www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

TRANSPORTATION & LOGISTICS

0

INDUSTRY UPDATE │ APRIL 2015

PAGE |

www.harriswilliams.com

1

CONTENTS

M&A TRANSACTIONS

PUBLIC MARKETS OVERVIEW

STOCK PRICE PERFORMANCE

OUR GROUP

CONTACTS

UNITED STATES

Frank MountcastleManaging Directorfmountcastle@harriswilliams.com+1 (804) 915-0124

Jason BassManaging Directorjbass@harriswilliams.com+1 (804) 915-0132

Joe ConnerManaging Director jconner@harriswilliams.com+1 (804) 915-0151

Jeff BurkettDirector jburkett@harriswilliams.com +1 (804) 932-1334

Jershon JonesDirector jjones@harriswilliams.com+1 (804) 932-1356

Jeff KiddVice President jkidd@harriswilliams.com +1 (804) 915-0178

EUROPE

Jeffery PerkinsManaging Director jperkins@harriswilliams.com+49 (0) 69 3650638 00

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

LOGISTICS | INTERNET OF THINGS POISED TO TRANSFORM LOGISTICS

A new trend report compiled by Cisco Consulting Services and DHL claims that theInternet of Things (IoT) will completely transform global supply chain structures andlogistics practices. The IoT presents a unique technology transition that is impactingall our lives and will have huge implications for the business of logistics as we movefrom 15 billion connected devices today to some 50 billion by 2020.

Fleet Owner

TRUCKING | REVENUE INCREASINGLY FLOWS TO BIGGEST CARRIERS

In the U.S., trucking is considered a "fragmented" industry, with hundreds ofthousands of carriers, many of them fielding only a few trucks, hauling freightacross the continent. However, trucking revenue has become increasinglyconcentrated, as the number of carriers with more than $1bn in annual revenuemore than doubled over the last decade.

Journal of Commerce

MARINE | SAVINGS AVAILABLE THROUGH ALLIANCE COOPERATION

The scale advantage container shipping alliances are realizing at sea comes to anend when vessels arrive in port, and extending that cooperation to land is thecritical next step towards improving efficiency and profitability, a new McKinseyreport has found. Reducing the overall cost base and complexity of land-basedwork by combining the operations of alliance members would give a midsizealliance member $100 million in U.S. landside savings a year, the report found.

Journal of Commerce

AIR | LUNAR NEW YEAR AND U.S. PORT CONGESTION BOOST AIR FREIGHT

The International Air Transport Association (IATA) released February data for globalair freight markets showing a sharp increase in year-on-year air freight volumes.Growth measured by freight tonne kilometers (FTK) was up 11.7% in February,compared to February 2014. Capacity grew 7.4%.

IATA

WHAT WE’RE READING

HARRIS WILLIAMS & CO. DEAL SPOTLIGHT

has been acquired by

a portfolio company ofHarris Williams & Co. advised Marquette TransportationCompany (“Marquette”), a portfolio company of KRGCapital Partners, on its sale to BDT Capital Partners.Marquette is a leading provider of towing services on theinland waterways of the United States.

Press Release

Marquette Transportation Company

RAIL | 2014 SAFEST YEAR ON RECORD

The most recent safety statistics released by the Federal Railroad Administration(FRA) in April show that 2014 was the safest year on record for train operations inthe United States, in terms of both the number of accidents and the accident rateper million train-miles, for a variety of causes.

Railway Age

PAGE |

Date Sector Target Business Description Acquirer

Pending Logistics Command

Transportation, LLC

Provides truckload brokerage and non-asset based transportation

serv ices.

Echo Global Logistics, Inc.

Pending Marine Baltic Trading Limited Transports iron ore, coal, grain, steel products, and other drybulk

cargo along global shipping routes.

Genco Shipping & Trading

Ltd.

Pending Logistics TNT Express N.V. Prov ides express delivery serv ices in Europe, the Middle East and

Africa, Asia-Pacific, and the Americas.

FedEx Corporation

Pending Logistics Transfreight North

America

Provides third-party logistics and supply chain solutions. Penske Logistics, Inc.

Pending Logistics Air Medical Group

Holdings, Inc.

Prov ides air ambulance serv ices. KKR & Co.

Pending Logistics Toll Holdings Limited Provides integrated logistics serv ices in the Asia-Pacific region and

internationally.

