Executive Freight Trends Insight

Home , Landstar System, LaserShip, Lineage Logistics, National Network, Saia, Swift Transportation

AUGUST 2021

CHIP GRAYSON TOM MULLINS DAVID FOWKES Managing Director Managing Director Managing Director O: 901.529.3701 | C: 901.230.4244 O: 727.567.1113 | C: 727.560.6700 O: 713.278.5236 | C: 908.768.1797 [email protected] [email protected] [email protected]

ALEX SETNESS CRUTCHER REISS TURNER FISHER Managing Director Director Vice President O: 212.883.6578 | C: 917.509.2658 O: 727.567.1702 | C: 504.250.1515 O: 901.531.3202 | C: 601.498.8992 [email protected] [email protected] [email protected]

Memphis Office Corporate Headquarters

50 North Front Street, 20th Floor 880 Carillon Parkway Memphis, TN 38103 St. Petersburg, FL 33716

What We’re Reading

Peak Season Arrives Early For U.S. Trucking The Journal of Commerce | August 12, 2021 “Strong and sustained demand, combined with widespread supply chain disruption, has advanced the U.S. trucking industry’s traditional peak season by months, tamping down the seasonality normally associated with July and August, according to analysts interviewed by JOC.com. They expect both spot and contract truckload rates to remain strong through the end of the year, even if volumes moderate.”

August To Be Record For Retail Imports, NRF Says FreightWaves | August 10, 2021 “The National Retail Federation is calling for the start of peak season to kick off with a bang. The group sees imports to the nation’s largest retail container ports increasing 12.6% year-over-year in August to 2.37 million twenty-foot equivalent units, ahead of the recent monthly record established in May of 2.33 million… The NRF is calling for a new record in 2021 with full-year imports up 17.5% year-over-year to 25.9 million TEUs.”

Global Logistics Warehouse Demand To Surge Through 2024, JLL Says FreightWaves | July 21, 2021 “Worldwide demand for logistics warehousing, already at elevated levels, will continue to surge at least through 2024 as more space will be needed to support growth in multiple industries, notably e-commerce, according to a survey published Wednesday by real estate services giant JLL Inc… Approximately 74% of the respondents forecast at least 5% annual growth in warehousing demand over the next three years. About 28% of the respondents projected 20% annual growth over that span.”

TRANSPORT & INFRASTRUCTURE SECTOR EXPERTISE

WAREHOUSING & DISTRIBUTION LOGISTICS / SUPPLY CHAIN RAIL & RAIL SUPPLIERS • Import • Value-Added • Reverse Logistics • Customs • Short-line Railroads Deconsolidation Services Clearance • Transportation • Maintenance and Repair • Multi-Vendor • Pool Distribution Management • Freight Brokerage • Railcar Manufacturers Consolidation • Kitting and Sub- • Last-Mile • Intermodal • Outsourced Services • Fulfillment Assembly • Air Freight Marketing • Equipment and Infrastructure Forwarding • Compliance TRUCKING • Ocean Freight • Global Trade INFRASTRUCTURE & OTHER Forwarding Management • Truckload • Dry Van • Port Services • Equipment • LTL • Temperature- Leasing AVIATION & AEROSPACE • Marine / Terminals • Intermodal Controlled • Outsourced • Air Cargo • Component • Expedited • Bulk Manufacturing Services • Passenger Transportation • Dedicated Contract • Tank • Mobile Asset • Solid Waste • Fixed Wing Aircraft Operators Carriage • Flatbed Management Hauling • Rotary Wing Aircraft Operators • Specialized • Aircraft Maintenance, Repair, and Overhaul

TRANSPORT & INFRASTRUCTURE EQUITY RESEARCH

Tyler Brown, Transportation and Logistics Analyst Savanthi Syth, Airlines Analyst • 15+ years covering logistics, trucking, leasing, and rail companies • 10+ years of experience covering the airline industry • Regularly recognized as a top analyst in the transportation services • Raymond James has longstanding recognition of being a leader in sector by the StarMine Analyst Awards from Refinitiv(1) aviation equity research

(1) 2020 Top 3 Stock Picker in Transportation & Logistics Click here to find out more about award criteria. 2

Link(s) are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members EXECUTIVE FREIGHT TRENDS INSIGHT

Select Transport & Logistics Stock Performance

5 Year 3 Year 1 Year 6 Months 3 Months

Asset-Based Truckload 51.2% 23.2% 0.6% 6.5% (2.2%)

Asset-Light Transport 117.7% (2.5%) 12.7% (16.9%) (28.3%)

LTL 475.5% 169.9% 49.1% 27.7% 4.4%

Railroads 142.1% 46.7% 20.9% 5.6% (1.5%)

Forwarding & Logistics 85.7% 29.6% 19.6% 16.9% (2.0%)

Integrated 70.2% 38.8% 23.5% 15.2% (10.6%)

S&P 500 101.7% 54.2% 30.1% 13.7% 5.9%

FIVE YEAR TRANSPORT & LOGISTICS STOCK INDEX 700%

600%

500%

400%

300%

200%

100%

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Jun-17

Jun-18

Jun-19

Jun-20

Jun-21

Feb-17

Feb-18

Feb-19

Feb-20

Feb-21

Aug-16

Dec-16

Aug-17

Dec-17

Aug-18

Dec-18

Aug-19

Dec-19

Aug-20 Dec-20

Asset-Based Truckload Asset-Light Transport LTL Railroads Forwarding & Logistics Integrated S&P 500

Source: S&P Capital IQ as of 8/19/2021

See publicly traded freight transportation & logistics trading multiples page for companies within each industry.

This material was prepared within Raymond James & Associates’ Investment Banking Department and is for information purposes only. This material is not a product of Raymond James & Associates’ Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. This material shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein. Information contained in this report was received from sources believed to be reliable, but accuracy is not guaranteed. Past performance does not guarantee future results. There is no assurance these trends will continue. The market value of securities fluctuates and you may incur a profit or a loss. This analysis does not include transaction costs and tax considerations. If included, these costs would reduce an investor’s return. The S&P 500 is an unmanaged index of 500 widely held stocks.

