1

First Quarter Ended March 31, 2017

2

In the interest of providing shareholders and potential investors with information regarding TFIInternational, including management’s assessment of future plans and operations, certainstatements in this presentation are forward-looking statements subject to risks, uncertaintiesand other important factors that could cause the Company’s actual performance to differmaterially from those expressed in or implied by such statements.

Such factors are further discussed under Risks and Uncertainties in the Company’s AnnualInformation Form and MD&A, but readers are cautioned that the list of factors that may affectfuture growth, results and performance is not exhaustive, and undue reliance should not beplaced on forward-looking statements.

Although the Company believes that the expectations conveyed by the forward-lookingstatements are based on information available to it on the date such statements were made,there can be no assurance that such expectations will prove to be correct. All subsequentforward-looking statements, whether written or orally attributable to the Company or personsacting on its behalf, are expressly qualified in their entirety by these cautionary statements.

Unless otherwise required by applicable securities laws, the Company expressly disclaims anyintention, and assumes no obligation, to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise.

Forward-Looking Statements

3

Why Invest in TFI International

Proven acquisition

strategy

Profitable earnings growth

company

Diversification by industry sectors and geographyMarket leader in

key transportation and logistics

segments

Portfolio of value added

solutions and services

Superior record of

shareholder value creation

Financial discipline

4

Creating Shareholder Value

• Solidifying our position as a leader in the North American transportation and logistics industry

• Delivering profitable earnings growth – both organic and through our proven acquisition strategy– Disciplined, strategic, and profitable acquisitions and partnerships– Focus on operations, integration, and realization of synergies

• Maintaining a strong balance sheet and access to capital

• Leveraging our team of dedicated professionals to provide value-added services and solutions across each of our business segments

5

Consistent, Profitable Growth

12.5% Revenue BFS CAGR (2012-TTM) 13.5% Adj. EBITDA CAGR (2012-TTM)

Revenue Before Fuel Surcharge*(millions of CA$)

Adjusted EBITDA* and Diluted Adj. EPS*

15.3% Diluted Adj. EPS CAGR (2012-TTM)

475

2.07

0.75

1.00

1.25

1.50

1.75

2.00

2.25

100

150

200

250

300

350

400

450

500

550

12 13 14 15 16 TTMAdj. EBITDA (millions of CA$) Diluted Adj. EPS (CA$)

* From continuing operations. These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures.

3,897

1,000

2,000

3,000

4,000

5,000

12 13 14 15 16 TTM

6

Commitment to Generating Free Cash Flow

Free Cash Flow (FCF)*(millions of CA$)

Cumulative Cash Returned to Shareholders

(millions of CA$)

12.3% FCF CAGR (2012-TTM)88.5% FCF CONVERSION (TTM)

293

100

150

200

250

300

350

12 13 14 15 16 TTM

713

0

100

200

300

400

500

600

700

800

12 13 14 15 16 Q1'17

* Defined as Net cash from continuing operations less additions to property and equipment plus proceeds from sale of property and equipment and assets held for sale.

0%

50%

100%

150%

200%

250%

300%

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17

7

Delivering Shareholder Value

TSX Total Return

* Total return performance includes dividends

5-year total return*

187%

147%

8

Review of TFI International

9

Overview of TFI International

• TFI International is a full service transportation and logistics company serving customers across the United States, Canada, and Mexico

• 404 terminals (89 owned, 315 leased)o 103 USAo 289 Canadao 12 Mexico

• 17,897 employees, of which 8,429 are drivers

• 17,891 tractorso 7,836 owned or leasedo 10,055 independent contractors

• 24,715 trailers

• Our operating companies are wholly-owned subsidiaries but tend to operate under their own brands

• TFI International is publicly listed on the Toronto Stock Exchange under the ticker TFII

Same-Day/Last Mile Delivery

Next-Day Delivery

Over-the-road Intermodal Conventional Specialized

Package &Courier

Less-Than-Truckload

Truckload Logistics

10

TFI Services by Geography

Package & Courier LTL Truckload Logistics

✔ ✔ ✔ ✔

✔ ✔ ✔ ✔

✔ ✔ ✔

Canada

United States

Mexico*

* LTL and Truckload in Mexico provided by CFI Logistica

11

Diversification by Service Type

• Diversified across four core business segments

• Focus on growing asset-light and value-added operations and lower capital intensity

