INVESTOR PRESENTATION April 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 . Financial position allows company to survive current downturn and 0.60 $800 $700 be in a strong position to take advantage of opportunities when 0.50 $600 industry improves 0.40 $500 0.30 $400 . Company has deleveraged by more than $700 million and $300 0.20 improved asset coverage relative to 2015 cyclical low $200

0.10 (millions) Debt Total • Sold Russia business for ~ $1,720/HHP (Q3 2015) Capital Tangible / Debt $100 - $0 • Sold US business for ~ $630/HHP (Q1 2016) 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 . Monetizing stranded capital by selling permanently idled assets Total Debt (RHS) Debt / Tangible Capital (LHS) • Since 2017, sold $60 million of excess property and equipment at Canadian Results ($ millions) values approximating net book value $1,200 • Sold water business in Q1 2020 for $17.6 million $1,000 • Selling redundant real estate: ~ $18 million listed for sale $800 $600 Strong Financial Position $400 . Net bank debt of ~ $25 million (Mar. 31, 2020) (bank debt less ~ $200 $0 $23 million of cash) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Revenue Adjusted EBITDA

. Positive working capital of greater than $100 million (Mar. 31, 2020) 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 fewer 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 stacked Continuous and requires little capex to activate 2,700 / 3,000 HHP 126 345,000 59% Duty • Allows Trican to continue to efficiently operate in the highest service intensity Mid Tier 2,500 HHP 95 237,500 41% resource plays: Montney, Duvernay and Total Deep Basin (accounts for ~80% of the Fracturing 221 582,500 required HHP demand in Canada) Fleet

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 CAPACITY IN Q1 2020

. Canadian competitive landscape much better Hydraulic Capacity Active Fleets than U.S. market Horsepower Crewed (HHP) . Recent downturn is anticipated to drop active Trican 583,000 324,000 8 crewed fleets by half in second half of 2020 Competitor A 305,000 193,000 4 • Crewed capacity in second half estimated to be Competitor B 298,000 225,000 6

660,000 HHP and 18 crews as of April 1 Competitor C 170,000 125,000 2

• Evolving situation as second half activity Competitor D 250,000 140,000 3 becomes better defined Competitor E 263,000 175,000 5 . Crewed capacity was reduced ~ 400,000 HHP Competitor F* 85,000 85,000 4 during 2019 Competitor G* 50,000 50,000 4

2,004,000 1,317,000 36 . Trican will not staff additional capacity until prices improve * Smaller crews not suitable for all higher intensity plays Source: Competitor company reports, internal company data, and internal estimates

13 TRICAN STRENGTH: AVAILABLE CAPACITY

. Trican has reduced its fleet size in response to Service Line Total Active, Idled Equipment Manned declining market conditions 162,000 421,000 Fracturing (HHP) 583,000 (4 fleets) (9 fleets)

. Current downturn will result in Trican parking Cementing (trucks) 62 11 51 approximately half of our active equipment going forward that we were running in Q1 Coil Tubing (units) 23 6 17

. Will continue to monitor customer activity levels going forward and will adjust equipment as required to reduce costs and keep utilization high on active equipment

. Existing idle equipment provides opportunity for incremental returns upon a market recovery • Substantial leverage on existing infrastructure and fixed cost structure upon recovery • Assets are well-maintained and not scavenged • Can be activated by adding staff with little capital • Approximately 9 fracturing fleets parked

14 TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET

. We will continue to align our business to the changes in the Canadian market and lower our costs accordingly: • Reduced personnel costs including fixed and G&A by approximately 50% • Parked half of our active Q1 equipment • Reduced discretionary costs in all categories • Lowered capital spending to only essential maintenance capital: estimated to be 3 to 4% of revenue going forward • Will monitor customer activity going forward and will adjust size of operations and cost structure with the target of making positive operating cash flow in the second half of the year • History of cost reductions: annualized $40 million in cost reductions during 2019

15 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 million to shareholders Dividends and Share Repurchases, 2006 - 2019 100,000 400,000 . The Company remains focused on finding ways Cumulative Dividend (RHS) to return funds to shareholders 75,000 300,000 Cumulative NCIB (RHS)

• Have been actively purchasing shares under our Annual (LHS) 50,000 200,000 current NCIB and have purchased 6% of our Cumulative (RHS) approved volume since October 1, 2019 25,000 100,000 • Repurchased over 22% of the Company’s shares since October 2017 - - • Paused NCIB recently and will activate once 2006 2008 2010 2012 2014 2016 2018 industry visibility improves and stabilizes • Current market dynamics support share repurchases as the best way to return money to shareholders

16 CANADIAN INDUSTRY & TRICAN COMPETITIVE POSITIONING 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

18 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

19 TRICAN: CEMENT SERVICES

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

cement requirements have counteracted this 200 requirement 100 • Only two primary competitors in the cement business 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 • Trican has maintained a steady market share in Source: Baker Hughes GE Rig Count. 2020 includes actuals to this service line over the past decade March 6th and internal estimates to end of Q1/20. • Positive return on capital service line

20 TRICAN: GROWING COILED TUBING

. Adding scale to improve operating results

. Currently running 6 active units

. Have 17 more units to add back into the market with little capital investment required

21 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 • Some direct chemical sales to customers who use other pumping service providers . Introducing new technology to reduce tractors on location which will provide fuel savings, result in fewer 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

22 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) • Have adjusted active equipment, fixed and G&A costs down approximately 50% by April 1, 2020 • Will continue to adjust active equipment and costs downward to match industry activity . 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 $15 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. 23 NEAR-TERM OUTLOOK & INVESTMENT SUMMARY OUTLOOK: Q2 2020

. Very slow quarter as customers adjust to new commodity prices and delay well plans

. Trican has aggressively reduced cost structure to adjust to reduced activity levels

. Prices relatively flat sequentially

25 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

. Overall activity estimated to be down 50% in second half of 2020 • Oil activity will be substantially down at current commodity prices • AECO natural gas prices currently at a level that will drive some gas activity in second half

. Pricing at levels that will not allow us to give many price breaks

. Will park additional equipment rather than operate at negative cash returns

26 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)

27 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

28 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

30 INVESTOR PRESENTATION April 2020