1

Fourth Quarter and Year Ended December 31, 2016

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

12.3% Revenue BFS CAGR (2011-16) 14.4% EBITDA CAGR (2011-16)

Revenue Before Fuel Surcharge*(millions of CA$)

EBITDA* and Diluted Adjusted EPS*

20.3% Diluted Adj. EPS CAGR (2011-16)

451

2.04

0.75

1.00

1.25

1.50

1.75

2.00

2.25

100

150

200

250

300

350

400

450

500

550

11 12 13 14 15 16EBITDA (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.

3,705

1,000

2,000

3,000

4,000

11 12 13 14 15 16

6

Commitment to Generating Free Cash Flow

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

Cumulative Cash Returned to Shareholders

(millions of CA$)

9.5% FCF CAGR (2011-16)89.0% FCF CONVERSION (2016)

288

100

150

200

250

300

350

11 12 13 14 15 16

737

0

100

200

300

400

500

600

700

800

11 12 13 14 15 16

* 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%

Feb/12 Feb/13 Feb/14 Feb/15 Feb/16 Feb/17

7

Delivering Shareholder Value

TSX Total Return

* Total return performance includes dividends

5-year total return*

225%

143%

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

• 398 terminals (89 owned, 309 leased)o 97 USAo 289 Canadao 12 Mexico

• 17,685 employees, of which 8,298 are drivers

• 18,535 tractorso 8,265 owned or leasedo 10,270 independent contractors

• 25,310 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) 2016 2015

Package and Courier (P&C) 34% 33%

Less-Than-Truckload (LTL) 20% 22%

Truckload (TL) 40% 39%

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 (2016) By Geography (2016)

38%

13%8%

7%

6%

6%

5%

4%4%

3% 2%4%

Retail

Manufactured Goods

Automotive

Services

Food & Beverage

Forest Products

Energy

Building Materials

Metals & Mining

Chemicals & Explosives

Maritime Containers

Others

60.5%

39.4%

0.1%

Canada

United States

Mexico

13

TFI Package & Courier Division

Division OverviewGeographic Footprint

Package & Courier Operating Companies

SAME-DAY / LAST MILE NEXT-DAY DELIVERY

• 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 CourierDynamexEnsenda

Canpar CourierICS CourierLoomis Express

Hazen Final MileTForce DirectTForce Critical

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 INTERMODAL

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

Canadian Freightways CavalierConcord Kingsway LaCrete

Clarke NFF

Quik X Vitran

McMurray Serv-U ExpeditingQuik X Total Transfer Tripar Transportation LP 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 SPECIALIZED

Geographic Footprint*

* Truckload in Mexico provided by CFI Logistica

A&M Intl.BesnerCFIClarke Couture

BergeronCharbonneauContransDurocher Intl.E.L. FarmerGHL Transport

GanecaGrégoireHighlandJ.C. GermainLaidlaw

PapineauRoadfastTransport AmericaTST Truckload Exp.

Golden Intl. Highland Intermodal JAF KingswayMirabel Logistics McArthur Express

NordiqueP&W Intermodal Rebel TransportTF DedicatedTF Truckload & Logistics

Trans4 Dedicated TST Expedited Services 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

CFI LogisticaCFI LogisticsCK LogisticsClarke North AmericaCornerstone Logistics

E&L LogisticsHyphenKobelt TransportationLandryOptimal Freight

Patriot Freight ServicesQuik XSt-LambertStream TLS Trailer Leasing Services

17

Growth Opportunities

18

Acquisition of XPO Truckload (CFI)(Announced and Closed on October 27, 2016)

• USD 530M revenue• USD 115M EBITDA• 29 locations• 3,000 tractors and 7,500 trailers

Top Quality TL Operation of

Scale

• Approximately 50% of TFI revenue now originates in the United States

• Approximately 50% of TFI revenue is now in Truckload• Access to Mexico using partners for the last mile

Strategic Benefits

• Reviving the iconic CFI brand under which this business has historically operatedIconic Brand

19

Growth Through Acquisitions - Strategy

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

• Completed over 100 acquisitions in the past 10 years• Strong focus on integration, operations and realization of synergies

• Other recent significant acquisitions: – 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

20

Growth in E-Commerce

• TFI services e-commerce from 80 North American cities

• Currently providing same-day delivery for a leading retailer in 18 North American markets, which is more than half the locations that company offers same-day delivery in

• E-commerce 2016 revenue of CA$434.5 million

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

• Increasing facility utilization with addition of same-day service

21

TFI in E-Commerce Throughout the Portfolio

P&C TL LTL Logistics Total

61.9 9.2 2.5 - 73.6

253.1 106.5 - 1.3 360.9

Total 315.0 115.7 2.5 1.3 434.5

2016 E-Commerce Revenue by Segment(millions of $CA)

Canada

United States

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

22

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

23

Growth in TFI E-Commerce Revenue

E-Commerce Revenue(millions of CA$)

23.6% E-Commerce Revenue CAGR (2011-16)

