#1INVESTOR PRESENTATION November 2018 Holland NEW PENN P Reddaway YRC FREIGHT#2STATEMENTS & DISCLAIMERS The information in this presentation is summary in nature and may not contain all information that is important to you. The Recipient acknowledges and agrees that (i) no representation or warranty regarding the material contained in this presentation is made by YRC Worldwide Inc. (the "Company" or "we") or any of its affiliates and (ii) that the Company and its affiliates have no obligation to update or supplement this presentation or otherwise provide additional information. This presentation is for discussion and reference purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or other property. This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or future performance of the Company and include statements about the Company's expectations or forecasts for future periods and events. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "should," "expect," "plan," "anticipate,” “believe,” "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. We disclaim any obligation to update those statements, except as applicable law may require us to do so, and we caution you not to rely unduly on them. We have based those forward-looking statements on our current expectations and assumptions about future events, and while our management considers those expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those we discuss in the "Risk Factors" section of our Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. This presentation includes the presentation of Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles and may exclude items that are significant in understanding and assessing our financial results. Therefore, this measure should not be considered in isolation or as an alternative to net income from operations, cash flows from operations, earnings per fully- diluted share or other measures of profitability, liquidity or performance under generally accepted accounting principles. We believe our presentation of Adjusted EBITDA is useful to investors and other users as these measures represent key supplemental information our management uses to compare and evaluate our core underlying business results both on a consolidated basis and across our business segments, particularly in light of our leverage position and the capital- intensive nature of our business. Additionally, Adjusted EBITDA helps investors to understand how the company is tracking against our financial covenants in our term loan credit agreement as this measure is calculated as prescribed therein and serves as a driving component of our key financial covenants. You should be aware that this presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. A reconciliation of this measure to the most comparable measures presented in accordance with generally accepted accounting principles has been included in this presentation. Product names, logos, brands, and other trademarks featured or referred to are the property of their respective trademark holders. These trademark holders are not affiliated with YRC Worldwide Inc. They do not sponsor or endorse our materials. YRC WORLDWIDE INVESTOR PRESENTATION 2#3From the time we began traveling the roads more than 90 years ago, we have used a combination of extraordinary service, technology and good old fashioned hard work to evolve into the company we are today. One of the largest less-than-truckload (LTL) carriers in North America featuring... ~32,000 Employees YRC WORLDWIDE INVESTOR PRESENTATION ~940M Miles Driven $4.9B Annual Revenue 3#4OUR FAMILY OF COMPANIES YRC Worldwide Holland NEWP Reddaway YRC NEW PENN. FREIGHT Providing services under a portfolio of four operating companies. Collectively, we have approximately 20 - 25% of the public carrier market by tonnage. We provide the broadest coverage and more service capability throughout North America than any competitor. To put it simply, customers tell us where they want their freight to go and when it needs to be there, and we