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| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

|   | For the fiscal year ended December 31, 2009 |
|--------|---------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-------------------------------------------------------------------------------------------|

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| Ontario, Canada                                                |   | 98-0358363                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Title of each classCommon Shares  |   |  Name of each exchange on which registeredToronto Stock Exchange - TSX®NASDAQ - Global National Market |
|----------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|

|   | Large accelerated filer o                     | Accelerated filer x    |
|--------|-----------------------------------------------|-----------------------------|
|   |                                          |                        |
|   | Non-accelerated filer o                       | Smaller reporting company o |
|   | (Do not check if a smaller reporting company) |                        |

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| Item     |                                                                                        | Page   |
|----------|---------------------------------------------------------------------------------------------|--------|
|     |                                                                                        |   |
| PART I   |                                                                                        |   |
|     |                                                                                        |   |
| 1.       | Business                                                                                    | 3      |
|     |                                                                                        |   |
| 1. A     | Risk Factors                                                                                | 7      |
|     |                                                                                        |   |
| 1. B     | Unresolved Staff Comments                                                                   | 14     |
|     |                                                                                        |   |
| 2.       | Properties                                                                                  | 15     |
|     |                                                                                        |   |
| 3.       | Legal Proceedings                                                                           | 15     |
|     |                                                                                        |   |
| 4.       | Submission of Matters to a Vote of Security Holders                                         | 15     |
|     |                                                                                        |   |
|     |                                                                                        |   |
| PART II  |                                                                                        |
|     |                                                                                        |   |
| 5.       | Market for Registrant’s Common Equity and Related Stockholder Matters                 | 16     |
|     |                                                                                        |   |
| 6.       | Selected Financial Data                                                                     | 18     |
|     |                                                                                        |   |
| 7.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20     |
|     |                                                                                        |   |
| 7. a     | Quantitative and Qualitative Disclosures about Market Risk                                  | 35     |
|     |                                                                                        |   |
| 8.       | Financial Statements and Supplementary Data                                                 | 35     |
|     |                                                                                        |   |
| 9.       | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure        | 64     |
|     |                                                                                        |   |
| 9. a     | Controls and Procedures                                                                     | 64     |
|     |                                                                                        |   |
| 9. b     | Other Information                                                                           | 66     |
|     |                                                                                        |   |
| PART III |                                                                                        |
|     |                                                                                        |   |
| 10.      | Directors and Executive Officers of the Registrant                                          | 66     |
|     |                                                                                        |   |
| 11.      | Executive Compensation                                                                      | 66     |
|     |                                                                                        |   |
| 12.      | Security Ownership of Certain Beneficial Owners and Management                              | 67     |
|     |                                                                                        |   |
| 13.      | Certain Relationships and Related Transactions                                              | 67     |
|     |                                                                                        |   |
| 14.      | Principal Accounting Fees and Services                                                      | 67     |
|     |                                                                                        |   |
| PART IV  |                                                                                        |
|     |                                                                                        |   |
| 15.      | Exhibits, Financial Statements Schedules and Reports on Form 8-K                            | 67     |

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PART I

BUSINESS 

----

----

|   | • | the trend among shippers toward minimal inventories, deferred air freight, and regional distribution has increased the demand for next-day and second-day delivery service; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | regional carriers with sufficient scale and freight density to support local terminal networks can offer greater service reliability and minimize the costs associated with intermediate handling; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | regional carriers are predominantly non-union, which offers cost savings, greater flexibility, and a lower likelihood of service disruptions, compared with unionized carriers; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | there has been a reduction of capacity as weaker competitors exit the business. |
|--------|---------|---------------------------------------------------------------------------------|

|   | MARKETING AND CUSTOMERS |
|--------|-------------------------|

----

. 

----

|   | • | we compete with many other transportation service providers of varying sizes, many of which have more equipment, a broader coverage network, a wider range of services and greater capital resources than we do or have other competitive advantages; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | some of our competitors periodically reduce their prices to gain business, especially during times of reduced growth rates in the economy, which may limit our ability to maintain or increase our prices or maintain significant growth in our business; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | many customers reduce the number of carriers they use by selecting so-called “core carriers” as approved transportation service providers, and in some instances we may not be selected; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | our customers may negotiate rates or contracts that minimize or eliminate our ability to offset fuel price increases through a fuel surcharge on our customers; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | many customers periodically accept bids from multiple carriers for their shipping needs, and this process may depress prices or result in the loss of some business to competitors; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the trend towards consolidation in the surface transportation industry may create other large carriers with greater financial resources than us and other competitive advantages relating to their size; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | advances in technology require increased investments to remain competitive, and our customers may not be willing to accept higher prices to cover the cost of these investments; and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | competition from non-asset-based logistics and freight brokerage companies may adversely affect our customer relationships and prices. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

|   | • | our quarterly or annual earnings or those of other companies in our industry; |
|--------|---------|-------------------------------------------------------------------------------|

|   | • | the public's reaction to our press releases, our other public announcements and our regulatory filings; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | changes in earnings estimates or recommendations by research analysts who follow our stock or the stock of other trucking companies; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | • | changes in general conditions in the Canadian, US and global economy, financial markets or trucking industry, including those resulting from war, incidents of terrorism or responses to such events; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | sales of Common Shares by our directors and executive officers; and |
|--------|---------|---------------------------------------------------------------------|

|   | • | other factors described in these “Risk Factors”. |
|--------|---------|--------------------------------------------------------------|

----

PROPERTIES 

| Terminals    | Doors | Owned/Leased |
|--------------|-------|--------------|
| Toronto      | 134   | Owned        |
| Indianapolis | 116   | Leased       |
| Toledo       | 101   | Owned        |
| Montreal     | 85    | Owned        |
| Vancouver    | 85    | Owned        |
| Chicago      | 81    | Leased       |
| Pittsburgh   | 80    | Owned        |
| Clinton      | 80    | Owned        |
| Detroit      | 74    | Owned        |
| Philadelphia | 72    | Leased       |

|                                                                                                              | Owned | Leased |
|-------------------------------------------------------------------------------------------------------------------|-------|--------|
| Tractors                                                                                                          | 1,511 | 325    |
| Trailers                                                                                                          | 5,492 | 1,475  |
| Containers                                                                                                        | 519   | -      |
| Chassis                                                                                                           | 451   | -      |
|                   Total | 7,973 | 1,800  |

LEGAL PROCEEDINGS 

Vitran is subject to various legal proceedings and claims that have arisen in the ordinary course of its business that have not been fully adjudicated.  Many of these are covered in whole or in part by insurance.  The management of Vitran does not believe that these actions, whenfinally concluded and determined, will have a material adverse effect upon Vitran’s financial condition, results of operations, or cash flows. 

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 

----

MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDERMATTERS 

   TSX  NASDAQ Quarter High  Low  Volume  High  Low  Volume    (in Canadian dollars)  (in United States dollars) 2009                    Fourth Quarter $12.33  $8.30   63,400  $12.16  $7.82   3,109,800   Third Quarter $13.10  $9.72   126,500  $12.03  $8.85   2,416,900   Second Quarter $11.82  $6.50   487,200  $10.41  $4.95   4,744,300   First Quarter $8.29  $2.91   262,600  $7.30  $2.26   2,374,900 2008                           Fourth Quarter $14.21  $5.26   553,300  $13.60  $4.62   3,668,100   Third Quarter $20.65  $13.75   1,237,900  $18.97  $13.26   5,332,900   Second Quarter $16.11  $13.95   159,600  $16.00  $13.50   2,023,000   First Quarter $14.74  $11.60   256,700  $14.94  $11.21   2,479,100 

|                  |   | TSX                   |   |   | NASDAQ                     |   |
|-----------------------|--------|-----------------------|--------|--------|----------------------------|--------|
| 2009 Monthly          |   | High                  |   |   | Low                        |   |   | Volume |   |   | High |   |   | Low |   |   | Volume |   |
|                  |   | (in Canadian dollars) |   |   | (in United States dollars) |   |
|   December  |   | $                     | 12.33  |   |                       | $      | 9.50 |   |   |   | 23,900 |   |   | $ | 12.16 |   |   | $ | 8.83 |   |   |   | 1,521,700 |   |
|   November  |   | $                     | 10.25  |   |                       | $      | 8.53 |   |   |   | 8,000 |   |   | $ | 9.79 |   |   | $ | 7.82 |   |   |   | 785,500 |   |
|   October   |   | $                     | 9.72   |   |                       | $      | 8.30 |   |   |   | 31,500 |   |   | $ | 9.19 |   |   | $ | 7.95 |   |   |   | 802,600 |   |
|   September |   | $                     | 13.10  |   |                       | $      | 9.72 |   |   |   | 47,800 |   |   | $ | 12.03 |   |   | $ | 8.85 |   |   |   | 1,173,200 |   |
|   August    |   | $                     | 12.79  |   |                       | $      | 11.48 |   |   |   | 36,800 |   |   | $ | 11.74 |   |   | $ | 10.29 |   |   |   | 286,900 |   |
|   July      |   | $                     | 12.11  |   |                       | $      | 10.20 |   |   |   | 41,900 |   |   | $ | 10.80 |   |   | $ | 9.56 |   |   |   | 956,800 |   |
|   June      |   | $                     | 11.82  |   |                       | $      | 8.97 |   |   |   | 127,000 |   |   | $ | 10.41 |   |   | $ | 7.96 |   |   |   | 993,800 |   |
|   May       |   | $                     | 9.40   |   |                       | $      | 8.00 |   |   |   | 90,300 |   |   | $ | 8.60 |   |   | $ | 6.73 |   |   |   | 1,151,100 |   |
|   April     |   | $                     | 8.59   |   |                       | $      | 6.50 |   |   |   | 269,900 |   |   | $ | 7.07 |   |   | $ | 4.95 |   |   |   | 2,599,400 |   |
|   March     |   | $                     | 6.75   |   |                       | $      | 2.91 |   |   |   | 150,500 |   |   | $ | 5.43 |   |   | $ | 2.26 |   |   |   | 957,400 |   |
|   February  |   | $                     | 6.00   |   |                       | $      | 4.55 |   |   |   | 35,200 |   |   | $ | 4.94 |   |   | $ | 3.41 |   |   |   | 613,700 |   |
|   January   |   | $                     | 8.29   |   |                       | $      | 5.02 |   |   |   | 76,900 |   |   | $ | 7.30 |   |   | $ | 4.14 |   |   |   | 803,800 |   |

----

|     Plan Category                      |  Number of securities to be issued upon exercise of outstanding options |   Weighted average exercise price of outstanding options | Number of securities remaining available for future issuance (excluding securities reflected in column (a)) |
|------------------------------------------------------------|---------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                       | (a)                                                                                         | (b)                                                                          | (c)                                                                                                                             |
| Equity compensation plans approved by security holders     | 906,700                                                                                     | $13.17                                                                       | -                                                                                                                               |
| Equity compensation plans not approved by security holders | -                                                                                           | -                                                                            | -                                                                                                                               |
| Total (1)                                                  | 906,700                                                                                     | $13.17                                                                       | -                                                                                                                               |

| Computershare Investor Services Inc. | Montreal, Toronto | Canada        |
|--------------------------------------|-------------------|---------------|
| Computershare Trust Company Inc.     | Denver            | United States |