3 EXECUTIVE FREIGHT TRENDS INSIGHT

Publicly Traded Freight Transport Trading Multiples

Share % of Market Enterprise Enterprise Value / Enterprise Value / Price / Price 52 Week Value Value EBITDA EBIT EPS Company Name 8/19/21 High ($ MM) ($ MM) 2021E 2022E 2021E 2022E 2021E 2022E

Asset-Based Truckload Covenant Transportation Group, Inc. 21.97 91.7% 369.2 457.2 3.7x 3.6x 6.4x 6.8x 6.3x 6.3x Heartland Express, Inc. 16.37 76.0% 1,301.3 1,134.0 5.4x 5.2x 10.9x 10.9x 16.5x 16.1x Knight-Swift Transportation Inc. 48.77 95.3% 8,094.6 8,892.8 6.5x 6.1x 10.2x 9.6x 12.2x 11.7x Marten Transport Ltd. 15.33 79.1% 1,270.6 1,190.7 5.5x 5.1x 10.7x 9.5x 15.3x 13.6x USA Truck Inc. 13.15 60.1% 110.7 273.1 3.8x 3.6x 8.5x 8.9x 6.1x 5.9x Werner Enterprises Inc. 45.85 92.1% 3,114.7 3,233.0 5.6x 5.4x 10.3x 10.0x 13.1x 12.6x Median 5.5x 5.1x 10.3x 9.6x 12.7x 12.2x

Asset-Light Transport Forward Air Corp. 86.05 85.3% 2,332.0 2,594.1 13.4x 12.7x 16.8x 15.9x 22.7x 18.9x Landstar System Inc. 156.10 85.5% 5,974.9 5,890.4 11.6x 12.4x 12.9x 14.0x 17.3x 18.2x Radiant Logistics, Inc. 6.30 76.8% 311.3 365.6 7.4x 6.7x 13.2x NA 10.1x NA Universal Logistics Holdings, Inc. 21.27 76.1% 572.6 1,088.0 5.3x 4.8x 8.4x 7.6x 6.4x 5.9x XPO Logistics, Inc. 83.97 54.7% 9,625.2 16,832.2 8.9x 8.2x 16.2x 14.0x 13.2x 11.7x Median 8.9x 8.2x 13.2x 14.0x 13.2x 14.9x

LTL ArcBest Corporation 62.38 66.4% 1,594.3 1,525.1 4.8x 4.6x 7.7x 7.5x 11.6x 11.1x Old Dominion Freight Line Inc. 279.51 101.2% 32,370.1 31,820.6 20.8x 18.6x 25.2x 22.6x 34.7x 30.3x Saia, Inc. 242.34 97.2% 6,358.9 6,475.1 16.0x 14.0x 25.4x 21.5x 33.5x 28.2x YRC Worldwide Inc. 5.51 54.0% 282.5 1,661.3 7.3x 5.1x 22.5x 10.7x NM 50.1x Median 11.6x 9.5x 23.8x 16.1x 33.5x 29.3x

Railroads CSX Corp. 33.59 96.1% 75,627.7 89,446.7 13.5x 12.7x 17.2x 16.1x 22.3x 19.6x Canadian National Railway Company 136.55 91.4% 96,663.7 110,192.7 15.0x 13.5x 19.4x 17.2x 23.3x 20.7x Canadian Pacific Railway Limited 90.81 90.8% 60,556.5 68,689.5 15.3x 13.8x 18.9x 17.2x 22.4x 20.0x Kansas City Southern 291.07 92.3% 26,477.1 30,311.8 18.8x 16.7x 24.6x 20.9x 33.0x 27.7x Norfolk Southern Corp. 262.20 88.8% 64,756.1 77,337.1 14.1x 13.0x 17.9x 16.3x 22.5x 19.8x Union Pacific Corporation 223.77 96.8% 145,925.5 175,129.5 15.0x 13.8x 18.6x 17.0x 22.4x 19.9x Median 15.0x 13.7x 18.8x 17.1x 22.4x 20.0x

Forwarding and Logistics Expeditors International of Washington Inc. 122.13 93.6% 20,748.8 19,529.4 13.4x 15.8x 13.9x 17.2x 19.9x 23.3x Hub Group Inc. 65.32 87.2% 2,245.2 2,275.8 7.8x 6.7x 14.2x 11.6x 19.1x 15.2x Echo Global Logistics, Inc. 31.16 82.8% 829.8 915.9 8.6x 8.2x 11.4x 11.5x 14.1x 14.2x CH Robinson Worldwide Inc. 87.77 82.2% 11,560.3 13,069.5 13.0x 13.1x 14.3x 14.5x 17.1x 17.1x JB Hunt Transport Services Inc. 171.53 93.3% 18,044.3 18,929.6 12.2x 10.9x 19.1x 16.7x 25.7x 22.2x Median 12.2x 10.9x 14.2x 14.5x 19.1x 17.1x

Integrated FedEx Corporation 267.56 83.6% 71,222.0 100,597.0 9.6x 8.3x 15.2x 12.7x 14.4x 11.8x United Parcel Service, Inc. 194.06 88.4% 169,034.5 185,293.5 12.5x 12.0x 15.5x 14.9x 17.7x 16.9x Median 11.0x 10.1x 15.4x 13.8x 16.0x 14.3x

Source: S&P Capital IQ as of 8/19/2021

4 EXECUTIVE FREIGHT TRENDS INSIGHT

Freight Transport Growth Estimates

REVENUE GROWTH RATES BY SECTOR

60.0% 55.6%

50.0%

40.0% 37.6% 32.8%

30.0% 27.4% 25.4% 24.5% 22.3% 20.0% 17.6% 15.9% 12.6% 11.8% 10.0% 4.2%

0.0% TL Asset-Light LTL Rail Forwarding/3PL Integrated

2014-2019 2020-2021E

EBITDA GROWTH RATES BY SECTOR

60.0%

52.0% 49.3% 50.0% 43.4% 39.7% 40.0% 38.1% 35.7% 34.5% 29.5% 30.0% 23.8% 24.3%

20.0% 17.5% 14.7%

10.0%

0.0% TL Asset-Light LTL Rail Forwarding/3PL Integrated

2014-2019 2020-2021E

Source: S&P Capital IQ as of 8/19/2021 Historical 2014 – 2019 growth rates reflective of revenue and EBITDA increases due to acquisitions

5 EXECUTIVE FREIGHT TRENDS INSIGHT

Historical EBITDA Multiples by Sector

ASSET-BASED TRUCKLOAD ASSET-LIGHT TRANSPORT

8.0x 12.0x 7.2x 10.6x 6.9x 7.0x 6.5x 6.4x 6.3x 6.2x 6.1x 10.0x 5.8x 8.6x 6.0x 5.5x 8.6x 5.3x 5.3x 8.0x 7.6x 7.4x 7.6x 5.0x 7.2x

