Montreal, Quebec, December 17, 2018 – The Board of Directors of TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, declared a quarterly dividend of $0.24 per outstanding common share of its capital payable on January 15, 2019 to shareholders of record at the close of business on December 31, 2018.

A portion of dividends paid will not be eligible dividends as they come from earnings of acquired companies that were taxed at lower rates. Therefore, 4% (approximately $0.01 per share) of the current dividend will not be designated as an eligible dividend while the balance of 96% (approximately $0.23 per share) will be designed as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Montreal, Quebec, November 5, 2018 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that David Saperstein, Vice President, Mergers & Acquisitions, will be promoted to Chief Financial Officer, effective January 1, 2019. As previously announced, Greg Rumble will be retiring from his CFO role.

Mr. Saperstein joined TFI in 2016 after spending 15 years in investment banking at several firms in the United States and Europe including Goldman Sachs. He holds a Masters in Business Administration from the Wharton School at the University of Pennsylvania, and a Bachelor of Arts degree with Majors in Economics and International Relations from Stanford University.

“As part of our executive succession planning efforts, we are extremely pleased to have David seamlessly step into this important role,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI. “Over the past two years, while leading our very active M&A program, David has been integrally involved with Greg and his finance team. In addition, David brings capital markets expertise and a superb financial background, and is already well known by the investment community. We expect a seamless transition as we continue to grow our business.”

Mr. Bédard continued, “As I mentioned upon announcing Greg’s retirement, we’ve been incredibly fortunate to benefit from his industry knowledge and all that he has brought to TFI and the CFO role on a daily basis. I look forward to working with Greg as he transitions toward his well-deserved retirement after such a long and successful career.”

Montreal, Quebec, November 5, 2018 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that Greg Orr, President of its CFI operating company, will become an Executive Vice President of TFI responsible for U.S. Truckload, effective December 1, 2018.

Mr. Orr joined TFI International in 2017 as Senior Vice-President, CFI and was named President, CFI in January 2018. He was previously the President of Action Resources, where he was responsible for a leading hazardous waste over-the-road transporter in the U.S. Previously, Mr. Orr served as President of Con-way Multimodal, and was responsible for leading the company’s strategic development as well as directing financial and operating performance. Mr. Orr spent ten years with Wal-Mart before beginning his transportation career, and holds a bachelor’s degree from the University of Southern Indiana.

“Greg has been the driving force behind our recent success at CFI, and his promotion reflects our focus on developing our world class leadership team at our rapidly growing U.S. Truckload operations,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI. “I am confident in Greg’s ability to leverage his extensive industry background and leadership skills to propel our US Truckload operations to the next level.”

• Record operating income for the second consecutive quarter
• Operating income up 107% over the prior year period to $125.1 million
• Operating margin¹ up 540 basis points over the prior year period to 11.1%, driven by margin improvement in all four segments
• Fourth consecutive quarter of sequential operating margin improvement in US Truckload, reaching 7.6%
• Net cash from operating activities from continuing operations up 29% to $166.6 million
• Raising quarterly dividend to $0.24 from $0.21

Montreal, Quebec, October 22, 2018 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the third quarter ended September 30, 2018.

“Our second straight quarter of record operating results was driven by strength across all segments, reflecting our unwavering commitment to driving profitable growth and operating efficiencies,” said Alain Bédard, Chairman, President and Chief Executive Officer. “Our operating income of $125.1 million more than doubled from a year earlier. While margins improved at all our segments, we are especially pleased with Truckload, where our operating margins reached 14.5% in Canada, and 7.6% in the US, capping four consecutive quarters of sequential improvement in the US. Equally important, our net cash from operating activities from continued operations grew nearly 30%, further enhancing our ability to create shareholder value by strategically allocating resources and capitalizing on our unique positioning within the North American transportation and logistics industry.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended Sept. 30		Nine months ended Sept. 30
	2018	2017	2018	2017
Total revenue	1,287.6	1,176.6	3,801.8	3,644.5
Revenue before fuel surcharge	1,127.4	1,070.6	3,345.9	3,309.3
Adjusted EBITDA1	190.0	128.2	505.6	383.5
Operating income	125.1	60.5	312.9	177.0
Net cash from operating activities from continuing operations	166.6	128.9	369.7	256.5
Adjusted net income1	94.5	48.8	235.0	137.9
Adjusted EPS – diluted1 ($)	1.04	0.53	2.58	1.48
Net income	86.7	98.8	215.3	37.8
EPS – diluted ($)	0.96	1.07	2.37	0.41
Weighted average number of shares (‘000s)	87,673	89,876	88,153	90,830

