INVESTOR PRESENTATION March 2020 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 24 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: 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 in existing services lines Growth Disciplined investment into future growth – ensure ROIC hurdle To achieve top rates are met quartile ROIC

in our sector Share- - Return value to shareholders through share buyback program holder - Sell excess and permanently stranded capital equipment, return Return funds to the balance sheet

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

6 BUSINESS TRANSFORMATION: 2015 AND ONGOING EFFORTS

. The 2014 oil supply glut required Trican to 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

7 TRICAN STRENGTH: FINANCIAL STRENGTH & RESILIENCY

Debt / Tangible Capital . Company has deleveraged by more than $700 million and 0.60 $800 $700 improved asset coverage relative to 2015 cyclical low 0.50 $600 0.40 • Sold Russia business for ~ $1,720/HHP (Q3 2015) $500 0.30 $400 • Sold US business for ~ $630/HHP (Q1 2016) $300 0.20 $200

0.10 (millions) Debt Total

. Monetizing stranded capital by selling permanently idled Capital Tangible / Debt $100 assets - $0

• Sold water business in Q1 2020 for $17.6 million 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 Q3/19 Q4/19 Total Debt (RHS) Debt / Tangible Capital (LHS) • Selling redundant real estate: ~ $18 million listed for sale

. Financial position allows evaluation of opportunistic Canadian Results ($ millions) investment in North American energy market $1,200 $1,000 Strong Financial Position $800 . Net bank debt of $39 million (Dec. 31, 2019) (debt less cash) $600 $400 . Positive working capital $140 million (Dec. 31, 2019) $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

. Market capitalization $227 million (March 3, 2020) Revenue Adjusted EBITDA

See non-GAAP measure Adjusted EBITDA as more fully described in Trican’s MD&A.

8 TRICAN STRENGTH: DIVERSIFIED SERVICE LINES

2019 Revenues: Business Unit Breakdown

Market Leading Positions Fluid Industrial Management Services . Canadian market leader in fracturing services 4% 2%

(based on horse-power) Coil Services 8% . Canadian market leader in cementing services (based on drilling rigs serviced) Cementing 16% . Supporting service lines: coil tubing, nitrogen, acid, pipeline and industrial services

. 2019 revenue of $636 million Hydraulic Fracturing 70%

9 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

10 TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET

. Ongoing innovations • Largest natural gas dual fuel fleet (145,000 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

11 TRICAN STRENGTH: RIGHT FRACTURING FLEET

. Largest fleet of continuous duty pumps; most efficient style of fracturing pump, designed for higher well service intensity plays: Fracturing Type of Pump Pump HHP % of Fleet (#) Fleet • Equipment is well maintained, hot Continuous stacked and requires little capex to 2,700 / 3,000 HHP 126 345,000 59% Duty activate • Allows Trican to continue to efficiently Mid Tier 2,500 HHP 95 237,500 41% operate in the highest service intensity Total resource plays: Montney, Duvernay and Fracturing 221 582,500 Deep Basin (accounts for ~80% of the Fleet

required HHP demand in Canada) See MD&A for definition of Fracturing Fleet terms

. Large dual fuel fleet to offer fuel savings: 145,000 HHP of natural gas bi-fuel pumps

12 TRICAN STRENGTH: FRACTURING COMPETITIVE LANDSCAPE IMPROVING

. Canadian competitive landscape much better than U.S. Hydraulic Capacity Active Fleets market Horsepower Crewed (HHP) . Supply is dropping which will balance market quicker Trican 583,000 324,000 8 than anticipated Competitor A 305,000 193,000 4 . Crewed capacity down ~ 400,000 HHP during 2019 Competitor B 298,000 225,000 6 Competitor C 170,000 125,000 2

. Trican and industry will not staff additional capacity until Competitor D 250,000 140,000 3 prices improve Competitor E 263,000 175,000 5

. Approximately 750,000 HHP overcapacity in the basin Competitor F* 85,000 85,000 4

(unstaffed) Competitor G* 50,000 50,000 4 • Likely not all this capacity can be activated 2,004,000 1,317,000 36 • Roughly 19 larger total fleets currently unstaffed * Smaller crews not suitable for all higher intensity plays • Roughly 55 additional rigs in deeper plays uses all capacity Source: Competitor company reports, internal company data, in basin and internal estimates