Segment’s Total Revenue Contribution (before inter-segment eliminations) Q1-2017 2016

Package and Courier (P&C) 29% 34%

Less-Than-Truckload (LTL) 19% 20%

Truckload (TL) 46% 40%

Logistics 6% 6%

12

Diversification by Industry and Geography• TFI has built a robust and well-diversified revenue base

– No single client accounts for > 5% of consolidated revenue

By Top Customers' Industry (Q4-2016) By Geography (Q1-2017)

21%

21%

12%8%

7%

6%

5%

5%

4%

3%3% 2%

3%

E-Commerce

Retail

Manufactured Goods

Automotive

Services

Food & Beverage

Forest Products

Energy

Building Materials

Metals & Mining

Chemicals & Explosives

Maritime Containers

Others

52.7%46.5%

0.8%

Canada

United States

Mexico

13

TFI Package & Courier Division

Division OverviewGeographic Footprint

Package & Courier Operating Companies

SAME-DAY / LAST MILE (53%) NEXT-DAY DELIVERY (47%)

• Same-day and last mile in the US and Canada

• Next-day in Canada and globally through partnership with DHL

• Cutting edge technology

• Specialized supply chain services

All Canadian CourierTForce CriticalTForce Final Mile Canada

Canpar CourierICS CourierLoomis Express

TForce Final Mile U.S.TForce Logistics

Muskoka Delivery ServicesTForce Integrated Solutions

14

TFI Less-Than-Truckload Division

• Over-the-road and intermodal LTL services

• Solid track record for safety and on-time delivery

• Focus on customer facing technology

• Asset light intermodal

Division OverviewGeographic Footprint*

Less-Than-Truckload Operating Companies

OVER-THE-ROAD (63%) INTERMODAL (37%)

* LTL in US provided by partners and in Mexico provided by CFI Logistica

Canadian Freightways CavalierConcord Kingsway La Crete Transport

Clarke National Fast Freight

Quiktrax Intermodal Vitran

McMurray Serv-U ExpeditingQuik X Transportation Total Transfer Tripar Transportation TST Overland Express

15

TFI Truckload Division

• Dry van full truckload

• Flatbed, tanks, dumps, oversized and other specialized services

• Modern fleet

• We own our assets and have long established partner carrier relationships

Division Overview

Truckload Operating Companies

CONVENTIONAL (48%) SPECIALIZED (52%)

Geographic Footprint*

* Truckload in Mexico provided by CFI Logistica** US based

A&M Intl.Besner CFI**Clarke Road Couture

BergeronCharbonneauContransDurocher Intl.ECL CarriersE.L. Farmer**GHL Transport

GanecaGrégoireHighland LaidlawPapineau Intl.

Roadfast Transport America**Transport J.C. GermainTST Truckload

Glen TayGolden Intl. Highland Intermodal JAF KingswayLaidlaw McArthur Express

Mirabel LogisticsNordique Peter HodgeP&W Intermodal Rebel TransportTF Dedicated**TF Truckload

Trans2D LogisticsTrans4 DedicatedTri-Line Carriers TST ExpeditedVilleneuve Tank Lines Westfreight Systems Winalta

16

TFI Logistics Division

• Full service logistics and transportation management

• Provides a complete one-stop experience for TFI customers, completing TFI’s portfolio of assets

Division Overview

Logistics Operating Companies

Geographic Footprint

Cavalier LogisticsCFI LogisticaCFI LogisticsCK LogisticsClarke North AmericaCornerstone Logistics

E&L LogisticsHyphenKobelt TransportationLandryOptimal FreightPatriot Freight Services

Quik X LogisticsSt-LambertStream LogisticsTLS Trailer Leasing ServicesVelocity Supply Chain Solutions

17

Growth Opportunities

18

Growth Through Acquisitions - Strategy

• Strategic, disciplined, and accretive acquisitions– Proven track record of executing acquisition strategy

• Completed over 80 acquisitions in the past 10 years• Strong focus on integration, operations and realization of synergies

