INVESTOR PRESENTATIONJuly 2020

FORWARD LOOKING STATEMENTS

This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected.

2

AGENDA

Investment Summary

Near Term Market Outlook

Canadian Industry Overview and

Trican’sCompetitive Positioning

Company Overview and Ongoing

Business Transformation

3

TRICAN OVERVIEW

Focused in Canada, Trican has a highly trained workforce dedicated to safety and operational excellence who provide a comprehensive array of specialized products and services using equipment required for the exploration and development of oil and gas reserves

Trican has been servicing wells in western Canada for more than 24 years

Trican service lines cover 60% to 70% of a typical well cost

Customer

Full Cycle Technical Expertise

Engineering SupportReservoir ExpertiseLaboratory Services

Drilling Cycle

Cementing Services

Completion Cycle

FracturingCoil Tubing

Production Cycle

Coil Tubing Acidizing

Chemical ServicesRemedial Cementing

WHAT WE DO

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BUSINESS TRANSFORMATION: OUR STRATEGIC PRIORITIES REMAIN INTACT

To achieve top quartile ROIC in our sector

- Maintain market leading position in Fracturing and Cementing service lines- Strengthen auxiliary service lines (Coiled Tubing)- Activate parked equipment (if return hurdles can be met)

- Growth in existing services linesDisciplined investment into future growth – ensure ROIC hurdle rates are met

- Return value to shareholders through share buyback program- Sell excess and permanently stranded capital equipment, return funds to the balance sheet

- Reduce costs for ourselves and our clients through efficiency improvements and scale

Strengthen Existing

Business

Growth

Share-holder Return

Cost Control & Efficiency

Gains

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Having safe, efficient, customer-focused operations is always priority #1. Beyond safety and operational performance, our

strategic priorities remain intact:

BUSINESS TRANSFORMATION: 2015 AND ONGOING EFFORTS

The 2014 oil supply glut required Trican to take decisive action

The Company’s actions have positioned Trican to weather and take advantage of near-term North American energy market turbulence

Restructure Refocus

Right SizeReturns

7

TRICAN STRENGTH: FINANCIAL STRENGTH & RESILIENCY

Financial position allows company to survive current downturn and be in a strong position to take advantage of opportunities when industry improves

Company has deleveraged by more than $700 million and improved asset coverage relative to prior 2015 cyclical low

Monetizing stranded capital by selling permanently idled assets• Since 2017, sold $60 million of excess property and equipment at

values approximating net book value• Sold water business in Q1 2020 for $17.6 million• Redundant real estate: ~ $14 million listed for sale at Q1 2020

Strong Financial Position Low financial leverage:

• Mar. 31, 2020: Net bank debt of ~ $24 million (net of ~ $28 million cash)• May 14, 2020: Net cash of ~ $8 million (net of ~ $15 million bank debt)

Positive non- cash working capital of greater than $100 million (Mar. 31, 2020)

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See non-GAAP measure Adjusted EBITDA as more fully described in Trican’s MD&A.

$0$100$200$300$400$500$600$700$800

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Tota

l Deb

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illio

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Deb

t / T

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ble

Cap

ital

Debt / Tangible Capital

Debt / Tangible Capital (LHS)

$0

$200

$400

$600

$800

$1,000

$1,200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Canadian Results ($ millions)

Revenue Adjusted EBITDA

Hydraulic Fracturing

70%

Cementing16%

Coil Services8%

Fluid Management

4%

Industrial Services

2%

TRICAN STRENGTH: DIVERSIFIED SERVICE LINES

Market Leading Positions Canadian market leader in fracturing services

(based on horsepower)

Canadian market leader in cementing services (based on drilling rigs serviced)

Supporting service lines: coil tubing, nitrogen, acid

2019 revenue of $636 million

2019 Revenues: Business Unit Breakdown

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* *

* Sold in 2020

TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET

Deliver exceptional customer service • Drive efficiency in our business to lower our

costs and the cost to our customers

• Integrate small service lines with larger business lines to improve cost structure and customer efficiency

