	143,273	163,208
Gain (loss) on sale of land and	254	9,401	(2)	-	1,947	(0)	(45)	(21)
buildings and assets held for sale
Adjusted operating expenses	249,005	222,656	224,719	211,853	207,870	190,682	143,228	163,187
Fuel surcharge revenue	(40,218)	(32,911)	(35,914)	(32,210)	(31,703)	(28,169)	(18,286)	(20,817)
Adjusted operating expenses, net of	208,787	189,745	188,805	179,643	176,167	162,513	124,942	142,370
fuel surcharge revenue
Revenue before fuel surcharge	231,994	207,986	219,075	205,434	199,718	180,194	158,406	177,384
Adjusted operating ratio	90.0%	91.2%	86.2%	87.4%	88.2%	90.2%	78.9%	80.3%

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