• Other recent significant acquisitions: – CFI cemented TFI’s presence continent-wide and positioned us as one of the

foremost TL carriers in the U.S., with increased access to Mexico and the flow of cross-border trading

– World Courier Ground, renamed TForce Critical, strengthening our asset light P&C business in the U.S. and diversifying TFI into medical last mile

– National Fast Freight, a non-asset LTL intermodal business providing TFI with additional density in the Canadian LTL intermodal segment

– Cavalier Transportation Services, a cross-border LTL and TL business with value added services such as brokerage and warehousing

19

Growth in E-Commerce

• TFI services e-commerce from 80 North American cities

• E-commerce TTM revenue of CA$433.1 million

• Further opportunities for the Package and Courier segment, both through acquisitions and organic growth

• Increasing facility utilization with addition of same-day service

20

TFI in E-Commerce Throughout the Portfolio

P&C TL LTL Logistics Total

65.5 8.9 2.1 - 76.5

250.4 104.2 - 2.0 356.6

Total 315.9 113.1 2.1 2.0 433.1

TTM E-Commerce Revenue by Segment(millions of $CA)

Canada

United States

The evolution of E-Commerce fulfillment has created numerous opportunitiesfor TFI International companies

21

Shipper - Warehouse

Direct Delivery

CustomerBusiness

Sorting Facility

Region ARegion BBusiness

Linehaul

Delivery

Pickup

Sorting Facility

Shipper -Warehouse

Next-Day Services Same-Day Services

Customer

Evolution of E-Commerce Fulfillment

22

Growth in TFI E-Commerce Revenue

E-Commerce Revenue(millions of CA$)

25.4% E-Commerce Revenue CAGR (2012-TTM)

433

100

150

200

250

300

350

400

450

500

12 13 14 15 16 TTM

23

TFI’s E-Commerce Customers Deliver Outsized Growth

E-Commerce Revenue with Customer A (millions of CA$)

Evolution of B2B/B2C Split

19.8% Revenue CAGR (2012-TTM)

99.1% Revenue CAGR (2012-TTM)

E-Commerce Revenue with Customer B (millions of CA$)

74% 69% 68% 66%59% 59%

26% 31% 32% 34%41% 41%

12 13 14 15 16 TTM

B2B B2C

112

0

20

40

60

80

100

120

12 13 14 15 16 TTM

97

405060708090

100110

12 13 14 15 16 TTM

24

(From continuing operations)

Financial Highlights

260

100

150

200

250

300

350

13 14 15 16 TTM

Adjusted Operating Income*(millions of CA$)

293

100150200250300350

13 14 15 16 TTM

Free Cash Flow*(millions of CA$)

25

Five-Year Financial Highlights

7.3% 7.7% 7.6% 7.0% 6.7% Margin as a % of revenue before fuel surcharge

* These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures.

1.64 2.45 2.91 3.08 3.18 $ / share

475

200250300350400450500

13 14 15 16 TTM

Adjusted EBITDA*(millions of CA$)

3.9

1

2

3

4

13 14 15 16 TTM

Revenue before Fuel Surcharge(billions of CA$)

Net maintenance Capex 26.2 43.9 110.8 70.8 72.4Proceeds from excess assets (25.7) (58.8) (45.4) (21.3) (17.7)Business acquisitions 57.3 814.2 44.8 798.3 839.1Net long-term debt repayment (proceeds) 71.2 (579.4) 139.1 6.1 (750.4)

Cash return to shareholdersDividend paidRepurchase of shares

67.348.119.2

114.056.657.4

190.468.6

121.8

215.364.1

151.2

152.564.987.6

Others 24.5 (38.6) (2.7) 38.3 14.5Net cash (from) used in discontinuedoperations (68.6) (66.8) (78.2) (769.6) 37.6

TOTAL 152.2 228.5 358.8 337.9 348.0

26

Five-Year Financial Highlights Cash Flow Usage

348.0

100

150

200

250

300

350

400

2013 2014 2015 2016 TTM

Net Cash Flow from Continuing Operations(in millions of CA$)

3.1%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

13 14 15 16 TTM

27

Five-Year Financial Highlights• Rolling Stock Capex and Depreciation are very low when compared to the

industry due to asset-light model, which reduces capital intensity

Rolling Stock Depreciation(% of Total Revenue)