• Reduce product chemistry costs resulting in lower well costs for our customers

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TRICAN STRENGTH: DRIVING EFFICIENCY IN THE CANADIAN MARKET

Ongoing innovations• Largest natural gas dual fuel fleet (145,000 HHP) in

western Canada to help reduce well costs and GHGs

• Introducing new technology to reduce tractors on location which will provide fuel savings, result in fewer engine hours, and reduce GHGs

• Implemented large bore treating iron, reducing repair and maintenance costs and improving rig-in time

• Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management

• Developed new cement blends to lower customers' costs

• Lowered fracturing product costs through implementation of new fluid systems

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TRICAN STRENGTH: RIGHT FRACTURING FLEET

Largest fleet of continuous duty pumps; most efficient style of fracturing pump, designed for higher well service intensity plays:

• Equipment is well maintained, hot stacked and requires little capex to activate

• Allows Trican to continue to efficiently operate in the highest service intensity resource plays: Montney, Duvernay and Deep Basin (accounts for ~80% of the required HHP demand in Canada)

Large dual fuel fleet to offer fuel savings: 145,000 HHP of natural gas bi-fuel pumps

Fracturing Fleet

Type of Pump Pump (#)

HHP % of Fleet

Continuous Duty 2,700 / 3,000 HHP 126 345,000 59%

Mid Tier 2,500 HHP 95 237,500 41%

Total Fracturing Fleet

221 582,500

See MD&A for definition of Fracturing Fleet terms

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TRICAN STRENGTH: FRACTURING COMPETITIVE LANDSCAPE IMPROVING

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* Smaller crews not suitable for all higher intensity plays

Source: Competitor company reports, internal company data, and internal estimates

Canadian competitive landscape relatively better than U.S. market

Recent downturn is anticipated to drop active crewed fleets in second half of 2020:• Crewed capacity estimated to be 600,000 HHP

and 12 crews

• Second half will remain dynamic given volatile global macro factors

Market continues to reduce supply in Canada. Industry crewed capacity was reduced ~ 400,000 HHP during 2019

CANADIAN CAPACITY IN Q1 2020

Hydraulic Horsepower (HHP)

Capacity Active Crewed

Fleets

Trican 572,000 324,000 8

Competitor A 272,000 193,000 5

Competitor B 283,000 225,000 6

Competitor C 170,000 128,000 2

Competitor D 250,000 140,000 3

Competitor E 263,000 175,000 5

Competitor F* 100,000 75,000 4

Competitor G* 50,000 50,000 4

1,960,000 1,310,000 37

TRICAN STRENGTH: AVAILABLE CAPACITY

Trican has reduced its fleet size in response to declining market conditions

Current downturn will result in Trican parking approximately 60% of our active equipment going forward that we were running in Q1

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Service Line Total Equipment

Active,Manned

Idled

Fracturing (HHP) 572,000 135,000(3 fleets)

437,000(9 fleets)

Cementing (trucks) 62 11 51

Coil Tubing (units) 23 6 17

Monitoring customer activity levels going forward and adjusting our equipment requirements to ensure costs are aligned with activity and active equipment utilization remains high

Existing idle equipment provides opportunity for incremental returns upon a market recovery• Substantial leverage on existing infrastructure and fixed cost structure upon recovery• Assets are well-maintained and not scavenged• Can be activated by adding staff with little capital• Approximately 10 fracturing fleets parked

TRICAN STRENGTH: ALIGNING COST STRUCTURE TO NEW CANADIAN MARKET

We will continue to align our business to the changes in the Canadian market and lower our costs accordingly:

• Reduced personnel costs including fixed and G&A by approximately 50%

• Parked half of our active Q1 equipment

• Reduced discretionary costs in all categories

• Lowered capital spending to only essential maintenance capital: estimated to be 3 to 4% of revenue going forward

• Will monitor customer activity going forward and will adjust size of operations and cost structure with the target of making positive operating cash flow in the second half of the year

• History of cost reductions and alignment: implemented $40 million of annualized cost reductions during 2019

