TFI International Company Overview

TFI International Company Overview February 2020

1

29

84

151

199

199

199

230

64

59

158

193

236

211

237

193

234

195

138

2

Legal Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “may”, “might”, “expect”, “intend”, “estimate”,

“anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue”, and, in each case, their negative or other various or comparable

terminology. All statements other than statements of historical facts contained in this presentation, including statements regarding the Company’s strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of

management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially

different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements reflect the Company’s views with respect to future events as of the date of this presentation and are based

on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the

date of this presentation and, except as required by law, the Company undertakes no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation. The

Company anticipates that subsequent events and developments will cause its views to change. You should read this presentation with the understanding that the Company’s actual future results may be materially different from what we expect as a result of

various factors. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures, investments or other strategic transactions the Company may undertake. The Company qualifies all of its

forward-looking statements by these cautionary statements.

Non-IFRS Financial Measures

This presentation also contains references to non-IFRS financial measures, including Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free

Cash Flow, Free Cash Flow Conversion, and Operating Margin. For the purposes of this presentation, although not indicated elsewhere, the following non-IFRS financial measures are all resulting, and should be interpreted as being, from continuing operations:

Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion and Operating Margin. Management

believes the use of non-IFRS measures assists investors and securities analysts in understanding the ongoing operating performance of the Company’s business by allowing more effective comparison between periods. The non-IFRS information provided in this

presentation is used by management and may not be comparable to similar measures disclosed by other companies, because of differing methods used by other companies or that we apply to other companies in calculating Adjusted Operating Ratio, Adjusted

Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Conversion, Operating Margin and Operating Ratio. Our presentation of Free Cash Flow

Conversion for our industry is based upon EBITDA less Net Capital Expenditures, over EBITDA and derived from publicly available information. The non-IFRS measures used in this presentation have limitations as analytical tools, and you should not consider

them in isolation or as substitutes for analysis of the Company’s results as reported under IFRS. Management compensates for these limitations by relying primarily on IFRS results and using non-IFRS financial measures on a supplemental basis. This

information has been prepared by the Company’s management for illustrative purposes only and is not necessarily indicative of the consolidated financial position or results of operations that would have bene realized, nor is it meant to be indicative of any future

consolidated financial position or future results of operations. Refer to the Appendix section for definitions of Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA,

Adjusted EBITDA Margin, Free Cash Flow, Free Cash Conversion, and Operating Margin and reconciliations of those measures to the most directly comparable IFRS measures.

Market and Industry Data

This presentation includes market and industry data that the Company obtained from industry publications, surveys, public filings and internal company sources. As noted in this presentation, Bloomberg, Bureau of Labor Statistics, Capital IQ, Cass Freight Index,

Conference Board, Euromonitor, The World Bank and Transport Topics, were the primary sources for third-party industry data and forecasts. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained

from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. The Company has not independently verified any of the data from third-party sources, nor has it ascertained the underlying economic

assumptions relied upon therein. The Company does not make any representation as to the accuracy of such information. Statements as to the Company’s market position and ranking are based on market data currently available to the Company, management’s

estimates and assumptions the Company has made regarding the size of its markets within its industry.

Currency Fluctuations

The amounts in this presentation are reported in Canadian dollars unless otherwise noted. The Company’s financial results are reported in Canadian dollars and a significant portion of the Company’s revenue and operating costs are realized in currencies other

than the Canadian dollar, primarily the U.S. dollar. Significant fluctuations in relative currency values against the Canadian dollar could have a significant impact on the Company’s future profitability. The exchange rates between these currencies and the

Canadian dollar have fluctuated in recent years and will likely continue to do so in the future. It is not possible to mitigate all exposure to fluctuations in foreign currency exchange rates. The results of operations are therefore affected by movements of these

currencies against the Canadian dollar.

Comparables

This presentation outlines certain financial information and statistics of other selected companies, which are considered to be an appropriate basis for comparison with us as they either operate in the same industry or they are generally present in the markets in

which we operate. Such information has been obtained or derived from public sources, and we have relied upon and have not attempted to independently verify the completeness, accuracy and fair presentation of such information. In addition, such information

involves a variety of known and unknown risks, uncertainties and other factors which are subject to change, as well as other risks, uncertainties and factors relating to, among other things, variations in operations, size, market and accounting principles and

practices, which can significantly vary among us and the comparables. Certain information contained in this presentation is public information provided by other companies which may not be comparable across companies and therefore comparisons may not be

exact.

SECTION 1

Introduction

3

INTRODUCTION 4

Introduction to TFI International

We are a leading asset-right transportation and logistics company

TFI at a Glance

Founded in 1957; Headquartered in Montreal, QC

Strong balance sheet and access to capital provides flexibility to pursue organic and inorganic growth initiatives

Largest trucking fleet in Canada and one of the leading carriers in the U.S.

