Sectorwatch: Consumer - Logistics January 2019 Consumer - Logistics January 2019 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth Momentum

1 - year revenue growth compared to revenue growth Median LTM Rev. Growth % 18.5% 0.14 average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM GP Margin % 16.0%

Pricing / Gross Margin Median LTM EBITDA Margin % 6.9% 1 - year gross profit % compared to gross profit % -0.4% average for last 3 years 0% 5% 10% 15% 20% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 16.4x 1 - year EBITDA % compared to EBITDA % average for 0.3% last 3 years Median TEV / LTM EBIT 15.0x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 10.3x

Median TEV / LTM Revenue 0.8x

0x 5x 10x 15x 20x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

Echo Global Logistics, Inc. 791 2,404 33% 17% 3% 0.3 10.3 2,453 980 Hub Group, Inc. 1,442 4,486 41% 12% 5% 0.3 6.8 4,377 1,025 BEST Inc. 1,644 3,706 54% 5% -1% 0.4 0.0 8,784 422 Landstar System, Inc. 3,974 4,488 29% 21% 8% 0.9 11.1 1,273 3,525 Ryder System, Inc. 8,979 8,115 14% 20% 23% 1.1 4.8 36,100 225 Expeditors International of Washington, Inc. 10,574 7,804 17% 13% 11% 1.4 12.8 16,500 473 J.B. Hunt Transport Services, Inc. 11,661 8,287 20% 18% 14% 1.4 10.3 24,681 336 XPO Logistics, Inc. 11,881 17,084 15% 15% 9% 0.7 8.1 95,000 180 C.H. Robinson Worldwide, Inc. 12,763 16,453 15% 8% 6% 0.8 13.4 15,074 1,091 Kuehne + Nagel International AG 15,285 20,930 15% 37% 6% 0.7 12.5 92,372 227 Average 7,899 9,376 25% 17% 8% 0.8 9.0 29,661 848 Median 9,777 7,959 18% 16% 7% 0.8 10.3 15,787 447 share price as of 16Jan19

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time

20x 14x 15x 10x 12x 5x 0x

10x 12.4x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

8x TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time

1.5x 4x 1.2x 0.9x 0.6x 2x 1.0x 0.3x 0.0x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-15 Apr-16 Apr-17 Apr-18 Apr-14 TEV/Revenue - Median TEV/Revenue - Average

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Kuehne + Nagel Ryder System, Inc. International AG J.B. Hunt Transport Landstar System, Inc. Services, Inc.

Expeditors International Ryder System, Inc. of Washington, Inc.

J.B. Hunt Transport XPO Logistics, Inc. Services, Inc.

Echo Global Logistics, Inc. Landstar System, Inc.

Kuehne + Nagel XPO Logistics, Inc. International AG

Expeditors International of C.H. Robinson Worldwide, Washington, Inc. Inc.

Hub Group, Inc. Hub Group, Inc.

C.H. Robinson Worldwide, Echo Global Logistics, Inc. Inc.

BEST Inc. BEST Inc.

Median Median

- 10% 20% 30% 40% (10%) - 10% 20% 30%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

Landstar System, Inc. BEST Inc.

C.H. Robinson Worldwide, Hub Group, Inc. Inc.

Echo Global Logistics, Inc. Hub Group, Inc.

Landstar System, Inc. Echo Global Logistics, Inc.

J.B. Hunt Transport Expeditors International Services, Inc. of Washington, Inc.

Expeditors International of BEST Inc. Washington, Inc.

J.B. Hunt Transport XPO Logistics, Inc. Services, Inc.

C.H. Robinson Worldwide, Kuehne + Nagel Inc. International AG

Kuehne + Nagel Ryder System, Inc. International AG

Ryder System, Inc. XPO Logistics, Inc.

Median Median

- 20% 40% 60% $- $2,000 $4,000

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

BEST Inc. Kuehne + Nagel International AG Hub Group, Inc. Expeditors International of… Ryder System, Inc. XPO Logistics, Inc. J.B. Hunt Transport Services, Inc. Echo Global Logistics, Inc. C.H. Robinson Worldwide, Inc. Landstar System, Inc.

Landstar System, Inc. C.H. Robinson Worldwide, Inc.

Echo Global Logistics, Inc. J.B. Hunt Transport Services, Inc.

XPO Logistics, Inc. Ryder System, Inc.

Expeditors International of Washington, Inc. Hub Group, Inc.

Kuehne + Nagel International AG BEST Inc.

Median Median

0x 10x 20x 30x 0 20 40 60 80

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

J.B. Hunt Transport C.H. Robinson Worldwide, Services, Inc. Inc.

Expeditors International of Expeditors International of Washington, Inc. Washington, Inc.