_{¹ This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.}

THIRD QUARTER RESULTS

Total revenue of $1.29 billion was up 9%, and net of fuel surcharge, revenue of $1.13 billion was up 5%, compared to the prior year period.

Operating income grew 107% to $125.1 million from $60.5 million the prior year period, driven by strong execution across the organization, increased quality of revenue, and cost efficiencies.

Net income was $86.7 million, or $0.96 per diluted share, as compared to net income of $98.8 million, or $1.07 per diluted share, the prior year period. The decline was mainly attributable to a gain on sale of property of $59.7 million, net of tax, in Q3 2017. Adjusted net income, which excludes amortization of intangible assets related to business acquisitions, net change in the fair value of derivatives, net foreign exchange gain or loss, gain or loss on sale of property and impairment of intangible assets, net of tax, was $94.5 million, up 93% from $48.8 million the prior year period.

NINE-MONTH RESULTS

For the first nine months of 2018, total revenue reached $3.80 billion, up from $3.64 billion in the first nine months of 2017. Net of fuel surcharge, revenue reached $3.35 billion, up from $3.31 billion last year. Operating income totalled $312.9 million, or 9.4% of revenue before fuel surcharge, an increase compared to $177.0 million and 5.3% of revenue the prior year period.

Net income was $215.3 million, or $2.37 per diluted share, up significantly from $37.8 million, or $0.41 per diluted share, in the year earlier period. The increase of $177.5 million is mainly attributable to stronger operating income and to the impairment of intangible assets of $138.4 million, net of tax, recorded in 2017, offset by lower gain on sale of property of $54.8 million, net of tax, recorded in 2018 compared to last year. Adjusted net income was $235.0 million, up from $137.9 million the prior year period.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended Sept. 30				Nine months ended Sept. 30
	2018		2017		2018		2017
	$		$		$		$
Revenue1
Package and Courier	154.6		150.8		455.7		449.3
Less-Than-Truckload	227.5		217.0		670.3		673.4
Truckload	520.6		485.1		1,536.4		1,493.1
Logistics and Last Mile	234.7		229.8		718.1		730.6
Eliminations	(10.0)		(12.1)		(34.7)		(37.1)
	1,127.4		1,070.6		3,345.9		3,309.3
	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1
Operating income (loss)
Package and Courier	28.0	18.1%	23.6	15.6%	78.8	17.3%	65.0	14.5%
Less-Than-Truckload	25.5	11.2%	14.1	6.5%	59.4	8.9%	39.7	5.9%
Truckload	60.5	11.6%	16.7	3.5%	143.8	9.4%	55.2	3.7%
Logistics and Last Mile	16.8	7.2%	13.3	5.8%	51.6	7.2%	40.8	5.6%
Corporate	(5.6)		(7.2)		(20.7)		(23.7)
	125.1	11.1%	60.5	5.7%	312.9	9.4%	177.0	5.3%

_{Note: due to rounding, totals may differ slightly from the sum.
¹ Revenue before fuel surcharge.}

CASH FLOW AND FINANCIAL POSITION

Net cash from operating activities from continuing operations was $166.6 million during the third quarter of 2018, up 29% from $128.9 million the prior year quarter. The company returned $23.9 million to shareholders, of which $18.4 million was through dividends and $5.6 million was through share repurchases. TFI International’s long-term-debt-to-equity ratio stood at 0.95 as of September 30, 2018, down from 1.06 as of December 31, 2017.

In the first nine months of 2018, the net cash from operating activities from continuing operations amounted to $369.7 million, up 44% compared to $256.5 million in the prior year period.

The Board of Directors of TFI has approved a $0.24 quarterly dividend, a 14% increase over its previous quarterly dividend of $0.21 per share, effective as of the next regular dividend payment.