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TRICAN STRENGTHS: FINDING WAYS TO RETURN MONEY TO SHAREHOLDERS

Trican is focused on delivering the top quartile ROIC in our sector

Since 2006, Trican has returned $390 million to shareholders

The Company remains focused on finding ways to return funds to shareholders

• Have been actively purchasing shares under our current NCIB and have purchased 6% of our approved volume since October 1, 2019

• Repurchased over 22% of the Company’s shares since October 2017

• Current market dynamics support share repurchases as the best way to return money to shareholders

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-

25,000

50,000

75,000

100,000

2006 2008 2010 2012 2014 2016 2018 -

100,000

200,000

300,000

400,000Dividends and Share Repurchases, 2006 - 2019

Cumulative Dividend (RHS)

Cumulative NCIB (RHS)

Annual (LHS)

Cumulative (RHS)

CANADIAN INDUSTRY & TRICAN COMPETITIVE POSITIONING

CANADIAN INDUSTRY: INCREASED WELL SERVICE INTENSITY

2019 well count 28% below 2018 levels 2020 estimates reflect significant decline in oil prices 7,000 – 8,000 wells today equates to 2014 well count levels in terms of fracturing equipment demand We expect well service intensity to remain flat in 2020

• Tonnes of proppant placed per meter grew by approximately 30% in 2018 relative to 2017- 1.5 tonnes / metre in 2018 vs. 1.2 tonnes / metre in 2017- Leading edge 2.0 tonnes / metre

• 2018 and 2019 data weighted to higher well service intensity wells

Source: Canadian Discovery Source: Industry reports and internal estimates

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10,853 10,924

5,376 3,963

6,959 6,648

4,810

2,593

-

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 2018 2019 2020E

WCSB - Wells Drilled

616 777

1,285 1,326

1,843

3,093 2,887

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 2016 2017 2018 2019

WCSB - Tonnes / Well

TRICAN: WCSB FOCUS

Horn River Shale

Montney Shale

Bakken Shale

Cardium Tight Oil

Viking Tight Oil

Lower Shaunavon

Tight Oil

GRANDE PRAIRIEWHITECOURT

HINTON

FORT ST. JOHN

NISKU

RED DEER

BROOKSESTEVAN

British Columbia Alberta Saskatchewan

Deep Basin

Duvernay Shale

CALGARY

Manitoba

Spearfish

MEDICINE HAT

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Market Leading Positions Canadian market leader in fracturing

services (crewed HHP)

Canadian market leader in cementing services (based on rig count)

Supporting service lines: coil tubing, nitrogen, acid

Trican service line offerings cover approximately 60% to 70% of resource well AFE costs

TRICAN: CEMENT SERVICES

Drilling rig count:• Cement operations track very closely with the

drilling rig activity

• Current activity is at historic lows

• Lower rig count has reduced cement truck requirements, but longer laterals and increased cement requirements have counteracted this requirement

Only two competitors in the primary cement business

Trican has maintained a steady market share in this service line over the past decade

Historically generated positive return on capital, despite recent market challenges

Have reduced active capacity to half of Q1-2020 levels for second half of 2020

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Source: Baker Hughes GE Rig Count.

0

100

200

300

400

500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average Canadian Rig Count12 Month Avg. 60 Day Avg.

TRICAN: GROWING COILED TUBING

Adjusting business to current market

3 units available in second half of 2020

Have 20 more units to add back into the market with little to no capital investment required

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TRICAN: INNOVATION

Scale allows targeted investment into internally developed IP and new technologies for reduced product costs

Patented MVP™ fracturing fluids that suspend proppants and increase production

Nano surfactants to improve water flowback

Developed new, high-viscosity friction reducers for produced water fluids

• Some direct chemical sales to customers who use other pumping service providers

Introducing new technology to reduce tractors on location which will provide fuel savings, result in fewer engine hours, and reduce GHGs

Implementing equipment monitoring technology that will reduce repairs and extend equipment life through data management

Developed lower cost cement blends

Continually lowering product costs

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Low industry activity cycle cash flow management:Current Cycle

