Fourth Quarter and Year Ended December 31, 2016

1
 Forward-Looking Statements
In the interest of providing shareholders and potential investors with information regarding TFI
International, including managements assessment of future plans and operations, certain
statements in this presentation are forward-looking statements subject to risks, uncertainties
and other important factors that could cause the Companys actual performance to differ
materially from those expressed in or implied by such statements.

Such factors are further discussed under Risks and Uncertainties in the Companys Annual
Information Form and MD&A, but readers are cautioned that the list of factors that may affect
future growth, results and performance is not exhaustive, and undue reliance should not be
placed on forward-looking statements.

Although the Company believes that the expectations conveyed by the forward-looking
statements 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 subsequent
forward-looking statements, whether written or orally attributable to the Company or persons
acting on its behalf, are expressly qualified in their entirety by these cautionary statements.

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

2
Why Invest in TFI International

Profitable
Proven
earnings
acquisition
growth
strategy
company

Superior Portfolio of
record of value added
shareholder solutions and
value creation services

Diversification
Financial by industry
discipline sectors and
Market leader in geography
key transportation
and logistics
segments

3
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

4
 Consistent, Profitable Growth

Revenue Before Fuel Surcharge* EBITDA* and Diluted Adjusted EPS*

(millions of CA$)

4,000 [VALUE] 550 2.25

[VALUE]
500
2.00
450
3,000 400 451 1.75
350
1.50
300
2,000 250 1.25
200
1.00
150
1,000 100 0.75
11 12 13 14 15 16 11 12 13 14 15 16
EBITDA (millions of CA$) Diluted Adj. EPS (CA$)

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

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

5
 Commitment to Generating Free Cash Flow

Cumulative Cash Returned

Free Cash Flow (FCF)*
(millions of CA$) to Shareholders
(millions of CA$)
350 800 737
700
288
300
600

500
250
400
200 300

200
150
100
100 0
11 12 13 14 15 16 11 12 13 14 15 16

9.5% FCF CAGR (2011-16)

89.0% FCF CONVERSION (2016)
* 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.

6
 Delivering Shareholder Value

400%
5-year total return*

350%

300%

250%
225%
200%
TSX Total Return
150%
162%
100%

50%

0%
Feb/12 Feb/13 Feb/14 Feb/15 Feb/16 Feb/17
* Total return performance includes dividends
7
Review of TFI International

8
 Overview of TFI International

Package & Less-Than- Truckload Logistics

Courier Truckload

Same-Day/Last Next-Day
Over-the-road Intermodal Conventional Specialized
Mile Delivery Delivery

TFI International is a full service 18,535 tractors

transportation and logistics company o 8,265 owned or leased
serving customers across the United States, o 10,270 independent contractors
Canada, and Mexico
25,310 trailers
398 terminals (89 owned, 309 leased)
o 97 USA Our operating companies are wholly-owned
o 289 Canada subsidiaries but tend to operate under their
o 12 Mexico own brands

17,685 employees, of which 8,298 are TFI International is publicly listed on the
drivers Toronto Stock Exchange under the ticker TFII

9
TFI Services by Geography

Package &
LTL Truckload Logistics
Courier

Canada

United States

Mexico*

* LTL and Truckload in Mexico provided by CFI Logistica

10
Diversification by Service Type
Diversified across four core business segments
Focus on growing asset-light and value-added operations and lower capital
intensity

Segments Total Revenue Contribution

2016 2015
(before inter-segment eliminations)

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

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

Truckload (TL) 40% 39%

Logistics 6% 6%

11
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)

Retail

3% 2% Manufactured Goods [PERC

ENTA
4%
Automotive
4%
GE]
Services
4%
Food & Beverage
5% 38%
Forest Products
39.4% Canada
United States
6% Energy
Building Materials 60.5% Mexico
6%
Metals & Mining
7% Chemicals & Explosives
8% 13% Maritime Containers
Others

12
TFI Package & Courier Division

Geographic Footprint Division Overview

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

Package & Courier Operating Companies

SAME-DAY / LAST MILE NEXT-DAY DELIVERY

All Canadian Courier Hazen Final Mile Canpar Courier Muskoka Delivery Services
Dynamex TForce Direct ICS Courier TForce Integrated Solutions
Ensenda TForce Critical Loomis Express

13
TFI Less-Than-Truckload Division

Geographic Footprint* Division Overview

Over-the-road and intermodal LTL
services
Solid track record for safety and
on-time delivery
Focus on customer facing technology
Asset light intermodal