take it there; we carry the economy. YRC WORLDWIDE INVESTOR PRESENTATION 4#5NORTH AMERICA. DELIVERED. YRC FREIGHT ™M YRC WORLDWIDE INVESTOR PRESENTATION YRC Freight serves manufacturing, wholesale, retail and government customers throughout North America. When customers need longer-haul LTL shipping solutions, YRC Freight is the expert. LTM 3Q18 Revenue LTM 3Q18 Adjusted EBITDA # of Customers # of Terminals Average Length of Haul Average Weight Average Transit $3.2 Billion $157 Million ~ 120,000 260 1,300 Miles 1,200 lbs. 3-4 Days LO 5#6REGIONAL EXPERTISE Reddaway Holland PENN. YRC WORLDWIDE INVESTOR PRESENTATION Reddaway Holland NEW PENN. For next-day and time-sensitive services, we have three distinct regional carriers: Reddaway, Holland and New Penn. All three brands are well established in their respective regions. LTM 3Q18 Revenue LTM 3Q18 Adjusted EBITDA # of Customers # of Terminals Average Length of Haul Average Weight Average Transit $1.9 Billion $131 Million ~ 150,000 124 400 Miles 1,500 lbs. > 90% 2 Days or Less 6#7OUR CUSTOMERS BEST BUY PHILIPS O TARGET. Panasonic NISSAN Walmart save money. live better. Tootsie || Tootsie Roll Industries QU PONT hp JOHN DEERE overstock.com® American Airlines TOYOTA THE HOME DEPOT at&t MICHELIN BRIDGESTONE L'ORÉAL ANHEUSER BUSCH DOLLAR GENERAL Nestle amazon.com BOEING C.H. ROBINSON WORLDWIDE, INC. IKEA NFL (GE) The company you keep says a lot about you. And we work with some very good companies. We're fortunate to have stable, long-standing relationships with some of the greatest companies in the world, from large Fortune 500 companies to small, privately-held businesses. YRC WORLDWIDE INVESTOR PRESENTATION 7#8WE DELIVERED AND OUR CUSTOMERS NOTICED Holland Reddaway YRC Unishippers Global Logistics 2017 Midwest Regional LTL Carrier of the Year Logistics Management Quest for Quality Award Winner (32 times) Walmart, Unishippers, Avery Dennison, Echo Group Logistics and Worldwide Express Regional Carrier of the Year Parker Hannifin, BASF, Transplace and Ravago LTL Carrier of the Year GlobalTranz Carrier of the Year 2017 & 2011 (Midwest Region) Toyota North American Parts LTL Logistics Partner of the Year NEW PENN Logistics Management Quest for Quality Award Winner (23 times) Unishippers, Avery Dennison and Echo Group Logistics Regional Carrier of the Year Parker Hannifin and BASF LTL Carrier of the Year Toyota North American Parts LTL Logistics Partner of the Year Haworth Carrier of the Year Logistics Management Quest for Quality Award Winner (24 times) Worldwide Express 2015 Western Regional Carrier of the Year Unishippers Global Logistics 2017 & 2015 Regional LTL Partner of the Year Toyota North American Parts 2015 & 2014 LTL Provider of the Year Echo Global Logistics 2015 Platinum Award 2014 Carrier of the Year GlobalTranz Carrier of the Year 2017, 2015, 2014, 2013, 2011 (Western Region) Walmart FREIGHT 2016 LTL Carrier of the Year NASSTRAC 2017 & 2016 LTL Carrier of the Year JB Hunt 2015 National LTL Carrier of the Year Inbound Logistics 2015 top 100 Trucker Unishippers Global Logistics 2017 & 2015 National LTL Carrier of the Year ScoopMonkey's Top 100 Best Carriers Commercial Carrier Journal's Top 250 Carriers Transport Topics Top 100 Carriers YRC WORLDWIDE INVESTOR PRESENTATION 8#9YRC Worldwide COMPETITIVE STRENGTHS YRC Worldwide's competitive strengths provide a platform for continued improvement and long-term growth. 9#10OUR PEOPLE ~32,000 highly experienced employees throughout North America. ~17,000 drivers safely and efficiently moving freight throughout our network. ~ 14 year average tenure of union employees. Less than 15% union employee turnover. More than 250,000 long-term relationships with customers. More than 150 years of operating experience among senior management team. d Money YRC WORLDWIDE INVESTOR PRESENTATION NEW PENN MOTOR EXPRESS, INC. 10#11OUR DEDICATION Typical LTL driving distance contributes to stable workforce and low turnover. ~940 million miles covered in 2017 (the equivalent of more than 167,000 round trips between New York and Los Angeles). 