Notes: 1. FCF conversion calculated as (2019 Adj. EBITDA – Adj. Net Capex) / 2019 Adj. EBITDA; Adjusted Net Capex includes non-cash acquisitions; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 2. Adjusted EBITDA defined as net income from continuing operations before finance income and costs, income tax expense, depreciation, amortization, impairment of intangible assets, bargain purchase gain, and gain or loss on sale of land and buildings,

assets held for sale and intangible assets; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. FCF defined as net cash from continuing operating activities less Net Capex; Net Capex is defined as additions to property and equipment less proceeds from sale of property and equipment and assets held for sale; please refer to Non-IFRS Financial

Measures on slide 2 and Appendix for further information 4. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ

Committed To Safety & Electronic Logging Device Compliant

4,800%+ total cumulative return on investment (4) over the last 20 years

Asset-Right business mix drives 77% 2019 FCF conversion(1)

Asset Right Power Capacity – 7,772 Company Units & 9,826 Independent Contractors

2019 Revenue (Excl. Fuel Surcharge) of $4.6Bn

2019 Adjusted EBITDA (2) of $865MM

2019 FCF(3) of $463MM

Broad portfolio of premier Truckload, Logistics, Less-Than-Truckload and Package & Courier services

Extensive network throughout North America: 380 facilities, 17,598 tractors, 25,505 trailers and 17,150 employees

Long history of successful acquisitions, leveraging strong platform to acquire 80 companies since 2008

https://thenounproject.com/term/safety/1930823

https://thenounproject.com/term/pie-chart/739889

INTRODUCTION

How We’ve Gotten Here

TFI has a deep rooted history demonstrating a culture that is built to last and has generated

Total Cumulative Return on Investment of over 4,800% over the last 20 years (1)

Note: 1. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ

5

1996 1998 2002 2011 2014 2016

LTL

TL

P&C

Logistics

Key

Acquisitions /

Events

Alain Bedard

becomes

Chairman, CEO

and President

Entreprises de

Transport J.C.G.,

Groupe Papineau

Canpar TForce Logistics,

Loomis

Transport

America, Contrans

Group

North American TL

Operations of XPO

(CFI)

Cavalier, TForce

Critical, TForce

Premier

Distribution

GBT, Brasseur,

Normandin

TTL, BTC East,

BeavEx

2017 2018 2019

25%

16%

9% 9%

8%

7%

7%

5%

4%

4% 3%

2% 1%

INTRODUCTION 6

Diversification Across Multiple Dimensions

Retail

Manufactured Goods

Building Materials

Automotive

Metals & Mining

Food & Beverage

Forest Products

Chemicals & Explosives

Energy

Services

Waste Management

Maritime Containers

Others

Notes: 1. Truckload and LTL in Mexico provided by CFI Logistics 2. Based on 2019 total revenue

TFI has built a robust, well-diversified revenue

base, with a strong focus on value-added asset-

light services/operations

• Truckload: 1/3 of the Canadian Truckload segment is Owner-

Operator and Brokerage

• U.S. Truckload ongoing strategy to becoming more

asset-light

• Less-Than-Truckload: 1/3 of segment is asset-light intermodal

• Logistics: virtually no capex

• P&C: limited asset ownership; US and Mexico coverage

through alliances

Revenue By Top Customers' Industry(2)

Canada

55%

United

States

45%

Mexico

0.4%

Revenue By Geography(2) Highly Diversified Product Platform(2)

TL

48%

Logistics

20%

LTL

18%

P&C

14%

26%

22%

6% 12%

13%

7%

14%

Truckload Logistics

Less-

Than-

Truckload

Package &

Courier

Canada ✔ ✔ ✔ ✔

United

States ✔ ✔ ✔

Mexico (1) ✔ ✔ ✔

Conventional

Specialized

Logistics

Same-Day Parcel

Delivery

Over-the-road

Intermodal

INTRODUCTION 7

Strong Record of Profitable Growth Across All Business Segments

Management’s recent initiatives are driving record results across the enterprise

↑ 160 basis points

Less-Than-Truckload ↑ 370 basis points

Truckload

• United States

• Canada

• Specialized

↑ 150 basis points

Logistics ↑ 200 basis points

Notes: 1. Operating margin calculated as operating income from continuing operations as a percentage of revenue ex-fuel surcharge. Please refer to the Non-IFRS Financial Measures on slide 2. 2. This is a non-IFRS measure. Please refer to the Non-IFRS Financial Measures on slide 2 and to tables included in the Appendix of the presentation for a reconciliation of this non-IFRS measure 3. Adjusted EBITDA defined as net income from continuing operations before finance income and costs, income tax expense, depreciation, amortization, impairment of intangible assets, bargain purchase gain, and gain or loss on sale of land and buildings,

assets held for sale and intangible assets; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 4. 2019 Adjusted EBITDA and operating income from continuing operations figures under IFRS 16; 2018 Adjusted EBITDA and operating income from continuing operations figures prior to the implementation of IFRS 16 5. Adjusted diluted EPS defined as Adjusted net income from continuing operations divided by the weighted average number of diluted common shares; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information