----

SELECTED FINANCIAL DATA 

| Year                                                |   | 2009   |       |   | 2008   |   |       | 2007   |   |   | 2006       |   |   | 2005   |       |
|-----------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |
| Statements of Income                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |
| Revenue                                             |   | $      | 629,260    |   |   | $      | 726,337    |   |   | $      | 670,517    |   |   | $      | 514,059    |   |   | $ | 428,192 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Impairment of goodwill(1)                           |   |   | -          |   |   |   | 107,351    |   |   |   | -          |   |   |   | -          |   |   |   | - |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) from continuing operations            |   |   | (409       | )      |   |   | (97,332    | )      |   |   | 22,999     |   |   |   | 28,040     |   |   |   | 25,427 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss) from continuing operations        |   |   | (3,972     | )      |   |   | (71,225    | )      |   |   | 13,710     |   |   |   | 19,258     |   |   |   | 17,938 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Cumulative effect of change in accounting principle |   |   | -          |   |   |   | -          |   |   |   | -          |   |   |   | 141        |   |   |   | - |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss)                                   |   | $      | (3,972     | )      |   | $      | (71,225    | )      |   | $      | 13,710     |   |   | $      | 19,399     |   |   | $ | 17,938 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Earnings (loss) per share basic:                    |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss) from continuing operations        |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $      | 1.02       |   |   | $      | 1.49       |   |   | $ | 1.43 |   |
| Net income (loss)                                   |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $      | 1.02       |   |   | $      | 1.50       |   |   | $ | 1.43 |   |
| Weighted average number of shares                   |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,458,786 |   |   |   | 12,887,401 |   |   |   | 12,516,265 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Earnings (loss) per share diluted:                  |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss) from continuing operations        |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $      | 1.00       |   |   | $      | 1.47       |   |   | $ | 1.40 |   |
| Net income (loss)                                   |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $      | 1.00       |   |   | $      | 1.48       |   |   | $ | 1.40 |   |
| Weighted average number of shares                   |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,651,799 |   |   |   | 13,124,865 |   |   |   | 12,848,360 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Balance Sheets                                      |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Assets:                                             |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Current assets                                      |   | $      | 85,308     |   |   | $      | 80,473     |   |   | $      | 90,417     |   |   | $      | 83,775     |   |   | $ | 71,017 |   |
| Property and equipment, net                         |   |   | 145,792    |   |   |   | 152,602    |   |   |   | 169,062    |   |   |   | 145,129    |   |   |   | 66,807 |   |
| Intangible assets                                   |   |   | 10,766     |   |   |   | 13,279     |   |   |   | 13,645     |   |   |   | 15,888     |   |   |   | 2,456 |   |
| Goodwill                                            |   |   | 18,878     |   |   |   | 17,057     |   |   |   | 124,375    |   |   |   | 117,146    |   |   |   | 61,448 |   |
| Other non-current assets                            |   |   | 33,594     |   |   |   | 30,181     |   |   |   | -          |   |   |   | 150        |   |   |   | - |   |
| Total assets                                        |   | $      | 294,338    |   |   | $      | 293,592    |   |   | $      | 397,499    |   |   | $      | 362,088    |   |   | $ | 201,728 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Liabilities and Stockholders’ Equity:         |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Current liabilities                                 |   | $      | 82,676     |   |   | $      | 84,332     |   |   | $      | 86,002     |   |   | $      | 88,669     |   |   | $ | 48,331 |   |
| Long-term debt                                      |   |   | 72,956     |   |   |   | 93,477     |   |   |   | 109,831    |   |   |   | 93,139     |   |   |   | 8,588 |   |
| Other non-current liabilities                       |   |   | 2,919      |   |   |   | 4,540      |   |   |   | 11,322     |   |   |   | 6,983      |   |   |   | 5,007 |   |
| Total stockholders’ equity                    |   | $      | 135,787    |   |   | $      | 111,243    |   |   | $      | 190,344    |   |   | $      | 173,297    |   |   | $ | 139,802 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Total commitments under operating leases            |   |   |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                |   | $      | 82,405     |   |   | $      | 56,673     |   |   | $      | 58,639     |   |   | $      | 38,827     |   |   | $ | 40,239 |   |

----

| Selected Financial Data (continued) (Thousands of dollars, except per share amounts)  |
|--------------------------------------------------------------------------------------------|

| Year                 |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2006   |   |   | 2005   |   |
|----------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Ratios (2) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total company        |   |   | 100.1  | %      |   |   | 98.6   | %      |   |   | 96.6   | %      |   |   | 94.5   | % |   |   | 94.1 | % |
| Less-than-truckload  |   |   | 100.5  | %      |   |   | 98.5   | %      |   |   | 96.0   | %      |   |   | 93.7   | % |   |   | 93.1 | % |
| SCO                  |   |   | 92.8   | %      |   |   | 94.6   | %      |   |   | 93.8   | %      |   |   | 93.3   | % |   |   | 94.7 | % |
| Truckload            |   |   | 97.7   | %      |   |   | 96.2   | %      |   |   | 94.9   | %      |   |   | 94.7   | % |   |   | 93.5 | % |

| (1) | Vitran recorded a pre-tax non-cash goodwill impairment charge of $107.4 million at December 31, 2008.  The assessment of the Company’s goodwill for impairment is discussed further in Item 7 under “Critical Accounting Policies and Estimates” and in note 1(k) of the consolidated financial statements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Operating ratio (“OR”) is a non-GAAP financial measure which does not have any standardized meaning prescribed by GAAP. OR is the sum of total operating expenses minus goodwill impairment charge, divided by revenue. OR excludes the impact of the goodwill impairment charge.  OR allows management to measure the Company and its various segments’ operating efficiency.  OR isa widely recognized measure in the transportation industry which provides a comparable benchmark for evaluating the Company’s performance compared to its competitors. Investors should also note that the Company’s presentation of OR may not be comparable to similarly titled measures by other companies. OR is calculated as follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   | Year ended December 31, |    |
|------------------------------------|--------|-------------------------|---------|
|                               |   | 2009                    |    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                               |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses           |   | $                       | 629,669 |   |   | $ | 823,669 |   |   | $ | 647,518 |   |   | $ | 486,019 |   |   | $ | 402,765 |   |
| Goodwill impairment charge         |   |                    | -       |   |   |   | (107,351 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Adjusted operating expense         |   |                    | 629,669 |   |   |   | 716,318 |   |   | $ | 647,518 |   |   | $ | 486,019 |   |   | $ | 402,765 |   |
| Revenue                            |   | $                       | 629,260 |   |   | $ | 726,337 |   |   | $ | 670,517 |   |   | $ | 514,059 |   |   | $ | 428,192 |   |
| Operating ratio (“OR”) |   |                    | 100.1   | % |   |   | 98.6 | % |   |   | 96.6 | % |   |   | 94.5 | % |   |   | 94.1 | % |

----

|   | • | the Company’s ability to realize revenue growth and market share gains while improving service and density at reasonable prices in its less-than-truckload segment; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to realize cost savings from the reduction of maintenance expense and productivity improvements in its less-than-truckload segment; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to predict the timing and magnitude of the economic recovery, if any; |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to maintain compliance with its debt covenants; |
|--------|---------|-----------------------------------------------------------------------------|

|   | • | the Company’s expectation to increase square footage under management in its supply chain operation segment; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s expectation to maximize existing infrastructure in its supply chain operation segment; |
|--------|---------|------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s expectation to introduce supply chain operation clients to the services of the less-than-truckload segment; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s expectation to return its days sale outstanding measure to historical levels; |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to achieve margin and asset utilization gains in its Truckload segment; |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to expand and diversify its customer base in the Truckload segment; |
|--------|---------|-------------------------------------------------------------------------------------------------|

|   | • | the Company’s intention to purchase a specified level of capital assets and to finance such acquisitions with cash flow from operations and, if necessary, from the Company’s unused credit facilities; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to generate sufficient taxable income to utilize loss carryforwards; and |
|--------|---------|------------------------------------------------------------------------------------------------------|

|   | • | the Company’s ability to implement capital structure alternatives should there be a change in the financial condition of the Company or broader market. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | re-aligned its capital structure by raising $22.9 million in equity and modifying its syndicated debt arrangement; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | • | set record quarterly and annual income from operations in the SCO segment; |
|--------|---------|----------------------------------------------------------------------------|

|   | • | the U.S. LTL business unit initiated a new integrated regional and inter-regional sales program that resulted in: |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | 1. | sequential quarter-over-quarter growth in daily shipments for the first three quarters of 2009, |
|--------|----|-------------------------------------------------------------------------------------------------|

|   | 2. | quarter-over-prior-year-quarter growth in daily shipments for the fourth quarter 2009, |
|--------|----|----------------------------------------------------------------------------------------|

|   | 3. | increased the length of haul 22.5% in 2009 compared to 2008, |
|--------|----|--------------------------------------------------------------|

|   | • | the CDN LTL business unit retained its market share and maintained positive income from operations; |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | • | introduced a new logo and marketing campaign supporting an integrated sales campaign across the entire Company. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

----

| (in thousands of dollars)             |   | 2009   |    |   | 2008   |   |    | 2007   |   |   | 2009 vs 2008 |   |   | 2008 vs 2007 |   |
|---------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------------|--------|--------|--------------|--------|
|                                  |   |   |    |   |   |   |    |   |   |   |         |   |   |         |   |   |   |   |   |   |
| Revenue                               |   | $      | 629,260 |   |   | $      | 726,337 |   |   | $      | 670,517      |   |   |         | (13.4  | %) |   |   | 8.3 | % |
| Salaries, wages and employee benefits |   |   | 259,782 |   |   |   | 283,653 |   |   |   | 266,731      |   |   |         | (8.4   | %) |   |   | 6.3 | % |
| Purchased transportation              |   |   | 89,042  |   |   |   | 98,529  |   |   |   | 99,971       |   |   |         | (9.6   | %) |   |   | (1.4 | %) |
| Depreciation and amortization         |   |   | 19,902  |   |   |   | 21,024  |   |   |   | 20,770       |   |   |         | (5.3   | %) |   |   | 1.2 | % |
| Maintenance                           |   |   | 28,330  |   |   |   | 32,067  |   |   |   | 28,563       |   |   |         | (11.7  | %) |   |   | 12.3 | % |
| Rents and leases                      |   |   | 27,532  |   |   |   | 28,042  |   |   |   | 23,939       |   |   |         | (1.8   | %) |   |   | 17.1 | % |
| Purchased labor and owner operators   |   |   | 79,474  |   |   |   | 84,843  |   |   |   | 78,145       |   |   |         | (6.3   | %) |   |   | 8.6 | % |
| Fuel and fuel related taxes           |   |   | 67,761  |   |   |   | 113,108 |   |   |   | 82,100       |   |   |         | (40.1  | %) |   |   | 37.8 | % |
| Other expenses                        |   |   | 58,131  |   |   |   | 55,378  |   |   |   | 47,731       |   |   |         | 5.0    | % |   |   | 16.0 | % |
| Impairment of goodwill                |   |   | -       |   |   |   | 107,351 |   |   |   | -            |   |   |         | (100.0 | %) |   |   | - |   |
| Operating gains                       |   |   | (285    | )      |   |   | (326    | )      |   |   | (432         | )      |   |         | (12.6  | %) |   |   | (24.5 | %) |
|   Income (loss) from operations  |   |   | (409    | )      |   |   | (97,332 | )      |   |   | 22,999       |   |   |         | (99.6  | %) |   |   | (523.2 | %) |
| Interest expense, net                 |   |   | 9,496   |   |   |   | 9,223   |   |   |   | 8,426        |   |   |         | 3.0    | % |   |   | 9.5 | % |
|                                  |   |   |    |   |   |   |    |   |   |   |         |   |   |         |   |   |   |   |   |   |
| Net income (loss)                     |   | $      | (3,972  | )      |   | $      | (71,225 | )      |   | $      | 13,710       |   |   |         | (94.4  | %) |   |   | (619.5 | %) |
|                                  |   |   |    |   |   |   |    |   |   |   |         |   |   |         |   |   |   |   |   |   |
|                                  |   |   | 2009    |   |   |   | 2008    |   |   |   | 2007         |   |   | 2009 vs 2008 |   |   | 2008 vs 2007 |   |
|                                  |   |   |    |   |   |   |    |   |   |   |         |   |   |         |   |   |   |   |   |   |
| Earnings (loss)  per share: |   |   |    |   |   |   |    |   |   |   |         |   |   |         |   |   |   |   |   |   |
| Basic                                 |   | $      | (0.28   | )      |   | $      | (5.28   | )      |   | $      | 1.02         |   |   |         | 94.7   | % |   |   | (617.6 | %) |
| Diluted                               |   | $      | (0.28   | )      |   | $      | (5.28   | )      |   | $      | 1.00         |   |   |         | 94.7   | % |   |   | (628.0 | %) |
|   Operating ratio(1)             |   |   | 100.1   | %      |   |   | 98.6    | %      |   |   | 96.6         | %      |   |         |   |   |   |   |   |   |