6.1x 6.1x 4.0x 6.0x 5.4x 5.5x

3.0x 4.0x

2.0x

2.0x 1.0x

0.0x 0.0x

LTL RAILROADS

14.0x 16.0x 15.5x 15.2x 15.5x 14.8x 14.7x 11.7x 12.0x 12.0x 14.0x 12.6x 9.9x 11.6x 11.8x 10.0x 12.0x 11.3x 11.2x 10.7x 7.9x 8.1x 8.0x 10.0x 6.5x 5.4x 6.0x 6.0x 8.0x 6.0x 5.6x 5.5x 6.0x 4.0x 4.0x

2.0x 2.0x

0.0x 0.0x

FORWARDING & LOGISTICS INTEGRATED

14.0x 12.9x 16.0x 15.2x 12.7x 12.0x 11.7x 12.0x 14.0x 10.7x 10.2x 10.4x 9.7x 9.8x 12.0x 11.1x 10.0x 9.3x 9.2x 10.5x 10.0x 10.0x 9.0x 8.9x 8.8x 8.0x 8.7x 7.6x 7.6x 8.0x 7.2x 6.0x 6.0x

4.0x 4.0x

2.0x 2.0x

0.0x 0.0x

Source: S&P Capital IQ as of 8/19/2021; Multiples calculated as an average over the specified period, except current which is a snapshot in time

6 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date TargetTarget Closed SectorSector AcquirorAcquiror TransactionTransaction Notes Pending 3PL Transplace Uber Freight LLC has agreed to acquire Transplace, the US-based provider of logistics Uber Freight technology and transportation management service, from TPG Capital, for approximately $2.25 billion. The acquisition will combine the world’s premier shipper network platform with one of the industry’s most innovative supply platforms, to the benefit of all stakeholders. The firm expects shippers to see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios. Pending Marine Patriot Port Holdings Enstructure has announced the acquisition of Patriot Port Holdings. The combination will Enstructure significantly enhance Enstructure's East Coast and Inland River System terminal network serving bulk, breakbulk and cold storage customers. Patriot Port further expands Enstructure's terminal network into high growth markets and broadens their ability to provide quality service to their customers. Pending 3PL SalSon Logistics Transportation and Logistics Systems has announced the acquisition of SalSon Logistics Transportation and Logistics Systems for $90 million. Based in Newark, NJ, SalSon Logistics provides warehousing, transloading, dedicated carriage and drayage services. SalSon's business provides a platform and extensive infrastructure to greatly enhance Transportation and Logistics Systems' ability to execute its acquisition and organic growth strategy.

Pending Trucking PS Logistics Gamut Capital Management and British Columbia Investment Management Corporation Gamut Capital Management & BCI has announced the acquisition of PS Logistics. The acquistion by Gamut and BCI, will British Columbia Investment Management & enable PS Logistics to accelerate its growth. The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for BCI's pension plan and insurance fund clients. Pending Rail Kansas City Southern Kansas City Southern has agreed to be acquired by Canadian National Railway Company Canadian National Railway Company for $33.8 billion, thus terminating its standing merger agreement with Canadian Pacific Railway. As a result, Kansas City Southern will pay Canadian Pacific Railway a $700 million breakup fee, which will be reimbursed by Canadian National. The merger will combine the two major railways with highly complementary networks, with expected synergies stemming from the conversion of truck traffic from busy interstates and highways to more accommodating and efficient rail transport. Pending Passenger Mid-American Coaches The Hoffmann Family of Companies has announced the acquisition of Mid-American Transport The Hoffmann Family of Companies Coaches, a Washington, MO-based provider of motor coach transportation services. The acquisition will expand Hoffman’s investment in the Augusta-Washington, MO community where it has recently acquired six vineyards, four wineries, and over 750 acres.

8/24/2021 3PL American Linehaul Pilot Freight Services, a portfolio company of ATL Partners, announced the acquisition of Pilot Freight Services American Linehaul. American Linehaul runs a scheduled airport-to-airport, LTL linehaul system that forwarders often use as a less expensive, sometimes faster, alternative for shipments booked to move by air. This dramatically reduces Pilot’s reliance on third-party providers and enables the company to better control in an integrated way, their end-to-end forwarding. 8/13/2021 3PL U.S. Shipping Corp. SEACOR Holdings, a portfolio company of American Industrial Partners, announced the SEACOR Holdings acquisition of U.S. Shipping Corp. Based in Edison, NJ, U.S. Shipping provides long-haul marine shipping services to the chemical and petroleum industries. This transaction will provide their existing customers, in particular those moving chemical parcels, with access to an expanded, modern, and highly capable fleet of vessels and an operations team with a proven dedication to safety and customer service.

8/10/2021 Trucking RR&F Logistics MODE Transportation, a portfolio company of York Capital Management, announced the MODE Transportation acquisition of RR&F Logistics. Based in Rochelle Park, NJ, RR&F provides comprehensive transportation solutions, including truckload, less-than-truckload, rail, intermodal, drayage, ocean, air and parcel freight services. RR&F's knowledge in the transportation market will continue to enhance MODE Global's service offerings and allow them to continue the build out their operational capabilities to support their strong network of customers and agents. 8/6/2021 3PL Visible Supply Chain A.P. Møller - Mærsk announced the closed acquisition of Visible Supply Chain A.P. Møller - Mærsk Management, LLC, a portfolio company of Cynosure Management, for $838 million. Based in Salt Lake City, UT, Visible Supply provides e-commerce fulfilment, delivery and logistics solutions. Visible SCM's operating model and value proposition will strengthen their customers' e-commerce Logistics, enabling them to sell and deliver more efficiently and through more channels.

8/5/2021 3PL The Mail Group (TMG) Architect Equity announced the acquisition of The Mail Group (TMG). Based in Lafayette, Architect Equity IN, TMG provides asset-light, third-party logistics and mail delivery services. TMG represents an opportunity that fits well with Architect’s investment thesis of acquiring an established business with unique service capabilities, a diversified revenue base that can scale significantly with existing operational infrastructure, and large addressable end markets that provide for breakout potential on a stand-alone basis.

7 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date Target Closed Sector Acquiror Transaction Notes 8/4/2021 3PL Hanson Logistics Lineage Logistics, a portfolio company of Bay Grove Capital, announced the acquisition of Lineage Logistics Hanson Logistics. Based in St. Joseph, MI, Hanson provides temperature-controlled warehousing and logistics solutions. Lineage's integrated business segments in warehousing and transportation solutions along with Hanson’s frozen food consolidation program, Velocities, provides customers with a full suite of services at every step of the supply chain.