Ryder System, Inc. Kuehne + Nagel International AG

Landstar System, Inc. Landstar System, Inc. C.H. Robinson Worldwide, Inc. Echo Global Logistics, Inc. Kuehne + Nagel International AG J.B. Hunt Transport Services, Inc. XPO Logistics, Inc.

XPO Logistics, Inc. BEST Inc.

Hub Group, Inc. Echo Global Logistics, Inc.

Ryder System, Inc. Hub Group, Inc.

Median Median

0x 1x 2x 3x 0x 4x 8x 12x 16x 20x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

J.B. Hunt Transport Expeditors International of Services, Inc. Washington, Inc.

Kuehne + Nagel Echo Global Logistics, Inc. International AG

C.H. Robinson Worldwide, XPO Logistics, Inc. Inc.

Ryder System, Inc. Echo Global Logistics, Inc.

Kuehne + Nagel XPO Logistics, Inc. International AG

C.H. Robinson Worldwide, Landstar System, Inc. Inc.

Expeditors International of J.B. Hunt Transport Washington, Inc. Services, Inc.

Landstar System, Inc. Hub Group, Inc.

Hub Group, Inc. Ryder System, Inc.

Median Median

0x 4x 8x 12x 16x 20x 0x 10x 20x 30x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

16x 45% 16x 40% 37.3% 40.5%

14x 40% 14x 35% 33.4% 35% 12x 12x 30% 28.6% 30% 10x 10x 25% 25% 19.5% 8x 8x 18.0% 20% 17.2% 20% 14.9% 20.9% 6x 6x 17.2% 15% 19.7% 15%

14.4% 14.9% 14.8% 14.9% 4x 4x 11.9% 13.4% 10% 10%

7.9% 2x 2x 5% 5% 5x 7x 8x 10x 10x 11x 12x 13x 13x

5x 7x 8x 10x 10x 11x 12x 13x 13x

LTM GP% LTM EBITDA(x) EBITDA(x) 0x 0%

0x 0% RGR%LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions

Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

9Jan19 Qontinuity Enterprises, LLC Legion Logistics, LLC - - - - 7Jan19 Zero Mountain, Inc. Cloverleaf Cold Storage Co., Inc. - - - - 21Dec18 Xpress Global Systems, Inc. Aterian Investment Partners, LLC - - - - 6Dec18 Express Division of Network Global Logistics MNX Global Logistics - - - - 3Dec18 Chain Link Services, LP Franke Foodservice Systems, Inc. - - - -

21Nov18 Q International Courier, Inc. Kuehne + Nagel International AG - - - - 6Nov18 Generix Group North America Generix SA - - - -

2Nov18 CaseStack, Inc. Hub Group, Inc. 255.00 242.00 1.1x 11.6x

22Oct18 Hybrid Transit Systems, Inc. Alliant Energy Transportation, Inc. - - - -

11Oct18 CV Logistics Inc. Delmar International Inc. - - - -

1Oct18 Cloud Logistics, LLC E2open, LLC - - - - 25Sep18 Smith Transportation Services Inc. Post Capital Partners LLC - - - -

20Sep18 N.D. Cunningham & Company, Inc. D J Powers Company, Inc. - - - -

31Aug18 Mode Transportation, LLC York Capital Management 238.50 - - 10.0x

15Aug18 SynchOne, LLC GlobalTranz Enterprises, Inc. - - - - 28Jul18 Food Group of Companies of Services Group of America US Foods, Inc. 1,800.00 3,200.00 0.6x -

16Jul18 CPI Operations LLC PBF Logistics LP 107.00 - - -

21Jun18 Tamarind International Inc. Source Logistics Corp. - - - -

18Jun18 Prime EFS LLC PetroTerra Corp. (nka:Transportation and Logistics Systems, 0.50 7.00 0.1x - Inc.) 25Jun18 National Logistics Services, Inc. Fulcrum Capital Partners Inc.; Fulcrum Capital Partners V, - - - - L.P. 22May18 Corrugated Container Corporation DS Smith Plc - - - -

16May18 Carolina Beverage Group LLC Cold Spring Brewing Company - - - -

13 Consumer - Logistics January 2019 APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14 Revenue Multiples - Echo Global Logistics, 1.0x Inc. Public Basket 0.8x 0.6x 0.4x 0.2x Echo Global Logistics, Inc. 0.0x Echo Global Logistics, Inc. provides technology-enabled transportation and supply chain management solutions in the United States. It uses a proprietary technology platform to TEV/Revenue Average compile and analyze data from its multi-modal network of transportation providers for the transportation and logistics EBITDA Multiples - Echo Global Logistics, needs. The company offers services in various transportation 40x Inc. modes, such as truckload, less-than truckload, small parcel, 30x inter-modal, domestic air, and expedited and international. Its 20x principal transportation management and logistics services include rate negotiation; procurement of transportation; 10x shipment execution and tracking; carrier management, 0x selection, reporting, and compliance; executive dashboard presentations and detailed shipment reports; freight bill payment and audit; claims processing and service refund TEV/EBITDA Average management; design and management of inbound client freight programs; individually configured Web portals and self- P/E Multiples - Echo Global Logistics, Inc. service data warehouses; enterprise resource planning 150x integration with transactional shipment data; and integration of 120x shipping applications into client e-commerce sites, as well as 90x back-end reports customized to the internal reporting needs of 60x the business. Echo Global Logistics, Inc. was founded in 2005 30x and is headquartered in Chicago, Illinois. 0x