----

----

| (in thousands of dollars)         |   | 2009   |      |   | 2008   |   |      | 2007   |   |   | 2009 vs 2008 |   |   | 2008 vs 2007 |   |
|-----------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|--------------|--------|--------|--------------|--------|
|                              |   |   |      |   |   |   |      |   |   |   |         |   |   |         |   |
| Revenue                           |   | $      | 519,215   |   |   | $      | 610,933   |   |   | $      | 584,786      |   |   |         | (15.0  | %) |   |   | 4.5 | % |
| Income (loss) from operations (8) |   | $      | (2,648    | )      |   | $      | 8,980     |   |   | $      | 23,153       |   |   |         | (129.5 | %) |   |   | (61.2 | %) |
| Impairment of goodwill            |   | $      | -         |   |   | $      | 107,351   |   |   | $      | -            |   |   |         | (100.0 | %) |   |   | 100.0 | % |
| Operating ratio                   |   |   | 100.5     | %      |   |   | 98.5      | %      |   |   | 96.0         | %      |   |         |   |   |   |   |   |   |
|                              |   |   |      |   |   |   |      |   |   |   |         |   |   |         |   |   |   |   |   |   |
| Number of shipments(2)            |   |   | 3,705,152 |   |   |   | 3,930,049 |   |   |   | 4,040,306    |   |   |         | (5.7   | %) |   |   | (2.7 | %) |
| Weight (000s of lbs)(3)           |   |   | 5,492,869 |   |   |   | 5,979,270 |   |   |   | 5,989,123    |   |   |         | (8.1   | %) |   |   | (0.2 | %) |
| Revenue per shipment(4)           |   | $      | 140.13    |   |   | $      | 155.45    |   |   | $      | 144.74       |   |   |         | (9.9   | %) |   |   | 7.4 | % |
| Revenue per hundredweight(5)      |   | $      | 9.45      |   |   | $      | 10.22     |   |   | $      | 9.76         |   |   |         | (7.5   | %) |   |   | 4.7 | % |

| (in thousands of dollars) |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2009 vs 2008 |   |   | 2008 vs 2007 |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------------|--------|--------|--------------|--------|
|                      |   |   |   |   |   |   |   |   |   |   |         |   |   |         |   |
| Revenue                   |   | $      | 76,106 |   |   | $      | 81,030 |   |   | $      | 52,845       |   |   |         | (6.1   | %) |   |   | 53.3 | % |
| Income from operations    |   | $      | 5,480  |   |   | $      | 4,373  |   |   | $      | 3,271        |   |   |         | 25.3   | % |   |   | 33.7 | % |
| Operating ratio           |   |   | 92.8   | %      |   |   | 94.6   | %      |   |   | 93.8         | %      |   |         |   |   |   |   |   |   |

----

| (in thousands of dollars) |   | 2009   |   |   | 2008   |   |   | 2007   |   |   | 2009 vs 2008 |   |   | 2008 vs 2007 |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------------|--------|--------|--------------|--------|
|                      |   |   |   |   |   |   |   |   |   |   |         |   |   |         |   |
| Revenue                   |   | $      | 33,939 |   |   | $      | 34,374 |   |   | $      | 32,886       |   |   |         | (1.3   | %) |   |   | 4.5 | % |
| Income from operations    |   | $      | 790    |   |   | $      | 1,307  |   |   | $      | 1,678        |   |   |         | (39.6  | %) |   |   | (22.1 | %) |
| Operating ratio           |   |   | 97.7   | %      |   |   | 96.2   | %      |   |   | 94.9         | %      |   |         |   |   |   |   |   |   |

----

----

| Notes: |
|--------|

| (1) | Refer to note 2 in Item 6 - Selected Financial Data |
|-----|-----------------------------------------------------|

| (2) | A shipment is a single movement of goods from a point of origin to its final destination as described on a bill of lading document. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Weight represents the total pounds shipped by each LTL business unit. |
|-----|-----------------------------------------------------------------------|

| (4) | Revenue per shipment represents revenue divided by the number of shipments. |
|-----|-----------------------------------------------------------------------------|

| (5) | Revenue per hundredweight is the price obtained for transporting 100 pounds of LTL freight from point to point, calculated by dividing the revenue for an LTL shipment by the hundredweight (weight in pounds divided by 100) for a shipment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Revenue per total mile represents revenue divided by the total miles driven. |
|-----|------------------------------------------------------------------------------|

| (7) | Adjusted net income is a non-GAAP measure that allows the Company to evaluate its performance by removing non-recurring charges to net income.  The reconciliation to net income and earnings per share excluding the goodwill impairment charge and write-off of previously deferred financing costs is as follows: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                             |   | Year ended December 31, |       |
|------------------------------------------------------------------|--------|-------------------------|------------|
|                                                             |   | 2008                    |       |   | 2007 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Net income (loss)                                                |   | $                       | ( 71,225   | ) |   | $ | 13,710 |   |
| Goodwill impairment, net of tax                                  |   |                    | 75,844     |   |   |   | - |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Adjusted net income (loss)  before goodwill impairment |   |                    | 4,619      |   |   |   | 13,710 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Financing costs written off, net of tax                          |   |                    | 630        |   |   |   | 304 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Adjusted net income                                              |   | $                       | 5,249      |   |   | $ | 14,014 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Weighted average shares outstanding:                             |   |                    |       |   |   |   |   |   |
| Basic                                                            |   |                    | 13,485,532 |   |   |   | 13,458,786 |   |
| Diluted                                                          |   |                    | 13,632,628 |   |   |   | 13,651,799 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Adjusted earnings(loss) per share before goodwill impairment:    |   |                    |       |   |   |   |   |   |
| Basic                                                            |   | $                       | 0.34       |   |   | $ | 1.04 |   |
| Diluted                                                          |   | $                       | 0.34       |   |   | $ | 1.03 |   |
|                                                             |   |                    |       |   |   |   |   |   |
| Adjusted earnings per share:                                     |   |                    |       |   |   |   |   |   |
| Basic                                                            |   | $                       | 0.39       |   |   | $ | 1.04 |   |
| Diluted                                                          |   | $                       | 0.39       |   |   | $ | 1.03 |   |

----

| (8) | Adjusted income from operations for the LTL segment is a non-GAAP measure that allows the Company to evaluate its performance be removing non-recurring charges that would affect income from operations.  The reconciliation to LTL segment income from operations excluding the goodwill impairment charge is as follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                            |   | Year ended December 31,2008 |    |
|---------------------------------|--------|----------------------------------|---------|
|                            |   |                             |    |
| Income from operations          |   | $                                | (98,371 | ) |
| Goodwill impairment             |   |                             | 107,351 |   |
|                            |   |                             |    |   |
| Adjusted income from operations |   | $                                | 8,980   |   |

----

----

| (in thousands of dollars) |   | Year ended December 31, |   |
|---------------------------|--------|-------------------------|--------|
|                      |   | 2009                    |   |   | 2008 |   |   | 2007 |   |
|                      |   |                    |   |   |   |   |   |   |   |
| Real estate and buildings |   | $                       | 735    |   |   | $ | 8,857 |   |   | $ | 10,728 |   |
| Tractors                  |   |                    | 604    |   |   |   | 1,545 |   |   |   | 13,362 |   |
| Trailing fleet            |   |                    | 2,611  |   |   |   | 1,374 |   |   |   | 5,580 |   |
| Information technology    |   |                    | 351    |   |   |   | 583 |   |   |   | 1,471 |   |
| Leasehold improvements    |   |                    | 229    |   |   |   | 185 |   |   |   | 245 |   |
| Other equipment           |   |                    | 477    |   |   |   | 809 |   |   |   | 1,840 |   |
| Total                     |   | $                       | 5,007  |   |   | $ | 13,353 |   |   | $ | 33,226 |   |

| (in thousands of dollars)                                   |   |   |    |   | Payments due by period |   |
|-------------------------------------------------------------|--------|--------|---------|--------|------------------------|--------|
| Contractual Obligations                                     |   | Total  |    |   | 2010                   |   |   | 2011 & 2012 |   |   | 2013 & 2014 |   |   | Thereafter |   |
|                                                        |   |   |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Term credit facilities                                      |   | $      | 30,480  |   |                   | $      | 12,804 |   |   | $ | 17,676 |   |   | $ | Nil |   |   | $ | Nil |   |
| Revolving credit facilities                                 |   |   | 49,536  |   |                   |   | Nil |   |   |   | 49,536 |   |   |   | Nil |   |   |   | Nil |   |
| Capital lease obligations                                   |   |   | 10,170  |   |                   |   | 4,320 |   |   |   | 5,627 |   |   |   | 223 |   |   |   | Nil |   |
| Estimated interest payments (1)                             |   |   | 10,751  |   |                   |   | 5,222 |   |   |   | 5,526 |   |   |   | 3 |   |   |   | Nil |   |
|                                                        |   |   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Sub-total                     |   | $      | 100,937 |   |                   | $      | 22,346 |   |   | $ | 78,365 |   |   | $ | 226 |   |   | $ | Nil |   |
| Off-balance sheet commitments                               |   |   |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating leases                                            |   |   | 82,405  |   |                   |   | 23,534 |   |   |   | 34,760 |   |   |   | 18,628 |   |   |   | 5,483 |   |
|      Total contractual obligations |   | $      | 183,342 |   |                   | $      | 45,880 |   |   | $ | 113,125 |   |   | $ | 18,854 |   |   | $ | 5,483 |   |

| (1) | The Company has estimated its interest obligation on its fixed and variable rate obligations.  For fixed rate debt where variable-to-fixed interest rate swaps are in place, the fixed interest rate was used to determine the interest obligation until the interest rate swaps mature.  For other fixed rate debt, the fixed rate was used to determine the interest rate obligation.  For variablerate debt, the variable rate in place at December 31, 2009 was used to determine the total interest obligation. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Revenue Recognition |
|---------------------|

----

----

----

----

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 

| (in thousands of dollars)                                                     |   |   |   |   | Payments due by period |   |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|------------------------|--------|
|                                                                          |   |   |   |   |                   |   |
| Long-term debt                                                                |   | Total  |   |   | 2010                   |   |   | 2011 & 2012 |   |   | 2013 & 2014 |   |   | Thereafter |   |
|                                                                          |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |
|   Variable Rate                                                     |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |
|     Term bank facility                                    |   | $      | 29,676 |   |                   | $      | 12,000 |   |   | $ | 17,676 |   |   | $ | Nil |   |   | $ | Nil |   |
|         Average interest rate (LIBOR) |   |   | 4.76   | %      |                   |   | 4.76 | % |   |   | 4.76 | % |   |   |   |   |   |   |   |   |
|     Term bank facility                                    |   |   | 804    |   |                   |   | 804 |   |   |   | Nil |   |   |   | Nil |   |   |   | Nil |   |
|         Average interest rate (LIBOR) |   |   | 2.01   | %      |                   |   | 2.01 | % |   |   |   |   |   |   |   |   |   |   |   |   |
|     Revolving bank facility                               |   |   | 49,536 |   |                   |   | Nil |   |   |   | 49,536 |   |   |   | Nil |   |   |   | Nil |   |
|         Average interest rate (LIBOR) |   |   | 4.76   | %      |                   |   |   |   |   |   | 4.76 | % |   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Fixed Rate                                                        |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Capital lease obligations                             |   |   | 10,170 |   |                   |   | 4,320 |   |   |   | 5,627 |   |   |   | 223 |   |   |   | Nil |   |
|         Average interest rate         |   |   | 6.15   | %      |                   |   | 6.15 | % |   |   | 6.15 | % |   |   | 6.15 | % |   |   |   |   |
|      Total                                           |   | $      | 90,186 |   |                   | $      | 17,124 |   |   | $ | 72,839 |   |   | $ | 223 |   |   | $ | Nil |   |

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

----

----

----

| (Amounts in thousands of United States dollars) |
|-------------------------------------------------|

| December 31, 2009 and 2008 |
|----------------------------|

|                                                                                                                                                                |   |   |    |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                |   | 2009   |    |   | 2008   |   |
|                                                                                                                                                                |   |   |    |   |   |   |
| Assets                                                                                                                                                              |   |   |    |   |   |   |
|                                                                                                                                                                |   |   |    |   |   |   |
| Current assets:                                                                                                                                                     |   |   |    |   |   |   |
|     Accounts receivable                                                                                                                         |   | $      | 69,591  |   |   | $      | 65,741 |   |
|     Inventory, deposits and prepaid expenses                                                                                                    |   |   | 11,539  |   |   |   | 12,063 |   |
|     Income and other taxes recoverable                                                                                                          |   |   | 683     |   |   |   | 792 |   |
|     Deferred income taxes (note 8)                                                                                                              |   |   | 3,495   |   |   |   | 1,877 |   |
|     Total current assets                                                                                                                        |   |   | 85,308  |   |   |   | 80,473 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Property and equipment (note 4)                                                                                                                                     |   |   | 145,792 |   |   |   | 152,602 |   |
| Intangible assets (note 5)                                                                                                                                          |   |   | 10,766  |   |   |   | 13,279 |   |
| Goodwill (note 6)                                                                                                                                                   |   |   | 18,878  |   |   |   | 17,057 |   |
| Deferred income taxes (note 8)                                                                                                                                      |   |   | 33,594  |   |   |   | 30,181 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Total assets                                                                                                                                                        |   | $      | 294,338 |   |   | $      | 293,592 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Liabilities and Shareholders' Equity                                                                                                                                |   |   |    |   |   |   |   |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Current liabilities:                                                                                                                                                |   |   |    |   |   |   |   |   |
|     Bank overdraft                                                                                                                              |   | $      | 105     |   |   | $      | 3,912 |   |
|     Accounts payable and accrued liabilities (note 1(r))                                                                                        |   |   | 65,446  |   |   |   | 63,495 |   |
|     Current portion of long-term debt (note 7)                                                                                                  |   |   | 17,125  |   |   |   | 16,925 |   |
|     Total current liabilities                                                                                                                   |   |   | 82,676  |   |   |   | 84,332 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Long-term debt (note 7)                                                                                                                                             |   |   | 72,956  |   |   |   | 93,477 |   |
| Other                                                                                                                                                               |   |   | 2,919   |   |   |   | 4,540 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Shareholders' equity:                                                                                                                                               |   |   |    |   |   |   |   |   |
|     Common shares, no par value, unlimited authorized, 16,266,441 and 13,498,159 issued and outstanding in 2009 and 2008, respectively (note 9) |   |   | 99,584  |   |   |   | 77,500 |   |
|     Additional paid-in capital                                                                                                                  |   |   | 4,264   |   |   |   | 3,525 |   |
|     Retained earnings                                                                                                                           |   |   | 29,281  |   |   |   | 33,253 |   |
|     Accumulated other comprehensive income (loss) (note 3)                                                                                      |   |   | 2,658   |   |   |   | (3,035 | ) |
|     Total shareholders' equity                                                                                                                  |   |   | 135,787 |   |   |   | 111,243 |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Lease commitments (note 14)                                                                                                                                         |   |   |    |   |   |   |   |   |
| Contingent liabilities (note 16)                                                                                                                                    |   |   |    |   |   |   |   |   |
|                                                                                                                                                                |   |   |    |   |   |   |   |   |
| Total liabilities and shareholders' equity                                                                                                                          |   | $      | 294,338 |   |   | $      | 293,592 |   |