1,970 active accident-free 1 million mile drivers 642 active accident-free 2 million mile drivers 142 active accident-free 3 million mile drivers 27 active accident-free 4 million mile drivers 3 active accident-free 5 million mile drivers 1 active accident-free 6 million mile driver YRC WORLDWIDE INVESTOR PRESENTATION YR FREIG VOLLO 11#12OUR NETWORKS ☐ YRC Freight Service Center Reddaway Service Center O New Penn Service Center O Holland Service Center Border Gateways B.C B.C.S SON AB CHIH SIN DGO YRC WORLDWIDE INVESTOR PRESENTATION SK MB COAH. NO 50 TAM ZAC SLP WAY JAL GTO MICH GRO OAX MS YUC OR. VER CAMP TAB OAX CHIS ON 12#13and Holland OUR ASSETS YRC Freight operates a modernized national network. Regional carriers operate direct loading and quick sort networks. 384 terminals ~21,000 doors ~14,000 tractors ~45,000 trailers Reinvesting in the business FREIGHTLINER by replenishing the fleet through a combined approach of purchasing and leasing. Since 2015, taken delivery of more than 3,800 tractors and 9,200 trailers. 14004 YRC WORLDWIDE INVESTOR PRESENTATION 13504 Hollan Holland FREIGHTLINER REGATUND 13#14OUR TECHNOLOGY Implementing tools for continuous improvement in safety, efficiency, and productivity. In-Cab Safety Technology (in service) 95 Dimensioners (in service) Dock Supervisor Tablets (in service) Quintiq Pickup and Delivery Route Optimization Software (full implementation expected in 2019) Pick Up & Delivery Handheld Units (in service) Optym Linehaul Route Optimization Software (in service) Customer Self-Service Portals To Support Digital Experience (implementation in process) YRC WORLDWIDE INVESTOR PRESENTATION Honeywell 161616 RECENTS Guy Geisler hago 11:22 AM CONTACTS CHANNELS Richard Powell thago TED HEY 17h ago о Carlos Pinto 2th ago NOTARO JEREMY P11/3/17728 PM 9 C C e C PHILLIP 1/3/17 4:58 PM BEAVER RICHARD 11/3/17455 PM BOBCHAK DENNIS HOFF 11/3/17 2:55 PM JAMES ELKO k 11/2/17121 PM 000 14#15OUR PEOPLE OUR DEDICATION YR OUR NETWORKS OUR ASSETS Honeywell WASA CHONS CONTI ow · Ο @ nolland Holland V Hollan OUR TECHNOLOGY 14004 The result is award-winning customer service with a flexible supply chain that provides the broadest coverage throughout North America. YRC WORLDWIDE INVESTOR PRESENTATION 15 е#16UPDATE ON RECENT EVENTS 1 CEO Succession Plan Completed Darren Hawkins appointed Chief Executive Officer. Prior to this appointment, he served as President and Chief Operating Officer at YRCW after serving as President of YRC Freight. He replaced James Welch who retired July 30, 2018. James will provide consulting services to the Company for an additional year commencing immediately after his retirement. 2 3Q18 Financial Results 3Q18 operating revenue increased 4.2% to $1.30 billion compared to $1.25 billion in 3Q17. 3Q18 Adjusted EBITDA increased 3.4% to $84.2 million compared to $81.4 million a year ago. 3 Continued Reinvestment YTD 3Q18 the Company took delivery of more than 1,000 tractors with approximately 300 scheduled for delivery in 4Q18. The Company also took delivery of more than 2,000 trailers YTD 3Q18 with approximately another 1,500 expected to be delivered in 4Q18. LTM 3Q18 CapEx Equivalent of $372M, or 7.4% of Revenue 4 YRC Freight Network Enhancement Significant structural upgrade implemented in late 2017. Transitioned eight terminals to distribution centers to serve as quick sort operations. Implemented the use of utility employees that are able to perform multiple job functions. YRC WORLDWIDE INVESTOR PRESENTATION 16#17YRC Worldwide FINANCIAL UPDATE 17#18$4,865 $5,069 YRCW Revenue (in millions) CONSOLIDATED $5,053 $4,891 $4,832 $4,831 $4,698 YRCW Operating Income (in millions) $140 $144 $20 $117 $119 $110 $47 $15 $21 $11 $70 $48 $124 $25 $102 $98 $99 $20 $93 $45 $28 2013 2014 2015 2016 3Q17 LTM 2017 3Q18 LTM 2013 2014 2015 2016 3Q17 2017 3Q18 LTM LTM ■Pension and Settlement Expense ■Operating Income as Originally Reported (includes Pension and Settlement Expense)(a) (a) The Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, beginning