Package & Courier ↓ (50) basis points

Segment

Operating Margin(1) FY2019 YoY

Improvement FY2018

94.6%

87.0%

87.9%

5.7%

17.9%

9.4%

9.5%

FY2019

7.7%

17.4%

13.1%

11.1%

91.5%

85.6%

88.3%

FY18 FY19 Change

Revenue

before fuel

surcharge

($MM)

4,508 4,614 ↑ 2.3%

Adjusted

EBITDA

($MM)(3)(4)

686 865 ↑ 26.0%

Operating

Income

($MM)(4)

431 512 ↑ 18.8%

Operating

Margin (1) 9.5% 11.1% ↑ 160 bps

Net cash from

continuing

operating

activities

($MM)

544 665 ↑ 22.4%

Adjusted EPS –

diluted ($)(5) 3.54 3.94 ↑ 11.3%

10.1% 11.6%

Adjusted

Operating

Ratio (2)

Management team with extensive industry experience leading to a strong corporate culture

that is relentlessly focused on operational excellence

Proven history of acquiring best-in-class assets driving near-term and long-term value creation

– Management will continue its acquisition strategy to complement its current service offering

Unmatched free cash flow generation allowing for prudent capital allocation that results in

significant growth opportunities

INTRODUCTION 8

Why TFI International?

The Company’s strong record of growth provides a great foundation for the Company’s future success

The Company’s asset-right model provides resilience throughout business cycles

Best-in-class capital return program that has driven substantial value for shareholders

Well-positioned to take advantage of E-Commerce growth trends

Robust balance sheet with significant flexibility and access to capital to drive substantial

future growth

Supportive macroeconomic tailwinds

SECTION 2

Overview and Investment Highlights

9

26%

22%

6% 12%

13%

7%

14%

OVERVIEW AND INVESTMENT HIGHLIGHTS 10

Leading Asset-Right Transportation Carrier 1

Highly Diversified Product Platform

Top 10 North American transportation and logistics player with significant exposure to both U.S. and Canada and scaled

positions across all segments

Leading, Multi-Sided Transportation & Logistics Platform(1)

Highly Diversified Product Platform(2)

North American Transportation & Logistics

Company

Asset-Right Business Model

• The leading asset-right transportation provider in Canada and one of

the largest in the U.S., offering its customers a full suite of product

offerings

• Significant Canadian brokerage and independent contractor platform

alongside large intermodal presence drive asset-right model

• Unique product mix allows TFI to offer capacity assurance and high

value-added services

• Acquisitions have successfully repositioned the business to include

value-additive services, which allow TFI to experience substantial

growth

Notes: 1.Statistics based on Transport Topics 2018 rankings 2. Based on 2019 total revenue

Top 10

North American Truckload Carrier

North American Package & Courier Player

North American LTL Carrier

Top 5

Top 5

Top 15

TL

48%

Logistics

20%

LTL

18%

P&C

14%

Conventional

Specialized

Logistics

Same-Day Parcel

Delivery

Over-the-road

Intermodal

20%

(19%)

20% 28%

34%

6%

(16%) (22%) (25%)

(4%)

20%

(38%)


Positive Trajectory Relative to Broader Peer Set 1

Notes: 1. TL peers include Heartland, Knight-Swift, Schneider and Werner; LTL peers include Old Dominion, SAIA, ArcBest and YRC Worldwide; Logistics peers include CH Robinson, Echo, Landstar and Forward Air; P&C peers include Fedex and UPS; Please see

“Comparables” section on page 2 for further information 2. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. Q4-18 TFI International Logistics Segment Operating Income adjusted for ~$CAD12.6MM one time impairment of intangible assets

YoY % Change

While Peers Experienced Meaningful Declines in Their Businesses YoY, TFI Continues to Outperform

YoY % Change

Source: Company filings

TL LTL Logistics P&C

Operating Income: Q4-19 vs. Q4-18

Adjusted EBITDA(2): Q4-19 vs. Q4-18

TFI vs. Peers YoY Q4 Earnings Results (1)

17% 9%

(13%)

(32%)

(61%)

(31%) (14%)

Consolidated Segment-Level

Consolidated Segment-Level

558% (3)