----

| (Amounts in thousands of United States dollars, except per share amounts) |
|---------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

|                                                |   |   |       |   |   |   |       |   |   |
|-----------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
|                                                |   | 2009   |       |   | 2008   |   |       | 2007   |   |
|                                                |   |   |       |   |   |   |       |   |   |
| Revenue                                             |   | $      | 629,260    |   |   | $      | 726,337    |   |   | $ | 670,517 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Salaries, wages and other employee benefits         |   |   | 259,782    |   |   |   | 283,653    |   |   |   | 266,731 |   |
| Purchased transportation                            |   |   | 89,042     |   |   |   | 98,529     |   |   |   | 99,971 |   |
| Depreciation and amortization                       |   |   | 19,902     |   |   |   | 21,024     |   |   |   | 20,770 |   |
| Maintenance                                         |   |   | 28,330     |   |   |   | 32,067     |   |   |   | 28,563 |   |
| Rents and leases                                    |   |   | 27,532     |   |   |   | 28,042     |   |   |   | 23,939 |   |
| Purchased labor and owner operators                 |   |   | 79,474     |   |   |   | 84,843     |   |   |   | 78,145 |   |
| Fuel and fuel related expenses                      |   |   | 67,761     |   |   |   | 113,108    |   |   |   | 82,100 |   |
| Other operating expenses                            |   |   | 58,131     |   |   |   | 55,378     |   |   |   | 47,731 |   |
| Other income                                        |   |   | (285       | )      |   |   | (326       | )      |   |   | (432 | ) |
| Impairment of goodwill                              |   |   | –    |   |   |   | 107,351    |   |   |   | – |   |
|                                                |   |   | 629,669    |   |   |   | 823,669    |   |   |   | 647,518 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) from operations before the undernoted |   |   | (409       | )      |   |   | (97,332    | )      |   |   | 22,999 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Interest on long-term debt                          |   |   | (9,510     | )      |   |   | (9,259     | )      |   |   | (8,554 | ) |
| Interest income                                     |   |   | 14         |   |   |   | 36         |   |   |   | 128 |   |
|                                                |   |   | (9,496     | )      |   |   | (9,223     | )      |   |   | (8,426 | ) |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) from operations before income taxes   |   |   | (9,905     | )      |   |   | (106,555   | )      |   |   | 14,573 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Income taxes (recovery) (note 8):                   |   |   |       |   |   |   |       |   |   |   |   |   |
|     Current                     |   |   | 883        |   |   |   | 109        |   |   |   | 1,638 |   |
|     Deferred                    |   |   | (6,816     | )      |   |   | (35,439    | )      |   |   | (775 | ) |
|                                                |   |   | (5,933     | )      |   |   | (35,330    | )      |   |   | 863 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Net income (loss)                                   |   | $      | (3,972     | )      |   | $      | (71,225    | )      |   | $ | 13,710 |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Income (loss) per share:                            |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                |   |   |       |   |   |   |       |   |   |   |   |   |
| Basic:                                              |   |   |       |   |   |   |       |   |   |   |   |   |
|     Net income (loss)           |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $ | 1.02 |   |
| Diluted:                                            |   |   |       |   |   |   |       |   |   |   |   |   |
|     Net income (loss)           |   | $      | (0.28      | )      |   | $      | (5.28      | )      |   | $ | 1.00 |   |
| Weighted average number of shares:                  |   |   |       |   |   |   |       |   |   |   |   |   |
|     Basic                       |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,458,786 |   |
|     Diluted                     |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,651,799 |   |

----

| Consolidated Statements of Shareholders' Equity |
|-------------------------------------------------|

| (Amounts in thousands of United States dollars) |
|-------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
|-------------------------------------------------------|--------|---------------|------------|--------|---------|--------|---------|------------|--------|--------|---------------|--------|--------|---------------|---------|--------|--------|--------|
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   | Accumulated   |    |   |   |   |
|                                                  |   |          |       |   |    |   |    | Additional |   |   |          |   |   | other         |    |   | Total  |   |
|                                                  |   | Common shares |       |   | paid-in |   |    | Retained   |   |   | comprehensive |   |   | shareholders' |    |
|                                                  |   | Number        |       |   | Amount  |   |    | capital    |   |   | earnings      |   |   | income (loss) |    |   | equity |   |
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
| December 31, 2008                                     |   |          | 13,498,159 |   |    | $      | 77,500  |       |   | $      | 3,525         |   |   | $             | 33,253  |   |   | $      | (3,035 | ) |   | $ | 111,243 |   |
| Shares issued upon exercise of employee stock options |   |          | 70,000     |   |    |   | 333     |       |   |   | –       |   |   |          | – |   |   |   | – |   |   |   | 333 |   |
| Shares issued in private placement                    |   |          | 2,698,282  |   |    |   | 21,751  |       |   |   | –       |   |   |          | – |   |   |   | – |   |   |   | 21,751 |   |
| Net income (loss)                                     |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | (3,972  | )      |   |   | – |   |   |   | (3,972 | ) |
| Other comprehensive income (note 3)                   |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | – |   |   |   | 5,693 |   |   |   | 5,693 |   |
| Share-based compensation (note 9)                     |   |          | –    |   |    |   | – |       |   |   | 739           |   |   |          | – |   |   |   | – |   |   |   | 739 |   |
| December 31, 2009                                     |   |          | 16,266,441 |   |    | $      | 99,584  |       |   | $      | 4,264         |   |   | $             | 29,281  |   |   | $      | 2,658 |   |   | $ | 135,787 |   |

|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
|-------------------------------------------------------|--------|---------------|------------|--------|---------|--------|---------|------------|--------|--------|---------------|--------|--------|---------------|---------|--------|--------|--------|
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   | Accumulated   |    |   |   |   |
|                                                  |   |          |       |   |    |   |    | Additional |   |   |          |   |   | other         |    |   | Total  |   |
|                                                  |   | Common shares |       |   | paid-in |   |    | Retained   |   |   | comprehensive |   |   | shareholders' |    |
|                                                  |   | Number        |       |   | Amount  |   |    | capital    |   |   | earnings      |   |   | income (loss) |    |   | equity |   |
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
| December 31, 2007                                     |   |          | 13,448,159 |   |    | $      | 77,246  |       |   | $      | 2,436         |   |   | $             | 104,478 |   |   | $      | 6,184 |   |   | $ | 190,344 |   |
| Shares issued upon exercise of employee stock options |   |          | 50,000     |   |    |   | 254     |       |   |   | –       |   |   |          | – |   |   |   | – |   |   |   | 254 |   |
| Net income (loss)                                     |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | (71,225 | )      |   |   | – |   |   |   | (71,225 | ) |
| Other comprehensive loss (note 3)                     |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | – |   |   |   | (9,219 | ) |   |   | (9,219 | ) |
| Share-based compensation (note 9)                     |   |          | –    |   |    |   | – |       |   |   | 1,089         |   |   |          | – |   |   |   | – |   |   |   | 1,089 |   |
| December 31, 2008                                     |   |          | 13,498,159 |   |    | $      | 77,500  |       |   | $      | 3,525         |   |   | $             | 33,253  |   |   | $      | (3,035 | ) |   | $ | 111,243 |   |

|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
|-------------------------------------------------------|--------|---------------|------------|--------|---------|--------|---------|------------|--------|--------|---------------|--------|--------|---------------|---------|--------|--------|--------|
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   | Accumulated   |    |   |   |   |
|                                                  |   |          |       |   |    |   |    | Additional |   |   |          |   |   | other         |    |   | Total  |   |
|                                                  |   | Common shares |       |   | paid-in |   |    | Retained   |   |   | comprehensive |   |   | shareholders' |    |
|                                                  |   | Number        |       |   | Amount  |   |    | capital    |   |   | earnings      |   |   | income        |    |   | equity |   |
|                                                  |   |          |       |   |    |   |    |       |   |   |          |   |   |          |    |   |   |   |
| December 31, 2006                                     |   |          | 13,419,859 |   |    | $      | 76,913  |       |   | $      | 1,607         |   |   | $             | 90,933  |   |   | $      | 3,844 |   |   | $ | 173,297 |   |
| Shares issued upon exercise of employee stock options |   |          | 58,500     |   |    |   | 571     |       |   |   | (168          | )      |   |          | – |   |   |   | – |   |   |   | 403 |   |
| Shares repurchased for cancellation (note 9)          |   |          | (30,200    | )      |    |   | (238    | )          |   |   | –       |   |   |          | (165    | )      |   |   | – |   |   |   | (403 | ) |
| Net income                                            |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | 13,710  |   |   |   | – |   |   |   | 13,710 |   |
| Other comprehensive income (note 3)                   |   |          | –    |   |    |   | – |       |   |   | –       |   |   |          | – |   |   |   | 2,340 |   |   |   | 2,340 |   |
| Share-based compensation (note 9)                     |   |          | –    |   |    |   | – |       |   |   | 997           |   |   |          | – |   |   |   | – |   |   |   | 997 |   |
| December 31, 2007                                     |   |          | 13,448,159 |   |    | $      | 77,246  |       |   | $      | 2,436         |   |   | $             | 104,478 |   |   | $      | 6,184 |   |   | $ | 190,344 |   |

----

| Consolidated Statements of Cash Flows |
|---------------------------------------|

| (Amounts in thousands of United States dollars) |
|-------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

