INVESTOR PRESENTATION September 2019 FORWARD LOOKING STATEMENTS

This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected.

2 AGENDA

Canadian Industry Company Overview Overview and and Ongoing Near Term Investment Trican’s Business Market Outlook Summary Competitive Transformation Positioning

3 TRICAN OVERVIEW WHAT WE DO

. Focused in Canada, Trican has a highly trained workforce Completion dedicated to safety and Drilling Cycle operational excellence who Cycle Fracturing provide a comprehensive array Cementing Coil Tubing Services of specialized products and Fluid Management services using equipment required for the exploration and development of oil and gas reserves Production Full Cycle Cycle . Trican has been servicing wells Technical Coil Tubing in western Canada for more Expertise Customer Acidizing than 22 years Engineering Support Pipeline Services Reservoir Expertise Industrial Services . Trican service lines cover 60% Laboratory Services Chemical Services to 70% of a typical well cost. Remedial Cementing

5 BUSINESS TRANSFORMATION: 2015 AND ONGOING EFFORTS

. The 2014 oil supply glut, required Trican Restructure Refocus take decisive action

. The Company’s actions have positioned Trican to weather and take advantage of near-term North American energy market turbulence Returns Right Size

6 TRICAN STRENGTH: FINANCIAL STRENGTH & RESILIENCY

. Company has deleveraged by more than $700 Debt / Tangible Capital 0.60 $800 $700 million and improved asset coverage relative to 0.50 $600 2015 cyclical low 0.40 $500 0.30 $400 $300 . Monetizing stranded capital by selling 0.20 $200 permanently idled assets 0.10

$100 (millions) Total Debt Debt / Tangible Capital - $ . $nil debt less cash at June 30, 2019 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 . Financial position allows opportunistic evaluation Total Debt (RHS) Debt / Tangible Capital (LHS) of investment opportunities in volatile North American energy market Canadian Results ($millions) $1,200 . Lowered fixed costs and increased proportion of $1,000 $800 variable costs to make the company more resilient $600 during a down cycle $400 $200 $0 . Continue to evaluate prudent options to diversify 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

our revenue streams and cash flow resiliency of Revenue Adjusted EBITDA through the cycles See non-GAAP measure Adjusted EBITDA as more fully described in Trican’s MD&A.

7 TRICAN STRENGTH: DIVERSIFIED SERVICE LINES

Market Leading Positions . Canadian market leader in fracturing services (based Trailing 12 Month Revenues: on market share) Service Line Breakdown . Canadian market leader in cementing services Industrial Services, Fluid (based on market share) 1% Other, 4% Management, 4% . Supporting service lines: coil tubing, nitrogen, acid, water management services, pipeline and industrial Coil Services, 6% services

Cementing, 16% Strong Financial Position

. 2018 revenue of $900 million Hydraulic Fracturing, 69% . H1 2019 revenue of $356 million . Market capitalization $289 million (September 5, 2019) . Cash exceeded debt by $12 million at June 30, 2019 TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET

. Deliver exceptional customer service • Drive efficiency in our business to lower our costs and the cost to our customers • Integrate small service lines with larger business lines to improve cost structure and customer efficiency • Reduce product chemistry costs resulting in lower well costs for our customers . Ongoing innovations • Large natural gas dual fuel fleet (149,000 HHP) in western Canada to help reduce well costs and GHGs • Introducing new technology to reduce tractors on location which will provide fuel savings, result in less engine hours, and reduce GHGs • Implemented large bore treating iron, reducing repair and maintenance costs • Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management • Developed new cement blends to lower costs to customers • Lowered Fracturing product costs through implementation of new fluid systems

