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

Diversified: Full service: Package & Courier, Transport and Less-Than-Truckload, logistics Truckload and Logistics

North Extensive American Network: Leader: 368 facilities, Operations across 18,499 tractors1, U.S., Canada and 25,720 trailers Mexico

16,754 Decentralized, employees, entrepreneurial of which 8,432 management are drivers approach

1 7,940 owned or leased; 10,559 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 M&A execution Diversification by with well-defined industry sectors acquisition and geography pipeline

Robust Return on Equity

5 Investment Highlights

 11.9% Operating Margin1 Best-in-class operating margins,  12.8% FCF Yield2 FCF yield and FCF conversion  89.4% FCF Conversion3  Avg. Adjusted ROE of 18.6% since 20164

Proven track record of growth  Completed 88 acquisitions since 2008 through disciplined  acquisition strategy 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%

2 3 4 TFII Truckload Peer Average 1 Package & Courier Peer Average Less-than-Truckload Peer Average Logistics & Last Mile Peer Average

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 Less-Than-Truckload

82.3% 92.0%

59.0%

35.5%

1 2 Peer Average Peer Average Truckload 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 Logistics Less-Than-Truckload Package & Courier (47% of YTD 2020 (24% of YTD 2020 (16% of YTD 2020 (13% of YTD 2020 Revenue) Revenue) Revenue) Revenue)

Conventional Specialized Over-the-road Intermodal (26% of YTD (21% of YTD (10% of YTD (6% of YTD 2020 Revenue) 2020 Revenue) 2020 Revenue) 2020 Revenue)

10 Services by Geography

 TFI has built a robust and well-diversified revenue base By Geography (YTD Q3-2020) 0.5% — No client accounts for > 5% of consolidated revenue

Canada 46.3% Less-Than- Package & United States Truckload Logistics 53.2% Truckload Courier Mexico

By Top Customers' Industry Canada ✔ ✔ ✔ ✔ (YTD Q3-2020) 2% 3% 1% 5% 5% 26% 5%

United States ✔ ✔ ✔ 7%

7% 16% 7% 8% 8% 1 Mexico ✔ ✔ ✔ Retail Manufactured Goods Metals & Mining Building Materials Services Food & Beverage Automotive Others Forest Products Chemicals & Explosives 1 Truckload and LTL in Mexico provided by CFI Logistica. 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 $700 $649 $3.94 $600 $4 $500 $3 $400 $2 $300 $200 $1 $100 $0 $0 1999 2019 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

Peer Package & Less-Than- Average Courier1 Truckload2 Truckload3 Logistics4

15-Year 1,321%634% 399% 247% 922% 206% 223%

10-Year 1,030%596% 292% 229% 658% 132% 148%

5-Year 145%164% 92% 92% 154% 56% 64% Total Shareholder Return Return Shareholder Total 1-Year 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-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics

E-Commerce Revenue Evolution of B2B/B2C Split (C$ in millions)

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

$ 165 74% 69% 68% 66% 59% 58% 59% 61% 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 Same-Day Services Shipper - Warehouse 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 $107.0 $81.0 $0.1  TFI services E-Commerce from nearly Logistics TL P&C LTL 80 North American cities  Further opportunities for the Logistics  Total Canadian E-Commerce revenue: $190.8 segment, both through acquisitions million and organic growth  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-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 < 3.50 1.631 months adjusted EBITDA from business acquisitions]

EBITDAR-to-interest and 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

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

Growth & ROIC

 We deliver earnings Market growth and strong ROIC, both organically and Leadership through our proven acquisition strategy

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

 We leverage our team of Prudent dedicated professionals to provide value-added services Balance Sheet and solutions across each of our business segments  We maintain a strong balance sheet and access to capital

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-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-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-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-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

TTM Q3 (C$ in millions, except per share data) 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%

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 This is a **non Operating-IFRS measure expenses. excluding intra TL eliminations 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

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%