8/3/2021 Trucking Two Men and a Truck The ServiceMaster Company, LLC, a portfolio company of Roark Capital, announced the The ServiceMaster Company acquisition of Two Men and a Truck/International, LLC. Based in Grand Rapids, MI, Two Men provides home and business relocation, packing and junk removal services. ServiceMaster gains an addition of a broad service area that spans 46 states and 380 locations. 8/3/2021 3PL Intelligent Logistics AIT Worldwide Logistics, a portfolio company of The Jordan Company, announced the AIT Worldwide Logistics acquisition of Intelligent Logistics. Based in Austin, TX, Intelligent Logistics provides freight forwarding, cartage, warehousing and truckload brokerage services. This acquisition will allow AIT continues to implement their plans for global growth, adding valuable expertise and facilities to their expanding worldwide network.

8/3/2021 Logistics V-Technologies Aptean. announced the acquisition of V-Technologies. Based in Cheshire, CT, V- Technology Aptean Technologies provides shipping and fulfilment software solutions. The acquisition of V- Technologies will enable accelerated product development for current V-Technologies customers while also expanding Aptean’s logistics capabilities and strengthening their value proposition. 8/2/2021 Transportation North American Central School Bus H.I.G. Capital has acquired North America Central School Bus “NAC”, a leading student H.I.G. Capital transportation provider. The acquirer believes there is a compelling opportunity to support growth in the business, including through geographic expansion and leading the transition to next-generation bus technology.

8/2/2021 3PL Motivational Fulfillment and Logistics Services Pike Street Capital, LLC (Pike Street) announced today an investment in Motivational Pike Street Capital Fulfillment and Logistics Services (MFALS), a Chino, California-based provider of fulfillment, shipping, packaging, and other value-added services to retail and direct-to- consumer clients. The increasing demand for logistics services in recent years has fueled strong growth for MFALS. The Pike Street investment will serve to expand the company’s geographic reach, add additional facilities, and advance its proprietary technology systems. 7/30/2021 Trucking RJ's Transportation A&R Logistics, portfolio company of Wind Point Partners, announced the acquisition of A&R Logistics RJ's Transportation. Based in Port Allen, LA, RJ’s provides liquid bulk transportation and logistics solutions to the chemical industry. RJ's platform enables A&R to continue expanding their liquid chemical capabilities and geographic coverage 7/28/2021 Trucking Delta Distribution Xpress Global Systems, portfolio company of Aterian Investment Partners, announced the Xpress Global Systems acquisition of Delta Distribution. Based in Grand Rapids, MI, Delta Distribution provides less-than-truckload transportation services to the flooring industry. The acquisition of Delta Distribution complements the overall business offerings of XGS and expands their network in the Midwest region.

7/28/2021 Logistics Vertrax - Welltrrax and Fleet Management segments WolfePak Software, portfolio company of Charlesbank, announced the acquisition of the Technology WolfePak Software Welltrax and Fleet Management business segments of Vertrax. Based in New Haven, CT, Vertrax provides cloud-based load, dispatch and driver management solutions for bulk carriers. The combination of WolfePak and Welltrax offers First Purchasers and Crude Haulers with the first cloud-based load, dispatch, and driver management that seamlessly integrates with their back-office accounting systems.

7/28/2021 3PL Zengistics Trimac Transportation Services announced the acquisition of Zengistics. Based in Austin, Trimac Transportation Services TX, Zengistics provides freight brokerage services. With the additional capabilities of Zengistics’ technologies and capacity, this will add an accelerator to their top line growth and provide synergies to their base trucking operations. They are poised to realize substantially stronger growth by leveraging the new partnership with the Zengistics team in the non-asset-based segment.

7/27/2021 3PL GlobalTranz Enterprises Worldwide Express has announced a merger with GlobalTranz Enterprises, a Scottsdale, Worldwide Express AZ-based provider of transportation and logistics software. The planned merger will create the fourth-largest freight brokerage in North America. The opportunities for growth by combining resources will dramatically increase Worldwide Express’ ability to drive technology, further strengthen its carrier partnerships, and allow it to provide a deeper offering to its customers.

7/27/2021 Logistics Sauceda Industries Cart.com, a portfolio company of Mercury Venture Partners, announced the acquisition of Technology Cart.com Sauceda Industries. Based in Austin, TX, Sauceda provides third-party logistics and e- commerce fulfilment solutions. This acquistiion will help to enable Cart.com to continue growing their end-to-end nationwide logistics network to provide 1-2 day shipping for our fast-growing partner-brands.

8 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date TargetTarget Closed SectorSector AcquirorAcquiror TransactionTransaction Notes 7/23/2021 3PL Chancellor Holding Co. MGN Logistics, Inc. announced the acquisition of Chancellor Holding Co, LLC. Based in MGN Logistics Elk Grove, CA, Chancellor provides freight brokerage services. This transaction will enable MGN to grow their platform in the West, with their first physical location stemming from this transaction. It was also allow the company to provide their current West coast companies with a greater range of service. 7/22/2021 Passenger First Student and First Transit EQT Infrastructure has announced the acquisition of FirstGroup subsidiaries First Student Transport EQT Infrastructure and First Transit, both leading North American essential transportation providers, for $4.6 billion. First Student provides student transportation to over 1,000 school districts, and First Transit is an operator and manager of public transit systems with a transportation network of approximately 300 North American locations. 7/20/2021 Trucking Osborn & Sun Trucking V&S Midwest Carriers, Corp. announced the acquisition of Osborn & Son Trucking. Based V&S Midwest Carriers in Fond du Lac, WI, Osborn & Son provides refrigerated truckload services. This acqusition will aid V&S Midwest in expanding their fleet across the country as well as their product offering, 7/15/2021 Logistics GeoDecisions ESP Logistics Technology, a portfolio company of Saybrook Management, announced the Technology ESP Logistics Technology acquisition of the Track and Trace Platform of GeoDecisions. Based in Camp Hill, PA, GeoDecisions provides Software-as-a-Service supply-chain and logistics solutions.

7/13/2021 Logistics SphereWMS FOG Software Group announced the acquisition of SphereWMS. Based in Denver, CO, Technology FOG Software Group SphereWMS provides Warehouse Management Software (“WMS”) solutions. As part of the FOG Software Group, SphereWMS will focus on expanding its core product functionality while maintaining their customer support systems that has enabled its growth to date.