TL

Peers

Full Peer

Set

LTL

Peers

Logistics

Peers

P&C

Peers

TL LTL Logistics P&C

TL

Peers

Full Peer

Set

LTL

Peers

Logistics

Peers

P&C

Peers

0.6

0.8

1.0

1.2

1.4

Jan 06 May 07 Oct 08 Mar 10 Jul 11 Dec 12 May 14 Sep 15 Feb 17 Jul 18 Dec 19

Investing Prudently to Maximize Shareholder Value


Proven Acquisition Strategy to Enhance TFI Platform

Acquisitions are pursued opportunistically

Cass Freight Index – Shipments

2008 – 09 2011 – 12 2014 – 15 2016 – 17 2018-19

# of

Acquisitions 19 10 10 17 17

M&A Spend $160MM $455MM $860MM $915MM $355MM

Source: Company Filings, Transport Topics, Cass Freight Index

2

Winalta

LaCrete

Contrans

Clarke

Vitran

CFI

TForce Premier

Distribution

Cavalier

TForce Critical

TForce

Integrated

Solutions

Transport

America

AC Logistics

Value-accretive in

short- and long-

term

Increase

geographic reach

Complement

service offering

Improve

market penetration

Multiple Standards for Businesses Under Consideration

Strong

management team

Quik X

Transportation

GBT

Brasseur

Normandin

TTL

BTC East

BeavEx

TL

48%

LTL

18%

Logistics

20%

Package &

Courier

14%

TL

32%

LTL

62%

Specialized Services

6%

LTL

28%

Package & Courier

15%

TL

34% Specialized

Services

23%


Proven Acquisition Strategy to Enhance TFI Platform (Cont’d)

2

1999(1) 2009 2019

TFI has transitioned to an Asset-Right Model Via Organic and Inorganic Growth with over 177 acquisitions since 1996

11.4% 2.1% 4.3%

1999 Net Capex / 1999 Revenue (2) 2019 Net Capex / 2019

Revenue(2)

Through its deliberate and thoughtful acquisition and operating strategy,

TFI has successfully grown its Asset-Right platform

600%+ 4,800%+

Total Cumulative Return on

Investment (3)

Total Cumulative Return on

Investment (3)

Notes: 1. For the fiscal year ended April 24, 1999 2. 1999 net capex includes purchases and sales of property and revenue includes fuel surcharge; 2009 and 2019 net capex excludes purchases and sales of property and includes non-cash acquisitions and revenue is ex-fuel surcharge 3. Represents the total earned on an investment in our Common Shares, including dividends and stock appreciation, made on 30-Dec-99 up to 31-Dec-09 and 31-Dec-19 per Capital IQ

2009 Net Capex / 2009

Revenue(2)


Notes: 1. These are non-IFRS measures. Please refer to the Non-IFRS Financial Measures on slide 2 and to tables included in the Appendix of the presentation for a reconciliation of non-IFRS measures 2. 2019 Adjusted EBITDA adjusted for $121.1MM depreciation on right-of-use assets and interest on lease liabilities from IFRS 16, represented by the dotted box; 2019 FCF adjusted for $99.6MM impact on cash from operating activities from IFRS 16,

represented by the dotted box; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. Diluted EPS and FCF CAGRs from 1998 and 2000, the first year of positive EPS and FCF, respectively 4. Tax adjusted for 2002-2008 when TFI was an income trust 5. 2017 FCF includes 3Q17 sale leaseback proceeds of $135.7MM, related to certain real estate assets, including two facilities in each of Montreal and Toronto, represented by the blue striped bar

Revenue Before Fuel Surcharge Adjusted EBITDA (1)

$CAD, MM $CAD, MM

0

300

600

900

0

1,200

2,400

3,600

4,800

1997 2019 1997 2019

Diluted Adjusted EPS (1)(4) Free Cash Flow (1)(5)

$CAD, MM

0

100

200

300

400

500

0.00

2.00

4.00

1997 2019 1997 2019

$4,614 $865 (2)

$3.94 $463 (2)

Track Record of Profitable Growth and Strong Free Cash Flow Through Business Cycles

3

$CAD

9.5

26.2

2.9 3.8 3.3 0.0 0.0 0.0

2.9 2.1 0.8 0.2

6.5 5.1 4.5 3.1 2.0 1.2

0

8

16

24

32

24.9 24.0 24.2

14.6 10.6 8.0 13.5

8.2

41.8

23.1

11.1

63.0

20.4

0

25

50

75


Superior Ability to Return Capital... 4

Notes: 1. Payout ratio defined as TTM total dividends paid / TTM net income as of Q3-2019 for peers and as of 2019YE for TFI; not comparable because of differences between IFRS and U.S. GAAP 2. TTM common stock repurchases as a percentage of each Company’s market cap as of January 1, 2019 3. FedEx TTM Net Income inclusive of ~$3.3Bn add back of other retirement plans expense 4. Please see “Comparables” section on page 2 for further information

TFI targets paying out 15-30% of the Company’s FCF to shareholders as a dividend

Average: 11.5 Average: 12.0 Average: 5.4

Payout Ratio (1)(4)

%

TFI Has Returned a Greater Proportion of Bottom Line than that of Peers…

$ Represents $ amount of TTM

buybacks

Average: 19.0

Asset-Right Truckload Logistics Package and Courier Less-Than-Truckload

Average: 41.7

…And TFI Has Repurchased More Stock than Peers

Common Stock Repurchases as a Percent of 2019 Market Cap (2)(4)

%

294 1,898 290 19 1 3 38 200 72 355 166 70 0 0 0 292 858 992

Average: 1.4 Average: 14.5

Average: 1.5 Average: 4.8 Average: 1.6

Source: Company filings and Capital IQ.

(3)

N.M. N.M. N.M. N.M. N.M.