9 TRICAN STRENGTH: RIGHT FRACTURING FLEET

. Large dual fuel fleet to offer fuel savings: 149,000 HHP of natural gas bi-fuel pumps Fracturing Type of Pump Pump HHP % of . Largest fleet of continuous duty pumps; Fleet (#) Fleet Continuous most efficient style of fracturing pump, 2,700 / 3,000 HHP 126 344,700 58% designed for higher well service Duty intensity plays: Mid Tier 2,500 HHP 95 237,500 40% • Equipment is well maintained, hot stacked and requires no capex to Legacy 2,250 HHP 5 11,250 2% activate Total Fracturing 226 593,450 • Allows Trican to continue to efficiently Fleet operate in the highest service intensity resource plays: Montney, Duvernay See MD&A for definition of Fracturing Fleet terms; Dual fuel HHP includes delivery of 10 retrofitted pumps for September / October and Deep Basin (estimated to account for ~ 80% of the required HHP demand in Canada)

10 TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET

. To align our business to the new post 2015 Canadian market dynamics and lower average well counts: • Merged with Canyon, ~ $55 million of Synergies • Modernized system infrastructure to support further business optimization • Since 2017, sold $45 million of excess property and equipment at values approximating net book value • Realized $25 million cost reductions since late 2018

11 TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET

. To align our business to the new post 2015 Canadian market dynamics and lower average well counts: • Implementing cost reductions of an additional $15 million in Q4 to align with the current Canadian well count of ~ 5,000 wells - Closed two cement locations in late June and consolidating locations in Red Deer, Grande Prairie and Nisku - Reduced fracturing crews to approximately 8 fleets from 10.5 last year - Reduced cement trucks to 22 from 26 to better align with reduced average drilling rig count (cement activity aligns with rig count) - Added 2 coil units to improve leverage on coil fixed cost structure • Targeting $12 million additional cost savings through lean initiatives in the next 6 months

Field and Shared Service / SG&A Employee 12

10 1-Jul 8 9.4 Dec-15 Dec-18 5.5 8.2 6 Dec-17 6.5 4 Dec-16 4.4 2

0 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 1-Mar 1-Jun

Field & Shared Service / G&A Yearly Avg Field & Shared Service / G&A Expon. (Field & Shared Service / G&A)

12 TRICAN STRENGTH: FRACTURING COMPETITIVE LANDSCAPE IMPROVING

. Canadian competitive landscape much better than U.S. market . Supply is dropping which will balance market quicker than anticipated Hydraulic Capacity Active Fleets Horsepower Crewed . Equipment capacity down approximately 275,000 HP since Q1; (HHP) continues to drop Trican 593,450 347,000 8 Competitor A 306,000 190,000 5 . Trican and industry will not staff additional capacity until prices improve Competitor B 298,000 170,000 6 Competitor C 190,000 175,000 3 . Estimated industry demand of ~1,000,000 HHP average in Q319 Competitor D 250,000 140,000 3 • Approximately 70 to 75% utilization Competitor E 263,000 175,000 5

. Approximately 980,000 HHP overcapacity in the basin (unstaffed) Competitor F* 80,000 75,000 4

and 237,000 HHP overcapacity (staffed) Competitor G* 50,000 50,000 4 • Roughly 6 larger staffed fleets 2,030,450 1,322,000 38 • Roughly 18 larger total fleets • Roughly 50 additional rigs in deeper plays uses all capacity in basin * Smaller crews not suitable for all higher intensity plays

(~30% increase in activity) Source: Competitor company reports, internal company data, and • An increase in the average rig count by approximately 25 rigs internal estimates would absorb all excess staffed equipment (6 fracturing crews)

13 TRICAN STRENGTH: AVAILABLE CAPACITY

. Trican has reduced its fleet size in response to market decline

. Existing idle equipment provides opportunity for Service Line Total Active, Idled incremental returns upon a market recovery Equipment Manned • Substantial leverage on existing infrastructure and fixed cost structure upon recovery Fracturing (HHP) 593,450 347,000 246,000

• Assets are well-maintained and not scavenged Cementing (trucks) 62 22 40 • Can be activated by adding staff with little capital Coil Tubing (units) 23 9 14 • Approximately 6 fracturing crews parked (240,000 HP)