Less-Than-Truckload Operating Companies

OVER-THE-ROAD INTERMODAL

Canadian Freightways McMurray Serv-U Expediting Clarke Quik X

Cavalier Quik X NFF Vitran
Concord Total Transfer
Kingsway Tripar Transportation LP
LaCrete TST Overland Express
* LTL in US provided by partners and in Mexico provided by CFI Logistica

14
TFI Truckload Division

Geographic Footprint* Division Overview

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

Truckload Operating Companies

CONVENTIONAL SPECIALIZED
A&M Intl. Ganeca Papineau Bergeron Golden Intl. Nordique Trans4 Dedicated
Besner Grgoire Roadfast Charbonneau Highland Intermodal P&W Intermodal TST Expedited Services
CFI Highland Transport America Contrans JAF Rebel Transport Westfreight Systems
Clarke J.C. Germain TST Truckload Exp. Durocher Intl. Kingsway TF Dedicated Winalta
Couture Laidlaw E.L. Farmer Mirabel Logistics TF Truckload &
GHL Transport McArthur Express Logistics

* Truckload in Mexico provided by CFI Logistica 15

TFI Logistics Division

Geographic Footprint Division Overview

Full service logistics and

transportation management
Provides a complete one-stop
experience for TFI customers,
completing TFIs portfolio of assets

Logistics Operating Companies

CFI Logistica E&L Logistics Patriot Freight Services

CFI Logistics Hyphen Quik X
CK Logistics Kobelt Transportation St-Lambert
Clarke North America Landry Stream
Cornerstone Logistics Optimal Freight TLS Trailer Leasing Services

16
Growth Opportunities

17
Acquisition of XPO Truckload (CFI)
(Announced and Closed on October 27, 2016)

USD 530M revenue

Top Quality TL USD 115M EBITDA
Operation of
29 locations
Scale
3,000 tractors and 7,500 trailers

Approximately 50% of TFI revenue now originates in the

Strategic United States
Benefits Approximately 50% of TFI revenue is now in Truckload
Access to Mexico using partners for the last mile

Reviving the iconic CFI brand under which this business has
Iconic Brand historically operated

18
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

19
 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

20
TFI in E-Commerce Throughout the Portfolio

2016 E-Commerce Revenue by Segment

(millions of $CA)

P&C TL LTL Logistics Total

Canada 61.9 9.2 2.5 - 73.6

United 253.1 106.5 - 1.3 360.9

States

Total 315.0 115.7 2.5 1.3 434.5

21
Evolution of E-Commerce Fulfillment
The evolution of E-Commerce fulfillment has created numerous opportunities
for TFI International companies
Next-Day Services Same-Day Services
Shipper -
Shipper - Warehouse
Warehouse
Pickup

Region A
Sorting
Facility Direct Delivery

Linehaul

Sorting
Facility
Region B

Delivery Business Customer

Business Customer

22
 Growth in TFI E-Commerce Revenue

E-Commerce Revenue
(millions of CA$)
500
435
450

400

350

300

250

200

150

100
11 12 13 14 15 16

23.6% E-Commerce Revenue CAGR

(2011-16)

23
TFIs E-Commerce Customers Deliver Outsized Growth

E-Commerce Revenue with Customer A

(millions of CA$)
110
100
98 Evolution of B2B/B2C Split
90
80
70
22% 26%
60 31% 32% 34%
50 41%
40
11 12 13 14 15 16
14.4% Revenue CAGR (2011-16)

E-Commerce Revenue with Customer B

(millions of CA$) 78% 74%
120 69% 68% 66%
100 59%
100
80
60
40
11 12 13 14 15 16
20
B2B B2C
0
11 12 13 14 15 16
118.7% Revenue CAGR (2011-16)
24
Financial Highlights
(From continuing operations)

25
 Five-Year Financial Highlights
Revenue before Fuel Surcharge EBITDA*
(billions of CA$) (millions of CA$)
4 3.7 500 451
450
3 400
350
2 300
250
1 200
12 13 14 15 16 12 13 14 15 16

Free Cash Flow* Operating Income

350
(millions of CA$) (millions of CA$)
350 288 300 258
300 250
250
200
200
150 150
100 100
12 13 14 15 16 12 13 14 15 16

1.89 1.64 2.45 2.91 3.08 7.5% 7.3% 7.7% 7.6% 7.0%
$ / share 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.