…And Industry-Leading Total Cumulative Return on Investment 4

TFI’s share price performance coupled with the Company’s return of capital strategy have

generated MEANINGFUL outperformance

Notes: 1. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ; Past performance is not indicative of future performance

Source: Capital IQ

Indexed Total Return

20-year Total Cumulative Return on Investment (1), TFI International vs.

TSX vs. S&P 500

0

1,100

2,200

3,300

4,400

5,500

Dec-99 Dec-04 Dec-09 Dec-14 Dec-19

4,852%

TSX: 337%

S&P 500: 324%

TFI S&P 500 TSX

We Believe Robust Macro Indicators…


Supportive Industry Landscape for TFI International 5

• Consumer Sentiment Near Highest in

Over a Decade

University of Michigan Consumer Sentiment

Source: Bloomberg, Bureau of Labor Statistics, The World Bank, Conference Board, Euromonitor

North American Retail Demand

Y-o-Y Growth Expected for 2020 4%

Continued U.S. GDP Growth

Expected for 2020

1.8%

North American E-Commerce

Demand Y-o-Y Growth Expected

for 2020

16%

Robust Consumer Confidence

Index for December 2019 Well-

Above Trailing 5-Year Average 126.5

• … Indicative of Positive Demand Momentum

…Coupled with Freight Markets at an Inflection Point…

• Cass Freight Shipment Index (Monthly YoY Change)

(13%)

0%

13%

Nov-15 Jun-16 Jan-16 Aug-17 Mar-18 Oct-18 May-19 Dec-19

• …TFI positioned to benefit from Trucking Industry Tailwinds

Source: Cass Information Systems, Inc.

Expected growth in freight demand

and reduced capacity in the U.S.

should support higher pricing

Technology advances to favor

larger trucking companies

Stable driver base and less turnover

in Canada driven by Company

culture and competitive pay

2

3

1

Continued economic expansion

Growing reliance on E-Commerce

Evolving customer supply chain

management

5

6

4

3

6

9

12

50

70

90

110

'06 '09 '12 '15 '18

99.1

3.4

• Unemployment Near 18-Year Lows

% U.S. Unemployment

(1)

(2)

Notes: 1. As of January 2020 2. As of December 2019

$160.9

$103.0

$46.8

$13.9

$76.5

$0.8

$207.8

$116.9

Logistics TL P&C LTL

United States Canada

TFI International serves a vast E-Commerce network

($CAD, MM)

• TFI services E-Commerce from approximately 80 North

American cities

• TFI provides all legs of E-Commerce services (first mile,

middle mile and last mile) and same-day & next day

coverage

• Increasing facility utilization with addition of same-day

service

• Total Canadian E-Commerce revenue: $138.0 MM

• Total U.S. E-Commerce revenue: $264.0 MM


2019 E-Commerce Revenue by Segment

Leading E-Commerce Network Across North America… 6

165

402

0

100

200

300

400

500

2012 2019

8.4%

8.6%

8.6%

9.7%

20.7%

29.7%

Germany

Canada

France

U.S.

U.K.

China

$CAD, MM

…With Significant Upside Potential

E-Commerce is a powerful secular force, driving new shipping demands including greater

emphasis on last-mile logistics

TFI E-Commerce Revenue

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

26% 31% 32% 34% 41% 42% 41% 39%

0%

25%

50%

75%

100%

2012 2013 2014 2015 2016 2017 2018 2019

B2B B2C

6

3,454 3,584 3,698 3,863 4,043 4,241

407 473

546 632

731

843

3,861 4,057

4,244 4,495

4,774

5,084

0

500

1,000

5,000

6,000

2017A 2018A 2019A 2020E 2021E 2022E


TFI Evolution of B2B/B2C Split

Growth Potential From E-Commerce Sales Potential for Further Retail Penetration

$Bn

N. American Retail Sales, Excl. E-Commerce

N. American E-Commerce Sales

Source: Euromonitor

E-Commerce % of Retail Sales

13.6%

CAGR


Experienced and Entrepreneurial Management Team

Alain Bédard, FCPA, FCA

Chairman, President & CEO

45+ Years of Experience

Corporate Team Executive Team Operating Team

Kal Atwal Steven A.

Brookshaw Louis Gagnon Rick Hashie

Executive Vice-

President

Executive Vice-

President

Executive Vice-

President

Executive Vice-

President

Eric

Anson

Kristen

Fess

Jean-

Claude

Germain

Wayne

Gruszka

Michael

Hover

Scott

Leveridge

President,

Transport

America

Vice-

President,

Contrans

Flatbed

Group

President,

J.C.

Germain

group of

companies

President,

TST

Overland

Express

and TST

Expedited

Vice-

President

and

General

Manager,

TForce

Integrated

Solutions

President,

TForce

Logistics

U.S.