14 TRICAN STRENGTHS: FINDING WAYS TO RETURN MONEY TO SHAREHOLDERS

. Trican is focused on delivering the top quartile ROIC in our sector

. Since 2006, Trican has returned $372 Dividends and Share Repurchases, 2006 - 2019 million to shareholders 100,000 400,000

Cumulative Dividend (RHS) 75,000 300,000 . The Company remains focused on finding Cumulative NCIB (RHS)

ways to return funds to shareholders Annual (LHS) 50,000 200,000 • Continue to execute buybacks under Cumulative (RHS) current NCIB 25,000 100,000 • Current market dynamics support share repurchases as the best way to return - - money to shareholders 2006 2008 2010 2012 2014 2016 2018

• Repurchased approximately 19% of the Company’s shares since October 2017

15 BUSINESS TRANSFORMATION: OUR STRATEGIC PRIORITIES REMAIN INTACT

Having safe, efficient, customer- focused operations is always Strengthen - Maintain market leading position in Fracturing and Cementing service lines priority #1. Beyond safety and Existing - Strengthen auxiliary service lines (Coiled Tubing) operational performance, our Business strategic priorities remain intact: - Activate parked equipment (if return hurdles can be met)

Growth - Growth in existing or complimentary, less capital intensive, less cyclical services lines To achieve top quartile ROIC

in our sector Share- - Disciplined investment into future growth – ensure ROIC hurdle rates are met holder - Return value to shareholders through share buyback program Return - Sell excess and permanently stranded capital equipment, return funds to the balance sheet

Cost Control & - Reduce costs for ourselves and our clients through efficiency improvements and scale Efficiency Gains

16 CANADIAN INDUSTRY & TRICAN COMPETITIVE POSITIONING CANADIAN INDUSTRY: THE NEW CANADIAN MARKET SIZE

. Since the 2014 oil price decline, the industry has seen a market shift in the number of wells drilled in western Canada . The well count has stabilized at ~ 5,000 to 6,500 wells . The decline in well count has been offset by an increase in well intensity . An increase in the average rig count by approximately 24 rigs would absorb all excess staffed equipment (6 crews) . An increase in the average rig count by ~ 50 rigs in high intensity plays would absorb all currently excess and idled fracturing capacity in Canada (approximately 18 crews)

Canadian Well Count 12 Month Trailing Average Canadian Rig 15000 Well Count Market Count Shift – New Frac 500 Market Equilibrium ~ 400 10000

300

5000 Well Count Market 200 Shift – Old Frac Market Equilibrium ~ 100 10,000 wells 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2010 2012 2014 2016 2018

Source: Petroleum Services Association of Canada and Internal Source: Baker Hughes GE Rig Count Estimates

18 CANADIAN INDUSTRY: INCREASED WELL SERVICE INTENSITY

WCSB - Tonnes / Well WCSB - Wells Drilled 3,500 12,000 10,924 3,004 10,853 3,000 10,000 2,557 2,500 8,000 6,959 6,781 2,000 1,841 6,000 5,376 5,200 1,500 1,335 1,285 3,963 4,000 1,000 777 616 500 2,000

- - 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018E 2019E Source: Canadian Discovery Source: GMP First Energy, internal 2019E

. 2018 well count 38% below 2014 levels . 2019 well count expected to be 24% below 2018 levels . 7,000 – 8,000 wells today equates to 2014 well count levels in terms of fracturing equipment demand . We expect well service intensity to remain flat in 2019 to 2018 levels; • Tonnes of proppant placed per meter grew by approximately 25% in 2018 relative to 2017 - 1.5 tonnes / metre in 2018 vs. 1.2 tonnes / metre in 2017 - Leading edge 2.0 tonnes / metre • 2018 data weighted to higher well service intensity wells

19 TRICAN: MARKET COVERAGE

Market Leading Positions . Canadian market leader in fracturing services (crewed HHP)