|                                                                                    |   |   |    |   |   |   |    |   |   |
|-----------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                    |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |
| Cash provided by (used in):                                                             |   |   |    |   |   |   |    |   |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |
| Operations:                                                                             |   |   |    |   |   |   |    |   |   |
|     Net income (loss)                                               |   | $      | (3,972  | )      |   | $      | (71,225 | )      |   | $ | 13,710 |   |
|     Items not involving cash from operations:                       |   |   |    |   |   |   |    |   |   |   |   |   |
|        Depreciation and amortization                 |   |   | 19,902  |   |   |   | 21,024  |   |   |   | 20,770 |   |
|        Impairment of goodwill                        |   |   | – |   |   |   | 107,351 |   |   |   | – |   |
|        Deferred income taxes                         |   |   | (6,816  | )      |   |   | (35,439 | )      |   |   | (775 | ) |
|        Gain on sale of property and equipment        |   |   | (285    | )      |   |   | (326    | )      |   |   | (432 | ) |
|        Share-based compensation expense              |   |   | 739     |   |   |   | 1,089   |   |   |   | 997 |   |
|        Change in non-cash working capital components |   |   | (933    | )      |   |   | 5,772   |   |   |   | (1,274 | ) |
|                                                                                    |   |   | 8,635   |   |   |   | 28,246  |   |   |   | 32,996 |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Investments:                                                                            |   |   |    |   |   |   |    |   |   |   |   |   |
|     Purchases of property and equipment                             |   |   | (5,007  | )      |   |   | (12,337 | )      |   |   | (22,870 | ) |
|     Proceeds on sale of property and equipment                      |   |   | 1,657   |   |   |   | 1,572   |   |   |   | 931 |   |
|     Acquisition of subsidiary, net                                  |   |   | – |   |   |   | – |   |   |   | (5,990 | ) |
|     Additional payments due to acquisition of subsidiary            |   |   | (1,000  | )      |   |   | (3,250  | )      |   |   | (8,901 | ) |
|                                                                                    |   |   | (4,350  | )      |   |   | (14,015 | )      |   |   | (36,830 | ) |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Financing:                                                                              |   |   |    |   |   |   |    |   |   |   |   |   |
|     Change in revolving credit facility and bank overdraft          |   |   | 948     |   |   |   | 3,063   |   |   |   | 22,793 |   |
|     Repayment of long-term debt                                     |   |   | (19,396 | )      |   |   | (10,214 | )      |   |   | (9,124 | ) |
|     Repayment of capital leases                                     |   |   | (5,804  | )      |   |   | (7,902  | )      |   |   | (7,842 | ) |
|     Financing costs                                                 |   |   | (414    | )      |   |   | (1,007  | )      |   |   | (917 | ) |
|     Issue of common shares upon exercise of stock options           |   |   | 333     |   |   |   | 254     |   |   |   | 403 |   |
|     Issue of common shares in private placement, net                |   |   | 21,318  |   |   |   | – |   |   |   | – |   |
|     Repurchase of common shares                                     |   |   | – |   |   |   | – |   |   |   | (403 | ) |
|                                                                                    |   |   | (3,015  | )      |   |   | (15,806 | )      |   |   | 4,910 |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Effect of translation adjustment on cash                                                |   |   | (1,270  | )      |   |   | 1,575   |   |   |   | (2,530 | ) |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Decrease in cash and cash equivalents                                                   |   |   | – |   |   |   | – |   |   |   | (1,454 | ) |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, beginning of year                                            |   |   | – |   |   |   | – |   |   |   | 1,454 |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash and cash equivalents, end of year                                                  |   | $      | – |   |   | $      | – |   |   | $ | – |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Change in non-cash working capital components:                                          |   |   |    |   |   |   |    |   |   |   |   |   |
|     Accounts receivable                                             |   | $      | (3,850  | )      |   | $      | 8,520   |   |   | $ | (5,254 | ) |
|     Inventory, deposits and prepaid expenses                        |   |   | 938     |   |   |   | 269     |   |   |   | 975 |   |
|     Income and other taxes recoverable/payable                      |   |   | 28      |   |   |   | 956     |   |   |   | (2,157 | ) |
|     Accounts payable and accrued liabilities                        |   |   | 1,951   |   |   |   | (3,973  | )      |   |   | 5,162 |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                                                    |   | $      | (933    | )      |   | $      | 5,772   |   |   | $ | (1,274 | ) |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Supplemental cash flow information:                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
|     Interest paid                                                   |   | $      | 8,957   |   |   | $      | 8,479   |   |   | $ | 8,827 |   |
|     Income taxes paid                                               |   |   | 1,758   |   |   |   | 2,433   |   |   |   | 6,997 |   |
|                                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Supplemental disclosure of non-cash transactions:                                       |   |   |    |   |   |   |    |   |   |   |   |   |
|     Capital lease additions                                         |   |   | – |   |   |   | 1,016   |   |   |   | 10,356 |   |

----

| Notes to Consolidated Financial Statements |
|--------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies: |
|----|----------------------------------|

|   | (a) | Description of the business: |
|--------|-----|------------------------------|

|   | (b) | Basis of presentation: |
|--------|-----|------------------------|

|   | (c) | New accounting pronouncements: |
|--------|-----|--------------------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies (continued): |
|----|----------------------------------------------|

|   |  (d) | Foreign currency translation: |
|--------|-----------|-------------------------------|

|   | (e) | Revenue recognition: |
|--------|-----|----------------------|

|   | (f) | Accounts receivable: |
|--------|-----|----------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies (continued): |
|----|----------------------------------------------|

|   |  (g) | Cash and cash equivalents: |
|--------|-----------|----------------------------|

|   |  (h) | Inventory: |
|--------|-----------|------------|

|   | (i) | Property and equipment: |
|--------|-----|-------------------------|

|                                            |               |
|-------------------------------------------------|--------------------|
| Buildings                                       | 30 - 31.5 years    |
| Leasehold interests and improvements            | Over term of lease |
| Vehicles:                                       |               |
|     Trailers and containers | 12 years           |
|     Trucks                  | 8 years            |
| Machinery and equipment                         | 5 - 10 years       |
|                                            |               |

|   | (j) | Assets held for sale: |
|--------|-----|-----------------------|

|   |  (k) | Goodwill and intangible assets: |
|--------|-----------|---------------------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies (continued): |
|----|----------------------------------------------|

|   | (l) | Income taxes: |
|--------|-----|---------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies (continued): |
|----|----------------------------------------------|

|   |   |
|--------|--------|

|   | (m) | Share-based compensation: |
|--------|-----|---------------------------|

|   |  (n) | Advertising costs: |
|--------|-----------|--------------------|

|   | (o) | Impairment of long-lived assets: |
|--------|-----|----------------------------------|

|   | (p) | Derivative instruments: |
|--------|-----|-------------------------|

|   | (q) | Claims and insurance accruals: |
|--------|-----|--------------------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 1. | Significant accounting policies (continued): |
|----|----------------------------------------------|

|   | (r) | Accounts payable and accrued liabilities: |
|--------|-----|-------------------------------------------|

|                                                     |   |   |   |   |   |   |
|----------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                     |   | 2009   |   |   | 2008   |   |
|                                                     |   |   |   |   |   |   |
| Accounts payable                                         |   | $      | 35,134 |   |   | $      | 28,667 |   |
| Accrued wages and benefits                               |   |   | 7,991  |   |   |   | 9,159 |   |
| Accrued claims, self insurance and workers' compensation |   |   | 10,711 |   |   |   | 11,765 |   |
| Amounts payable to vendors of acquisition                |   |   | 1,000  |   |   |   | 3,250 |   |
| Other                                                    |   |   | 10,610 |   |   |   | 10,654 |   |
|                                                     |   |   |   |   |   |   |   |   |
|                                                     |   | $      | 65,446 |   |   | $      | 63,495 |   |

|   | (s) | Deferred share units: |
|--------|-----|-----------------------|

|   | (t) | Use of estimates: |
|--------|-----|-------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 2. | Acquisition: |
|----|--------------|

|                                                                        |   |   |   |
|-----------------------------------------------------------------------------|--------|--------|--------|
|                                                                        |   |   |   |
| Current assets                                                              |   | $      | 4,146  |   |
| Property and equipment                                                      |   |   | 2,485  |   |
| Identifiable intangible assets:                                             |   |   |   |   |
|     Covenants not-to-compete (3- to 6-year useful life) |   |   | 160    |   |
|     Customer relationships (8-year useful life)         |   |   | 2,000  |   |
| Goodwill                                                                    |   |   | 7,529  |   |
|                                                                        |   |   | 16,320 |   |
|                                                                        |   |   |   |   |
| Current liabilities                                                         |   |   | 2,611  |   |
| Deferred income tax liability                                               |   |   | 956    |   |
| Capital leases                                                              |   |   | 624    |   |
| Term loans                                                                  |   |   | 1,285  |   |
|                                                                        |   |   |   |   |
| Net assets acquired                                                         |   | $      | 10,844 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 3. | Comprehensive income (loss): |
|----|------------------------------|

|                                           |   |        |    |   |     |   |    |   |   |
|------------------------------------------------|--------|-------------|---------|--------|----------|--------|---------|--------|--------|
|                                           |   | Foreign     |    |   | Interest |   |    |   |   |
|                                           |   | currency    |    |   | rate     |   |    |   |   |
|                                           |   | translation |    |   | swap     |   |    | Total  |   |
|                                           |   |        |    |   |     |   |    |   |   |
| Balance at December 31, 2006                   |   | $           | 3,859   |   |     | $      | (15     | )      |   | $ | 3,844 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Other comprehensive income (loss):             |   |        |    |   |     |   |    |   |   |   |   |   |
|     Translation adjustment |   |        | 4,442   |   |     |   | -       |   |   |   | 4,442 |   |
|     Unrealized loss        |   |        | -       |   |     |   | (1,541  | )      |   |   | (1,541 | ) |
|     Tax effect             |   |        | (1,060  | )      |     |   | 499     |   |   |   | (561 | ) |
|                                           |   |        | 3,382   |   |     |   | (1,042  | )      |   |   | 2,340 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Balance at December 31, 2007                   |   |        | 7,241   |   |     |   | (1,057  | )      |   |   | 6,184 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Other comprehensive income (loss):             |   |        |    |   |     |   |    |   |   |   |   |   |
|     Translation adjustment |   |        | (10,350 | )      |     |   | -       |   |   |   | (10,350 | ) |
|     Unrealized loss        |   |        | -       |   |     |   | (1,442  | )      |   |   | (1,442 | ) |
|     Tax effect             |   |        | 2,214   |   |     |   | 359     |   |   |   | 2,573 |   |
|                                           |   |        | (8,136  | )      |     |   | (1,083  | )      |   |   | (9,219 | ) |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Balance at December 31, 2008                   |   |        | (895    | )      |     |   | (2,140  | )      |   |   | (3,035 | ) |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Other comprehensive income (loss):             |   |        |    |   |     |   |    |   |   |   |   |   |
|     Unrealized gain        |   |        | 6,328   |   |     |   | 1,582   |   |   |   | 7,910 |   |
|     Tax effect             |   |        | (1,750  | )      |     |   | (467    | )      |   |   | (2,217 | ) |
|                                           |   |        | 4,578   |   |     |   | 1,115   |   |   |   | 5,693 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Balance at December 31, 2009                   |   | $           | 3,683   |   |     | $      | (1,025  | )      |   | $ | 2,658 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
|                                           |   |        | 2009    |   |     |   | 2008    |   |   |   | 2007 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Net income (loss)                              |   | $           | (3,972  | )      |     | $      | (71,225 | )      |   | $ | 13,710 |   |
| Other comprehensive income (loss)              |   |        | 5,693   |   |     |   | (9,219  | )      |   |   | 2,340 |   |
|                                           |   |        |    |   |     |   |    |   |   |   |   |   |
| Comprehensive income (loss)                    |   | $           | 1,721   |   |     | $      | (80,444 | )      |   | $ | 16,050 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 4. | Property and equipment: |
|----|-------------------------|

|                                 |   |   |    |   |   |   |
|--------------------------------------|--------|--------|---------|--------|--------|--------|
|                                 |   | 2009   |    |   | 2008   |   |
|                                 |   |   |    |   |   |   |
| Land                                 |   | $      | 36,957  |   |   | $      | 34,573 |   |
| Buildings                            |   |   | 72,738  |   |   |   | 68,665 |   |
| Leasehold interests and improvements |   |   | 307     |   |   |   | 749 |   |
| Vehicles                             |   |   | 106,848 |   |   |   | 107,033 |   |
| Machinery and equipment              |   |   | 26,659  |   |   |   | 24,585 |   |
|                                 |   |   | 243,509 |   |   |   | 235,605 |   |
|                                 |   |   |    |   |   |   |   |   |
| Less accumulated depreciation        |   |   | 97,717  |   |   |   | 83,003 |   |
|                                 |   |   |    |   |   |   |   |   |
|                                 |   | $      | 145,792 |   |   | $      | 152,602 |   |

| 5. | Intangible assets: |
|----|--------------------|

|                              |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|
|                              |   | 2009   |   |   | 2008   |   |
|                              |   |   |   |   |   |   |
| Customer relationships            |   | $      | 15,840 |   |   | $      | 13,840 |   |
| Acquired customer relationships   |   |   | -      |   |   |   | 2,000 |   |
|                              |   |   | 15,840 |   |   |   | 15,840 |   |
|                              |   |   |   |   |   |   |   |   |
| Covenants not-to-compete          |   |   | 3,145  |   |   |   | 2,985 |   |
| Acquired covenants not-to-compete |   |   | -      |   |   |   | 160 |   |
|                              |   |   |   |   |   |   |   |   |
|                              |   |   | 3,145  |   |   |   | 3,145 |   |
|                              |   |   |   |   |   |   |   |   |
| Less accumulated amortization     |   |   | 8,219  |   |   |   | 5,706 |   |
|                              |   |   |   |   |   |   |   |   |
|                              |   | $      | 10,766 |   |   | $      | 13,279 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 5. | Intangible assets (continued): |
|----|--------------------------------|

|                     |   |   |   |
|--------------------------|--------|--------|--------|
|                     |   |   |   |
| Year ending December 31: |   |   |   |
|                     |   |   |   |
| 2010                     |   | $      | 2,498  |   |
| 2011                     |   |   | 2,462  |   |
| 2012                     |   |   | 2,349  |   |
| 2013                     |   |   | 1,908  |   |
| 2014                     |   |   | 1,298  |   |
| Thereafter               |   |   | 251    |   |
|                     |   |   |   |   |
|                     |   | $      | 10,766 |   |