CONFERENCE CALL

TFI International will host a conference call on Monday, October 22, 2018 at 5:00 p.m. Eastern Time to discuss these results. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, November 5, 2018, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 9585705.

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on assumptions and uncertainties as well as on management’s best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International’s products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

NON-IFRS FINANCIAL MEASURES

This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards (IFRS) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided below.

Adjusted EBITDA

Adjusted EBITDA is calculated as net income before finance income and costs, income tax expense, depreciation, amortization, gain or loss on sale of land and buildings and assets held for sale and impairment of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to generate cash from its operations.

Adjusted EBITDA (unaudited, in millions of dollars)	Quarters ended Sept. 30		Nine months ended Sept. 30
	2018	2017	2018	2017
Net income	86.7	98.8	215.3	37.8
Net finance costs	16.9	16.6	48.3	47.6
Income tax expense	24.6	15.2	63.6	27.0
Depreciation of property and equipment	49.6	52.1	146.1	161.3
Amortization of intangible assets	15.3	15.6	46.6	45.3
(Gain) loss on sale of land and buildings	(0.2)	0.0	(0.2)	0.2
Gain on sale of assets held for sale	(2.9)	(70.1)	(14.1)	(78.5)
Impairment of intangible assets	–	–	–	143.0
Adjusted EBITDA	190.0	128.2	505.6	383.5

_{Note: due to rounding, totals may differ slightly from the sum.}

Adjusted net income and adjusted earnings per share (adjusted “EPS”), basic or diluted

Adjusted net income is calculated as net income excluding amortization of intangible assets related to business acquisitions, net change in the fair value of derivatives, net foreign exchange gain or loss, gain or loss on sale of land and buildings and assets held for sale and impairment of intangible assets, net of tax. Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impacts of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

Adjusted net income (unaudited, in millions of dollars, except per share data)	Quarters ended Sept. 30			Nine months ended Sept. 30
	2018		2017	2018	2017
Net income	86.7		98.8	215.3	37.8
Amortization of intangible assets related to business acquisitions, net of tax	10.8		9.9	33.0	28.2
Net change in fair value of derivatives, net of tax	(0.2)		(0.5)	(0.3)	(1.2)
Net foreign exchange (gain) loss, net of tax	(0.1)		0.4	(0.7)	1.8
Gain on sale of land and buildings and assets held for sale, net of tax	(2.7)		(59.7)	(12.3)	(67.1)
Impairment of intangible assets, net of tax	–		–	–	138.4
Adjusted net income	94.5		48.8	235.0	137.9
Adjusted earnings per share – basic	1.08		0.54	2.67	1.52
Adjusted earnings per share – diluted	1.04		0.53	2.58	1.48

_{Note: due to rounding, totals may differ slightly from the sum.}

Operating margin

Operating margin is calculated as operating income (loss) as a percentage of revenue before fuel surcharge.

Montreal, Quebec, October 22, 2018 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that Diane Giard has joined its Board of Directors.

With more than 30 years of experience in the banking industry, Ms. Giard has been ranked among the Top 25 of Quebec’s financial industry seven times, and was named one of Canada’s Most Powerful Women by the Women’s Executive Network in 2014 and 2015. In 2007, she received the B’nai Brith Foundation Award of Merit, and in 2008, the Prix Performance from the Université du Québec à Montréal School of Management in the Manager category. Ms. Giard has also received the Queen Elizabeth II Diamond Jubilee Medal in recognition of her contribution to the community.

Ms. Giard most recently served as National Bank’s Executive Vice President of Personal-Commercial Banking and Marketing, and a Member of the Office of the President. In this role at National Bank, she oversaw all personal and commercial banking operations in Canada and internationally, and was responsible for developing and managing banking products, portfolio pricing and risk modeling, marketing strategies, and the digital ecosystem.

Ms. Giard remains highly active in the Montreal community. She has sat on the boards of directors of the Université du Québec à Montréal, the Board of Trade of Metropolitan Montreal, the Montreal Children’s Hospital Foundation, and the Pointe-à-Callière Museum – the Montréal Archaeology and History Complex. Ms. Giard currently serves on the boards of directors of Fondation Virage, GoodnessTV, and Bombardier. She is a member of the Conseil des gouverneurs de HEC Montréal, and since 2015 has been involved with L’effet A, an innovative project that aims to spark ambition in women.