13 TRICAN STRENGTH: AVAILABLE CAPACITY

. Trican has reduced its fleet size in response to declining market conditions

Service Line Total Active, Idled . Existing idle equipment provides opportunity for Equipment Manned

incremental returns upon a market recovery Fracturing (HHP) 583,000 324,000 259,000

• Substantial leverage on existing infrastructure Cementing (trucks) 62 20 42 and fixed cost structure upon recovery Coil Tubing (units) 23 9 14 • Assets are well-maintained and not scavenged • Can be activated by adding staff with little capital • Approximately 5 fracturing crews parked

14 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; synergies obtained improved low-cycle returns • Modernized system infrastructure to support further business optimization • Since 2017, sold $60 million of excess property and equipment at values approximating net book value • Annualized $40 million in cost reductions during 2019

15 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: • Implemented incremental cost reductions of $15 million annualized in Q4 to align with the current Canadian well count of ~ 5,000 wells - Closed two cement locations in late June 2019 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 20 from 26 to better align with reduced average drilling rig count (cement activity aligns with rig count) - Right sized our coil business to match expected activity - Targeting $12 million additional cost savings through lean initiatives by year-end 2020

Field and Shared Services to SG&A Employee Count Ratio 12

10 Dec-17, 7.7 8 Dec-19, 9.4 Dec-18, 8.3 Dec-15, 5.5 6

4 Dec-16, 4.5 2

0

16 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 $390 Dividends and Share Repurchases, 2006 - 2019 100,000 400,000 million to shareholders 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 Cumulative (RHS) • Continue to execute buybacks under

current NCIB 25,000 100,000 • Current market dynamics support share repurchases as the best way to return - - 2006 2008 2010 2012 2014 2016 2018 money to shareholders • Repurchased over 22% of the Company’s shares since October 2017

17 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 HC1 western Canada . The decline in well count has been offset by an increase in well intensity . Q1 average rig count of > 200 resulted in full utilization of all industry staffed fracturing crews (36 crews)

Canadian Well Count 12 Month Trailing Average Canadian Rig Count 15000 500 Well Count Market Shift – New Frac 400 10000 Market Equilibrium 300

200 5000 Well Count Market Shift – Old Frac 100 Market Equilibrium 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Petroleum Services Association of Canada and Internal Estimates Source: Baker Hughes GE Rig Count. 2020 includes actuals to March 6th and internal estimates to end of Q1/20.

19 Slide 19

HC1 * 238 rigs in Q1 to-date (to March 5th; CAODC) * TCW Forecast is for 200 in Q1 Hansen, Chad, 3/11/2020 CANADIAN INDUSTRY: INCREASED WELL SERVICE INTENSITY

WCSB - Tonnes / Well WCSB - Wells Drilled 3,500 12,000 3,093 10,853 10,924 2,887 3,000 10,000 2,500 8,000 6,959 6,781 2,000 1,843 6,000 5,376 5,050 1,285 1,326 4,809 1,500 3,963 777 4,000 1,000 616 500 2,000 - - 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019E 2020E

Source: Canadian Discovery Source: Stifel FirstEnergy

. 2019 well count 29% below 2018 levels . 2020 estimates subject to change resulting from significant decline in oil prices . 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 2020 • Tonnes of proppant placed per meter grew by approximately 30% in 2018 relative to 2017 - 1.5 tonnes / metre in 2018 vs. 1.2 tonnes / metre in 2017 (current 2019 data shows 1.4 tonnes / metre) - Leading edge 2.0 tonnes / metre • 2018 and 2019 data weighted to higher well service intensity wells

20 TRICAN: MARKET COVERAGE

Market Leading Positions . Canadian market leader in fracturing services (crewed HHP) Horn River British Columbia Alberta Saskatchewan Manitoba . Canadian market leader in cementing Shale FORT ST. JOHN services (based on rig count) Montney Shale GRANDE PRAIRIE Duvernay WHITECOURT Shale . Supporting service lines: coil tubing, HINTON NISKU nitrogen, acid, pipeline and industrial RED DEER Viking Tight services Deep ESTEVAN Oil Basin CALGARY BROOKS MEDICINE HAT . Trican service line offerings cover

approximately 60% to 70% of resource Cardium Lower Bakken Spearfish well AFE costs Tight Oil Shaunavon Shale Tight Oil