2.4%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

13 14 15 16 TTM

Rolling Stock Capex(% of Total Revenue)

28

Segmented Financial Highlights – Q1 2017

(in millions of $)Package and

CourierLess-Than-Truckload Truckload Logistics Total (*)

Q1-2017 Q1-2016 Q1-2017 Q1-2016 Q1-2017 Q1-2016 Q1-2017 Q1-2016 Q1-2017 Q1-2016

Revenue before fuelsurcharge 320 312 199 177 487 338 68 54 1,059 867

Adjusted EBITDAR** 46 39 23 17 78 62 9 7 147 118Adjusted EBITDAR Margin (%)** 14.4% 12.5% 11.7% 9.3% 15.9% 18.4% 12.8% 12.2% 13.8% 13.7%

Adjusted EBITDA** 31 26 17 13 64 48 7 5 110 86Adjusted EBITDA Margin (%)** 9.8% 8.2% 8.4% 7.2% 13.1% 14.3% 10.2% 9.4% 10.3% 9.9%

Adjusted Operating income** 23 17 9 5 15 20 6 4 42 40

Adjusted Operating margin (%)** 7.2% 5.4% 4.4% 3.0% 3.0% 6.0% 8.3% 7.7% 4.0% 4.6%

Total Assets 686 699 667 643 2,456 1,530 187 134 4,061 3,035

Total Hard Assets 241 256 417 418 1,304 772 44 39 2,070 1,511

Adjusted Net Income** 33 31Free Cash Flow** 29 25* Including inter-segment revenue eliminations and corporate expenses and assets.** These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures.

2.9x

4.6x

3.6x 3.5x 3.5x

13 14 15 16 TTM

Total Debt / Adjusted EBITDA

29

Balance Sheet• Leverage metrics

− Disciplined acquisition strategy with focus on preserving balance sheet strength and attractive cost of capital

− Debt as at March 31, 2017: $1,645 million

774

1,618 1,615 1,585 1,645

13 14 15 16 TTM

Total Debt(millions of CA$)

5.2% 4.0% 3.7% 3.6% 3.7%Weighted average cost

30

Balance Sheet• Debt structure

– $1.2 billion unsecured banking credit facility • Matures in June 2020 and can be extended annually• Provides favourable terms and conditions and capital management flexibility

– $125 million unsecured debentures• Interest rate between 3% and 3.45% and matures in December 2020• Can be repaid, without penalty, after December 18, 2019

– $75 million unsecured term loan• 3.95% interest rate and matures in August 2019• Can be repaid, without penalty, after August 18, 2018

– $500 million acquisition credit • Two tranches, $200 million maturing in October 2018 and $300 million maturing in

October 2019• Same pricing, covenants and conditions as the revolving banking credit facility

31

Delivering Shareholder Value

48.6

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

20

40

60

80

17 18 19 20 21

Expected Amortization of Intangible Assets & Incremental EPS

Amortization (in M$) Incremental EPS (in $)

0.11

11.4%

5.0%

7.5%

10.0%

12.5%

15.0%

17.5%

14 15 16 TTM

Adjusted Return on Equity*ROE - %

* Before impairment of intangible assets in 2017.

32

Delivering Shareholder Value• Quarterly dividend was at $0.19; annual dividend yield of 2.4% (on March 31, 2017

share price)– Plan to distribute 20-25% of annualized free cash flow available

• Free Cash Flow from continuing operations of $3.18 per share for the last 12 months ended March 31, 2017 – 10.2% yield

• Healthy Free Cash Flow conversion ratio of 88.5% for the last 12 months ended March 31, 2017 (Defined as (EBITDA – Net CAPEX) / EBITDA)

• Average Adjusted ROE of 12.6% since 2012

• Renewed NCIB to repurchase up to 6 million shares until September 29, 2017– 40,578 common shares repurchased so far on this NCIB for a total of $1.1 million

• Benefits from evolution to an asset-light business model– Higher return on assets and asset turnover

33

• Cautiously optimistic in regards to the North American economy: low unemployment, solid consumer spending and rising oil prices should help produce a gradual recovery in freight volume and rates