“We are extremely pleased to have Diane join the TFI Board given her breadth of impressive experience,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI. “Throughout her distinguished career, she has attracted recognition as a natural leader who makes an impact both vertically and horizontally across entire organisations. Her consistent focus on fostering high levels of employee engagement and optimal performance will enhance TFI’s strategic approach going forward.”

Montreal, Quebec, October 9, 2018 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that it will issue its financial results for the third quarter ended September 30, 2018 via news release on Monday, October 22, 2018 after market close.

The Company will host a conference call for the investment community with Alain Bédard, Chairman, President and Chief Executive Officer, on Monday, October 22, 2018 at 5:00 p.m. Eastern Time, to discuss results. Business media are also invited to listen to the call.

Details of conference call:

• Date: Monday, October 22, 2018
• Time: 5:00 p.m. Eastern Time
• Call-in number: 1-877-223-4471

A recording of the call will be available until midnight, November 5, 2018, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 9585705.

Montreal, Quebec, September 28, 2018 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of TFI International’s normal course issuer bid (“NCIB”). Under the NCIB, as renewed, TFI International may purchase for cancellation a maximum of 6,000,000 common shares, representing 7.22% of the 83,138,867 shares forming TFI International’s public float. The shares may be purchased through the facilities of the TSX and on alternative exchanges in Canada over the twelve-month period from October 2, 2018 to October 1, 2019. As of September 25, 2018, TFI International had 87,969,542 common shares issued and outstanding.

Under its previous NCIB, which entered into effect on October 2, 2017 and which expires on October 1, 2018, TFI International was authorized to purchase up to 6,000,000 shares. As of September 25, 2018, TFI International had repurchased 3,159,748 common shares at a volume weighted average purchase price of $34.2788 per share, through the facilities of the TSX and on alternative exchanges in Canada. All of the repurchased shares were cancelled by TFI International.

Any shares purchased by TFI International under the renewed NCIB will be at the market price of the shares at the time of such purchases. The actual number of shares that may be purchased and the timing of any such purchases will be determined by TFI International. Any purchases made by TFI International pursuant to the renewed NCIB will be made in accordance with the rules and policies of the TSX.

During the most recently-completed six months, the average daily trading volume for the common shares of TFI International on the TSX was 282,439. Consequently, under the policies of the TSX, TFI International will have the right to repurchase during any one trading day a maximum of 70,609 shares, representing 25% of the average daily trading volume. In addition, TFI International may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of TFI International, in accordance with the policies of the TSX.

To the knowledge of TFI International, no director or senior officer, including the CEO, and no person acting jointly or in concert with TFI International currently intends to sell shares during the renewed NCIB. However, sales by such persons through the facilities of the TSX may occur if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other shareholders whose shares are purchased under the NCIB.

In connection with the renewed NCIB, TFI International has entered into an automatic share purchase plan with National Bank Financial Inc. in order to allow for purchases under the NCIB during TFI International’s “black-out” periods, as permitted by the TSX Company Manual and the Securities Act (Québec).

Montreal, Quebec, September 17, 2018 – The Board of Directors of TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, declared a quarterly dividend of $0.21 per outstanding common share of its capital payable on October 15, 2018 to shareholders of record at the close of business on September 28, 2018.

This dividend is designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

• Diluted earnings per share of $0.89, up from a loss of $0.82 in the prior year period
• Adjusted diluted earnings per share¹ up 65% over the prior year period to $0.99
• Operating income up 64% over the prior year period to $122.0 million
• Operating margin up 400 basis points over the prior year period to 10.5%
• Operating margin expansion in all four segments, with Truckload more than doubling
• Net cash from operating activities from continuing operations up 88% to $145.3 million

Montreal, Quebec, July 26, 2018 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the second quarter ended June 30, 2018.