Japan Post Bank Co., Ltd.

Pending Logistics APL Logistics Ltd Provides global supply chain and logistics serv ices across all modes

of transportation.

Kintetsu World Express,

Inc.

Pending Marine Horizon Lines, Inc. Engages in Jones Act container shipping with primary serv ice to ports

within the continental United States, Alaska, Hawaii, and Puerto Rico.

Matson Navigation

Company, Inc.

4/2/2015 Logistics Wheels Group Inc. Prov ides third party logistics and supply chain solutions in North

America.

Radiant Global Logistics

4/2/2015 Trucking Jardine Transport Ltd. Prov ides long-haul trucking solutions including flatbed and drop-

deck serv ices.

SeaFort Capital

3/31/2015 Marine Marquette

Transportation Company

Provides towing serv ices on inland waterways of the United States. BDT Capital Partners, LLC

3/25/2015 Rail Freightliner Group Ltd Provides international freight rail serv ices with operations in the

United Kingdom, Poland, Germany, the Netherlands, and Australia.

Genesee & Wyoming Inc.

3/23/2015 Logistics McNutt Automotive

Logistics, LLC

Provides asset-light automotive logistics serv ices. MetroGistics, LLC

3/23/2015 Logistics Modern Forwarding and

Leasing Company Inc.

Prov ides truckload and less-than-truckload transport serv ices with

emphasis on U.S.-Canada cross-border business.

Dicom Transportation

Group, L.P.

3/9/2015 Trucking CLP Towne Inc. Doing business as Towne Air Freight. Prov ides full-serv ice trucking

solutions and specializes in time-definite airport-to-airport trucking.

Forward Air, Inc.

3/3/2015 Logistics Neovia Logistics

Serv ices, LLC

Provides third party contract logistics serv ices, including warehouse

management, fulfillment, and distribution solutions.

The Goldman Sachs Group

Rhone Capital L.L.C.

2/9/2015 Logistics UX Specialized Logistics Prov ides non-asset based, last mile logistics serv ices including home

delivery, assembly and installation, and same-day delivery.

XPO Last Mile, Inc.

2/4/2015 Rail Railroad Controls Limited Provides railroad signal construction serv ices to the freight and

commuter rail industry.

Westinghouse Air Brake

Technologies Corporation

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

PAGE |

PUBLIC MARKETS OVERVIEW

3

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

TEV / LTM EBITDA TEV / 2015E EBITDA

AVERAGE REVENUE GROWTH (2011 – 2014) AVERAGE REVENUE GROWTH (2014 – 2016P)

AVERAGE EBITDA GROWTH (2011 – 2014) AVERAGE EBITDA GROWTH (2014 – 2016P)

7.1x

8.2x

9.4x

10.6x

11.3x

Transportation

Equipment

Trucking

Marine

Rail & Rail Services

Logistics Providers

6.0x

6.6x

8.4x

9.1x

10.4x

Transportation

Equipment

Trucking

Marine

Rail & Rail Services

Logistics Providers

3.5%

6.4%

7.7%

8.7%

11.5%

Marine

Logistics Providers

Trucking

Transportation

Equipment

Rail & Rail Services

2.0%

5.2%

7.0%

8.7%

9.5%

Marine

Transportation

Equipment

Logistics Providers

Rail & Rail Services

Trucking

6.8%

7.4%

8.1%

13.0%

17.5%

Logistics Providers

Transportation

Equipment

Marine

Trucking

Rail & Rail Services

11.2%

11.5%

12.3%

13.3%

15.7%

Transportation

Equipment

Rail & Rail Services

Marine

Logistics Providers

Trucking

PAGE |

STOCK PRICE PERFORMANCE

4

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

(Indexed to April 21, 2014)

TRAILING TWELVE MONTHS

MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)

(7.2%)

(4.5%)

(4.3%)

(2.0%)

9.7%

Trucking

Logistics Providers

Transportation

Equipment

Rail & Rail Services

Marine

(9.5%)

(5.9%)

6.9%

9.1%

15.7%

Marine

Transportation

Equipment

Trucking

Logistics Providers

Rail & Rail Services

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

4/21/14 7/21/14 10/21/14 1/21/15 4/21/15

Logistics Providers Trucking Rail & Rail Services

Marine Transportation Equipment S&P 500 Index

PAGE |

OUR GROUP

Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup has experience across a broad range of sectors, including third-party logistics, rail and rail services, marinetransportation, transportation equipment, niche transportation, automotive and heavy duty vehicle, and airport andaviation services.