12 Years

of

Experience

30 Years

of

Experience

32 Years

of

Experience

30 Years

Of

Experience

14 Years

of

Experience

32 Years

of

Experience

35 Years

of

Experience

31 Years

of

Experience

25 Years

of

Experience

36 Years

of

Experience

Brian Kohut Bob McGonigal Greg Orr Ken

Tourangeau

Executive Vice-

President

Executive Vice-

President

Executive Vice-

President

Executive Vice-

President

Lori

McCreight

James

McKay

Justin

Paul

Daniel

Roberts

Scott

Talbot

Christopher

Traikos

President,

Quik X

Transpor-

tation

President,

Loomis

Express

Vice-

President

and

General

Manager,

TF Energy

Solutions

group of

companies

Vice-

President,

Contrans

Tank Group

Senior Vice-

President

Bulk

Operations

President,

Vitran

Johanne

Dean

Sylvain

Desaulniers

Josiane-M.

Langlois

Chantal

Martel

Martin

Quesnel

Vice-President,

Marketing &

Communica -

tions

Vice-

President,

Human

Resources

Vice-

President,

Legal

Affairs &

Corporate

Secretary

Vice-

President,

Insurance

and

Compliance

Vice-

President,

Finance

33 Years

of

Experience

20 Years

of

Experience

20 Years

of

Experience

27 Years

of

Experience

32 Years

Of

Experience

34 Years

of

Experience

23 Years

of

Experience

24 Years

of

Experience

28 Years

of

Experience

27 Years

of

Experience

23 Years

of

Experience

18 Years

of

Experience

24 Years

of

Experience

35 Years

of

Experience

21 Years

of

Experience

Experienced Team - Each with 10+ Years of Relevant Experience

• Decentralized,

Entrepreneurial

Management Approach

1

• Unique Company Culture

Dedicated to Excellence 2

• Focus on End Consumer

Satisfaction 3

8

David Saperstein Daniel

Auger Daniel Chevalier Patrick Croteau

Chief Financial

Officer

Vice-

President,

Information

Technology

Vice-

President,

Finance,

Operational

Reporting

Vice-

President, Finance

& Control

21 Years

of

Experience

14 Years

of

Experience

19 Years

of

Experience

14 Years

of

Experience

SECTION 3

Financial Performance

21

15% FCF (1)

(20-Year CAGR)(2)

FINANCIAL PERFORMANCE 22

Continued Success Driving Record Results

Significant free cash flow generation, low capital intensity and recent strong performance provide TFI

with a compelling financial profile and above-market growth opportunities

+17%,

+19%,

+17%

Revenue,

Adj. EBITDA (1)

Adj. Diluted

EPS(1)

(20-Year CAGRs)(2)

77% 2019 FCF

Conversion (3)

+ 180 Bps Q4’19 Operating

Margin

Improvement

YoY

Notes: 1. These are non-IFRS measures. Please refer to the tables included in the Appendix of the presentation for a reconciliation of non-IFRS measures. Please refer to Non-IFRS Financial Measures on slide 2 for further information 2. CAGRs calculated from 1999 through 2019. Please refer to Non-IFRS Financial Measures on slide 2 for further information 3. FCF conversion calculated as (2019 Adj. EBITDA – Net Capex) / 2019 Adj. EBITDA; Net Capex includes non-cash acquisitions; Please refer to Non-IFRS Financial Measures on slide 2 for further information

902 832 85

109

0

32

64

96

0

240

480

720

960

Revenue ex-FSC Operating Income


Strong Profitable Trajectory

Truckload

2,065 2,200

208

255

0

100

200

300

0

540

1,080

1,620

2,160


Less-Than-Truckload

$CAD, MM $CAD, MM

$CAD, MM $CAD, MM

15

25

35

45

55

65

20

30

40

50

60

70

25

35

45

55

65

75

30

40

50

60

70

80

0

10

20

30

40

50

60

70

80

90

2017 2018 2019 2020 2021 2022

Series 1 Series 2 Series 3 Series 4

7%

(8%)

29

84

151

199

199

199

230

64

59

158

193

236

211

237

193

234

195

138

Actively focusing on driving profitability and streamlining the business

2018 2019 2018 2019

2018 2019 2018 2019

Q4 2019 Highlights

Q4 Highlights

• Best in class Canadian conventional TL adjusted operating ratio(1) of 85.9%

and 89.3% in Specialized

• Operating income from continuing operations reaches $61.3MM , up from

$52.3MM in Q4 2018 largely driven by higher quality of freight, lower costs,

and a more efficient truckload network

• Continued asset-light strategy as brokerage revenue up 8% to

$CAD75.2MM compared to the same quarter last year

Objectives

• Focused on improving cost structure and reducing capital intensity

Q4 2019 Highlights

Q4 Highlights

• Adjusted operating ratio(1) improvement of 180 basis points from 90.0% in

Q42018 to 88.2% in Q42019

• Tight asset management, cost optimization, improved route density and a

better yield and quality of revenue leads to strong quarter

• Best-in-class low capex platform, due to asset-light intermodal operations

Objectives

• Remain disciplined in adapting supply to demand

• Continue to emphasize major cities, cross-border and high-density regions

• Leverage asset-light intermodal capabilities

Note: 1. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information

633 628 113 109

0

50

100

150

0

250

500

750


954 989 67 76

0

20

40

60

80

0

300

600

900

1,200



Strong Profitable Trajectory (cont’d)