“Our consistent focus on profitable growth and operating efficiencies drove strong results across our entire business this quarter,” said Alain Bédard, Chairman, President and Chief Executive Officer. “We generated an operating margin of 10.5% compared to 6.5% a year earlier, with margin expansion at all four segments. In addition, we nearly doubled our net cash from operating activities. Looking ahead, TFI is uniquely positioned to capitalize on the evolving transportation dynamics across North America.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended June 30		Six months ended June 30
	2018	2017	2018	2017
Total revenue	1,317.7	1,263.8	2,514.2	2,467.9
Revenue before fuel surcharge	1,156.9	1,147.2	2,218.5	2,238.7
Adjusted EBITDA1	186.7	145.7	315.7	255.3
Operating income	122.0	74.3	187.8	116.4
Net cash from operating activities from continuing operations	145.3	77.3	203.1	127.5
Adjusted net income1	89.7	56.2	140.5	89.1
Adjusted EPS – diluted1 ($)	0.99	0.60	1.55	0.95
Net income (loss)	80.4	(75.0)	128.6	(61.0)
EPS – diluted ($)	0.89	(0.82)	1.42	(0.67)
Weighted average number of shares (‘000s)	87,850	91,025	88,397	91,315

_{¹ This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.}

SECOND QUARTER RESULTS
Total revenue of $1.32 billion was up 4% compared to the prior year period. Net of fuel surcharge, revenue of $1.16 billion compares to $1.15 billion in the prior year period.

Operating income grew 64% to $122.0 million from $74.3 million the prior year period, driven by strong execution across the organization, increased quality of revenue, and cost efficiencies.

Net income was $80.4 million, or $0.89 per diluted share, representing an increase from the net loss of $75.0 million, or negative $0.82 per diluted share, the prior year period. Adjusted net income, which excludes amortization of intangible assets related to business acquisitions, net change in the fair value of derivatives, net foreign exchange gain or loss, gain or loss on sale of property and impairment of intangible assets, net of tax, was $89.7 million, up from $56.2 million the prior year period.

SIX-MONTH RESULTS
For the first six months of 2018, total revenue reached $2.51 billion, versus $2.47 billion in the first six months of 2017. Net of fuel surcharge, revenue reached $2.22 billion, as compared to $2.24 billion last year. Operating income totalled $187.8 million, or 8.5% of revenue before fuel surcharge, an increase compared to $116.4 million and 5.2% last year.

Net income was $128.6 million, or $1.42 per diluted share, versus a net loss of $61.0 million, or negative $0.67 per diluted share, a year ago. Adjusted net income was $140.5 million compared to $89.1 million the prior year period.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended June 30				Six months ended June 30
	2018		2017		2018		2017
	$		$		$		$
Revenue1
Package and Courier	158.8		152.9		301.2		298.6
Less-Than-Truckload	239.2		231.8		442.8		456.4
Truckload	525.1		518.4		1,015.8		1,008.0
Logistics and Last Mile	246.9		255.1		483.4		500.7
Eliminations	(13.1)		(11.0)		(24.7)		(25.0)
Total	1,156.9		1,147.2		2,218.5		2,238.7
	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1
Operating Income (Loss)
Package and Courier	30.2	19.0%	25.7	16.8%	50.8	16.9%	41.4	13.9%
Less-Than-Truckload	24.4	10.2%	16.5	7.1%	33.9	7.7%	25.6	5.6%
Truckload	54.4	10.4%	23.6	4.6%	83.4	8.2%	38.4	3.8%
Logistics and Last Mile	19.8	8.0%	15.3	6.0%	34.8	7.2%	27.5	5.5%
Corporate	(6.8)		(6.8)		(15.1)		(16.5)
Total	122.0	10.5%	74.3	6.5%	187.8	8.5%	116.4	5.2%

_{Note: due to rounding, totals may differ slightly from the sum.
¹ Revenue before fuel surcharge.}

CASH FLOW AND FINANCIAL POSITION
Net cash from operating activities from continuing operations was $145.3 million, up 88% from $77.3 million the prior year quarter. The company returned $55.1 million to shareholders, of which $18.5 million was through dividends and $36.5 million was through share repurchases. TFI International’s long-term-debt-to-equity ratio stood at 1.04 as of June 30, 2018, down slightly from 1.06 as of December 31, 2017.