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

RECENTLY CLOSED T&L TRANSACTIONS

DEEP EXPERIENCE ACROSS T&L SECTORS

MARINE TRANSPORTATION

NICHE TRANSPORTATION

TRANSPORTATION EQUIPMENT

RAIL & RAIL SERVICES

AUTOMOTIVE & HEAVY DUTY

VEHICLE

THIRD-PARTY LOGISTICS

AIRPORT & AVIATION SERVICES

5

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company ofa portfolio company of

has been acquired byhas been acquired by

a portfolio company of

has been acquired by

a portfolio company of

and

in partnership with

and

RCL Services Group

has sold

tohas been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia, Pennsylvania 19103Phone: +1 (267) 675-5900Fax: +1 (267) 675-5901

Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Transportation & Logistics

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

OUR FIRM

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

6

PAGE |

PUBLIC COMPARABLES

7

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

Logistics Providers

Agility Public Warehousing Company KSC $2,660 $2.55 (4.3%) (4.6%) $2.65 96.2% 8.8x 10.1x 10.1x 10.1x NA

Air Transport Services Group, Inc. 917 9.35 4.5% 18.4% 9.72 96.2% 5.4x 4.6x 5.1x 5.1x 5.0x

Atlas Air Worldwide Holdings, Inc. 2,730 43.28 (7.8%) 22.4% 51.00 84.9% 6.8x 7.5x 7.9x 7.9x 7.5x

CH Robinson Worldwide Inc. 11,115 68.57 (8.8%) 20.8% 77.49 88.5% 12.6x 14.1x 14.0x 14.0x 12.4x

Deutsche Post AG 40,702 31.79 2.4% (13.5%) 33.60 94.6% 9.8x 9.3x 9.2x 9.2x 8.3x

DSV A/S 6,361 32.51 4.7% 0.8% 34.86 93.2% 12.3x 10.9x 13.1x 13.1x 12.9x

Echo Global Logistics, Inc. 575 25.50 (6.3%) 48.1% 30.18 84.5% 13.3x 17.6x 16.0x 16.0x 10.6x

Expeditors International of Washington Inc. 7,780 45.60 (6.7%) 14.0% 49.51 92.1% 11.1x 10.8x 12.1x 12.1x 11.0x

FedEx Corporation 51,421 168.00 (3.4%) 23.9% 183.51 91.5% 7.1x 7.5x 7.6x 8.5x 7.4x

Forward Air Corp. 1,531 50.75 (8.9%) 9.1% 57.65 88.0% 12.2x 11.6x 12.1x 12.1x 9.6x

Hub Group Inc. 1,375 37.28 (6.2%) (13.0%) 51.47 72.4% 11.7x 9.9x 10.2x 10.2x 11.0x

JB Hunt Transport Services Inc. 11,380 90.18 1.8% 19.0% 93.50 96.4% 11.6x 10.9x 11.7x 12.3x 10.8x

Kuehne + Nagel International AG 16,408 147.38 (0.1%) 9.3% 155.98 94.5% 13.5x 13.5x 16.3x 16.6x 15.3x

Landstar System Inc. 2,816 64.09 (5.8%) 5.0% 81.80 78.3% 13.0x 14.0x 11.3x 11.3x 10.2x

Panalpina World Transport Holding Ltd. 3,120 147.48 2.3% (3.5%) 156.50 94.2% 18.9x 17.2x NM NM 13.7x

Roadrunner Transportation Systems, Inc. 1,358 24.60 (6.6%) (1.2%) 29.02 84.8% 11.2x 10.4x 11.3x 11.3x 9.3x

Ryder System, Inc. 9,495 94.48 (2.6%) 18.0% 99.32 95.1% 5.6x 5.8x 5.8x 5.8x 5.3x

TransForce Inc. 3,786 23.87 (1.3%) 6.7% 25.81 92.5% 9.5x 9.5x 10.5x 10.5x 8.4x

United Parcel Service, Inc. 93,675 95.38 (4.5%) (2.7%) 114.40 83.4% 10.8x 12.0x 13.6x 13.6x 9.8x