Date Key Development Headline 7/24/18 Echo Global Logistics, Inc. (NasdaqGS:ECHO) acquired P/E Average Substantially All Assets of Freight Management Plus, Inc.

15 Revenue Multiples - Hub Group, Inc. 0.8x

Public Basket 0.6x

0.4x

0.2x

Hub Group, Inc. 0.0x Hub Group, Inc., an asset-light freight transportation management company, provides intermodal, truck brokerage, and logistics services in North America. It operates through two TEV/Revenue Average segments, Mode and Hub. Its intermodal services include arranging for the movement of its customers’ freight in EBITDA Multiples - Hub Group, Inc. 20x containers and trailers over long distances. The company contracts with railroads to provide transportation for the long- 15x haul portion of the shipment and with local trucking companies 10x for pickup and delivery. Its intermodal services also comprise negotiating rail and drayage rates, electronically tracking 5x shipments in transit, and consolidate billing and handling claims 0x for freight loss or damage on behalf of customers. In addition, the company offers truck brokerage services, as well as a range of transportation management services and technology TEV/EBITDA Average solutions, including shipment optimization, load consolidation, mode selection, carrier management, load planning and P/E Multiples - Hub Group, Inc. execution, and Web-based shipment visibility under the Unyson 40x Logistics name. Hub Group, Inc. was founded in 1971 and is 30x headquartered in Oak Brook, Illinois. 20x

Date Key Development Headline 10x 12/2/18 Hub Group, Inc. (NasdaqGS:HUBG) completed the acquisition of 0x CaseStack, Inc. from Garage Technology Ventures, LLC, Blumberg Capital and Clarity Partners, LP. 11/5/18 CaseStack, Inc., Hub Group, Inc. - M&A Call 11/4/18 Hub Group, Inc. (NasdaqGS:HUBG) entered into an agreement P/E Average to acquire CaseStack, Inc. for approximately $260 million.

16 Revenue Multiples - BEST Inc. 4x Public Basket 3x 2x

BEST Inc. 0x BEST Inc. operates as a smart supply chain service provider in the People's Republic of China. Its proprietary technology platform enables its ecosystem participants to operate their TEV/Revenue Average businesses through various SaaS-based applications. The company applies its technologies to a range of applications, such as network and route optimization, swap bodies, sorting line automation, smart warehouses, and store management. It offers integrated services and solutions across the supply chain, including warehouse management, order fulfillment, express delivery, freight, and other services for multinational and corporate customers, as well as small and medium enterprises. The company also provides express delivery services; and door- to-door integrated cross-border supply chain services to and from China, including international express, less-than-truckload, fulfillment, reverse logistics, and freight forwarding through its network, and transportation and warehouse partners. The company was founded in 2007 and is headquartered in Hangzhou, the People's Republic of China.

Date Key Development Headline 3/1/18 BEST To Seek Acquisitions 1/25/18 Orgadata Software-Dienstleistungen AG completed the acquisition of Orgadata USA, Inc. from BEST Inc. (NYSE:BSTI).

17 Revenue Multiples - Landstar System, Inc. 2.0x Public Basket 1.5x 1.0x

0.5x

Landstar System, Inc. 0.0x Landstar System, Inc. provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments, TEV/Revenue Average Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, EBITDA Multiples - Landstar System, Inc. 20x including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air 15x delivery of time-critical freight, heavy-haul/specialized, U.S.- 10x Canada and U.S.-Mexico cross-border, intra-Mexico, intra- Canada, project cargo, and customs brokerage, as well as offers 5x transportation services to other transportation companies, 0x including third party logistics and less-than-truckload service providers. This segment provides truck services through dry and specialty vans of various sizes, unsided/platform trailers, TEV/EBITDA Average temperature-controlled vans, and containers; rail intermodal services through contracts with domestic and Canadian P/E Multiples - Landstar System, Inc. railroads; and air and ocean services through contracts with 40x domestic and international airlines and ocean lines. It serves 30x automotive products, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, and military 20x equipment industries. Landstar System, Inc. was founded in 10x 1968 and is headquartered in Jacksonville, Florida. 0x