In the first six months of 2018, the net cash from operating activities from continuing operations amounted to $203.1 million, versus $127.5 million last year.

CONFERENCE CALL
TFI International will host a conference call on Thursday, July 26, 2018 at 5:00 p.m. Eastern Time to discuss these results. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, August 9, 2018, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 8474425.

FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on assumptions and uncertainties as well as on management’s best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International’s products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

NON-IFRS FINANCIAL MEASURES
This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards (IFRS) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided below.

Adjusted EBITDA
Adjusted EBITDA is calculated as net income or loss before finance income and costs, income tax expense, depreciation, amortization, gain or loss on sale of land and buildings and assets held for sale and impairment of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to generate cash from its operations.

Adjusted EBITDA (unaudited, in millions of dollars)	Quarters ended June 30		Six months ended June 30
	2018	2017	2018	2017
Net income (loss)	80.4	(75.0)	128.6	(61.0)
Net finance costs	17.5	15.6	31.4	31.0
Income tax expense	25.7	12.3	39.0	11.7
Depreciation of property and equipment	49.1	56.8	96.5	109.2
Amortization of intangible assets	15.6	14.6	31.4	29.7
Gain on sale of land and buildings and assets held for sale	(1.7)	(8.3)	(11.2)	(8.3)
Impairment of intangible assets	–	129.8	–	143.0
Adjusted EBITDA	186.7	145.7	315.7	255.3

_{Note: due to rounding, totals may differ slightly from the sum.}

Adjusted net income and adjusted earnings per share, basic or diluted
Adjusted net income is calculated as net income or loss excluding amortization of intangible assets related to business acquisitions, net change in the fair value of derivatives, net foreign exchange gain or loss, gain or loss on sale of land and buildings and assets held for sale and impairment of intangible assets, net of tax. Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impacts of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

Adjusted net income (unaudited, in millions of dollars, except per share data)	Quarters ended June 30		Six months ended June 30
	2018	2017	2018	2017
Net income (loss)	80.4	(75.0)	128.6	(61.0)
Amortization of intangible assets related to business acquisitions, net of tax	11.1	9.1	22.2	18.4
Net change in fair value of derivatives, net of tax	0.1	(0.4)	(0.0)	(0.7)
Net foreign exchange (gain) loss, net of tax	(0.4)	0.3	(0.6)	1.4
Gain on sale of land and buildings and assets held for sale, net of tax	(1.5)	(7.5)	(9.7)	(7.4)
Impairment of intangible assets, net of tax	–	129.8	–	138.4
Adjusted net income	89.7	56.2	140.5	89.1
Adjusted earnings per share – basic	1.02	0.62	1.59	0.98
Adjusted earnings per share – diluted	0.99	0.60	1.55	0.95

_{Note: due to rounding, totals may differ slightly from the sum.}

Montreal, Quebec, July 26, 2018 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that Leslie Abi-Karam has joined its Board of Directors.

Ms. Abi-Karam is an accomplished corporate executive and independent advisor to corporate executives, with extensive board experience and wide-ranging credentials across disruptive digital technologies such as eCommerce, mobile and cloud-based applications, transportation and logistics software, web-connected devices, data analytics, location intelligence and payments platforms.

She served as President of Pitney Bowes’ $4 billion portfolio of global communications solutions businesses with over 20,000 employees in 40 countries, where she led the transition of physical to digital solutions. Earlier Ms. Abi-Karam served as President of Pitney Bowes’ $1.2 billion global document messaging technologies group, and its $1.8 billion global mail business where she introduced and commercialized a suite of digital, internet-enabled products. Her board experience includes serving as Director for Pentair, Inc. and for the Direct Marketing Association, the world’s leading independent organization for data-driven marketers. Ms. Abi-Karam is an active member of Women Corporate Directors, National Association of Corporate Directors, and Women on Boards.

Alain Bédard, Chairman, President and Chief Executive Officer of TFI, stated, “Leslie brings deep advisory experience to our Board across eCommerce, technology and organizational management. She has a strong reputation for her ability to assess and implement disruptive, digital growth strategies and operational efficiencies, and is well known for her insight and hands-on leadership approach to business development. We could not be more pleased to welcome Leslie to the TFI Board.”