| 6. | Goodwill: |
|----|-----------|

|                                                                       |   |   |     |   |   |   |
|----------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                       |   | 2009   |     |   | 2008   |   |
|                                                                       |   |   |     |   |   |   |
| Balance January 1                                                          |   |   |     |   |   |   |
| Goodwill                                                                   |   | $      | 127,431  |   |   | $      | 127,398 |   |
| Accumulated impairment losses                                              |   |   | (110,374 | )      |   |   | (3,023 | ) |
|                                                                       |   |   | 17,057   |   |   |   | 124,375 |   |
|                                                                       |   |   |     |   |   |   |   |   |
| Foreign exchange                                                           |   |   | 821      |   |   |   | (1,921 | ) |
| Transfer of goodwill to identifiable intangible assets, net of $864 of tax |   |   | -        |   |   |   | (1,296 | ) |
| Adjustment to goodwill (note 2)                                            |   |   | 1,000    |   |   |   | 3,250 |   |
| Impairment of goodwill (note 1(k))                                         |   |   | -        |   |   |   | (107,351 | ) |
|                                                                       |   |   |     |   |   |   |   |   |
| Balance at December 31                                                     |   |   |     |   |   |   |   |   |
| Goodwill                                                                   |   |   | 129,252  |   |   |   | 127,431 |   |
| Accumulated impairment losses                                              |   |   | (110,374 | )      |   |   | (110,374 | ) |
|                                                                       |   |   |     |   |   |   |   |   |
|                                                                       |   | $      | 18,878   |   |   | $      | 17,057 |   |

| 7. | Long-term debt: |
|----|-----------------|

|                            |   |   |   |   |   |   |
|---------------------------------|--------|--------|--------|--------|--------|--------|
|                            |   | 2009   |   |   | 2008   |   |
|                            |   |   |   |   |   |   |
| Term bank credit facilities (a) |   | $      | 30,480 |   |   | $      | 49,877 |   |
| Revolving credit facility (b)   |   |   | 49,431 |   |   |   | 44,550 |   |
| Capital leases ©           |   |   | 10,170 |   |   |   | 15,975 |   |
|                            |   |   | 90,081 |   |   |   | 110,402 |   |
|                            |   |   |   |   |   |   |   |   |
| Less current portion            |   |   | 17,125 |   |   |   | 16,925 |   |
|                            |   |   |   |   |   |   |   |   |
|                            |   | $      | 72,956 |   |   | $      | 93,477 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 7. | Long-term debt (continued): |
|----|-----------------------------|

|   | (a) | The term bank credit facility is secured by accounts receivable, property and equipment and general security agreements of the Company and of all its subsidiaries. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Company's revolving credit facility provides up to $100 million, maturing July 31, 2012.  The Company had $49.4 million, bearing interest at 5.23% to 7.25%, outstanding at December 31, 2009.  The provisions of the revolving facility impose certain financial maintenance tests.  At December 31, 2009, the Company was in compliance with these financial maintenancetests. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Company had $10.2 million of capital leases remaining at December 31, 2009. |
|--------|-----|---------------------------------------------------------------------------------|

|                     |   |   |   |
|--------------------------|--------|--------|--------|
|                     |   |   |   |
| Year ending December 31: |   |   |   |
|                     |   |   |   |
| 2010                     |   | $      | 17,125 |   |
| 2011                     |   |   | 19,565 |   |
| 2012                     |   |   | 53,168 |   |
| 2013                     |   |   | 223    |   |
|                     |   |   |   |   |
|                     |   | $      | 90,081 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 8. | Income taxes: |
|----|---------------|

|                                                                             |   |   |   |   |   |   |    |   |   |
|----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
|                                                                             |   | 2009   |   |   | 2008   |   |    | 2007   |   |
|                                                                             |   |   |   |   |   |   |    |   |   |
| Effective statutory federal, state and provincial income tax rate                |   |   | 33.00  | %      |   |   | 33.50   | %      |   |   | 36.12 | % |
|                                                                             |   |   |   |   |   |   |    |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |    |   |   |   |   |   |
| Effective tax expense (recovery) on income beforeincome taxes                    |   | $      | (3,269 | )      |   | $      | (35,696 | )      |   | $ | 5,264 |   |
| Increase (decrease) results from:                                                |   |   |   |   |   |   |    |   |   |   |   |   |
|     Non-deductible share-based compensation expense          |   |   | 243    |   |   |   | 322     |   |   |   | 354 |   |
|     Income taxed at different rates in foreign jurisdictions |   |   | (3,392 | )      |   |   | (4,372  | )      |   |   | (4,930 | ) |
|     Impairment of goodwill                                   |   |   | -      |   |   |   | 4,456   |   |   |   | - |   |
|     Other                                                    |   |   | 485    |   |   |   | (40     | )      |   |   | 175 |   |
|                                                                             |   |   |   |   |   |   |    |   |   |   |   |   |
| Actual income tax expense (recovery)                                             |   | $      | (5,933 | )      |   | $      | (35,330 | )      |   | $ | 863 |   |

|                                    |   |   |   |   |   |   |    |   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
|                                    |   | 2009   |   |   | 2008   |   |    | 2007   |   |
|                                    |   |   |   |   |   |   |    |   |   |
| Current income tax expense (recovery):  |   |   |   |   |   |   |    |   |   |
|                                    |   |   |   |   |   |   |    |   |   |
| Canada:                                 |   |   |   |   |   |   |    |   |   |
|     Federal         |   | $      | (102   | )      |   | $      | 422     |   |   | $ | 589 |   |
|     Provincial      |   |   | (94    | )      |   |   | 271     |   |   |   | 304 |   |
| United States:                          |   |   |   |   |   |   |    |   |   |   |   |   |
|     Federal         |   |   | 325    |   |   |   | (1,127  | )      |   |   | 78 |   |
|     State           |   |   | 612    |   |   |   | 288     |   |   |   | 364 |   |
| Other                                   |   |   | 142    |   |   |   | 255     |   |   |   | 303 |   |
|                                    |   |   | 883    |   |   |   | 109     |   |   |   | 1,638 |   |
| Deferred income tax expense (recovery): |   |   |   |   |   |   |    |   |   |   |   |   |
|                                    |   |   |   |   |   |   |    |   |   |   |   |   |
| Canada:                                 |   |   |   |   |   |   |    |   |   |   |   |   |
|     Federal         |   |   | (28    | )      |   |   | 333     |   |   |   | 483 |   |
|     Provincial      |   |   | (26    | )      |   |   | 214     |   |   |   | 250 |   |
| United States:                          |   |   |   |   |   |   |    |   |   |   |   |   |
|     Federal         |   |   | (5,573 | )      |   |   | (28,541 | )      |   |   | (1,240 | ) |
|     State           |   |   | (1,189 | )      |   |   | (7,445  | )      |   |   | (268 | ) |
|                                    |   |   | (6,816 | )      |   |   | (35,439 | )      |   |   | (775 | ) |
|                                    |   |   |   |   |   |   |    |   |   |   |   |   |
|                                    |   | $      | (5,933 | )      |   | $      | (35,330 | )      |   | $ | 863 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 8. | Income taxes (continued): |
|----|---------------------------|

|                                                    |   |   |    |   |   |   |
|---------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                    |   | 2009   |    |   | 2008   |   |
|                                                    |   |   |    |   |   |   |
| Current deferred income tax assets:                     |   |   |    |   |   |   |
|     Allowance for doubtful accounts |   | $      | 965     |   |   | $      | 674 |   |
|     Insurance reserves              |   |   | 2,420   |   |   |   | 1,161 |   |
|     Financing costs                 |   |   | 110     |   |   |   | 42 |   |
|                                                    |   |   |    |   |   |   |   |   |
|                                                    |   | $      | 3,495   |   |   | $      | 1,877 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Non-current deferred income tax assets:                 |   |   |    |   |   |   |   |   |
|     Financing costs                 |   | $      | 359     |   |   | $      | 104 |   |
|     Loss carryforwards              |   |   | 25,197  |   |   |   | 18,295 |   |
|     Other                           |   |   | -       |   |   |   | 2,707 |   |
|     Goodwill and intangible assets  |   |   | 22,620  |   |   |   | 22,256 |   |
|                                                    |   |   | 48,176  |   |   |   | 43,362 |   |
|                                                    |   |   |    |   |   |   |   |   |
| Non-current deferred income tax liabilities:            |   |   |    |   |   |   |   |   |
|     Property and equipment          |   |   | (12,441 | )      |   |   | (13,181 | ) |
|     Other                           |   |   | (2,141  | )      |   |   | - |   |
|                                                    |   |   | (14,582 | )      |   |   | (13,181 | ) |
|                                                    |   |   |    |   |   |   |   |   |
|                                                    |   | $      | 33,594  |   |   | $      | 30,181 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 8. | Income taxes (continued): |
|----|---------------------------|

|                                                         |   |   |   |
|--------------------------------------------------------------|--------|--------|--------|
|                                                         |   |   |   |
| Balance at January 1, 2009                                   |   | $      | 1,567  |   |
| Additions related to tax positions taken in the current year |   |   | -      |   |
| Additions related to tax positions taken in previous years   |   |   | 36     |   |
| Decreases related to tax positions taken in previous years   |   |   | (286   | ) |
| Decreases related to settlement with taxing authorities      |   |   | -      |   |
| Reductions due to expiry of statute of limitations           |   |   | (53    | ) |
| Increase due to foreign exchange translation                 |   |   | 249    |   |
|                                                         |   |   |   |   |
| Balance at December 31, 2009                                 |   | $      | 1,513  |   |

| 9. | Common shares: |
|----|----------------|

|   | (a) | Private placement: |
|--------|-----|--------------------|

2,698,282 common shares to several accredited investors at $8.50 per share.  This resulted in gross proceeds of $22.9 million to the Company before expenses of issue of $1.2 million, net of deferred income taxes of $0.4 million. 

|   | (b) | Stock options: |
|--------|-----|----------------|

|                                                                                 |   |    |   |    |   |    |   |   |   |
|--------------------------------------------------------------------------------------|--------|---------|--------|---------|--------|---------|--------|--------|--------|
|                                                                                 |   | 2009    |   |    | 2008   |    |   | 2007   |   |
|                                                                                 |   |    |   |    |   |    |   |   |   |
| Risk-free interest rate                                                              |   |    | 2.87   | %       |   |    | 3.93   | %      |   |   | 4.20 | % |
| Volatility factor of the future expected market price of the Company's common shares |   |    | 44.68  | %       |   |    | 34.12  | %      |   |   | 31.76 | % |
| Expected life of the options                                                         |   | 6 years |   | 6 years |   | 6 years |
|                                                                                 |   |    |   |    |   |    |   |   |   |   |   |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 9. | Common shares (continued): |
|----|----------------------------|

|                           |   |   |    |   |     |   |   |   |   |   |     |   |
|--------------------------------|--------|--------|---------|--------|----------|--------|--------|--------|--------|--------|----------|--------|
|                           |   | 2009   |    |   | 2008     |   |
|                           |   |   |    |   | Weighted |   |   |   |   |   | Weighted |   |
|                           |   |   |    |   | average  |   |   |   |   |   | average  |   |
|                           |   |   |    |   | exercise |   |   |   |   |   | exercise |   |
|                           |   | Number |    |   | price    |   |   | Number |   |   | price    |   |
|                           |   |   |    |   |     |   |   |   |   |   |     |   |
| Outstanding, beginning of year |   |   | 856,200 |   |     | $      | 13.03  |   |   |   | 820,200  |   |   | $ | 12.66 |   |
| Granted                        |   |   | 138,000 |   |     |   | 9.80   |   |   |   | 99,000   |   |   |   | 12.57 |   |
| Forfeited                      |   |   | (17,500 | )      |     |   | 13.18  |   |   |   | (13,000  | )      |   |   | 17.34 |   |
| Exercised                      |   |   | (70,000 | )      |     |   | 4.77   |   |   |   | (50,000  | )      |   |   | 5.07 |   |
|                           |   |   |    |   |     |   |   |   |   |   |     |   |   |   |   |   |
| Outstanding, end of year       |   |   | 906,700 |   |     | $      | 13.17  |   |   |   | 856,200  |   |   | $ | 13.03 |   |
|                           |   |   |    |   |     |   |   |   |   |   |     |   |   |   |   |   |
| Exercisable, end of year       |   |   | 570,900 |   |     | $      | 13.04  |   |   |   | 522,500  |   |   | $ | 11.10 |   |