Universal Truckload Services Inc. 856 21.35 (21.2%) (24.9%) 29.25 73.0% 10.5x 8.9x 7.5x 7.5x 7.1x

UTi Worldwide Inc. 1,475 9.21 (32.4%) (11.4%) 14.75 62.4% 17.2x 18.9x NM 17.5x 15.6x

World Fuel Services Corp. 4,450 56.15 0.6% 27.7% 58.50 96.0% 11.1x 9.9x 14.0x 14.0x 12.1x

XPO Logistics, Inc. 3,342 42.05 (8.4%) 50.9% 47.49 88.5% NM NM NM NM 15.6x

Median (4.5%) 9.1% 91.5% 11.2x 10.6x 11.3x 11.3x 10.4x

Trucking

ArcBest Corporation $907 $37.16 (8.2%) (2.3%) $47.52 78.2% 8.1x 5.7x 5.9x 5.9x 4.6x

Celadon Group Inc. 1,064 27.12 (0.2%) 14.7% 29.15 93.0% 8.7x 6.8x 10.0x 10.2x 8.0x

Con-way Inc. 2,731 42.04 (7.3%) 1.4% 53.54 78.5% 6.1x 5.6x 5.5x 5.5x 4.7x

Covenant Transportation Group, Inc. 767 32.29 (7.0%) 229.8% 36.82 87.7% 5.6x 6.5x 8.6x 8.6x 6.6x

Heartland Express, Inc. 2,018 22.90 (7.8%) 1.4% 27.96 81.9% 12.9x 11.3x 9.7x 9.7x 7.6x

Knight Transportation Inc. 2,725 31.69 (7.1%) 29.7% 34.73 91.2% 10.3x 10.2x 11.4x 11.4x 8.9x

Marten Transport Ltd. 770 23.63 1.2% 1.7% 25.71 91.9% 6.9x 5.8x 6.4x 6.7x 5.5x

Old Dominion Freight Line Inc. 6,375 72.78 (9.4%) 31.6% 81.48 89.3% 10.3x 11.2x 10.9x 10.9x 9.3x

P.A.M. Transportation Services, Inc. 481 57.42 3.3% 162.9% 63.70 90.1% 5.4x 6.7x 8.8x 8.8x NA

Quality Distribution Inc. 637 10.23 (4.4%) (20.8%) 15.83 64.6% 10.4x 10.1x 9.1x 9.1x 7.4x

Saia, Inc. 1,116 42.04 (6.8%) 10.7% 57.60 73.0% 7.7x 9.3x 7.7x 7.7x 6.3x

Swift Transportation Company 5,029 25.50 (10.9%) 3.2% 29.44 86.6% 9.1x 8.3x 8.6x 8.6x 7.4x

Universal Truckload Services Inc. 856 21.35 (21.2%) (24.9%) 29.25 73.0% 10.5x 8.9x 7.5x 7.5x 7.1x

USA Truck Inc. 401 27.00 (5.8%) 47.0% 32.14 84.0% 8.8x 6.1x 6.7x 6.7x 6.2x

Werner Enterprises Inc. 2,252 30.50 (7.9%) 19.0% 33.42 91.3% 6.4x 5.9x 7.1x 7.1x 5.9x

YRC Worldwide Inc. 1,445 16.08 (16.2%) (17.9%) 29.21 55.0% 10.9x 8.6x 7.3x 7.3x 4.5x

Median (7.2%) 6.9% 85.3% 8.7x 7.5x 8.2x 8.2x 6.6x

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Apr-14 Oct-14 Current 2014 2015E

Transportation & Logistics

TEV / LTM EBITDA as of

PAGE |

PUBLIC COMPARABLES

8

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Apr-14 Oct-14 Current 2014 2015E

Transportation & Logistics

TEV / LTM EBITDA as of

Rail and Rail Services

American Railcar Industries, Inc. $1,436 $52.24 6.6% (17.4%) $82.82 63.1% 7.8x 7.5x 7.0x 7.0x 6.1x

Canadian National Railway Company 60,354 66.33 (2.9%) 17.1% 72.61 91.3% 12.1x 12.6x 12.3x 12.3x 11.7x