435

100

150

200

250

300

350

400

450

500

11 12 13 14 15 16

24

TFI’s E-Commerce Customers Deliver Outsized Growth

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

Evolution of B2B/B2C Split

118.7% Revenue CAGR (2011-16)

14.4% Revenue CAGR (2011-16)

E-Commerce Revenue with Customer B (millions of CA$) 78% 74% 69% 68% 66%

59%

22% 26% 31% 32% 34%41%

11 12 13 14 15 16

B2B B2C

98

405060708090

100110

11 12 13 14 15 16

100

0

20

40

60

80

100

120

11 12 13 14 15 16

25

(From continuing operations)

Financial Highlights

258

100

150

200

250

300

350

12 13 14 15 16

Operating Income(millions of CA$)

288

100150200250300350

12 13 14 15 16

Free Cash Flow*(millions of CA$)

26

Five-Year Financial Highlights

7.5% 7.3% 7.7% 7.6% 7.0% 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.

1.89 1.64 2.45 2.91 3.08 $ / share

451

200250300350400450500

12 13 14 15 16

EBITDA*(millions of CA$)

3.7

1

2

3

4

12 13 14 15 16

Revenue before Fuel Surcharge(billions of CA$)

Net maintenance Capex 45.2 26.2 43.9 110.8 70.8Proceeds from excess assets (12.6) (25.7) (58.8) (45.4) (21.3)Business acquisitions 80.4 57.3 814.2 44.8 798.3Net long-term debt repayment (proceeds) 63.5 71.2 (579.4) 139.1 6.1

Cash return to shareholdersDividend paidShare buy back

108.546.661.9

67.348.119.2

114.056.657.4

190.468.6

121.8

215.364.1

151.2Others (1.4) 24.5 (38.6) (2.7) 38.3Net cash from discontinuedoperations (71.9) (68.6) (66.8) (78.2) (769.6)

TOTAL 211.7 152.2 228.5 358.8 337.9

27

Five-Year Financial Highlights Cash Flow Usage

337.9

100

150

200

250

300

350

400

2012 2013 2014 2015 2016

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

* 12-month period ended September 30, 2016

3.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

12 13 14 15 16

2.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

12 13 14 15 16

28

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 Capex(% of Total Revenue)

Depreciation(% of Total Revenue)

29

Segmented Financial Highlights – Q4 2016

(in millions of $)Package and

CourierLess-Than-Truckload Truckload Logistics Total (*)

Q4-2016 Q4-2015 Q4-2016 Q4-2015 Q4-2016 Q4-2015 Q4-2016 Q4-2015(restated) Q4-2016 Q4-2015

(restated)

Revenue before fuelsurcharge 350 340 177 189 458 369 66 59 1,036 939

EBITDAR 57 50 26 21 84 71 10 8 166 145EBITDAR Margin (%) 16.2% 14.6% 14.7% 11.2% 18.4% 19.4% 14.8% 13.0% 16.0% 15.4%

EBITDA 42 35 22 18 69 58 8 6 130 112EBITDA Margin (%) 12.0% 10.4% 12.5% 9.8% 15.1% 15.6% 12.5% 10.4% 12.6% 11.9%

Operating income 33 26 15 11 28 30 7 5 72 66Operating margin (%) 9.6% 7.8% 8.5% 5.7% 6.2% 8.2% 10.8% 9.0% 7.0% 7.1%

Total Assets 712 729 620 658 2,489 1,577 175 132 4,071 3,127

Total Hard Assets 252 260 400 439 1,311 799 44 38 2,081 1,564

Adjusted Net Income** 52 43Free Cash Flow** 98 126

* 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.

30

Segmented Financial Highlights – FY2016

(in millions of $)Package and

CourierLess-Than-Truckload Truckload Logistics Total (*)

2016 2015 2016 2015 2016 2015 2016 2015(restated) 2016 2015

(restated)

Revenue before fuelsurcharge 1,321 1,250 715 762 1,489 1,439 237 249 3,704 3,631

EBITDAR 207 178 91 89 287 292 33 37 586 577EBITDAR Margin (%) 15.7% 14.3% 12.8% 11.6% 19.3% 20.3% 14.1% 14.8% 15.8% 15.9%

EBITDA 151 124 77 77 230 240 27 31 451 453EBITDA Margin (%) 11.5% 9.9% 10.8% 10.1% 15.4% 16.6% 11.5% 12.6% 12.2% 12.5%

Operating income 117 90 48 46 106 134 23 28 258 276Operating margin (%) 8.8% 7.2% 6.8% 6.0% 7.1% 9.3% 9.9% 11.2% 7.0% 7.6%

Total Assets 712 729 620 658 2,489 1,577 175 132 4,071 3,127

Total Hard Assets 252 260 400 439 1,311 799 44 38 2,081 1,564

Adjusted Net Income** 195 186Free Cash Flow** 288 292

* 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 2.9x

4.6x

3.6x 3.5x

12 13 14 15 16

Total Debt / EBITDA

31

Balance Sheet• Leverage metrics

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

− Debt as at December 31, 2016: $1,584.8 million

808 774

1,618 1,615 1,585

12 13 14 15 16

Total Debt(millions of CA$)