7/13/2021 Trucking Jensen Transport TransWood Carriers, Inc. announced the acquisition of Jensen Transport Inc. Based in TransWood Carriers Mankato, MN, Jensen Transport provides liquid and dry bulk carrier services. The acquisition will enable TransWood to expand its market-leading knowledge and abilities in safe and efficient transportation practices. 7/13/2021 3PL Dolly Updater, Inc., a portfolio company of SoftBank Capital, announced the acquisition of Dolly, Updater Inc. Based in Seattle, WA, Dolly provides same-day and last-mile delivery of heavy goods. Acquiring Dolly enables Updater to bolster its robust product offering by providing users with a seamless experience to book highly rated, affordable Dolly “Helpers” for small local moves, particularly when a full-service moving company is not a practical solution.

7/8/2021 3PL Arrowpac International STG Logistics, a portfolio company of Wind Point Partners, has acquired the New Jersey STG Logistics Container Freight Station division of Arrowpac International. Based in Secaucus, NJ, Arrowpac provides ocean import container freight station (“CFS”) services in the New York and New Jersey region. The acquisition of API’s CFS division further expands STG Logistics capacity and presence in the critical ocean freight corridor of New York and New Jersey. 7/5/2021 Trucking AAA Cooper Transportation Knight-Swift Transportation Holdings has acquired AAA Cooper Transportation for $1.4 Knight-Swift Transportation Holdings billion. This transaction firmly positions Knight-Swift as a meaningful player in the LTL space, where they intend to grow both organically and through future acquisitions. The combination of these two companies will provide a variety of synergies and a new growth platform for Knight-Swift Transportations. 7/1/2021 Trucking Quality Carriers Class I railroad CSX Corporation has announced the acquisition of Quality Carriers, a CSX Corporation Tampa, FL-based provider of liquid bulk chemical trucking and logistics services. The acquisition will expand the railroad’s footprint throughout North America, adding 2,500 drivers and a network of more than 100 owned and affiliated terminals and other facilities to CSX. 7/1/2021 3PL syncreon DP World Limited has announced the pending acquisition of syncreon, a portfolio DP World Limited company of GenNx360 Capital Partners and Centerbridge Partners, for $1.2 billion. Based in Auburn Hills, MI, syncreon provides value-added warehousing, distribution, export packaging and fulfilment solutions to the automotive and technology sectors. The company aims to build on syncreon's platform to deliver greater scale and provide compelling value- add supply chain solutions to cargo owners across a wider market. 7/1/2021 3PL Alliance Technical Services Valiant Integrated Services, a portfolio company of The GC Companies, has acquired Valiant Integrated Services Alliance Technical Services. Based in Norfolk, VA, Alliance Technical provides broad-scale logistics solutions to the federal government, including supply-chain and warehouse management, logistics support and hazardous materials management. The combination of these two companies will create new growth opportunities and strengthen our presence in several markets. 7/1/2021 Trucking ECM Transport Werner Enterprises has acquired of an 80.0% stake in ECM Transport for $142.4 million. Werner Enterprises Based in Cheswick, PA, ECM Transport provides inter-regional and dedicated truckload services. The acquisition widens Werner's footprint in the strategic Mid-Atlantic, Ohio and Northeast regions, while increasing its fleet size by more than 6%.

9 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date TargetTarget Closed SectorSector AcquirorAcquiror TransactionTransaction Notes 6/30/2021 3PL Velocity Freight Transport Geodis Logistics has acquired Velocity Freight Transport. Based in Plano, TX, Velocity GEODIS Logistics provides temperature-controlled freight brokerage, flatbed and less-than-truckload (“LTL”) services. This acquisition will expand Geodis Logistics' current freight brokerage capabilities and enable them to continue to aggressively grow their capacity solutions service for clients. 6/30/2021 3PL Quad Logistics Services Mullen Group has acquired of Quad Logistics Services (dba QuadExpress) for $40.0 Mullen Group Ltd. million. Based in Naperville, IL, QuadExpress provides non-asset based third-party logistics and freight brokerage solutions. Quad will use proceeds from the sale to continue to pay down debt and improve its debt leverage ratio.

6/29/2021 Trucking Riverside Transport FitzMark, portfolio company of Calera Capital, has acquired Riverside Transport. Based in FitzMark Kansas City, KS, Riverside provides national, regional and local truckload and shuttle services. Terms were not disclosed. The company seeks to expand its business footprint and supply chain operations through this "two-headed acquisition" of Riverside and Transco. 6/29/2021 Trucking Transco Lines FitzMark, portfolio company of Calera Capital, announced the acquisition of Transco FitzMark Lines. Based in Russellville, AR, Transco provides dry van truckload and dedicated transportation services. Terms were not disclosed. The company seeks to expand its business footprint and supply chain operations through this "two-headed acquisition" of Riverside and Transco. 6/29/2021 3PL Ameriworld Enterprises Inc. Crown Capital Investments LLC has acquired Ameriworld Enterprises, Inc. Based in Miami, Crown Capital Investments LLC FL, Ameriworld provides pick and pack, order fulfilment and distribution solutions. Through long-term collaborative partnerships, CCI will provide the active support and resources to help Ameriworld increase value and facilitate growth to reach their full potential using a results-based approach. 6/23/2021 3PL Claus Sørensen Group Lineage Logistics has announced the acquisition of the cold storage division of Claus Lineage Logistics Sørensen Group, a cold storage operator in Denmark. The acquisition of Claus Sørensen will amplify Lineage Logistics’ reach in the Nordic region, strengthening its international facility network. 6/23/2021 Trucking Lessors, Inc. Hirschbach Motor Lines has acquired Lessors. Based in Eagan, MN, Lessors provides Hirschbach Motor Lines refrigerated and temperature-controlled truckload services. The acquisition will allow both Lessors and Hirschbach Motor Lines to fill the heightening capacity demands. 6/20/2021 Logistics Blue Yonder Group Panasonic has acquired the acquisition of Blue Yonder Group, a Scottsdale, AZ-based Technology Panasonic provider of AI-driven end-to-end supply management services, for $6.5 billion. Panasonic had previously bought a 20% stake in Blue Yonder in 2020. With this acquisition, Panasonic is aiming to bolster its end-to-end supply chain management services, making the Company more resilient to future industry and macro disruptions. 6/18/2021 Logistics Raven Logistics BluJay Solutions Ltd has announced the acquisition of Raven Logistics, a Naples, FL- Technology BluJay Solutions Ltd based provider of rail TMS and logistics solutions. The acquisition will create a single multi-modal solution that rates, ships and tracks across all transportation modes, and is a continuation of BluJay’s strategy of investing in the data, networks, and applications that enable effective supply chains. 6/16/2021 3PL ITS Logistics GHK Capital Partners has acquired ITS Logistics. ITS Logistics is a premier provider of GHK Capital Partners innovative, asset-smart third-party logistics in the U.S. ITS Logistics' new strategic alliance with GHK will strengthen their ability to provide top-tier logistics solutions for their stakeholders through expansion of their services and physical footprint across North America. It will allow ITS Logistics to aggressively invest in their people, technology, physical assets and geographic expansion. 6/10/2021 Trucking Transport Investments Gemspring Capital Management has acquired Transport Investments. Based in Pittsburgh, Gemspring Capital Management PA, Transport Investments provides asset-light heavy haul, flatbed and specialized transportation and logistics services throughout North America.