in January 1, 2018, with a retrospective application. This requires a reclassification to non-operating expenses from "Salaries, wages and employee benefits" in operating expenses. Operating Income as Originally Reported (includes Pension and Settlement Expense) represents Operating Income prior to this application. YRC WORLDWIDE INVESTOR PRESENTATION 18#19SIMPLIFIED CAPITAL STRUCTURE $1,221.0M $904.4M ($ in millions) $1,361.3M $0.2 5% Convertible Notes $69.4 6% Convertible Senior Notes $69.2 $0.2 5% Convertible Notes Series B Notes $16.5 Series B Notes $86.7 Series A Notes $177.8 Series A Notes $124.2 CDA Notes $124.2 Contribution Deferral Agreement (CDA) Notes $219.9 ABL Term B $105.0 ABL Term A $298.1 Term Loan $75.1 CDA Notes 7.9% (a) $698.2 New Term Loan $582.0 New Term Loan 10.6% $297.5 Capital Leases $295.2 Capital Leases $247.3 Capital Leases 14.5% (a) Pre-Refinancing - 12/31/13 Debt Facilities Post-Refinancing - 3/31/14 6 Debt Facilities As of 9/30/18 3 Debt Facilities Since 2013, debt obligations reduced by $456.9 million and cash interest payments reduced by ~$40 million per year. (a) Average effective interest rate as of September 30, 2018 YRC WORLDWIDE INVESTOR PRESENTATION 19#20NO NEAR-TERM MATURITIES November 2018 IBT (MOU) 2018 March 2.6 years ABL Facility June Term Loan July Focused on Operational Execution Runway 2019 2020 2021 Significant extension of maturities provides runway to continue operational transformation. YRC WORLDWIDE INVESTOR PRESENTATION 2022 CDA Notes December 20 20#21REINVESTING IN THE BUSINESS After several years of curtailing investment in the business, capital spending has resumed. CapEx Equivalent (in millions) " Fleet replenishment primarily through operating leases beginning in 2013. Increased leasing activity due to greater financing options resulting from the Company's improved financial condition. For LTM 3Q18, the CapEx Equivalent (CapEx plus the Capital Value of Leases) was 7.4% of revenue. Since the beginning of 2015, the Company has taken delivery of more than 3,800 tractors and 9,200 trailers. Acquired 95 dimensioners since 2014. Dimensioning technology is used to better cost, price and plan freight loading and flow. $372 $240 $254 $237 $247 $137 $142 $132 $153 $134 $70 $72 $67 $70 $108 $101 $103 $125 2013 2014 2015 2016 2017 LTM 3Q18 ■CapEx ■Capital Value of Leases CapEx Equivalent - as a % Revenue YRC WORLDWIDE INVESTOR PRESENTATION 5.4% 5.0% 4.8% 2.8% 2.8% 7.4% 2013 2014 2015 2016 2017 LTM 3Q18 21 24#22REINVESTING IN THE BUSINESS ■ 4x increase in technology investment from 2013 to LTM 3Q18. Recent Technology & Other CapEx investments include: Dimensioners (a) Mobileye and Lytx in-cab safety technology(a) Pickup and delivery handheld units Upgraded forklift technology ■ PROS yield management technology Dock supervisor tablets KRONOS time and attendance system Technology + Other CapEx Spend (in millions) $15 $6 $3 $11 $18 $43 $46 $46 Dimensional freight quote based shipping solution $37 Sysnet linehaul optimization technology $18 $10 2013 2014 2015 2016 2017 LTM As we move forward, we expect to continue reinvesting at a 3Q18 similar level including: ■Technology ■Other CapEx Optym linehaul load plan creation and network optimization Quintiq pick-up and delivery software (a) Included in Other CapEx YRC WORLDWIDE INVESTOR PRESENTATION 22 22#23OPPORTUNITY FOR OPERATING RATIO IMPROVEMENT LTM 3Q18 OPERATING RATIO Improvement Opportunity Operating Ratio Goals 89.7% 96.7% 1.7% 95.0% 98.1% 1.1% 97.0% YRC Freight Industry ex YRCW YRC Regional Note: The peer group's LTM 3Q18 Operating Ratio includes ABFS, FDXF, ODFL, SAIA LTL, and XPO LTL. LTM 3Q18 (amounts in millions) Revenue Operating Income Operating Ratio YRC Regional $1,890.8 61.7 96.7% YRC Freight $3,162.7 58.7 98.1% Assuming current market performance of an operating ratio of approximately 90, the goals for the coming years are: YRC Regional: ~95% YRC Freight: ~97% YRC WORLDWIDE INVESTOR PRESENTATION 23 23#241 PLAN TO ACHIEVE OPERATING RATIO GOALS 2 3 Safety Culture In-cab