Canadian Pacific Railway Limited 35,655 189.61 0.9% 28.1% 202.21 93.8% 13.8x 16.1x 14.6x 14.6x 12.7x

CSX Corp. 41,846 33.30 (4.2%) 18.3% 37.99 87.7% 8.3x 9.1x 8.6x 8.8x 8.4x

FreightCar America Inc. 195 29.45 (1.1%) 19.7% 37.48 78.6% NM NM 11.4x 11.4x 3.5x

Genesee & Wyoming Inc. 6,572 92.75 (10.7%) (4.3%) 106.02 87.5% 12.9x 11.9x 11.5x 11.5x 9.7x

The Greenbrier Companies, Inc. 2,156 63.52 12.5% 36.0% 78.32 81.1% 9.6x 7.8x 6.7x 9.1x 5.3x

Kansas City Southern 13,833 104.49 (9.1%) 3.3% 126.49 82.6% 13.4x 13.9x 12.5x 12.5x 11.5x

Norfolk Southern Corporation 41,210 100.65 (8.8%) 4.5% 117.64 85.6% 9.6x 9.0x 9.1x 9.1x 9.2x

Trinity Industries Inc. 8,562 35.72 5.1% 0.9% 50.77 70.4% 7.4x 6.3x 6.1x 6.1x 5.5x

Union Pacific Corporation 105,171 108.42 (7.8%) 14.4% 124.52 87.1% 9.9x 10.2x 9.9x 9.9x 9.1x

Westinghouse Air Brake Technologies Corporation 9,283 95.09 (0.1%) 28.7% 97.16 97.9% 14.3x 13.3x 15.8x 15.8x 14.2x

Median (2.0%) 15.7% 86.3% 9.9x 10.2x 10.6x 10.6x 9.1x

Marine

Aegean Marine Petroleum Network Inc. $1,304 $14.37 (3.6%) 56.0% $15.37 93.5% 14.0x 12.7x 11.9x 11.9x 9.9x

Costamare Inc. 3,115 19.50 5.2% (7.5%) 24.94 78.2% 12.4x 10.5x 9.8x 9.8x 9.6x

Diana Shipping Inc. 767 6.08 (6.9%) (48.4%) 12.20 49.8% NM 17.5x 15.3x 15.3x 17.8x

Kirby Corporation 5,261 81.82 9.0% (19.3%) 124.12 65.9% 11.0x 10.4x 8.1x 8.1x 8.5x

Matson, Inc. 1,833 40.40 (2.9%) 63.3% 42.55 94.9% 7.6x 7.4x 9.0x 9.0x 8.1x

Neptune Orient Lines Limited 6,347 0.83 22.2% 3.2% 0.84 99.1% NM NM NM NM 10.3x

Nordic American Tankers Limited 1,279 12.67 11.5% 46.1% 13.09 96.8% NM 19.5x NM NM 8.2x

Rand Logistics, Inc. 246 3.40 10.4% (47.9%) 6.73 50.5% 9.2x 10.1x 7.7x 8.4x 7.0x

SEACOR Holdings Inc. 1,894 75.91 11.3% (11.5%) 87.78 86.5% 9.7x 8.8x 7.7x 7.7x 7.9x

Wilh. Wilhelmsen ASA 2,305 6.35 13.2% (27.6%) 7.76 81.8% 19.8x 18.2x 16.5x 16.5x 5.6x

Median 9.7% (9.5%) 84.1% 11.0x 10.5x 9.4x 9.4x 8.4x

Transportation Equipment

Accuride Corp. $507 $4.46 (5.1%) (5.9%) $5.91 75.5% 9.8x 7.5x 6.8x 6.8x 5.5x

Dana Holding Corporation 3,914 20.84 0.5% (8.5%) 24.82 84.0% 6.0x 4.7x 5.6x 5.6x 5.3x

Gentherm Incorporated 1,825 50.50 3.8% 40.9% 52.56 96.1% 13.4x 11.6x 13.6x 13.6x 12.2x

Spartan Motors Inc. 141 4.83 (5.7%) (8.9%) 5.71 84.6% 14.1x 12.7x 15.0x 15.0x 8.8x

Wabash National Corp. 1,138 13.93 (4.3%) 4.1% 14.96 93.1% 8.1x 7.2x 7.1x 7.1x 6.0x