Horn . Canadian market leader in cementing River British Columbia Alberta Saskatchewan Manitoba Shale FORT ST. JOHN services (based on rig count) Montney Shale GRANDE PRAIRIE Duvernay . Supporting service lines: coil tubing, WHITECOURT Shale nitrogen, acid, water management HINTON NISKU RED DEER Viking services, pipeline and industrial Tight Deep ESTEVAN Oil services Basin CALGARY BROOKS MEDICINE HAT . Trican service line offerings cover Cardium Lower Bakken Spearfish approximately 60% to 70% of resource Tight Oil Shaunavon Shale well AFE costs Tight Oil

20 TRICAN: CEMENT SERVICES

. Drilling rig count provides: • A general indication of operational activity 12 Month Trailing Average Canadian Rig Count 500 • Cement operations track very closely with the

drilling rig activity 400 • Lower rig count has reduced cement truck requirements, but longer laterals and 300 increased cement requirements has counter- acted this requirement 200 • Cement service landscape is concentrated 100 amongst four primary players

• Trican has maintained a steady market share 0 in this service line over the past decade 2010 2012 2014 2016 2018 Source: Baker Hughes GE Rig Count • Positive return on capital service line

21 TRICAN: GROWING COILED TUBING

. Adding scale to improve operating results

. Added 3 units to market in the last year now running 9 units

. Have 14 more units to add back into the market with little capital investment required

. Pricing stable in this service line

22 TRICAN: INNOVATION

. Scale allows targeted investment into internally developed IP and new technologies for reduced product costs

. Patented MVPTM fracturing fluids that suspend proppants and increase production

. Nano surfactants to improve water flowback

. Introducing new technology to reduce tractors on location which will provide fuel savings, result in less engine hours, and reduce GHGs

. Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management

. Developed lower cost cement blends

. Continually lowering product costs

23 TRICAN STRENGTH: FINANCIAL MANAGEMENT AND CAPABILITIES

Current Cycle Low industry activity cycle cash flow management:

. Petroleum Services Association of Canada forecasts ~ 5,000 wells for 2019 . Under this scenario, the Company expects approximate break-even Free Cash Flow2 . We continue to work on business optimization to improve low industry cycle Free Cash Flow2 capability

Recent Cycle Assets generated $183 million in adjusted EBITDA1 in 2017:

. ~ 6,500 wells . ~ average fracturing crew count of ~ 9.5 crews . Excludes 5 months of acquired company results (Canyon acquired June 2017)

Trican will continue to evaluate asset divestiture opportunities or Other Financial Levers opportunities to generate returns on idle assets in other markets:

. Since 2017, Trican has realized $45 million of proceeds from asset sales

1 See non-GAAP measures as more fully described in Trican’s MD&A. 2 See non-GAAP measures as more fully described in Appendix 2 of this presentation.

24 NEAR-TERM OUTLOOK & INVESTMENT SUMMARY OUTLOOK: Q3 2019

. Approximately 30% year over year decline in industry activity anticipated

. Weather related delays and lower commodity prices (primarily AECO natural gas) in the quarter has deferred work to Q4

. Cementing business following the rig count during the quarter: • Anticipate the Q3 rig count to ~ 30% below last year

. Choppy utilization in Q3 lowers financial results

. Primary focus in Q3 remains business optimization and right sizing equipment fleet to maintain high utilization

26 OUTLOOK: Q4 2019

. Industry activity similar to Q4 2018

. Trican Q4 fracturing activity higher sequentially and year over year; planned work volume has increased as customers have pushed Q3 work into Q4

. October and November fully booked for fracturing while December will have normal seasonal slow-down

. Anticipate cementing to remain at current levels with normal December slow-down

