First Quarter Ended March 31, 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 Diversified: Full service: Package & Courier, Transport and Less-Than-Truckload, logistics Truckload and Logistics North Extensive American Network: Leader: 398 facilities, Operations across 17,622 tractors 1 , U.S., Canada and 25,174 trailers Mexico 16,768 Decentralized, employees, entrepreneurial of which 8,201 management are drivers approach 1 7,634 owned or leased; 9,988 are independent contractors 3
Our Customer Value Proposition We create transportation and supply chain advantages to… …mitigate risk for customers …improve their efficiency and delivery timing …reduce their delivery costs …drive satisfaction for the end consumer 4
Why Invest in TFI International? Superior record Market leader in of growth and key transportation shareholder value and logistics creation segments Track record of Diversification by M&A execution industry sectors with well-defined and geography acquisition pipeline Robust Return on Equity 5
Investment Highlights 11.3% Operating Margin 1 18.5% FCF Yield 2 Best-in-class operating margins, 78.3% FCF Conversion 3 FCF yield and FCF conversion Avg. Adjusted ROE of 18.6% since 2016 4 Proven track record of growth Completed 81 acquisitions since 2008 through disciplined Industry remains fragmented acquisition strategy $3.8 billion 20-year total FCF Balanced capital allocation $981 million returned to shareholders approach to drive shareholder value since 2016 Access to $1.2 billion revolving facilities ($833 million undrawn) Robust balance sheet position Annual dividend yield of 3.3% Note: All financial results presented on this page represent continuing operations. 1 TTM Q1 2020, calculated using revenue before surcharge. 2 TTM Q1 2020 FCF divided by the March 31, 2020 market cap. 3 Calculated as TTM Q1 2020 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. 4 Before impairment. 6
Low Capex Facilitates Asset-Light Model TTM Q1-2020 Net Capex (% of Total Revenue) 9.2% 8.7% 8.1% 3.7% 0.9% TFII Truckload Peer Average 1 Package & Courier Peer Average 2 Less-than-Truckload Peer Average Less-Than-Truckload Peer Average 3 3 Logistics Peer Average 4 Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019. 1 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 2 Package & Courier: FedEx and UPS. 3 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 4 Logistics: CH Robinson, Landstar, Echo and Forward Air. 7
Market Leadership in Key Transportation and Logistics Segments: FCF Conversion Package & Courier Less-Than-Truckload 81.7% 88.0% 40.1% 31.9% 1 2 Peer Average Peer Average Truckload Logistics 99.4% 86.9% 70.6% 46.4% 3 Peer Average 4 Peer Average Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 4 Logistics: CH Robinson, Landstar, Echo and Forward Air. 8
Our Strategy of Growth Through Acquisitions Proven track record of executing on M&A strategy across highly fragmented markets – Completed 81 acquisitions since 2008 – Strong focus on integration, operations and realization of synergies Our disciplined acquisition criteria: – Immediately accretive to EPS and free cash flow – Fit with one of our four segments (Package & Courier, LTL, TL, Logistics) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential 9
Overview of the TFI International Platform Truckload Logistics Less-Than-Truckload Package & Courier (48% of Q1 2020 (17% of Q1 2020 (22% of Q1 2020 (13% of Q1 2020 Revenue) Revenue) Revenue) Revenue) Conventional Specialized Over-the-road Intermodal (26% of Q1 (22% of Q1 (11% of Q1 (6% of Q1 2020 Revenue) 2020 Revenue) 2020 Revenue) 2020 Revenue) 10
Services by Geography By Geography (YTD Q1-2020) TFI has built a robust and well-diversified revenue base 0.4% — No client accounts for > 5% of consolidated revenue Canada 46.0% United States Less-Than- Package & 53.6% Truckload Logistics Truckload Courier Mexico By Top Customers' Industry ✔ ✔ ✔ ✔ Canada (2019) 2% 1% 7% 4% 3% 25% 4% ✔ ✔ ✔ United States 5% 7% 16% 8% 9% 9% ✔ ✔ ✔ Mexico 1 Retail Manufactured Goods Building Materials Automotive Metals & Mining Food & Beverage Forest Products Chemicals & Explosives Energy Services Waste Management Maritime Containers 1 Truckload and LTL in Mexico provided by CFI Logistica. Others 11
Truckload Segment Geographic Footprint 1 Segment Overview Dry van full truckload Flatbed, tanks, dumps, oversized and other specialized services Modern fleet We own the majority of our assets and have long established partner carrier relationships 48% of Q1 2020 Revenue Truckload Operating Companies SPECIALIZED (22% of Total Revs.) CONVENTIONAL (26% of Total Revs.) E. E.L. . Farme mer McArt Arthur Ex Express Ti Time meline Logisitc A&M Intl. A& Laidlaw Ca Carriers Va Van BTC BTC Ea East GBT BT Mirabel Logistic Trans2D Tr D Logistics Besner Be Pa Papineau Intl. BTC We BTC West GHL Tr Transport Nordique Tr Tri-Line Ca Carriers CFI CF TF TF De Dedicated Logistics Ch Charbonneau Golden Intl. P& P&W W Intermo modal TST TS T Ex Expedited Cl Clarke Ro Road Tr Transport Transport Ame Tr America Co Contrans Flatbed Group JAF AF Piston Ta Pi Tank TTL TTL Couture Co Tr Transport J.C. C. Germa main Contrans Ta Co Tank Group JAG AG Re Rebel Tr Transport Westfreight Sy We Systems ms Ganeca Contrans Vra Co Vrac Kingsway Bu Bulk SAF SAF Wi Winalta Grégoire Durocher Intl. Du Laidlaw Ca Carriers Bu Bulk TF Tr TF Truckload & Logistics 1 Truckload in Mexico provided by CFI Logistica. 12
Logistics Segment Geographic Footprint Segment Overview Same day parcel delivery nationwide in the United States and Canada Truck brokerage and other logistics services 22% of Q1 2020 Revenue Logistics Operating Companies AC AC Logist stics s Can Canada Clarke No Cl North Amer America Kobelt Transp Ko sportation St St-Lamb mbert Cav Cavalier Logist stics Cor Cornerst stone Logist stics Landry Landry Stream m Logist stics CFI FI Lo Logis gisti tica ca Cra raler er Lo Logiki gikit TForce Criti Critical CFI Lo CFI Logist stics E&L Logist stics Patriot Freight Servi vices TForce Logist stics CK CK Logist stics Guardian Medical Logist Gu stics Quik X Qu X Logist stics TForce Logist stics s Can Canada TFo Forc rce e Pre remi mier er Distr stribu buti tion on 13
Less-Than-Truckload Segment Geographic Footprint 1 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 17% of Q1 2020 Revenue Less-Than-Truckload Operating Companies OVER-THE-ROAD (11% of Total Revs.) INTERMODAL (6% of Total Revs.) Can anad adian an Fr Freight eightways ays Normand Nor mandin Clar arke ke Tra ransp nspor ort t Quiktr Quiktrax ax Inte Intermod rmodal al Cavalier Cav Quik X Qu X Transp sportation National Fast Na st Freight Vi Vitran Concord Con Tripar Transp sportation La Cre Crete Transp sport TST Ov Overland Express ss McMurray Serv-U U Expediting 1 LTL in U.S. provided by partners and in Mexico provided by CFI Logistica. 14
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