|              |   |   |   |   |   |                      |   |    |                |   |   |     |   |   |        |   |   |     |   |
|-------------------|--------|--------|--------|--------|--------|---------------------------|--------|---------|---------------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|
|              |   |   |   |   |   |  Options outstanding |   |    | Options exercisable |   |
|              |   |   |   |   |   |                      |   |    | Weighted            |   |   |     |   |   |        |   |   |     |   |
|              |   |   |   |   |   |                      |   |    | average             |   |   | Weighted |   |   |        |   |   | Weighted |   |
|              |   |   |   |   |   |                      |   |    | remaining           |   |   | average  |   |   |        |   |   | average  |   |
| Range of exercise |   |   |   |   |   | Number                    |   |    | contractual         |   |   | exercise |   |   | Number      |   |   | exercise |   |
| prices            |   |   |   |   |   | outstanding               |   |    | life (years)        |   |   | price    |   |   | exercisable |   |   | price    |   |
|              |   |   |   |   |   |                      |   |    |                |   |   |     |   |   |        |   |   |     |   |
| $2.20 - $2.61     |   |   |   |   |   |                      |   | 132,800 |                |   |   | 1.94     |   |   | $           | 2.29   |   |     |   | 132,800 |   |   | $ | 2.29 |   |
| $9.80 - $18.99    |   |   |   |   |   |                      |   | 773,900 |                |   |   | 6.59     |   |   |        | 15.04  |   |     |   | 438,100 |   |   |   | 16.30 |   |
|              |   |   |   |   |   |                      |   |    |                |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |   |   |
| $2.20 - $18.99    |   |   |   |   |   |                      |   | 906,700 |                |   |   | 5.91     |   |   | $           | 13.17  |   |     |   | 570,900 |   |   | $ | 13.04 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 10. | Computation of income (loss) per share: |
|-----|-----------------------------------------|

|                                                                 |   |   |       |   |   |   |       |   |   |
|----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
|                                                                 |   | 2009   |       |   | 2008   |   |       | 2007   |   |
|                                                                 |   |   |       |   |   |   |       |   |   |
| Numerator:                                                           |   |   |       |   |   |   |       |   |   |
| Net income (loss)                                                    |   | $      | (3,972     | )      |   | $      | (71,225    | )      |   | $ | 13,710 |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |
| Denominator:                                                         |   |   |       |   |   |   |       |   |   |   |   |   |
|     Basic weighted average shares outstanding    |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,458,786 |   |
|     Dilutive stock options                       |   |   | -          |   |   |   | -          |   |   |   | 193,013 |   |
|     Dilutive weighted average shares outstanding |   |   | 14,293,747 |   |   |   | 13,485,132 |   |   |   | 13,651,799 |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |
| Basic income (loss) per share                                        |   |   | (0.28      | )      |   |   | (5.28      | )      |   |   | 1.02 |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |
| Diluted income (loss) per share                                      |   |   | (0.28      | )      |   |   | (5.28      | )      |   |   | 1.00 |   |
|                                                                 |   |   |       |   |   |   |       |   |   |   |   |   |

| 11. | Risk management activities: |
|-----|-----------------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 11. | Risk management activities (continued): |
|-----|-----------------------------------------|

|                |   |    |   |   |    |   |   |    |   |   |          |   |
|---------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------------|--------|
|                |   |    |   |   |    |   |   |    |   |   | Liabilities   |   |
|                |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | at fair value |   |
|                |   |    |   |   |    |   |   |    |   |   |          |   |
| Liabilities:        |   |    |   |   |    |   |   |    |   |   |          |   |
| Interest rate swaps |   | $       | -      |   |    | $      | 1,406  |    |   | $      | -             |   |   | $ | 1,406 |   |
|                |   |    |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
| Total liabilities   |   | $       | -      |   |    | $      | 1,406  |    |   | $      | -             |   |   | $ | 1,406 |   |

|                |     |   |   |   |   |   |         |          |              |
|---------------------|----------|--------|--------|--------|--------|--------|--------------|---------------|-------------------|
|                |     |   |   |   |   |   |         | Gain in other |              |
|                |     |   |   |   |   |   |         | comprehensive |              |
|                |     |   |   |   |   |   |         | income        |              |
|                |     |   |   |   |   |   | Balance      | year ended    |              |
|                | Notional |   |   | Fair   |   | sheet  | December 31, |          |
|                |     | amount |   |   | value  |   | location     |          | 2009              |   |
|                |     |   |   |   |   |   |         |          |              |   |
| Interest rate swaps |     | $      | 28,805 |   |   | $      | 1,406        |          | Other liabilities |   | $ | 1,582 |   |
|                |     |   |   |   |   |   |         |          |              |   |   |   |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 12. | Segmented information: |
|-----|------------------------|

|                                               |   |   |    |   |   |   |    |   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                               |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|                                               |   |   |    |   |   |   |    |   |   |
| Revenue:                                           |   |   |    |   |   |   |    |   |   |
|     LTL                        |   | $      | 519,215 |   |   | $      | 610,933 |   |   | $ | 584,786 |   |
|     SCO                        |   |   | 76,106  |   |   |   | 81,030  |   |   |   | 52,845 |   |
|     Truckload                  |   |   | 33,939  |   |   |   | 34,374  |   |   |   | 32,886 |   |
|     Corporate office and other |   |   | -       |   |   |   | -       |   |   |   | - |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
|                                               |   | $      | 629,260 |   |   | $      | 726,337 |   |   | $ | 670,517 |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Operating income (loss):                           |   |   |    |   |   |   |    |   |   |   |   |   |
|     LTL                        |   | $      | (2,648  | )      |   | $      | (98,371 | )      |   | $ | 23,153 |   |
|     SCO                        |   |   | 5,480   |   |   |   | 4,373   |   |   |   | 3,271 |   |
|     Truckload                  |   |   | 790     |   |   |   | 1,307   |   |   |   | 1,678 |   |
|     Corporate office and other |   |   | (4,031  | )      |   |   | (4,641  | )      |   |   | (5,103 | ) |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
|                                               |   | $      | (409    | )      |   | $      | (97,332 | )      |   | $ | 22,999 |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Goodwill impairment charges:                       |   |   |    |   |   |   |    |   |   |   |   |   |
|     LTL                        |   | $      | -       |   |   | $      | 107,351 |   |   | $ | - |   |
|     SCO                        |   |   | -       |   |   |   | -       |   |   |   | - |   |
|     Truckload                  |   |   | -       |   |   |   | -       |   |   |   | - |   |
|     Corporate office and other |   |   | -       |   |   |   | -       |   |   |   | - |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
|                                               |   | $      | -       |   |   | $      | 107,351 |   |   | $ | - |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Depreciation and amortization:                     |   |   |    |   |   |   |    |   |   |   |   |   |
|     LTL                        |   | $      | 17,266  |   |   | $      | 18,273  |   |   | $ | 18,952 |   |
|     SCO                        |   |   | 1,598   |   |   |   | 1,662   |   |   |   | 688 |   |
|     Truckload                  |   |   | 936     |   |   |   | 1,006   |   |   |   | 1,052 |   |
|     Corporate office and other |   |   | 102     |   |   |   | 83      |   |   |   | 78 |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
|                                               |   | $      | 19,902  |   |   | $      | 21,024  |   |   | $ | 20,770 |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
| Capital expenditures:                              |   |   |    |   |   |   |    |   |   |   |   |   |
|     LTL                        |   | $      | 4,371   |   |   | $      | 12,722  |   |   | $ | 31,103 |   |
|     SCO                        |   |   | 576     |   |   |   | 523     |   |   |   | 1,379 |   |
|     Truckload                  |   |   | 2       |   |   |   | 31      |   |   |   | 698 |   |
|     Corporate office and other |   |   | 58      |   |   |   | 77      |   |   |   | 46 |   |
|                                               |   |   |    |   |   |   |    |   |   |   |   |   |
|                                               |   | $      | 5,007   |   |   | $      | 13,353  |   |   | $ | 33,226 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 12. | Segmented information (continued): |
|-----|------------------------------------|

|                       |   |    |   |    |
|----------------------------|--------|---------|--------|---------|
|                       |   | 2009    |   | 2008    |
|                       |   |    |   |    |
| Total assets:              |   |    |   |    |
| LTL                        | $      | 263,638 | $      | 261,319 |
| SCO                        |   | 21,340  |   | 18,226  |
| Truckload                  |   | 8,811   |   | 9,563   |
| Corporate office and other |   | 549     |   | 4,484   |
|                       |   |    |   |    |
|                       | $      | 294,338 | $      | 293,592 |

|                     |   |   |    |   |   |   |    |   |   |
|--------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                     |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|                     |   |   |    |   |   |   |    |   |   |
| Revenue:                 |   |   |    |   |   |   |    |   |   |
| Canada                   |   | $      | 183,427 |   |   | $      | 223,125 |   |   | $ | 212,974 |   |
| United States            |   |   | 445,833 |   |   |   | 503,212 |   |   |   | 457,543 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   | $      | 629,260 |   |   | $      | 726,337 |   |   | $ | 670,517 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   |   | 2009    |   |   |   | 2008 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Total assets:            |   |   |    |   |   |   |    |   |   |   |   |   |
| Canada                   |   |   |    |   |   | $      | 74,327  |   |   | $ | 67,209 |   |
| United States            |   |   |    |   |   |   | 220,011 |   |   |   | 226,383 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   | $      | 294,338 |   |   | $ | 293,592 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   |   | 2009    |   |   |   | 2008 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Total long-lived assets: |   |   |    |   |   |   |    |   |   |   |   |   |
| Canada                   |   |   |    |   |   | $      | 55,759  |   |   | $ | 49,295 |   |
| United States            |   |   |    |   |   |   | 119,677 |   |   |   | 133,643 |   |
|                     |   |   |    |   |   |   |    |   |   |   |   |   |
|                     |   |   |    |   |   | $      | 175,436 |   |   | $ | 182,938 |   |

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 13. | Financial instruments: |
|-----|------------------------|

| 14. | Lease commitments: |
|-----|--------------------|

|                     |   |   |   |
|--------------------------|--------|--------|--------|
|                     |   |   |   |
| Year ending December 31: |   |   |   |
|                     |   |   |   |
| 2010                     |   | $      | 23,534 |   |
| 2011                     |   |   | 19,305 |   |
| 2012                     |   |   | 15,455 |   |
| 2013                     |   |   | 10,458 |   |
| 2014                     |   |   | 8,170  |   |
| Thereafter               |   |   | 5,483  |   |
|                     |   |   |   |   |
|                     |   | $      | 82,405 |   |

| 15. | Employee benefits: |
|-----|--------------------|

| 16. | Contingent liabilities: |
|-----|-------------------------|

----

| Notes to Consolidated Financial Statements (continued) |
|--------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2009, 2008 and 2007 |
|----------------------------------------------|

----

| 17. | Subsequent events: |
|-----|--------------------|

| 18. | Comparative figures: |
|-----|----------------------|

|   | Certain 2008 and 2007 figures have been reclassified to conform with the financial statement presentation adopted in 2009. |
|--------|----------------------------------------------------------------------------------------------------------------------------|

----

| Consolidated Supplemental Schedule of Quarterly Financial Information |
|-----------------------------------------------------------------------|

| (In thousands of United States dollars, except per share amounts where noted) |
|-------------------------------------------------------------------------------|

| Years ended December 31, 2008 and 2009 |
|----------------------------------------|

----

|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |
|-------------------------------------------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|---------|--------|
|                                                              |   | First   |    |   | Second  |   |    | Third   |   |   | Fourth  |   |
| 2009 (Unaudited)                                                  |   | quarter |    |   | quarter |   |    | quarter |   |   | quarter |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |
| Revenue:                                                          |   |    |    |   |    |   |    |    |   |   |    |   |
|     Less-than-truckload                       |   | $       | 115,364 |   |    | $      | 131,667 |    |   | $      | 137,479 |   |   | $ | 134,705 |   |
|     Logistics                                 |   |    | 16,262  |   |    |   | 18,569  |    |   |   | 19,810  |   |   |   | 21,465 |   |
|     Truckload                                 |   |    | 8,009   |   |    |   | 8,446   |    |   |   | 8,627   |   |   |   | 8,857 |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Total revenue                                                     |   | $       | 139,635 |   |    | $      | 158,682 |    |   | $      | 165,916 |   |   | $ | 165,027 |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Income (loss) from operations after depreciation and amortization |   | $       | (2,854  | )      |    | $      | 2,037   |    |   | $      | 2,359   |   |   | $ | (1,951 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Net income (loss)                                                 |   |    | (2,356  | )      |    |   | 440     |    |   |   | 281     |   |   |   | (2,337 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Earnings (loss) per share:                                        |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
|     Basic                                     |   | $       | (0.17   | )      |    | $      | 0.03    |    |   | $      | 0.02    |   |   | $ | (0.14 | ) |
|     Diluted                                   |   |    | (0.17   | )      |    |   | 0.03    |    |   |   | 0.02    |   |   |   | (0.14 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |

|                                                              |   | First   |    |   | Second  |   |    | Third   |   |   | Fourth  |   |
|-------------------------------------------------------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|--------|---------|--------|
| 2008 (Unaudited)                                                  |   | quarter |    |   | quarter |   |    | quarter |   |   | quarter |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |
| Revenue:                                                          |   |    |    |   |    |   |    |    |   |   |    |   |
|     Less-than-truckload                       |   | $       | 149,415 |   |    | $      | 168,161 |    |   | $      | 166,227 |   |   | $ | 127,130 |   |
|     Logistics                                 |   |    | 19,760  |   |    |   | 19,314  |    |   |   | 23,375  |   |   |   | 18,581 |   |
|     Truckload                                 |   |    | 8,332   |   |    |   | 8,515   |    |   |   | 9,003   |   |   |   | 8,524 |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Total revenue                                                     |   | $       | 177,507 |   |    | $      | 195,990 |    |   | $      | 198,605 |   |   | $ | 154,235 |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Impairment of goodwill                                            |   |    | -       |   |    |   | -       |    |   |   | -       |   |   | $ | 107,351 |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Income (loss) from operations after depreciation and amortization |   | $       | 1,926   |   |    | $      | 8,048   |    |   | $      | 3,981   |   |   | $ | (111,287 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Net income (loss)                                                 |   |    | 1,134   |   |    |   | 4,577   |    |   |   | 2,066   |   |   |   | (79,002 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
| Earnings (loss) per share:                                        |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |
|     Basic                                     |   | $       | 0.08    |   |    | $      | 0.34    |    |   | $      | 0.15    |   |   | $ | (5.85 | ) |
|     Diluted                                   |   |    | 0.08    |   |    |   | 0.34    |    |   |   | 0.15    |   |   |   | (5.85 | ) |
|                                                              |   |    |    |   |    |   |    |    |   |   |    |   |   |   |   |   |