. Coiled tubing activity higher year over year as 2 additional units activated

. Stable pricing anticipated

. Q4 will benefit from lower costs from right-sizing efforts in Q3

27 WHY INVEST IN TRICAN

. Low debt level mitigates downside risk Price to Tangible Book Value vs. Leverage Profile 1.20 2.0x 1.8x . Company valued at historic low price 1.00 1.6x to tangible book value 1.4x 0.80 1.2x . Fracturing horsepower valued below 0.60 1.0x 0.8x 0.40 what Trican sold 12-19-year-old 0.6x

Debt / Tangible Equity 0.4x equipment for ($160 / HHP) 0.20

0.2x Price to Tangible Book Value - 0.0x . Ability to ride out the downturn with significant torque upon recovery in the Debt to Tangible Equity (LHS) Price to Tangible Book (RHS) industry INVESTMENT SUMMARY

• ROIC and capital • Largest Canadian • Equipment capacity discipline focused pressure pumping provides opportunity company with broad for incremental • Business service offering returns upon a improvement and market recovery cost reductions for • Strong, loyal sustainable cash customer base • Financial position for flow generation opportunistic growth • Nil debt, positions • Positioned to Trican to withstand • Low capex required return money to near-term weakness to grow business shareholders

RETURNS • Strong asset • Very little customer STRENGTH coverage growth required to balance market OPPORTUNITY

29 APPENDICES APPENDIX 1: SOCIAL AND ENVIRONMENTAL POLICIES

Our Annual Information Form provides more detail on our policies and governance surrounding social and environmental matters. Our primary initiatives in these areas are as follows:

Safety People Development Environment

. Our frontline workers face dangers that are . Since 2017 we have invested over 200,000 . Trican and its customers are subject to not typical in most office workplace hours of training time into our people strict environmental regulation and environments; therefore it is imperative we compliance. remain committed to safety. . To provide a safe and productive work environment that results in quality service . We have a system of governance to ensure . A common measure for our safety is training our people compliance of environmental rules and performance is Lost Time Injury Rate regulations (LTIR) . A majority of our operational people are required to be trained as Class 1 driver . Beyond standard regulatory compliance, . During the past 12 Months, our LTIR rate trainers Trican is committed to finding economically has dropped by nearly 50% and environmentally responsible ways to . Trican’s driver trainer program has allowed reduce our environmental footprint us to maintain our driver trainer status despite significantly increased regulations . Trican has the largest fleet of dual fuel fracturing pumps. Dual fuel fracturing . Investment into our lean six sigma pumps provide several benefits to our efficiency program will see a number of our customers and the environment, including people positioned to receive their green 27% reduced GHGs (source: U.S. EIA) belt. Our people and our shareholders will see the benefit of our lean initiatives . Investment into tractor-less operations will reduce engine idle times, fuel consumption and therefore GHGs

31 APPENDIX 2: NON-GAAP MEASURE: Free Cash Flow

. Free Cash Flow does not have any standardized meaning as prescribed by IFRS and therefore, is considered non-GAAP measures and may not be comparable to similar measures presented by other issuers. . Free Cash Flow is a non-GAAP term and has been reconciled to “Cash Flow From Operating Activities” for applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management Six Months Ended $ Millions relies on Free Cash Flow as an additional performance measure used as June 30, 2019 indicators of our ability to service and repay debt, make investments and return capital to investors, through stock repurchases. A surplus of Free Cash Flow Cash Flow From Operating Activities $64.3 provides management with information to determine if funds might be available for incremental financing activities, including repurchase of shares and / or Change in non-cash working capital ($54.9) repayment of debt. A deficit of free cash flow indicates management may require other sources of cash to maintain the existing capital structure, including new Purchase of property and equipment ($18.9) loans and borrowings or asset divestitures. Changes in non-cash working capital are excluded from the calculation as these changes are less reflective of the Free Cash Flow ($9.5) current periods “Results From Operating Activities” . Free Cash Flow, which is a non-GAAP financial measure, is defined as “Cash Flow From Operating Activities” (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and adjusted for changes in non- cash working capital.

32 INVESTOR PRESENTATION September 2019