5.6% 5.2% 4.0% 3.7% 3.6%Weighted average cost

32

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

• New $500 million acquisition credit (as of October 2016)

• 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

33

Why Invest in TFI International

34

Delivering Shareholder Value

51.7

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 $)

0.1212.7%

5.0%

7.5%

10.0%

12.5%

15.0%

17.5%

13 14 15 16

Return on EquityROE - %

35

Delivering Shareholder Value• Quarterly dividend was at $0.19; annual dividend yield of 2.2% (on December 31,

2016 share price)– Plan to distribute 20-25% of annualized free cash flow available

• Free Cash Flow from continuing operations of $3.08 per share for the last 12 months ended December 31, 2016 – 8.8% yield

• Healthy Free Cash Flow conversion ratio of 89.0% for the last 12 months ended December 31, 2016 (Defined as (EBITDA – Net CAPEX) / EBITDA)

• Average ROE of 12.9% since 2012

• Substantial issuer bid in Q1-2016 resulted in the repurchase of 2.7 million common shares at $22.00 per share for a total of $59.4 million

• Renewed NCIB to repurchase up to 6 million shares until September 29, 2017– 3,742,778 common shares repurchased in 2016 for a total of $91.8 million

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

36

• 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

Outlook

37

• TL segment:

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

– Market conditions will remain difficult in the U.S. in the first half of 2017 and should improve in the second half

• 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

38

Five-Year Reconciliation of EBITDA*

(in millions of $) (from continuing operations) 2016 2015 2014 2013 2012

Net income 157.0 145.7 116.2 77.5 101.7

Net finance costs 54.9 75.7 64.2 72.9 37.2

Income tax expense 46.3 55.1 47.2 26.6 38.8

Operating income 258.2 276.5 227.6 177.0 177.7

Depreciation of property and equipment 139.4 129.1 86.0 65.5 70.1

Amortization of intangible assets 53.7 47.1 35.7 25.3 29.0

EBITDA 451.3 452.7 349.3 267.8 276.8

* This is a non-IFRS measure.

39

Five-Year Reconciliation ofFree Cash Flow*

(in millions of $)(from continuing operations) 2016 2015 2014 2013 2012

Net cash from operating activities 337.9 358.8 228.5 152.2 211.7

Additions to property and equipment (110.6) (157.8) (69.3) (49.2) (52.4)Proceeds from sale of property and

equipment and AHFS 61.0 90.5 84.2 48.7 19.8

Free cash flow from continuing operations 288.3 291.5 243.4 151.7 179.1* This is a non-IFRS measure.

40

Five-Year Reconciliation ofAdjusted EPS*

(in millions of $) 2016 2015 2014 2013 2012

Net income 639.6 163.4 127.9 62.4 154.2 Amortization of intangible assets related to business acquisitions, net of tax 32.7 28.8 21.7 15.1 17.8 Net change in fair value of derivatives, net of tax 3.6 9.5 3.7 (0.8) (5.7)

Net foreign exchange loss (gain), net of tax 1.5 (1.0) 2.9 22.5 (4.6)Accelerated accretion expense on conversion of debentures, net of tax - - 7.0 - -Reclassification to income of accumulated unrealized gain on investment in equity securities, net of tax - - (5.4) - -

Tax on multi-jurisdiction distributions 0.1 2.6 2.0 - -Net loss (income) from discontinued operations (482.5) (17.7) (11.7) 15.2 (52.4)

Adjusted net income 195.0 185.6 148.1 114.4 109.3

Adjusted earnings per share - basic 2.08 1.85 1.49 1.24 1.15

Adjusted earnings per share - diluted 2.04 1.82 1.46 1.20 1.13

* This is a non-IFRS measure.

41

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

* This is a non-IFRS measure.

(in millions of $)

Three months endedDecember 31

Twelve months endedDecember 31

2016 2015 2016 2015

Net income 45.3 43.7 639.6 163.4Amortization of intangible assets related to business acquisitions, net of tax 9.2 7.6 32.7 28.8

Net change in fair value of derivatives, net of tax (2.0) (3.9) 3.5 9.5

Net foreign exchange loss (gain), net of tax (0.9) (1.6) 1.6 (1.0)

Tax on multi-jurisdiction distributions (0.5) 0.1 0.1 2.6Net loss (income) from discontinued operations 1.1 (3.0) (482.5) (17.7)

Adjusted net income from continuing operations 52.2 42.9 195.0 185.6

42

Three-Month and Twelve-Month Reconciliation ofFree Cash Flow*

* This is a non-IFRS measure.

(in millions of $)

Three months endedDecember 31

Twelve months endedDecember 31

2016 2015 2016 2015

Net cash from continuing operations 109.8 136.8 337.9 358.8

Additions to property and equipment (31.0) (29.1) (110.6) (157.8)Proceeds from sale of property and equipment 19.2 16.2 61.0 68.1

Proceeds from sale of assets held for sale - 1.9 - 22.4

Free cash flow from continuing operations 98.0 125.8 288.3 291.5