Continue to focus on lowering costs in downturn environment• $40 million annualized cost savings realized throughout 2019 (full realization in 2020)• Have adjusted active equipment, fixed and G&A personnel costs down approximately 50% effective April 1, 2020• Will continue to adjust active equipment and costs to match industry activity

Positioned with a strong balance sheet for this downturn

Assets generated $183 million in adjusted EBITDA1 in 2017:Recent Cycle

~6,500 wells Average fracturing crew count of ~9.5 crews Excludes 5 months of acquired company results (Canyon acquired June 2017)

Trican will continue to evaluate asset divestiture opportunities or opportunities to generate returns on idle assets in other markets:Other Financial Levers

Since 2017, Trican has realized > $75 million of proceeds from asset sales Currently have approximately $14 million of real estate available for sale

TRICAN STRENGTH: FINANCIAL MANAGEMENT AND CAPABILITIES

231 See non-GAAP measures as more fully described in Trican’s MD&A.

NEAR-TERM OUTLOOK & INVESTMENT SUMMARY

OUTLOOK: Q2 2020

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

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

Prices relatively flat sequentially

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OUTLOOK: REMAINDER OF 2020

Customers will adjust spending as commodity prices and cash flows drop• Each customer will adjust differently

Trican will adjust active equipment and costs to changing activity levels

Overall activity estimated to be down 60% in second half of 2020• Oil activity will be substantially down at current commodity prices• AECO natural gas prices currently at a level that will drive some gas

activity in second half

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

Will park additional equipment rather than operate at negative cash returns

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WHY INVEST IN TRICAN

Low debt level mitigates downside risk

Company valued at historic low price to tangible book value

Fracturing horsepower valued below what Trican sold 12- to 19-year-old equipment for ($160 / HHP)

Ability to ride out the downturn with significant torque upon recovery in the industry

0.0x0.2x0.4x0.6x0.8x1.0x1.2x1.4x1.6x1.8x2.0x

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1.20

Pric

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angi

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Book

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Deb

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Price to Tangible Book Value vs. Leverage Profile

Debt to Tangible Equity (LHS) Price to Tangible Book (RHS)

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INVESTMENT SUMMARY

RET

UR

NS

• ROIC and capital discipline focused

• Business improvement and cost reductions for sustainable cash flow generation

• Positioned to return money to shareholdersST

REN

GTH

• Largest Canadian pressure pumping company with broad service offering

• Strong, loyal customer base

• Low debt positions Trican to withstand near-term weakness

• Strong asset coverage O

PPO

RTU

NIT

Y • Equipment capacity provides opportunity for incremental returns upon a market recovery

• Financial position for opportunistic growth

• Low capex required to grow business

• Very little customer growth required to balance market

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APPENDICES

APPENDIX 1: SOCIAL AND ENVIRONMENTAL POLICIES

Safety Our frontline workers face dangers that are

not typical in most office workplace environments; therefore it is imperative we remain committed to safety.

A common measure for our safety performance is Lost Time Injury Rate (LTIR)

During the past 12 months, our LTIR rate has dropped by nearly 50%

People Development Since 2017 we have invested over 200,000

hours of training time into our people

To provide a safe and productive work environment that results in quality service is training our people

A majority of our operational people are required to be trained as Class 1 driver trainers

Trican’s driver trainer program has allowed us to maintain our driver trainer status despite significantly increased regulations

Investment into our lean six sigma efficiency program will see a number of our people positioned to receive their green belt. Our people and our shareholders will see the benefit of our lean initiatives

Environment Trican and its customers are subject to

strict environmental regulation and compliance.

We have a system of governance to ensure compliance of environmental rules and regulations

Trican has product offering to reduce fresh water consumption while not impacting well productivity

Trican has the largest fleet of dual fuel fracturing pumps. Dual fuel fracturing pumps provide several benefits to our customers and the environment, including 27% reduced GHGs (source: U.S. EIA)

Investment into tractor-less operations will reduce engine idle times, fuel consumption and therefore GHGs

Our Annual Information Form and Information Circular provide more detail on our policies and governance surrounding social and environmental matters. Our primary initiatives are:

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INVESTOR PRESENTATIONJuly 2020