6/9/2021 Rail Transtar Fortress Transportation and Infrastructure Investors has announced the acquisition of Fortress Transportation Transtar for $640 million. Based in Pittsburgh, PA, Transtar is comprised of six railroads and provides railway transportation services to the steel, mining, and chemical industries. This acquisition allows Fortress Transportation to significantly increase its rail business by providing essential rail services to one of the preeminent integrated steel producers in North America. 6/8/2021 3PL TAKTIK Logistics Group GlobalTranz Enterprises has acquired TAKTIK Logistics Group. Based in Pleasanton, CA, GlobalTranz Enterprises TAKTIK provides technology-enabled freight brokerage and logistics solutions. The acquisition brings further freight management expertise and best practices that can be leveraged across the GlobalTranz network. 6/2/2021 3PL Century Distribution Systems Sun Capital has acquired Century Distribution Systems, a global digital logistics provider Sun Capital Partners offering supply chain management and freight forwarding services. Sun Capital intends to leverage their operational and corporate carve-out expertise to drive performance across the organization in a number of key areas. They also see an opportunity to take advantage of strategic add-on acquisitions that can broaden Century’s existing capabilities.

10 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date TargetTarget Closed SectorSector AcquirorAcquiror TransactionTransaction Notes 6/2/2021 Logistics Skipjack Supply Chain and Proactive Global Logistics Redwood Logistics, a portfolio company of CI Capital Partners, has acquired Skipjack Technology Redwood Logistics Supply Chain and Proactive Global Logistics (collectively nka Redwood Parcel). Based in Chicago, IL, Redwood Parcel provides software-enabled parcel shipping and audit solutions. This acquisition will allow Redwood customers to enjoy a fully integrated parcel solution, offering rating, labeling, visibility, analytics, reporting and savings with enhanced parcel expertise.

6/1/2021 Trucking UTXL Enterprises Knight-Swift Transportation has acquired UTXL Enterprises for $22.5 million. Based in Knight-Swift Transportation Kansas City, MO, UTXL provides over-the-road transportation, including TL, LTL, and expedited solutions. As a result of the transaction, Knight-Swift will gain access to a specialist in over-the-road full TL and multi-stop transportation for any length of haul throughout North America.

5/31/2021 3PL J&P Hall Express Forward Air Corporation has acquired J&P Hall Express, an Atlanta, GA-based provider of Forward Air Corporation LTL, TL, and Container Freight Station warehousing and airport transfer services across the Southeastern U.S. This acquisition increases Forward’s footprint in Atlanta and adds a new location in Albany, GA, expanding the Company’s LTL operations in the region.

5/26/2021 3PL Prime360 48forty Solutions, an Atlanta-based provider of end-to-end pallet management services, 48forty Solutions has acquired Schaumburg, IL-based Prime360. Prime360 is a national provider of pallet management and brokerage services. The acquisition of Prime360 gives 48forty access to Prime’s retail-focused services and its extensive brokerage relationships, helping to expand 48forty’s pallet recycler network. 5/17/2021 3PL Go To Logistics Stellex Capital Management has acquired Go To Logistics, a Chicago-based Stellex Capital Management transportation and logistics provider focused on the freight consolidation and LTL markets. Go To’s capacity-driven, point-to-point consolidation business model allows for competitive pricing and quality service. Its customer base is diverse but has a heavy focus on the food and beverage sector.

5/15/2021 3PL LaserShip American Securities has announced the acquisition of LaserShip, a Vienna, Virginia-based American Securities parcel shipping and supply chain company for ~$1.7 billion. LaserShip is a non-asset- based parcel delivery company offering customers next-day and two-day parcel service across more than 20 states throughout the Eastern U.S. 5/11/2021 3PL Houston Crating MEI Rigging & Crating has acquired Houston Crating, a Houston, TX-based provider of MEI Rigging & Crating crating and export packing services to the energy and logistics industries. MEI and Houston Crating have performed joint work on customer projects in the past, and Houston Crating will now be integrated further into MEI’s operations as it becomes part of MEI’s existing Houston facility. 5/6/2021 Logistics WellRyde ModivCare announced the acquisition of WellRyde, an Atlanta, GA-based provider of TMS Technology ModivCare and dispatch software solutions for the medical, education and public transit sectors. The addition of WellRyde’s software to ModivCare’s technology platform is expected to accelerate the Company’s strategy to create one of the largest digitally integrated non- emergency medical transportation networks in the U.S.

5/4/2021 3PL Relogistics Services 48forty Solutions has acquired Relogistics Services, a Houston, TX-based provider of end- 48forty Solutions to-end pallet solutions, container tracking and supply-chain logistics services. The acquisition of Relogistics is expected to strengthen 48forty’s geographic presence and bolster its logistics services offerings, which include its plants, customer onsite locations, and its affiliate network.

5/4/2021 Logistics W Energy Software W Energy Software has acquired Chorus Logistics, a Houston, TX-based provider of TMS Technology Chorus Logistics solutions for bulk commodity carriers. The Chorus acquisition will allow W Energy Software customers to manage transportation needs via any mode—including pipeline, truck, rail, vessel and barge—via a centralized TMS.