Median (4.3%) (5.9%) 84.6% 9.8x 7.5x 7.1x 7.1x 6.0x

PAGE |

PUBLIC COMPARABLES

9

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth

($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P

Transportation & Logistics

Logistics Providers

Agility Public Warehousing Company KSC $4,775 $5,039 $4,873 $4,633 NA NA (1.0%) NA $199 $254 $296 $265 NA NA 10.0% NA

Air Transport Services Group, Inc. 730 607 580 590 591 619 (6.9%) 2.4% 181 163 158 179 183 193 (0.3%) 3.7%

Atlas Air Worldwide Holdings, Inc. 1,384 1,632 1,643 1,785 1,765 1,807 8.8% 0.6% 203 296 307 344 346 346 19.1% 0.3%

CH Robinson Worldwide Inc. 10,336 11,359 12,752 13,470 14,891 16,019 9.2% 9.1% 720 751 731 797 898 971 3.4% 10.4%

Deutsche Post AG 68,631 73,191 75,621 68,547 63,435 66,262 (0.0%) (1.7%) 3,384 4,129 5,108 4,424 4,916 5,410 9.3% 10.6%

DSV A/S 7,639 7,937 8,439 7,896 7,458 7,756 1.1% (0.9%) 498 519 543 486 491 517 (0.8%) 3.2%

Echo Global Logistics, Inc. 603 758 884 1,173 1,349 1,583 24.9% 16.1% 23 27 27 36 54 65 16.5% 34.4%

Expeditors International of Washington Inc. 6,162 5,992 6,080 6,565 7,009 7,494 2.1% 6.8% 655 571 600 644 706 767 (0.6%) 9.1%

FedEx Corporation 39,304 42,680 44,287 45,567 47,653 50,600 5.1% 5.4% 4,506 5,367 5,597 6,033 6,883 7,865 10.2% 14.2%

Forward Air Corp. 509 584 652 781 989 1,081 15.4% 17.7% 97 104 107 127 159 184 9.4% 20.4%

Hub Group Inc. 2,752 3,124 3,374 3,571 3,771 4,040 9.1% 6.4% 112 134 138 135 124 138 6.4% 0.8%

JB Hunt Transport Services Inc. 3,678 4,058 4,527 5,083 6,470 7,266 11.4% 19.6% 658 759 830 926 1,058 1,176 12.1% 12.7%

Kuehne + Nagel International AG 17,351 18,699 19,290 17,618 22,240 23,283 0.5% 15.0% 1,038 979 1,070 987 1,072 1,143 (1.7%) 7.6%

Landstar System Inc. 2,628 2,771 2,665 3,185 3,471 3,723 6.6% 8.1% 204 223 201 250 278 298 6.9% 9.2%

Panalpina World Transport Holding Ltd. 6,954 7,227 7,589 6,752 7,118 7,513 (1.0%) 5.5% 220 92 161 150 226 283 (11.9%) 37.3%

Roadrunner Transportation Systems, Inc. 844 1,073 1,361 1,873 2,223 2,403 30.5% 13.3% 54 81 99 121 149 168 30.9% 18.0%

Ryder System, Inc. 6,051 6,257 6,419 6,639 6,847 7,242 3.1% 4.4% 1,290 1,396 1,459 1,628 1,766 1,917 8.1% 8.5%

TransForce Inc. 2,378 2,822 2,620 2,817 3,697 3,787 5.8% 15.9% 313 392 318 361 452 483 4.9% 15.6%

United Parcel Service, Inc. 53,105 54,127 55,438 58,232 60,171 63,213 3.1% 4.2% 7,830 3,201 8,868 6,864 9,563 10,298 (4.3%) 22.5%

Universal Truckload Services Inc. 991 1,037 1,033 1,192 1,170 1,247 6.3% 2.3% 84 96 105 115 122 132 11.1% 7.3%

UTi Worldwide Inc. 4,550 4,914 4,608 4,436 4,284 4,224 (0.8%) (2.4%) 183 213 146 84 96 127 NM 22.8%

World Fuel Services Corp. 34,623 38,945 41,562 43,386 40,121 43,327 7.8% (0.1%) 291 287 301 319 377 393 3.0% 11.1%

XPO Logistics, Inc. 177 279 702 2,357 4,238 6,462 NM NM 3 (25) (20) 95 217 379 NM NM