----

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE 

----

----

DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT 

|  Name                            |  Age |  Position                                     |  History                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------|-----------|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |      |                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Richard E. Gaetz(Mississauga, Canada) | 52        | President and Chief Executive Officer              | Mr. Gaetz has been working in the transportation and logistics industry for more than 25 years.  He has been actively involved with the growth and development of Vitran and has been responsible for Vitran’s freight and logistics operations since he joined in 1989.  He was elected to the Board of Directors ofVitran in 1995.  Mr. Gaetz has extensive experience on both sides of the border.  Prior to joining Vitran, he spent ten years with Clarke Transport, a large Canadian freight company, in various positions including Vice President.  Mr. Gaetz received a Bachelor of Commerce degree from Dalhousie University in Halifax in 1979.  He is a Director of the Ontario Trucking Association and the Canadian Trucking Alliance, and Director and Chairman of Drive Products Income Fund.  |
|                                  |      |                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Sean P. Washchuk(Burlington, Canada)  | 37        | Vice President Finance and Chief Financial Officer | Mr. Washchuk joined Vitran in 2000 as the Corporate Controller and was appointed Chief Financial Officer and Vice President Finance in 2004.  Prior to joining Vitran in 2000, he was a Controller at a North American plastics recycling company and was also a manager at PricewaterhouseCoopers in the assurance and business advisoryservices practice.  Mr. Washchuk is a Chartered Accountant with the Ontario Institute and received a Bachelor of Accounting degree from Brock University in Ontario.                                                                                                                                                                                                                                                                                                                                           |

EXECUTIVE COMPENSATION 

The information required by Item 11 of Form 10-K appears in the Company’s definitive proxy statement for the 2010 Annual Meeting of its Shareholders, reference to which is hereby made, and the information therein is incorporated herein by reference. 

----

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 

PRINCIPAL ACCOUNTING FEES AND SERVICES 

|                         |   | Year ended December 31, |    |
|------------------------------|--------|-------------------------|---------|
|                         |   | 2009                    |    |   | 2008 |   |
| Audit and audit-related fees |   | $                       | 505,895 |   |   | $ | 562,150 |   |
| Tax fees                     |   | Nil                     |    |   | Nil |   |
| All other fees               |   | Nil                     |    |   | Nil |   |
|                         |   | $                       | 505,895 |   |   | $ | 562,150 |   |

EXHIBITS, FINANCIAL STATEMENTS SCHEDULES 

----

|   | (2) | Financial Statements Schedule: |
|--------|-----|--------------------------------|

|                                                                         |   |       |   |   |       |   |       |   |   |    |    |   |
|------------------------------------------------------------------------------|--------|------------|--------|--------|------------|--------|------------|--------|--------|---------|---------|--------|
| Allowance for Doubtful Accounts                                              |   |       |   |   |       |   |       |   |   |    |    |   |
| (in thousands of dollars)                                                    |   | Balance at |   |   | Charges to |   |       |   |   |    | Balance |   |
|                                                                         |   | beginning  |   |   | costs and  |   |       |   |   |    | at end  |   |
| Description                                                                  |   | of year    |   |   | expenses   |   | Deductions |   |   | of year |    |
|                                                                         |   |       |   |   |       |   |       |   |   |    |    |   |
| Year ended December 31, 2007                                                 |   |       |   |   |       |   |       |   |   |    |    |   |
| Accounts receivable allowances for revenue adjustments and doubtful accounts |   | $          | 2,199  |   |       | $      | 879        |   |   | $       | (588    | )      |   | $ | 2,490 |   |
| Year ended December 31, 2008                                                 |   |       |   |   |       |   |       |   |   |    |    |   |   |   |   |   |
| Accounts receivable allowances for revenue adjustments and doubtful accounts |   | $          | 2,490  |   |       | $      | 2,588      |   |   | $       | (1,310  | )      |   | $ | 3,768 |   |
| Year ended December 31, 2009                                                 |   |       |   |   |       |   |       |   |   |    |    |   |   |   |   |   |
| Accounts receivable allowances for revenue adjustments and doubtful accounts |   | $          | 3,768  |   |       | $      | 1,436      |   |   | $       | (1,730  | )      |   | $ | 3,474 |   |

|   | (3) | Exhibits Filed |
|--------|-----|----------------|

| (b) | Separate Financial Statements |
|-----|-------------------------------|

----

| Exhibit Number | Description of Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1            | Articles of Incorporation effective April 29, 1981 (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 4.2            | Articles of Amendment effective May 27, 1987 (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 4.3            | Articles of Amendment effective July 16, 1987 (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 4.4            | Articles of Arrangement effective February 5, 1991 (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 4.5            | Articles of Amendment effective April 22, 2004 (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.6            | Amended By-Laws effective February 7, 2008 (6)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.7            | By-law to authorize the directors to borrow and give security effective July 16, 1987 (7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 5.1            | Legal Opinion of Lang Michener LLP (23)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.1           | Employee Stock Option Plan (8)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.2           | Employment agreement dated November 25, 2004 from the registrant to Sean P. Washchuk (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.3           | Deferred share unit plan for Directors, dated September 14, 2005 (10)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.4           | Deferred share unit plan for Senior Executives, dated March 10, 2006 (11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.5           | Credit Agreement between JPMorgan Chase Bank, N.A. as Agent and JPMorgan Chase Bank, N.A., JPMorgan  Chase Bank, N.A., Toronto Branch, those other financial institutions whose names appear on the signature pages hereto and the other persons from time to time party hereto as Lenders as Lenders and J.P. Morgan SecuritiesInc.. as Lead Arranger and Sole Bookrunner and Bank of America, N.A. and Bank of Montreal as Co-Syndication Agents and National Bank of Canada and Fifth Third Bank as Co-Documentation Agents And Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation as Borrowers Dated as of July 31, 2007 (12) |
| 10.6           | Amendment No.2 to Credit Agreement between JPMorgan Chase Bank N.A. and those banks whose names appear on the signature pages hereto and Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation(13)                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.7           | Amendment No. 3 to Credit Agreement dated December 30, 2008, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein. (14)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.8           | Amendment No.4 to Credit Agreement between JPMorgan Chase Bank N.A. and those banks whose names appear on the signature pages hereto and Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation(15)                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.9           | Employment Agreement dated March 16, 2009 between the Registrant and Rick E. Gaetz (16)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.10          | Amendment No. 5 to Credit Agreement dated May 8, 2009, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein (17)                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.11          | Securities Purchase Agreement dated September 17, 2009 (18)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.12          | Amendment No. 6 to Credit Agreement dated September 17, 2009, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein. (19)                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.13          | Registration Rights Agreement dated September 21, 2009 (20)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 14.1           | Code of Conduct for Employees (21)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 14.2           | Code of Conduct for Directors  (22)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

| Exhibit Number | Description of Exhibit |
|----------------|------------------------|

| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (23) |
|------|---------------------------------------------------------------------------------------------------------|
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (23) |
| 32.1 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (23)                           |

| (1) | Filed as Exhibit 1.1 to the Registrant’s Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (2) | Filed as Exhibit 1.2 to the Registrant’s Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (3) | Filed as Exhibit 1.3 to the Registrant’s Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (4) | Filed as Exhibit 1.4 to the Registrant’s Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (5) | Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on May 7, 2004. |
|-----|---------------------------------------------------------------------------------------------------------------------|

| (6) | Filed as Exhibit 4.6 to the Registrant’s Registration Statement on Form S-8 filed with the Commission on September 11, 2009 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (7) | Filed as Exhibit 1.6 to the Registrant’s Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (8) | Filed as Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 filed with the Commission on September 11, 2009. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed on December 9, 2004. |
|-----|-------------------------------------------------------------------------------------------------------|

| (10) | Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on September 15, 2005. |
|------|---------------------------------------------------------------------------------------------------------|

| (11) | Filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed on March 13, 2006. |
|------|-----------------------------------------------------------------------------------------------------|

| (12) | Filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed on August 9, 2007. |
|------|-----------------------------------------------------------------------------------------------------|

| (13) | Filed as Exhibit 10.9.7 to the Registrant’s Current Report on Form 8-K filed on April 24, 2008. |
|------|-------------------------------------------------------------------------------------------------------|

| (14) | Filed as Exhibit 10.9.8  to the Registrant’s Current Report on Form 8-K filed on January 5, 2009. |
|------|-------------------------------------------------------------------------------------------------------------------|

| (15) | Filed as Exhibit 10.9.9 to the Registrant’s Annual Report on Form 10-K filed on March 11, 2009. |
|------|-------------------------------------------------------------------------------------------------------|

| (16) | Filed as Exhibit 10.23 to the Registrant’s Current Report on Form 8-K filed on March 17, 2009. |
|------|------------------------------------------------------------------------------------------------------|

| (17) | Filed as Exhibit 10.9.9 to the Registrant’s Current Report on Form 8-K filed on May 28, 2009. |
|------|-----------------------------------------------------------------------------------------------------|

| (18) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on September 18, 2009. |
|------|---------------------------------------------------------------------------------------------------------|

| (19) | Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on September 18, 2009. |
|------|---------------------------------------------------------------------------------------------------------|

| (20) | Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on September 22, 2009. |
|------|---------------------------------------------------------------------------------------------------------|

----

|   | Vitran Corporation Inc. |                                                              |
|--------|-------------------------|-------------------------------------------------------------------|
|   |                    |                                                              |   |
|   | By:                     | /s/ SEAN P. WASHCHUK                                         |   |
|   |                    |                                                              |   |
|   |                    | Sean P. WashchukVice President Finance andChief Financial Officer |   |
|   |                    |                                                              |   |

----

| Signatures                 |   | Title                                              |   | Date             |
|----------------------------|--------|----------------------------------------------------|--------|------------------|
|                       |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ RICHARD D. McGRAW      |   | Chairman of the Board                              |   | February 8, 2010 |
|                       |   |                                               |   |             |
| Richard D. McGraw          |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ RICHARD E. GAETZ       |   | President and Chief Executive Officer, Director    |   | February 8, 2010 |
|                       |   |                                               |   |             |
| Richard E. Gaetz           |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ GEORGES L. HÉBERT |   | Director                                           |   | February 8, 2010 |
|                       |   |                                               |   |             |
| Georges L. Hébert     |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ WILLIAM S. DELUCE      |   | Director                                           |   | February 8, 2010 |
|                       |   |                                               |   |             |
| William S. Deluce          |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ ANTHONY F. GRIFFITHS   |   | Director                                           |   | February 8, 2010 |
|                       |   |                                               |   |             |
| Anthony F. Griffiths       |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ JOHN R. GOSSLING       |   | Director                                           |   | February 8, 2010 |
|                       |   |                                               |   |             |
| John R. Gossling           |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ SEAN P. WASHCHUK       |   | Vice President Finance and Chief Financial Officer |   | February 8, 2010 |
|                       |   |  (Principal Financial Officer)                |   |             |
| Sean P. Washchuk           |   |                                               |   |             |
|                       |   |                                               |   |             |
| /s/ FAYAZ D. SULEMAN       |   | Corporate Controller                               |   | February 8, 2010 |
|                       |   | (Principal Accounting Officer)                     |   |             |
| Fayaz D. Suleman           |   |                                               |   |             |
|                       |   |                                               |   |             |
|                       |   |                                               |   |             |

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