• However, current conditions remain relatively challenging, which should limit organic growth over the short-term

• P&C segment:

– Further optimize asset utilization

– Capture an increasing share of the growing e-commerce delivery business

• LTL segment:

– Remain disciplined in adapting supply to demand, as overcapacity continues to affect the industry

– Expand capabilities in asset-light intermodal activities that generate higher returns

Outlook

34

• TL segment:

– Market conditions remain difficult and are not expected to significantly improve before the end of 2017

– Leverage our enhanced density in the U.S. and in Mexican cross-border activities following the acquisition of CFI

• Logistics segment:

– Will continue to grow our presence in this market, as these non-asset-based activities represent a strategic complement to conventional transportation services

• Pursuing execution of a disciplined acquisition strategy in the fragmented North American transportation and logistics market

• Asset-light model further strengthens cash flow generation

– Used for strategic acquisitions and debt reduction

– Dividends and share repurchases further increase shareholder returns

Outlook

35

Five-Year Reconciliation of Adj. EBITDA*

(in millions of $) (from continuing operations)

TTMQ1-2017 2016 2015 2014 2013

Net income 155.9 157.1 145.7 116.2 77.5

Net finance costs 46.1 54.9 75.7 64.2 72.9

Income tax expense 44.8 46.2 55.1 47.2 26.6

Operating income 246.8 258.2 276.5 227.6 177.0

Goodwill impairment 13.2 - - - -

Adjusted operating income 260.0 258.2 276.5 227.6 177.0

Depreciation of property and equipment 159.2 139.4 129.1 86.0 65.5

Amortization of intangible assets 55.7 53.7 47.1 35.7 25.3

Adjusted EBITDA 474.9 451.3 452.7 349.3 267.8* This is a non-IFRS measure.

36

Five-Year Reconciliation ofFree Cash Flow*

(in millions of $)(from continuing operations)

TTMQ1-2017 2016 2015 2014 2013

Net cash from operating activities 348.0 337.9 358.8 228.5 152.2

Additions to property and equipment (118.0) (110.6) (157.8) (69.3) (49.2)Proceeds from sale of property and

equipment and AHFS 63.1 61.0 90.5 84.2 48.7

Free cash flow from continuing operations 293.1 288.3 291.5 243.4 151.7* This is a non-IFRS measure.

37

Five-Year Reconciliation ofAdjusted EPS - diluted*

(in millions of $) TTMQ1-2017 2016 2015 2014 2013

Net income 150.1 639.6 163.4 127.9 62.4 Amortization of intangible assets related to acquisitions, net of tax 33.9 32.7 28.8 21.7 15.1

Change in fair value of derivatives, net of tax (3.1) 3.5 9.5 3.7 (0.8)

Net foreign exchange (gain) loss, net of tax 1.1 1.6 (1.0) 2.9 22.5

Impairment of intangible assets, net of tax 8.7 - - - -Net (income) loss from discontinued operations 5.8 (482.5) (17.7) (11.7) 15.2

Adjusted net income 196.5 194.9 183.0 144.5 114.4

Adjusted earnings per share - basic 2.12 2.08 1.83 1.45 1.24

Adjusted earnings per share - diluted 2.07 2.04 1.79 1.42 1.20 * This is a non-IFRS measure.

38

Three-Month Reconciliation of Adjusted Net Income from Continuing Operations*

* This is a non-IFRS measure.

(in millions of $)

Three months endedMarch 31

2017 2016

Net income 14.1 503.6Amortization of intangible assets related to business acquisitions, net of tax 9.3 8.1

Net change in fair value of derivatives, net of tax (0.4) 6.2

Net foreign exchange loss, net of tax 1.1 1.6

Impairment of intangible assets 8.6 -

Net income from discontinued operations - (488.3)

Adjusted net income from continuing operations 32.7 31.2

39

Three-Month Reconciliation of Free Cash Flow*

* This is a non-IFRS measure.

(in millions of $)

Three months endedMarch 31

2017 2016

Net cash from continuing operations 50.3 40.2

Additions to property and equipment (36.6) (29.1)

Proceeds from sale of property and equipment 13.9 13.6

Proceeds from sale of assets held for sale 1.9 -

Free cash flow from continuing operations 29.5 24.7