Total $276,154 $295,114 $307,000 $308,146 $310,962 $330,951 6.4% 7.0% $22,746 $20,009 $27,149 $25,368 $30,135 $33,251 6.8% 13.3%

Trucking

ArcBest Corporation $1,908 $2,066 $2,300 $2,613 $2,766 $3,006 11.1% 7.3% $82 $70 $104 $155 $198 $229 23.5% 21.6%

Celadon Group Inc. 467 475 489 615 886 964 9.6% 25.1% 89 103 106 104 130 147 5.4% 18.7%

Con-way Inc. 5,290 5,580 5,473 5,806 6,166 6,537 3.2% 6.1% 386 428 427 493 572 625 8.5% 12.6%

Covenant Transportation Group, Inc. 512 527 539 579 759 825 4.2% 19.4% 63 71 65 89 115 128 11.8% 20.3%

Heartland Express, Inc. 529 546 582 871 848 912 18.1% 2.3% 132 138 149 208 265 292 16.3% 18.4%

Knight Transportation Inc. 697 752 792 926 1,282 1,412 9.9% 23.5% 169 184 192 239 307 343 12.3% 19.7%

Marten Transport Ltd. 604 638 659 673 684 735 3.7% 4.5% 97 101 110 115 142 153 5.9% 15.3%

Old Dominion Freight Line Inc. 1,904 2,135 2,338 2,788 3,114 3,452 13.6% 11.3% 326 396 460 587 687 790 21.6% 16.0%

P.A.M. Transportation Services, Inc. 284 298 313 317 NA NA 3.7% NA 29 41 50 55 NA NA 23.7% NA

Quality Distribution Inc. 628 719 805 854 1,028 1,092 10.8% 13.1% 70 69 72 70 85 91 0.0% 14.1%

Saia, Inc. 1,030 1,099 1,139 1,272 1,319 1,433 7.3% 6.1% 65 107 126 145 176 201 30.3% 17.9%

Swift Transportation Company 3,779 3,976 4,118 4,299 4,529 4,939 4.4% 7.2% 549 573 577 583 681 749 2.0% 13.4%

Universal Truckload Services Inc. 991 1,037 1,033 1,192 1,170 1,247 6.3% 2.3% 84 96 105 115 122 132 11.1% 7.3%

USA Truck Inc. 411 512 555 602 605 673 13.6% 5.7% 33 20 35 60 65 73 22.0% 10.3%

Werner Enterprises Inc. 2,003 2,036 2,029 2,139 2,196 2,338 2.2% 4.5% 311 318 296 318 380 411 0.7% 13.7%

YRC Worldwide Inc. 4,869 4,851 4,865 5,069 5,274 5,516 1.4% 4.3% 49 198 199 197 316 361 NM NM

Total $25,905 $27,247 $28,030 $30,615 $32,627 $35,080 7.7% 9.5% $2,536 $2,913 $3,073 $3,532 $4,240 $4,724 13.0% 15.7%

PAGE |

PUBLIC COMPARABLES

10

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth

($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P

Transportation & Logistics

Rail and Rail Services

American Railcar Industries, Inc. $519 $712 $751 $733 $844 $805 12.2% 4.8% $55 $145 $179 $204 $240 $238 NM 7.9%

Canadian National Railway Company 8,881 9,952 9,954 10,478 10,609 11,355 5.7% 4.1% 4,112 4,624 4,568 4,900 5,146 5,566 6.0% 6.6%

Canadian Pacific Railway Limited 4,970 5,568 5,631 5,582 5,845 6,379 3.9% 6.9% 1,378 1,778 2,190 2,434 2,797 3,108 20.9% 13.0%

CSX Corp. 11,795 11,763 12,026 12,669 12,519 13,218 2.4% 2.1% 4,446 4,523 4,577 4,764 4,982 5,355 2.3% 6.0%

FreightCar America Inc. 487 677 290 599 841 893 7.1% 22.1% 12 41 (8) 17 57 66 12.2% NM

Genesee & Wyoming Inc. 829 875 1,569 1,639 2,172 2,463 25.5% 22.6% 252 277 534 574 676 771 31.6% 16.0%

The Greenbrier Companies, Inc. 1,174 1,736 1,685 2,121 2,636 2,798 21.8% 14.9% 97 152 145 237 409 467 34.5% 40.3%

