Second Quarter Ended June 30, 2019
Forward-Looking Statements In the interest of providing shareholders and potential investors with information regarding TFI International, including management’s assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from those expressed in or implied by such statements. Such factors are further discussed under Risks and Uncertainties in the Company’s Annual Information Form and MD&A, but readers are cautioned that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forward- looking statements. The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2
TFI International: Who We Are Diversified: Full service: Package & Courier, Transport and Less-Than-Truckload, logistics Truckload, Logistics & Last Mile North Extensive American Network: Leader: 396 facilities, Operations across 17,412 tractors 1 , U.S., Canada and 26,132 trailers Mexico 17,636 Decentralized, employees, entrepreneurial of which 8,735 management are drivers approach 1 7,841 owned or leased; 9,571 are independent contractors 3
Our Customer Value Proposition We create transportation and supply chain advantages to… …mitigate risk for customers …improve their efficiency and delivery timing …reduce their delivery costs …drive satisfaction for the end consumer 4
Why Invest in TFI International? Superior record Market leader in of growth and key transportation shareholder value and logistics creation segments Track record of Diversification by M&A execution industry sectors with well-defined and geography acquisition pipeline Robust Return on Equity 5
Investment Highlights 10.7% Operating Margin 1 12.7% FCF Yield 2 Best-in-class operating margins, 70.4% FCF Conversion 3 FCF yield and FCF conversion Avg. Adjusted ROE of 17.5% since 2015 4 Proven track record of growth Completed 78 acquisitions since 2008 through disciplined Industry remains fragmented acquisition strategy $3.4 billion 20-year total FCF Balanced capital allocation $972 million returned to shareholders approach to drive shareholder value since 2015 Access to $1.2 billion revolving facility ($269 million undrawn) Robust balance sheet position Annual dividend yield of 2.4% Note: All financial results presented on this page represent continuing operations. 1 TTM as of Q2 2019, calculated using revenue before fuel surcharge. 2 TTM FCF divided by the June 30, 2019 market cap. 3 Calculated as TTM Q2 2019 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. 4 Before impairment. 6
Low Capex Facilitates Asset-Light Model TTM Q2-2019 Net Capex (% of Total Revenue) 9.7% 8.2% 8.2% 4.5% 1.2% 3 4 TFII Package & Courier Peer Less-than-Truckload Peer Truckload Peer Average Logistics & Last Mile Peer 1 2 Average Average Average Note: TFI Net Capex excludes purchases and sales of property. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 7
Market Leadership in Key Transportation and Logistics Segments: TTM Q2-2019 FCF Conversion Package & Courier Less-Than-Truckload 85.3% 84.1% 45.3% 36.4% 2 Peer Average 1 Peer Average Truckload Logistics & Last Mile 57.0% 99.1% 39.8% 89.4% 3 Peer Average 4 Peer Average Note: TFI FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 8
Our Strategy of Growth Through Acquisitions Proven track record of executing on M&A strategy across highly fragmented markets – Completed 78 acquisitions since 2008 – Strong focus on integration, operations and realization of synergies Our disciplined acquisition criteria: – Immediately accretive to EPS and free cash flow – Fit with one of our four segments (Package & Courier, LTL, TL, Logistics & Last Mile) – High free cash flow generation – U.S. or Canada footprint – Strong management team – Synergy and growth potential 9
Overview of the TFI International Platform Truckload Logistics & Last Mile Less-Than-Truckload Package & Courier (49% of YTD 2019 (19% of YTD 2019 (19% of YTD 2019 (13% of YTD 2019 Revenue) Revenue) Revenue) Revenue) Conventional Specialized Logistics Last Mile Over-the-road Intermodal (27% of YTD (22% of YTD (7% of YTD (12% of YTD (13% of YTD (6% of YTD 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 2019 Revenue) 10
Services by Geography TFI has built a robust and well-diversified revenue base By Geography (YTD Q2-2019) — No client accounts for > 5% of consolidated revenue 0.4% Canada 44.7% United States Truckload Logistics & Less-Than- Package & 54.9% Last Mile Truckload Courier Mexico By Top Customers' Industry ✔ ✔ ✔ ✔ Canada (YTD Q2-2019) 4% 3% 2% 1% 5% 4% 26% ✔ ✔ ✔ 5% United States 6% 16% 8% 9% 11% ✔ ✔ ✔ Mexico 1 Retail Manufactured Goods Food & Beverage Automotive Building Materials Metals & Mining Forest Products Energy Chemicals & Explosives Services Waste Management Maritime Containers 1 Truckload and LTL in Mexico provided by CFI Logistica. Others 11
Truckload Segment Geographic Footprint 1 Segment Overview Dry van full truckload Flatbed, tanks, dumps, oversized and other specialized services Modern fleet We own the majority of our assets and have long established partner carrier relationships 49% of YTD Revenue Truckload Operating Companies SPECIALIZED (22% of Total Revs.) CONVENTIONAL (27% of Total Revs.) Au Aulick Leasing E.L. E. . Farme mer Laidlaw Ca Carriers Bu Bulk TF TF Tr Truckload & Logistics A& A&M Intl. Laidlaw Ca Carriers Va Van Be Beaumo mont GBT BT McArt Arthur Ex Express Ti Time meline Logisitc Besner Be Papineau Intl. Pa Be Bergeron GHL Tr Transport Mirabel Logistic Tri-Line Ca Tr Carriers CF CFI TF TF De Dedicated Brasseur Bra Golden Intl. Nordique TS TST T Ex Expedited Cl Clarke Ro Road Tr Transport Transport Ame Tr America Charbonneau Ch JAF AF P&W P& W Intermo modal TTL TTL Couture Co Tr Transport J.C. C. Germa main Co Contrans Flatbed Group JAG AG Re Rebel Tr Transport Villeneuve Ta Vi Tank Lines Ganeca Contrans Ta Co Tank Group Kingsway Bu Bulk SAF SAF Westfreight Sy We Systems ms Grégoire Co Contrans Vra Vrac Schilli Sc Wi Winalta Du Durocher Intl. 1 Truckload in Mexico provided by CFI Logistica. 12
Logistics & Last Mile Segment Geographic Footprint Segment Overview Full service logistics and transportation management Last mile in the U.S. and Canada Provides a complete one-stop experience for TFI customers, completing TFI’s portfolio of services 19% of YTD Revenue Logistics & Last Mile Operating Companies Logistics (7% of Total Revs.) Last Mile (12% of Total Revs.) Cavalier Logist Cav stics E&L Logist stics Qu Quik X X Logist stics AC Final Mile AC CFI Lo CFI Logist stica Hy Hyphen Transp sportation Manageme ment St-Lamb St mbert Gu Guardian Medical Logist stics CFI Lo CFI Logist stics Kobelt Transp Ko sportation Stream m Logist stics TForce Criti Critical CK Logist CK stics Landry Landry TForce Premi mier Di Dist stribution TForce Final Mile Can Canada Clarke No Cl North Amer America Logikit TForce Final Mile U.S U.S. Cor Cornerst stone Logist stics Patriot Freight Servi vices TForce Logist stics 13
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