5/3/2021 3PL Boss Logistics Ruby Has LLC has acquired Boss Logistics, a Louisville, KY-based provider of regional e- Ruby Has LLC commerce fulfillment solutions. This new acquisition comes in addition to several recent expansions, which include the addition of a major Kentucky facility and the doubling of the Ruby Has facilities in Las Vegas, NV and Toronto, Canada. 4/30/2021 Trucking Jasa Transit Heniff Transportation Holdings' food-grade transportation division, Carry Transit, has Heniff Transportation acquired Blair, NE-based Jasa Transit's food-grade hauling operations. Through the acquisition, Jasa Transit will become an integral part of the Carry Transit bulk food carrier and rail transfer business. 4/30/2021 Trucking UPS Freight TFI International has acquired UPS Freight, the LTL and dedicated TL division of United TFI International Parcel Service, Inc., for $800 million. About 90% of the acquired business will operate independently within TFI International’s LTL business segment under its new name, “TForce Freight”, while acquired dedicated TL assets will join TFI’s TL business segment. The transaction is subject to customary closing conditions, including regulatory approvals.

11 EXECUTIVE FREIGHT TRENDS INSIGHT

Select M&A Transactions in Last Six Months

Date TargetTarget Closed SectorSector AcquirorAcquiror TransactionTransaction Notes 4/28/2021 3PL Arrive Logistics ATL Partners has led a significant minority investment of over $300 million in Arrive ATL Partners Logistics, an Austin, TX-based freight brokerage. The investment will help Arrive dramatically expand its technology investments and its service offering, helping it focus more on LTL and intermodal than it had been previously.

4/22/2021 Waste Stella Environmental Services Leonard Green & Partners has acquired Stella Environmental Services, a Houston, TX- Management Leonard Green & Partners based provider of transfer station and on-site landfill services. Stella Environmental Services has more than 65 transfer stations across 9 states in the U.S.

4/16/2021 3PL Bandstra Group Mullen Group has acquired Bandstra Group, the British Columbia ("BC") -based provider Mullen Group of 3PL services. Bandstra has two key segments: Bandstra Transportation Systems, a provider of TL, LTL, general freight, and specialized hauling services; and Babine Truck & Equipment, an OEM dealership with three locations throughout BC. The transaction is expected to strengthen Mullen's presence in BC as well as create a new line of business in OEM dealerships.

4/14/2021 Marine SEACOR American Industrial Partners has acquired SEACOR for ~$1.2 billion. SEACOR is a American Industrial Partners diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions.

4/6/2021 3PL AIT Worldwide Logistics AIT Worldwide Logistics been recapitalized by private equity firm The Jordan Company. The Jordan Company Itasca, IL-based AIT Worldwide Logistics is a non-asset based 3PL provider. AIT reported $1.2 billion in gross revenue for 2020. With The Jordan Company's backing, AIT will continue to pursue a strategic growth plan emphasizing organic and acquisition-driven global expansion. 4/6/2021 Logistics Cheetah Software Systems MercuryGate International has acquired Cheetah Software Systems, a Westlake Village, Technology MercuryGate International CA-based provider of TMS solutions for last-mile and LTL carriers. The addition of Cheetah’s autonomous and adaptive logistics capabilities will help to enhance MercuryGate’s real-time visibility within the logistics cycle. 4/6/2021 3PL DJS International BDP International has acquired DJS International, a Dallas-based provider of customs BDP International brokerage and freight forwarding. The acquisition of DJS will expand BDP’s already significant presence in the U.S. Gulf region, providing a wider array of specialized and customized solutions. 4/1/2021 3PL Daryl Flood The Suddath Companies has acquired Daryl Flood. Based in Coppell, TX, Daryl Flood The Suddath Companies provides household moving, relocation and logistics services. The consolidated company will handle 88,000 household goods moves each year and leverage 45 U.S. and international locations with more than 3.5 million sq. ft. of warehouse space. 3/31/2021 3PL DSI Logistics Pilot Freight Services has acquired DSI Logistics, a Brea, CA-based provider of heavy Pilot Freight Services goods last-mile home delivery and installation. The acquisition of DSI will further expand Pilot Last Mile Home, the company’s national final mile home delivery solution, and position it as the second-largest last-mile delivery provider in the U.S. for big and bulky goods. 3/30/2021 Rail Non-Core Lines and Assets of Canadian National Watco Companies has acquired non-core lines and assets of Canadian National. The non- Watco Companies core lines and assets are approximately 250 miles of track running from Sault Ste. Marie, Ontario to Oba, Ontario and approximately 650 miles of branch lines in Wisconsin and Michigan. The transferred segments will remain connected to Canadian National’s tri- 3/16/2021 3PL Alba Wheels Up coastalSouthfield network. Capital has acquired Alba Wheels Up. Alba Wheels Up is a Valley Stream, NY- Southfield Capital based provider of customs brokerage, freight forwarding, trade compliance and supply chain management solutions.

3/12/2021 Trucking Empire Truck Lines IMC Companies has acquired Empire Truck Lines, a Houston, TX-based provider of IMC Companies intermodal, truckload and container drayage services. The acquisition significantly increases IMC Companies’ truck capacity.

3/11/2021 3PL ShipXpress Kaleris has announced the acquisition of ShipXpress, a Jacksonville Beach, FL-based Kaleris provider of cloud-based rail and truck transportation management solutions. Kaleris will combine its PINC and RailcarRx businesses with ShipXpress to create a consolidated, cloud-based supply chain execution platform. 3/10/2021 Rail Southwest Rail Industries Sojitz Corporation of America has acquired Southwest Rail Industries, a Weimar, TX-based Sojitz Corporation of America provider of railcar leasing services. As a result of the acquisition, Southwest Rail will be able to benefit from accessing Sojitz’s markets and customer networks across various industry segments.

3/1/2021 Trucking Jason Jones Trucking PS Logistics has acquired Jason Jones Trucking, a Shoals, IN-based provider of flatbed PS Logistics truckload services. The acquisition further establishes PS Logistics' base in the upper Midwest and adds a new terminal to its national network.

3/1/2021 Trucking Skelton Canada and Skelton USA Andlauer Healthcare Group has acquired 100% of Skelton Canada and 49% of Skelton Andlauer Healthcare Group USA for CAD $114.7 million. The agreement also includes an option for Andlauer to acquire the remaining 51% of Skelton USA. Skelton Canada and Skelton USA specialize in the transportation of refrigerated healthcare products, and these capabilities are likely to help Andlauer expand its capacity in these geographies.