Logistics

Package & Courier

$CAD, MM $CAD, MM

$CAD, MM $CAD, MM

(1%)

29

84

151

199

199

199

230

64

59

158

193

236

211

237

193

234

195

138

Actively focusing on driving profitability and streamlining the business

2018 2019

Notes: 1. 2018 operating income adjusted for $CAD12.6MM impairment of intangible assets 2. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information

Q4 2019 Highlights

Q4 Highlights

• Decrease in revenue attributed to a 3.6% decrease in tonnage and a 2.4%

decrease in revenue per pound excluding fuel related to the loss of “excess”

business generated by the Canada Post strike in 2018

Objectives

• Focus on utilizing this technology to progressively replace unprofitable

customers with more-profitable business in dense urban centers

• New investments in productivity-enhancing sortation equipment

Q4 2019 Highlights

Q4 Highlights

• Operating income, adjusted to exclude the $12.6MM impairment charge in

2018, up 22% YoY

• 72% of revenue generated in the U.S. and Mexico and 28% in Canada

Objectives

• Well positioned to capture secular E-Commerce shift and demand for same

day service

• 2020 growth expected to come from strength of Canadian team that now runs

US business

(1)

2018 2019

2018 2019 2018 2019

SECTION 4

Growth Strategies

25

GROWTH STRATEGIES 26

Key Objectives to Achieve Operational Excellence

Organic Growth

• …economies of scale and

specialization

• …more efficiently allocating

resources

• …capitalizing on market

opportunities

• …utilize data capabilities to drive

detailed analytics

Bolt-on Acquisitions

Value accretive in short- and long-

term

Increase geographic reach

Complement service offering

Improve market penetration

Strong management team

Focused on optimizing current TFI

platform across

North America

TFI continues to evaluate

opportunities to complement its

portfolio

Fundamental focus on the

bottom line

Unlock Shareholder Value

Implement operating initiatives

aimed at reducing cost and

improving quality of revenue

Increase Margins


Track Record of M&A Execution and Integration

14

5

3

6

4 4

6

4

10

7

9

8

0

2

4

6

8

10

12

14

16

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

Number of Acquisitions per Year

Acquired 80 companies across highly fragmented markets since 2008

Lafleche

Loomis Express

TForce Logistics

Quik X

Transportation

Total Transfer E.L. Farmer

TForce

Premier

Distribution

Normandin

Winalta

LaCrete

TForce Integrated

Solutions

Contrans

Clarke

Transport

America

AC Logistics

CFI

National Fast

Freight Cavalier

TForce Critical Brasseur

GBT

TTL

BTC East

BeavEx Vitran

Management team with extensive industry experience leading to a strong corporate culture

that is relentlessly focused on operational excellence

Proven history of acquiring best-in-class assets driving near-term and long-term value creation

– Management will continue its acquisition strategy to complement its current service offering

Unmatched free cash flow generation allowing for prudent capital allocation that results in

significant growth opportunities


Why TFI International?

The Company’s strong record of growth provides a great foundation for the Company’s future success

The Company’s asset-right model provides resilience throughout business cycles

Best-in-class capital return program that has driven substantial value for shareholders

Well-positioned to take advantage of E-Commerce growth trends

Robust balance sheet with significant flexibility and access to capital to drive substantial

future growth

Supportive macroeconomic tailwinds

Appendix

29

APPENDIX 30

Proven Acquisition Strategy to Enhance TFI Platform (1)

Year Company Target Segment

1998 Entreprises de Transport J.C.G. Inc.

Groupe Papineau Inc. TL

2000 TST Solutions LTL & Specialized TL

2002 Canpar Transport

Besner

Package & Courier

TL

2004 Canadian Freightways

Highland Transport

LTL and TL

TL

2005 Services Matrec Waste Management

2006

Kos Corp Oilfield Transportation

Hemphill Trucking Inc.

Streeper Contracting

Rig-Moving activites

2007 Location Beaudry

Information Communication Services (ICS) Inc.