safety technology ■ New investment in employee injury avoidance is being implemented in 2018 and throughout 2019 Volume and Yield Growth Economic Growth Continued market price rationalization Delivering Award Winning Service and Partnering with our Customers ■ YRC Freight's network enhancement transitioned eight terminals to regional distribution centers and implemented use of utility employees 4 5 6 Enhancing Employee Engagement Union employees profit sharing bonus opportunity based on achieving OR metrics Improving Productivity Dock supervisor tablets Utilizing Sysnet software to reduce linehaul miles Continue Investing in Technology and Revenue Equipment " Optym linehaul route optimization software Quintiq pickup and delivery route optimization software YRC WORLDWIDE INVESTOR PRESENTATION 24 24#251 FORWARD LOOKING CONSIDERATIONS Plan to continue investing back into the business through combined purchasing and leasing to enhance shareholder value. 2 International Brotherhood of Teamsters memorandum of understanding (MOU) in place through March 2019. Annual wage increases of $0.34 per hour in April 2018. Annual health, welfare and pension benefit contributions increase in August 2018; MOU provides for up to a $1/hour, or approximately 8%, increase in 2018. 3 No material long- term debt / facility maturities until the end of 2Q21. Operational runway for management to continue the operational turnaround. 4 Total federal net operating losses (NOLS) of $805.4 million as of December 31, 2017 that expire between 2028-2037. Helps mitigate federal cash income tax payments. Tax Cuts and Jobs Act of 2017 is not expected to have a significant impact due to the NOL carryforwards. YRC WORLDWIDE INVESTOR PRESENTATION 25 25#26How we plan to move freight, our company, and your investment forward. Well Positioned In A Tight Capacity Environment YRC Worldwide provides the opportunity to invest in a portfolio of four proud and distinct LTL operating companies. $ Reinvestment Experienced Leadership Team Strong Industry Position Tremendous Asset Base Simplified & Stable Capital Structure Diversified Business Model Back into Business YRC WORLDWIDE INVESTOR PRESENTATION 26 26#27INVESTOR RELATIONS NASDAQ: YRCW WEBSITE: yrcw.com COMPANY CONTACT: Bri Simoneau Vice President and Controller [email protected] YRC WORLDWIDE INVESTOR PRESENTATION 27 227#28YRC Worldwide APPENDIX 28 28#29EXPERIENCED SENIOR MANAGEMENT Darren Hawkins Chief Executive Officer, YRCW More than 28 years of industry experience. Returned to the Company in 2013 and served as President of YRC Freight prior to being appointed Chief Operating Officer at YRCW. Stephanie Fisher Chief Financial Officer, YRCW More than 18 years of experience in accounting, financial analysis and corporate compliance. 14-year veteran of the Company; prior to being named CFO, was Vice President and Controller for the Company. Justin Hall Chief Customer Officer, YRCW Responsible for designing and deploying technology, logistics and innovative transportation solutions to enhance the customer experience and create growth opportunities. Former President of Logistics Planning Services. Jim Fry Vice President, General Counsel & Corporate Secretary, YRCW More than 21 years of industry experience. Prior to YRCW, served as Executive Vice President, General Counsel, and Secretary for Swift Transportation Company. YRC WORLDWIDE INVESTOR PRESENTATION 29 29#30EXPERIENCED SENIOR MANAGEMENT Scott Ware President, Holland More than 31 years of industry experience. Prior to being named President of Holland, was Vice President of Operations and Linehaul for the Company. Howard Moshier President, New Penn More than 30 years of industry experience. Prior to being named President of New Penn, was the Senior Vice President of Operations for YRC Freight. Bob Stone President, Reddaway More than 33 years of industry experience. Prior to being named President of Reddaway, was the Vice President of Operations for Reddaway. TJ O'Connor President, YRC Freight More than 35 years of industry