26
 Five-Year Financial Highlights
Cash Flow Usage
Net Cash Flow from Continuing Operations
400 (in millions of CA$)
337.9
350
300
250
200
150
100
2012 2013 2014 2015 2016
Net maintenance Capex 45.2 26.2 43.9 110.8 70.8
Proceeds from excess assets (12.6) (25.7) (58.8) (45.4) (21.3)
Business acquisitions 80.4 57.3 814.2 44.8 798.3
Net long-term debt repayment
63.5 71.2 (579.4) 139.1 6.1
(proceeds)
Cash return to shareholders 108.5 67.3 114.0 190.4 215.3
Dividend paid 46.6 48.1 56.6 68.6 64.1
Share buy back 61.9 19.2 57.4 121.8 151.2
Others (1.4) 24.5 (38.6) (2.7) 38.3
Net cash from discontinued
(71.9) (68.6) (66.8) (78.2) (769.6)
operations
TOTAL 211.7 152.2 228.5 358.8 337.9
* 12-month period ended September 30, 2016
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 Capex 4.5% Depreciation

(% of Total Revenue) (% of Total Revenue)
4.0%
4.0%
3.5%
3.5%
3.0% 3.5%
2.3%
2.5% 3.0%

2.0%
2.5%
1.5%
2.0%
1.0%

0.5% 1.5%

0.0% 1.0%
12 13 14 15 16 12 13 14 15 16

28
 Segmented Financial Highlights Q4 2016
Package and Less-Than-
(in millions of $) Truckload Logistics Total (*)
Courier Truckload

Q4-2015 Q4-2015
Q4-2016 Q4-2015 Q4-2016 Q4-2015 Q4-2016 Q4-2015 Q4-2016 Q4-2016
(restated) (restated)
Revenue before fuel
350 340 177 189 458 369 66 59 1,036 939
surcharge
EBITDAR 57 50 26 21 84 71 10 8 166 145
EBITDAR 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 6 130 112
EBITDA 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 66
Operating 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 43
Free 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.

29
 Segmented Financial Highlights FY2016
Package and Less-Than-
(in millions of $) Truckload Logistics Total (*)
Courier Truckload

2015 2015
2016 2015 2016 2015 2016 2015 2016 2016
(restated) (restated)
Revenue before fuel
1,321 1,250 715 762 1,489 1,439 237 249 3,704 3,631
surcharge
EBITDAR 207 178 91 89 287 292 33 37 586 577
EBITDAR 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 31 451 453
EBITDA 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 28 258 276
Operating 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** 195 186
Free 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.

30
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

Total Debt / EBITDA Total Debt

(millions of CA$)

1,618 1,615 [VALUE]

4.6x

3.6x 3.5x
2.9x 2.9x
808 774

12 13 14 15 16 12 13 14 15 16

5.6% 5.2% 4.0% 3.7% 3.6%

Weighted average cost

31
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

32
Why Invest in TFI International

33
Delivering Shareholder Value

Return on Equity Expected Amortization of Intangible

ROE - % Assets & Incremental EPS
17.5%
80 0.16

0.14
15.0% 0.12
[VALUE
0.12
]
60
12.5% 51.7 0.10

0.08
10.0%
0.06
40
0.04
7.5%
0.02

5.0% 20 0.00
13 14 15 16 17 18 19 20 21
Amortization (in M$) Incremental EPS (in $)

34
 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

35
Outlook
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

36
Outlook
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

37
Five-Year Reconciliation of EBITDA*

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

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.

38
Five-Year Reconciliation of
Free Cash Flow*

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

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
61.0 90.5 84.2 48.7 19.8
equipment and AHFS
Free cash flow from continuing operations 288.3 291.5 243.4 151.7 179.1
* This is a non-IFRS measure.

39
Five-Year Reconciliation of
Adjusted 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.

40
Three-Month and Twelve-Month Reconciliation of
Adjusted Net Income from Continuing Operations*
Three months ended Twelve months ended
December 31 December 31
(in millions of $)
2016 2015 2016 2015

Net income 45.3 43.7 639.6 163.4

Amortization of intangible assets related to
9.2 7.6 32.7 28.8
business acquisitions, net of tax
Net change in fair value of derivatives, net of
(2.0) (3.9) 3.5 9.5
tax
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 2.6
Net loss (income) from discontinued
1.1 (3.0) (482.5) (17.7)
operations
Adjusted net income from continuing
52.2 42.9 195.0 185.6
operations
* This is a non-IFRS measure.

41
Three-Month and Twelve-Month Reconciliation of
Free Cash Flow*

Three months ended Twelve months ended

December 31 December 31
(in millions of $)
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
19.2 16.2 61.0 68.1
equipment
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

* This is a non-IFRS measure.

42