21 TRICAN: CEMENT SERVICES

. Drilling rig count provides: • A general indication of operational activity • Cement operations track very closely with the 12 Month Trailing Average Canadian Rig Count drilling rig activity 500 • Lower rig count has reduced cement truck 400 requirements, but longer laterals and 300 increased cement requirements has counter- acted this requirement 200

• Cement service landscape is concentrated 100 amongst three primary players 0 • Trican has maintained a steady market share 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

in this service line over the past decade Source: Baker Hughes GE Rig Count. 2020 includes actuals to March 6th and internal estimates to end of Q1/20. • Positive return on capital service line

22 TRICAN: GROWING COILED TUBING

. Adding scale to improve operating results

. Currently running 9 active units

. Have 14 more units to add back into the market with little capital investment required LD [3]3

23 Slide 23

LD [3]3 Pricing has come down betwen 10% to 15% on contract work, thanks to our good friends at STEP. Spot work is down as well but not as much. Lopushinsky, Daniel, 3/4/2020 TRICAN: INNOVATION

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

. Patented MVP™ fracturing fluids that suspend proppants and increase production

. Nano surfactants to improve water flowback

. Developed new, high viscosity friction reducers for produced water fluids

. 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

24 TRICAN STRENGTH: FINANCIAL MANAGEMENT AND CAPABILITIES

Current Cycle Low industry activity cycle cash flow management:

. Continue to focus on lowering costs in downturn environment • $40 million annualized cost savings realized throughout 2019 (full realization in 2020) • Will adjust cost structure as activity declines . Will maintain a strong balance sheet during downturn

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 $60 million of proceeds from asset sales and expects to realize an incremental $20 million in Q1 2020 . Currently have approximately $18 million of real estate available for sale

1 See non-GAAP measures as more fully described in Trican’s MD&A. 25 NEAR-TERM OUTLOOK & INVESTMENT SUMMARY OUTLOOK: Q1 2020

. Industry activity has been similar to Q1 2019 • Approximately 10 fewer crews in basin as compared to Q1 2019 • No spare capacity in the Basin • Supply / demand in balance for fracturing and coil in Q1 • Cement undersupplied in Q1 resulting in very high utilization

. Trican fully booked on all active equipment until mid-March • 8 fracturing crews • 22 primary cement units • 9 coil units

. Prices relatively flat sequentially but down year-over-year

27 OUTLOOK: REMAINDER OF 2020

. Customers will adjust spending as commodity prices and cash flows drop • Each customer will adjust differently

. Trican will adjust active equipment and costs to changing activity levels

. Takeaway issues remain for oil and gas in 2020; should improve by year end • Oil, rail and pipelines being added throughout the year • Oil curtailment should end by 2021 • Improvements to natural gas infrastructure system should support better AECO prices in the summer • Natural gas storage remains very low which should support AECO pricing • Companies continue to downsize and park equipment

28 WHY INVEST IN TRICAN

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

Debt / Tangible Equity Tangible / Debt 0.4x equipment for ($160 / HHP) 0.20 0.2x Value Book / Tangible Price . Ability to ride out the downturn with - 0.0x significant torque upon recovery in the industry Debt to Tangible Equity (LHS) Price to Tangible Book (RHS)

29 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 • Low 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

30 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

32 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 Year Ended $ Millions relies on Free Cash Flow as an additional performance measure used as December 31, 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 provides management with information to determine if funds might be available Operating Activities $28.6 for incremental financing activities, including repurchase of shares and / or Change in non-cash repayment of debt. A deficit of free cash flow indicates management may require working capital $1.8 other sources of cash to maintain the existing capital structure, including new Purchase of property loans and borrowings or asset divestitures. Changes in non-cash working capital and equipment ($33.2) are excluded from the calculation as these changes are less reflective of the Free Cash Flow ($2.8) current period’s “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.

33 INVESTOR PRESENTATION March 2020