experience. Prior to being named President of YRC Freight, was President of Reddaway. YRC WORLDWIDE INVESTOR PRESENTATION 30 30#31YRC FREIGHT'S NETWORK ENHANCEMENT Seattle Portland Salt Lake City Tracy 8 New Distribution Centers Bloomington Phoenix Omaha Denver St. Paul Buffalo Maybrook Chicago Akron South Bend Harrisburg Hagerstown Columbus Indianapolis Richmond Kansas City Nashville St. Louis Charlotte Memphis Oklahoma City Dallas Houston San Antonio YRC WORLDWIDE INVESTOR PRESENTATION Jackson Atlanta 23 Orlando Current Distribution Centers 31#32MULTI-EMPLOYER PENSION PLANS " Employees covered by collective bargaining agreements. Required contractual contributions anticipated to be an average of $2.22 per hour in 2018(a). 2018 cash contributions to be approximately $105 million (a). Expense included in EBITDA. ■ Not impacted by changes in interest rates. Contributions are made to 32 multi-employer pension plans with various levels of underfunding. ■ Pension plans are managed by independent trustees. If the Company were to withdraw from or there was a termination of all of the multi-employer pension plans, the Company's portion of the contingent liability would be an estimated $9 billion. ■ However...YRC Worldwide has, and expects to continue, making its required contractual contributions to the multi- employer pension plans thus SIGNIFICANTLY minimizing the potential of any material contingent liability becoming due. Cash Contributions to Multi- Employer Pension Plans (in millions) $105 $98 $89 $89 2015A 2016A 2017A 2018E Additionally, to our knowledge, there are no regulations that would change our average per hour contribution for the remaining term of the Memorandum of Understanding (MOU) as that is contractually agreed to by and between the Company and the individual funds nor are we aware of any regulations that would materially change the status or amount of our contingent liability. As long as we continue to pay what is contractually agreed to, there should be no issue. (a) The estimated contribution amount is subject to potential increases under the 2014 MOU Extension Agreement if the Company's health and welfare contributions made to maintain the current level of health and welfare benefits are less than the health and welfare contribution amounts already negotiated. YRC WORLDWIDE INVESTOR PRESENTATION 32 32#33" SINGLE-EMPLOYER PENSION PLANS Certain employees not covered by collective bargaining agreements. Plans closed to new participants effective January 1, 2004 with benefit accrual for active employees frozen effective July 1, 2008. Future funding requirements are primarily driven by movements in plan asset returns and discount rate. Long-term strategy is to reduce the risk of the underfunded plans. On average, the single-employer pension expense from 2015 - 2017 was approximately $17 million per year, excluding the expense recognition of settlements from lump sum payouts. Single-employer pension settlement charge at YRC Freight of $7.2 million in 3Q 2018, with another charge expected in 4Q 2018. These charges will not impact the Company's cash balance or liquidity and will be excluded from Adjusted EBITDA and operating income. Cash Contributions to Single- $71 Employer Pension Plans (in millions) $67 (a) $56 $15 2015A 2016A 2017A 2018E (a) Reflects a $12.2 million contribution due in January 2017 that was paid in December 2016 (b) Reflects a $14.0 million contribution due in January 2018 that was paid in December 2017 YRC WORLDWIDE INVESTOR PRESENTATION 33 33#34LEVERAGE RATIO YRCW Adjusted EBITDA (in millions) $255 $245 $333 $298 $289 $273 $274 Funded Debt / Adjusted EBITDA 5.34x 4.57x 3.40x 3.52x 3.38x 3.25x 3.13x 2013 2014 2015 2016 3Q17 2017 LTM 3Q18 LTM 2013 2014 2015 2016 3Q17 2017 LTM 3Q18 LTM Note: Funded debt balances based on par value Growing into capital structure. Continue to de-risk the balance sheet. Funded Debt to Adjusted EBITDA ratio down 2.21 turns. YRC WORLDWIDE INVESTOR PRESENTATION 34 4#353.13x LTM as of 3Q 2018 CREDIT FACILITY COVENANTS Four Consecutive