Fleet management

Package & Courier

2008 Unique Personnel Services Inc. Personnel Services

2009 ATS Retail Solutions Package & Courier

2011

Dynamex

Loomis Express

Concord Transportation

Last Mile

Package & Courier

LTL

2012 QuikX Transportation LTL (over-the-road)

2014

Clarke Transport

Vitran Corporation

Transport Corporation of America

Contrans

LTL Intermodal (over-the-rail)

LTL

U.S. TL

Specialized TL

2015 AC Final Mile Logistics

2016 CFI (formerly Con-Way Truckload) U.S. TL

2017

Cavalier

TForce Critical

Premier Product Management

LTL

Last Mile

Logistics

2018

Normandin Transit

Transport Brasseur

Timeline

Cross-border LTL and TL

Specialized TL

Specialized TL

2019

TTL

Schilli

BeavEx

Specialized TL

Specialized TL

Logistics

Note: 1. The selected acquisitions do not represent all of TFI’s acquisitions in the timeframe shown

Source: Company filings

APPENDIX 31

Reconciliation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS – Diluted

($CAD, MM) 2019 2018

Net Income from Continuing Operations $324.5 $292.0

Net Finance Costs $85.6 $48.3

Income Tax Expense $101.5 $90.2

Depreciation of Property and Equipment $223.8 $198.5

Depreciation of Right-of-Use Assets $102.6 -

Amortization of Intangible Assets $65.9 $62.1

Impairment of Intangible Assets - $12.6

Bargain Purchase Gain ($10.8) -

Gain on Sale of Land and Buildings ($0.0) $(0.5)

Gain on Sale of Assets Held for Sale ($28.6) $(15.6)

Gain on Sale of Intangible Assets - ($1.2)

Adjusted EBITDA $864.5 $686.3

($CAD, MM, except per share data) 2019 2018

Net Income $310.3 $292.0

Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $47.1 $44.0

Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $0.2 $(8.9)

Net Change In Fair Value of Derivatives, Net of Tax - $(0.3)

Net Foreign Exchange Loss, Net of Tax $0.2 $0.5

Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(24.8) $(13.9)

Impairment of Intangible Assets, Net of Tax - $9.1

Bargain Purchase Gain ($10.8) -

Gain on Sale of Intangible Assets, Net of Tax - ($0.9)

Net Loss from Discontinued Operations $14.2 -

Adjusted Net Income from Continuing Operations $336.4 $321.6

Adjusted EPS from Continuing Operations – Basic $4.03 $3.66

Adjusted EPS from Continuing Operations – Diluted $3.94 $3.54

Note: 1. This is a non-IFRS measure

Reconciliation of Adjusted EBITDA (1)

Reconciliation of Adjusted Net Income(1) and Adjusted EPS – Diluted(1)

APPENDIX 32

Reconciliation of Free Cash Flow and Adjusted EBITDA


($CAD, MM) 2019 2018

Net Cash from Continuing Operating Activities $665.3 $543.5

Additions to Property and Equipment ($349.4) ($314.1)

Proceeds from Sale of Property and Equipment $95.2 $81.1

Proceeds from Sale of Assets Held for Sale $51.9 $29.2

Net Capex ($202.3) ($203.8)

Free Cash Flow $463.0 $339.7

Three Months Ended December 31 Twelve Months Ended December 31

($CAD, MM) 2019 2018 2019 2018

Net Income From Continuing Operations $76.5 $76.7 $324.5 $292.0

Net Finance Costs (Income) $22.3 ($0.0) $85.6 $48.3

Income Tax Expense $25.4 $26.6 $101.5 $90.2

Depreciation of Property and Equipment $59.0 $52.4 $223.8 $198.5

Depreciation of Right-of-Use Assets $25.8 - $102.6 -

Amortization of Intangible Assets $16.8 $15,5 $65.9 $62.1

Impairment of Intangible Assets - $12.6 - $12.6

Bargain Purchase Gain - - ($10.8) -

Gain on Sale of Land and Buildings, Assets Held for Sale and Intangible Assets $(8.4) ($3.0) ($28.6) ($17.4)

Adjusted EBITDA $217.5 $180.7 $864.5 $686.3

Reconciliation of Adjusted EBITDA (1)

Reconciliation of Free Cash Flow (1)

APPENDIX 33

Reconciliation of Adjusted Operating Ratio


Please refer to pages 23 to 24 of the Company's management discussion and analysis for the year ended December 31, 2019 for reconciliations to the most directly comparable IFRS measures of the

Adjusted Operating Ratio of each reporting segment.

Three Months Ended December 31 Twelve Months Ended December 31

($CAD, MM) 2019 2018 2019 2018

Operating Expenses $1,181.2 $1,218.2 $4,667.2 $4,692.7

Impairment of Intangible Assets - ($12.6) - ($12.6)

Bargain Purchase Gain - - $10.8 -

Gain on Sale of Land and Building $0.0 $0.3 $0.0 $0.5

Gain on Sale of Assets Held for Sale $8.4 $1.5 $28.6 $15.6

Gain on Sale of Intangible Assets - $1.2 - $1.2

Adjusted Operating Expenses $1,189.6 $1,208.6 $4,706.7 $4,697.5

Fuel Surcharge Revenue ($139.0) ($159.2) ($565.2) ($615.0)

Adjusted Operating Expenses, Net of Fuel Surcharge Revenue $1,050.6 $1,049.5 $4,141.4 $4,082.5

Revenue before Fuel Surcharge $1,166.5 $1,162.3 $4,613.6 $4,508.2

Adjusted Operating Ratio 90.1% 90.3% 89.8% 90.6%

Reconciliation of Adjusted Operating Ratio (1)

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