12 EXECUTIVE FREIGHT TRENDS INSIGHT

Key Trucking Metrics

FLATBED SPOT RATES DRY VAN SPOT RATES

3.35 2.85 3.15 2.65 2.95 2.45 2.75 2.25 2.55 2.05 2.35 1.85 2.15 1.65 1.95 1.75 1.45 1.55 1.25 1.35 1.05 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Source: DAT RateView Source: DAT RateView

CASS FREIGHT SHIPMENTS INDEX DIESEL PRICES

1.35 $4.50 1.30 $4.00 1.25 1.20 $3.50 1.15 $3.00 1.10 1.05 $2.50 1.00 $2.00 0.95 0.90 $1.50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Source: Cass Information Systems Source: EIA National Average

ATA TRUCK TONNAGE

120.0 30%

20% 110.0

10% 100.0 0% 90.0 -10%

80.0 -20%

70.0 -30% Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Adjusted Truck Tonnage Index YOY Change Source: American Trucking Association Data as of 8/19/2021

13 EXECUTIVE FREIGHT TRENDS INSIGHT

Rail Volume Trends U.S. RAIL TRAFFIC(1) Week 32, 2021 Year-To-Date

Cars vs 2020 Cumulative vs 2020

Total Carloads 235,011 5.7% 7,376,542 8.9% Chemicals 32,970 5.7% 1,039,518 6.0% Coal 67,054 13.9% 2,014,823 12.2% Farm Products, excluding Grain, and Food 15,267 -1.0% 502,629 3.1% Forest Products 9,757 7.1% 320,880 8.6% Grain 19,488 -13.0% 756,739 13.6% Metallic Ores and Metals 24,678 29.9% 720,263 28.4% Motor Vehicles and Parts 13,512 -12.2% 417,788 14.0% Nonmetallic Minerals 32,602 6.8% 947,446 -1.6% Petroleum and Petroleum Products 10,314 -4.9% 342,048 -4.0% Other 9,369 -2.0% 314,408 3.4% Intermodal Units 269,799 -3.0% 8,943,306 14.0% Total Traffic 504,810 0.9% 16,319,848 11.6%

Source: AAR (1) Excludes U.S. operations of CN and Canadian Pacific RAILCAR CARLOADS(1) 300,000

280,000

260,000

240,000

220,000

200,000

180,000

160,000 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

2017 2018 2019 2020 2021 Source: AAR (1) Excludes intermodal units

CHEMICALS INTERMODAL (CONTAINERS & TRAILERS) 37,000 320,000 300,000 35,000 280,000 33,000 260,000 31,000 240,000

29,000 220,000 200,000 27,000 180,000 25,000 160,000 23,000 140,000 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Source: AAR Source: AAR Data as of 8/19/2021

14 EXECUTIVE FREIGHT TRENDS INSIGHT

Ocean Shipping Rates & Large U.S. Port Volume Trends

CONTAINER RATE BENCHMARK (HONG KONG TO LOS ANGELES) $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000

2/4/15

9/2/15

5/4/16

6/8/16

5/6/20

1/6/21

8/4/21

8/13/14

9/17/14

3/11/15

4/15/15

5/20/15

6/24/15

7/29/15

10/7/15

1/20/16

2/24/16

3/30/16

7/13/16

8/17/16

9/21/16

4/12/17

9/20/17

2/14/18

7/19/18

5/22/19

3/11/20

6/10/20

7/15/20

8/19/20

9/23/20

12/2/20

2/10/21

3/17/21

4/21/21

5/26/21

6/30/21

10/22/14

11/26/14

12/31/14

11/11/15

12/16/15

10/26/16

11/30/16

12/26/18

10/18/19 10/28/20 Source: Drewry, JOC

PORTS OF LOS ANGELES AND PORTS OF NEW YORK AND LONG BEACH NEW JERSEY

2,100 550 1,900 500 1,700 450 1,500 400 1,300

1,100 350

TEUs (in thousands) TEUs (in thousands) 900 300

700 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Source: Port of Los Angeles & Long Beach Source: Port of New York & New Jersey

PORT OF SAVANNAH PORT OF CHARLESTON

540 260 490 240 440 220 200 390 180 340 160 290 140

240 TEUs (in thousands) TEUs (in (in thousands) TEUs 120 190 100 140 80 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Source: Port of Savannah Source: Port of Charleston Data as of 8/19/2021

15 EXECUTIVE FREIGHT TRENDS INSIGHT

Transport & Infrastructure Investment Banking*

REPRESENTATIVE M&A ADVISORY EXPERIENCE

June 2021 April 2021 February 2021 December 2020 September 2020 August 2020 April 2020

Stella Environmental Services a portfolio company of a portfolio company of a portfolio company of a portfolio company of has divested its Pool Distribution division to has been acquired by has been recapitalized by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by

October 2019 June 2019 May 2019 April 2019 March 2019 January 2019 December 2018

a portfolio company of a portfolio company of has divested has been acquired by a portfolio company of

has acquired has been acquired by has been acquired by has been acquired by has been acquired by to a portfolio company of a portfolio company of a portfolio company of

October 2018 July 2018 May 2018 May 2018 March 2018 March 2018 December 2017 Freight Force, Inc.

a portfolio company of a portfolio company of Intermodal and Freight Brokerage Group has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by

a portfolio company of a portfolio company of

September 2017 August 2017 May 2017 September 2016 August 2016 August 2016 February 2016

Stella Environmental Services a portfolio company of an affiliate of a portfolio company of has been acquired by has received an equity has acquired has been acquired by investment from has been acquired by has been acquired by has acquired AN UNDISCLOSED BUYER

REPRESENTATIVE CAPITAL RAISING EXPERIENCE

August 2021 June 2021 February 2021 April 2020 January 2020 November 2019 March 2019

Project-Specific $2,294,250,000 Bond Offerings for Common Stock Offering $425,000,000 $2,300,000,000 Multi-Tranche Municipal $690,000,000 C350,156,000 Convertible Senior Notes $264,000,000 $100,000,000 C100,000,000 Bond Offering Follow-on Offering Common Stock Offering Preferred Stock Offering Public Offering of Hybrid Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Debentures

August 2018 October 2017 September 2017 July 2017 July 2017 July 2017 May 2017

completed an out-of-court restructuring led by has received an ABL facility from has received a preferred stock investment from In conjunction with a new $80 $115,560,000 million ABL facility led by $362,300,000 $75,000,000 $665,500,000 Initial Public Offering Follow-on Offering Start-Up Capital Follow-on Offering Bookrunning Manager Bookrunning Manager $292,000,000 Commitments Co-Manager $540,500,000

RJTRANSPORTANDINFRASTRUCTURE.COM

This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed, sponsored or affiliated with any trademark owner. Raymond James & Associates, Inc. and its affiliates are not affiliated with any trademark owner but may provide certain financial services to one or more trademark owners or their affiliates.