Fiscal Quarters Ending 3.50 3.50 3.25 3.25 3.25 3.00 3.00 3.00 2.75 2.75 2.75 2.50 September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 YRCW's credit ratings as of September 30, 2018: Standard & Poor's Corporate Family Rating was B- with Stable outlook Moody's Investor Service Corporate Family Rating was B3 with Positive outlook YRC WORLDWIDE INVESTOR PRESENTATION March 31, 2021 June 30, 2021 & thereafter 35 55#36CASH FLOW YRCW Operating Cash Flow (b) (in millions) YRCW Free Cash Flow (a) (b) (in millions) $148 $104 $84 $61 $152 $57 $38 $5 $33 $33 $(15) $14 $(34) $(44) 2013 2014 2015 2016 LTM 2017 3Q17 LTM 2013 2014 2015 2016 LTM 2017 3Q18 3Q17 LTM 3Q18 Focused on improving cash flows while simultaneously increasing reinvestment into the Company. (a) Free cash flow = operating cash flow less acquisitions of property and equipment, cash proceeds from disposals (b) The Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, beginning in January 1, 2017, with a retrospective application. The new standard requires an employer to classify as a financing activity in its statement of cash flows the cash paid to a taxing authority when shares are withheld to satisfy the employer's statutory income tax withholding obligation. As a result of adoption, the Company reclassified "Payments for tax withheld on share-based compensation" as financing activities in the statements of consolidated cash flows for 2013 - 2017 annual and quarterly periods, as applicable. YRC WORLDWIDE INVESTOR PRESENTATION 36#37KEY SEGMENT INFORMATION YRC Freight 3Q18 3Q17 YoY % (a) 3Q18 Regional Transportation 3Q17 YoY % (a) Workdays 63.0 62.5 63.0 62.5 Total tonnage (in thousands) 1,541 1,592 (3.2) 1,891 1,975 (4.3) Total tonnage per day (in thousands) 24.46 25.47 (4.0) 30.01 31.60 (5.0) Total shipments (in thousands) 2,547 2,623 (2.9) 2,471 2,631 (6.1) Total shipments per day (in thousands) 40.43 41.96 (3.7) 39.22 42.10 (6.8) Total picked up revenue/cwt. Total picked up revenue/cwt. (excl. FSC) Total picked up revenue/shipment Total picked up revenue/shipment (excl. FSC) SSSSA $ 26.11 $ 24.38 7.1 $ 22.85 $ 21.81 4.8 316 $ 296 6.8 $ 277 265 4.4 SSSSA 12.73 $ 11.73 8.5 11.19 10.52 6.3 195 $ 176 10.6 171 $ EA 158 8.4 Total weight/shipment (in pounds) 1,210 1,214 (0.3) 1,530 1,501 1.9 Workdays Total tonnage (in thousands) Total tonnage per day (in thousands) Total shipments (in thousands) Total shipments per day (in thousands) YRC Freight Regional Transportation YTD 2018 190.5 YTD 2017 190.0 YoY % (a) YTD 2018 YTD 2017 YoY % (a) 190.5 190.0 4,663 4,766 (2.2) 5,806 5,935 (2.2) 24.48 25.08 (2.4) 30.48 31.24 (2.4) 7,664 7,976 (3.9) 7,505 7,902 (5.0) 40.23 41.98 (4.2) 39.40 41.59 (5.3) EA EA SA SA $ 25.45 $ 22.33 $ 310 $ 272 1,217 SASASA SA $ 23.97 6.2 21.47 4.0 287 8.1 257 5.9 SSSS 12.44 10.96 193 170 SASA SASA $ 11.61 7.1 10.43 5.1 174 10.3 157 8.2 1,195 1.8 1,547 1,502 3.0 Total picked up revenue/cwt. Total picked up revenue/cwt. (excl. FSC) Total picked up revenue/shipment Total picked up revenue/shipment (excl. FSC) $ Total weight/shipment (in pounds) (a) Percent change based on unrounded figures and not the rounded figures presented YRC WORLDWIDE INVESTOR PRESENTATION 32 37#38EBITDA RECONCILIATION (CONSOLIDATED) ($ in millions) YRCW Consolidated Reconciliation of net income (loss) to adjusted EBITDA (a) Net income (loss) Interest expense, net Income tax (benefit) expense Depreciation and amortization EBITDA Adjustments for debt covenants: (Gains) losses on property disposals, net Letter of credit expense Restructuring charges Transaction costs related to the issuances of debt Nonrecurring consulting fees Permitted dispositions and other Equity-based compensation expense Amortization of ratification bonus Non-union pension settlement charge (Gain) loss on extinguishment of debt (b) Other, net Adjusted EBITDA FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 3Q 2017 3Q 2018 LTM 3Q 2017 LTM 3Q 2018 $ (83.6) $ 163.8 (67.7) $ 149.5 0.7 $ 107.1 21.5 $ 103.0 (10.8) 102.4 $ 3.0 $ 2.9 $ (10.8) $ (4.8) 25.9 26.2 102.1 