Kansas City Southern 2,098 2,239 2,369 2,577 2,652 2,881 7.1% 5.7% 772 872 962 1,106 1,202 1,354 12.7% 10.7%

Norfolk Southern Corporation 11,172 11,040 11,245 11,624 11,213 11,949 1.3% 1.4% 4,073 4,036 4,169 4,522 4,491 4,840 3.5% 3.5%

Trinity Industries Inc. 2,938 3,812 4,365 6,170 6,851 6,602 28.1% 3.4% 575 730 963 1,400 1,560 1,468 34.6% 2.4%

Union Pacific Corporation 18,508 19,686 20,684 22,560 24,609 26,260 6.8% 7.9% 7,341 8,505 9,223 10,657 11,552 12,634 13.2% 8.9%

Westinghouse Air Brake Technologies Corporation 1,968 2,391 2,566 3,044 3,350 3,616 15.7% 9.0% 334 436 485 588 662 731 20.8% 11.5%

Total $65,339 $70,451 $73,136 $79,795 $84,140 $89,218 11.5% 8.7% $23,446 $26,119 $27,987 $31,403 $33,773 $36,598 17.5% 11.5%

Marine

Aegean Marine Petroleum Network Inc. $6,965 $7,259 $6,335 $6,662 $5,322 $5,974 (1.5%) (5.3%) $75 $85 $75 $110 $133 $143 13.4% 14.1%

Costamare Inc. 382 386 414 484 489 510 8.2% 2.6% 236 238 258 318 323 345 10.4% 4.2%

Diana Shipping Inc. 256 221 164 176 164 189 (11.8%) 3.8% 166 124 53 50 41 51 (32.9%) 0.8%

Kirby Corporation 1,850 2,113 2,242 2,566 2,420 2,499 11.5% (1.3%) 445 509 582 647 618 654 13.3% 0.6%

Matson, Inc. 1,463 1,560 1,637 1,714 1,801 2,059 5.4% 9.6% 142 175 172 203 226 260 12.8% 13.1%

Neptune Orient Lines Limited 9,211 9,512 8,831 8,617 8,068 7,894 (2.2%) (4.3%) (90) 96 131 294 608 609 NM NM

Nordic American Tankers Limited 95 131 244 351 234 225 NM NM 10 13 (21) 58 152 125 NM 46.4%

Rand Logistics, Inc. 98 109 119 129 149 156 9.9% 9.7% 16 28 25 29 35 39 23.3% 14.9%

SEACOR Holdings Inc. 1,032 1,308 1,247 1,319 1,287 1,355 8.5% 1.4% 155 164 197 245 239 266 16.4% 4.2%

Wilh. Wilhelmsen ASA 309 395 325 285 2,546 2,562 NM NM 147 227 154 140 409 454 NM NM

Total $21,661 $22,993 $21,559 $22,304 $22,480 $23,422 3.5% 2.0% $1,301 $1,658 $1,627 $2,094 $2,785 $2,945 8.1% 12.3%

Transportation Equipment

Accuride Corp. $805 $795 $643 $705 $744 $744 (4.3%) 2.7% $74 $65 $43 $75 $90 $93 0.2% 12.0%

Dana Holding Corporation 7,544 7,224 6,769 6,617 6,445 6,820 (4.3%) 1.5% 720 753 706 705 745 817 (0.7%) 7.6%

Gentherm Incorporated 370 555 662 811 913 1,032 30.0% 12.8% 46 67 84 135 150 175 42.6% 14.1%

Spartan Motors Inc. 426 471 470 507 530 561 6.0% 5.2% 14 16 6 9 16 29 (12.6%) NM

Wabash National Corp. 1,187 1,462 1,636 1,863 2,008 2,001 16.2% 3.6% 33 108 142 161 189 198 NM 11.1%

Total $10,331 $10,506 $10,179 $10,504 $10,640 $11,157 8.7% 5.2% $888 $1,008 $981 $1,084 $1,191 $1,312 7.4% 11.2%

PAGE |

TRANSPORTATION & LOGISTICS

SOURCES

TRANSPORTATION & LOGISTICS

INDUSTRY UPDATE │ APRIL 2015

1. Capital IQ.

2. MergerMarket.

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2015 Harris Williams & Co., all rights reserved.

DISCLOSURES

11