102.9 (45.9) (16.1) (5.1) 3.1 (7.3) 0.9 4.7 0.1 (5.5) 172.3 163.6 163.7 159.8 147.7 36.7 34.9 151.3 146.9 $ 206.6 $ 229.3 $ 266.4 $ 287.4 $ 232.0 $ 66.5 $ 68.7 $ 242.7 $ 239.5 (2.2) (11.9) 1.9 (14.6) (0.6) 33.9 12.1 8.8 7.7 6.8 12.0 4.2 0.2 3.1 189 1.3 1.7 0.3 8.1 6.7 3737 1.9 1.6 0.5 090 (0.4) 4.1 6.8 6.7 0.3 2.3 8.9 1.4 5.1 2.0 5.2 7342 1.7 1.8 0.4 3.0 1.2 0.3 (0.4) 2.3 0.4 5.8 14.3 8.5 7.3 6.5 1.3 0.7 6.6 6.7 15.6 18.9 4.6 28.7 7.6 7.2 14.8 (11.2) 0.6 $ (2.9) 254.9 $ (9.7) (6.2) 2.1 9.5 3.3 2.0 6.2 8.1 244.5 $ 333.3 $ 297.5 $ 274.2 $ 81.4 $ 84.2 $ 273.4 $ 289.2 (a) Certain reclassifications have been made to prior years to conform to current year presentation (b) As required under our Term Loan Agreement, Other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA YRC WORLDWIDE INVESTOR PRESENTATION 38#39($ in millions) EBITDA RECONCILIATION (SEGMENT) YRC Freight Segment Reconciliation of operating income (loss) to adjusted EBITDA (a) Operating income (loss)' (c) Depreciation and amortization (Gains) losses on property disposals, net Letter of credit expense Restructuring charges Nonrecurring consulting fees Amortization of ratification bonus Non-union pension and postretirement benefits (c) Other, net (b) Adjusted EBITDA Regional Transportation Segment Reconciliation of operating income to adjusted EBITDA Operating income (c) Depreciation and amortization Losses on property disposals, net Letter of credit expense Amortization of ratification bonus (b) (c) Other, net Adjusted EBITDA FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 3Q 2017 3Q 2018 LTM 3Q 2017 LTM 3Q 2018 $ (12.6) $ 109.1 23.2 $ 98.0 63.3 $ 93.1 71.8 $ 90.3 60.8 84.8 $ 23.2 $ 24.7 $ 51.3 $ 58.7 21.1 18.4 86.0 82.7 (3.0) (15.9) 1.9 (15.7) (2.2) 1.0 1.6 (2.0) 2.6 25.8 8.3 6.1 5.0 4.3 1.1 1.0 4.4 4.1 0.9 0.3 0.3 0.7 1.9 5.0 5.1 10.0 12.2 3.0 $ (18.6) 4.5 105.2 $ (22.7) (1.1) 99.8 $ (16.1) 1.6 167.2 $ (18.6) (11.7) (2.9) 0.4 (13.5) (1.4) 4.3 140.1 $ 0.9 (1.2) 0.6 0.2 4.8 137.8 $ 42.6 $ 48.6 $ 126.6 $ 157.2 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 3Q 2017 3Q 2018 LTM 3Q 2017 LTM 3Q 2018 $ 80.0 $ 66.2 $ 85.5 $ 81.4 $ 67.9 $ 21.5 $ 18.4 $ 75.4 $ 61.7 63.1 65.8 70.7 69.5 62.9 15.6 16.2 65.3 63.9 0.6 4.0 0.2 1.1 1.6 0.3 0.3 1.5 1.4 6.8 2.9 2.1 2.5 2.2 0.5 0.6 2.1 2.3 5.6 6.7 1.6 0.0 (0.1) 0.7 0.4 1.8 0.8 0.2 1.2 1.9 $ 150.5 $ 144.4 $ 165.9 $ 156.5 $ 136.4 $ 38.7 $ 35.7 $ 145.5 $ 131.2 (a) Certain reclassifications have been made to prior years to conform to current year presentation (b) As required under our Term Loan Agreement, Other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA (c) Due to the adoption of ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, "Operating income (loss)" and "Other, net" for prior years have been updated to reflect the reclassification of pension expense YRC WORLDWIDE INVESTOR PRESENTATION 39#40($ in millions) FREE CASH FLOW RECONCILIATION YRCW Consolidated FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 3Q 2017 3Q 2018 LTM 3Q 2017 LTM 3Q 2018 Net Cash (used) / provided in operating activities (a) $ 13.5 $ 33.3 $ 147.6 $ Acquisition of property and equipment Proceeds from disposal of property and equipment (66.9) 9.8 (69.2) 20.8 Free Cash Flow $ (43.6) $ (15.1) $ (108.0) 17.5 57.1 $ 103.8 $ (100.6) 35.1 38.3 $ 60.7 $ 25.9 $ 86.4 $ 83.7 $ 152.0 (103.3) 8.8 (31.9) 1.6 (45.9) (96.0) (124.8) 0.7 16.9 (33.8) $ (4.4) $ 41.2 $ 4.5 $ 5.4 32.6 (a) The Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, beginning in January 1, 2017, with a retrospective application. The new standard requires an employer to classify as a financing activity in its statement of cash flows the cash paid to a taxing authority when shares are withheld to satisfy the employer's statutory income tax withholding obligation. As a result of adoption, the Company reclassified "Payments for tax withheld on share-based compensation" as financing activities in the statements of consolidated cash flows for 2013 - 2017 annual and quarterly periods, as applicable. YRC WORLDWIDE INVESTOR PRESENTATION 40