Date Key Development Headline 2/14/18 Landstar System Mulls Acquisitions P/E Average

18 Revenue Multiples - Ryder System, Inc. 2.0x Public Basket 1.5x 1.0x

0.5x

Ryder System, Inc. 0.0x Ryder System, Inc. provides transportation and supply chain management solutions worldwide. The company operates through three segments: Fleet Management Solutions (FMS), TEV/Revenue Average Dedicated Transportation Solutions (DTS), and Supply Chain Solutions (SCS). The FMS segment offers full service leasing and EBITDA Multiples - Ryder System, Inc. 10x leasing with flexible maintenance options, as well as maintenance services, supplies, and related equipment for 8x operation of the vehicles; commercial vehicle rental services; 6x and contract or transactional maintenance services of trucks, 4x tractors, and trailers, as well as ancillary maintenance and fleet 2x support services. This segment also provides access to diesel 0x fuel; offers fuel services, such as fuel planning and tax reporting, centralized billing, fuel cards, and fuel monitoring services; and sells used vehicles through its 53 retail sales centers and TEV/EBITDA Average Usedtrucks.Ryder.com Website. Ryder System, Inc. was founded in 1933 and is headquartered in Miami, Florida. 30x P/E Multiples - Ryder System, Inc.

Date Key Development Headline 20x 11/6/18 Ryder System To Seek Acquisitions 6/17/18 Ryder System, Inc. (NYSE:R) acquired Metro Truck & Tractor 10x Leasing, Inc. 4/2/18 Ryder System, Inc. (NYSE:R) acquired MXD Group, Inc. for 0x approximately $120 million. 3/30/18 Ryder System Mulls Acquisitions

P/E Average

19 Revenue Multiples - Expeditors International Public Basket 3x of Washington, Inc. 2x

Expeditors International of Washington, Inc. 0x Expeditors International of Washington, Inc. provides logistics services in the Americas, North Asia, South Asia, Europe, the Middle East, Africa, and India. The company offers airfreight TEV/Revenue Average services, such as air freight consolidation and forwarding; ocean freight and ocean services, such as ocean freight consolidation, EBITDA Multiples - Expeditors International 30x direct ocean forwarding, and order management; customs of Washington, Inc. brokerage, intra-continental ground transportation and 20x delivery, and warehousing and distribution services; and customs clearance, purchase order management, vendor 10x consolidation, time-definite transportation services, cargo insurance, cargo monitoring and tracking, and other logistics 0x solutions. It acts as a freight consolidator or as an agent for the airline, which carries the shipment. The company also provides ancillary services that include preparation of shipping and TEV/EBITDA Average customs documentation, packing, crating, insurance services, negotiation of letters of credit, and the preparation of P/E Multiples - Expeditors International of documentation to comply with local export laws. Its customers 50x Washington, Inc. include retailing and wholesaling, electronics, and industrial and 40x manufacturing companies. Expeditors International of 30x Washington, Inc. was founded in 1979 and is headquartered in 20x Seattle, Washington. 10x 0x

P/E Average

20 Revenue Multiples - J.B. Hunt Transport 4x Services, Inc. Public Basket 3x 2x

1x J.B. Hunt Transport Services, Inc. 0x J.B. Hunt Transport Services, Inc., together with its subsidiaries, provides surface transportation and delivery services in the continental United States, Canada, and Mexico. It operates TEV/Revenue Average through four segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), and EBITDA Multiples - J.B. Hunt Transport 20x Truckload (JBT). The JBI segment offers intermodal freight Services, Inc. solutions, such as origin and destination pickup, and delivery 15x services. It operates 88,610 pieces of company-owned trailing 10x equipment; owns and maintains its chassis fleet comprising 77,946 units; and manages a fleet of 4,776 company-owned 5x tractors, 764 independent contractor trucks, and 5,782 0x company drivers. The DCS segment designs, develops, and executes supply-chain solutions that support various transportation networks. As of December 31, 2017, it operated TEV/EBITDA Average 8,124 company-owned trucks, 544 customer-owned trucks, and 59 independent contractor trucks, as well as 18,579 owned P/E Multiples - J.B. Hunt Transport Services, pieces of trailing equipment, and 7,232 customer-owned 50x Inc. trailers. The ICS segment provides traditional freight brokerage 40x and transportation logistics solutions; and flatbed, refrigerated, 30x expedited, and less-than-truckload solutions, as well as various 20x dry-van and intermodal solutions. It also offers single-source 10x logistics management for customers that desire to outsource 0x their transportation functions. This segment operates 44 remote sales offices or branches. J.B. Hunt Transport Services, Inc. was founded in 1961 and is headquartered in Lowell, Arkansas. P/E Average

21 Revenue Multiples - XPO Logistics, Inc. Public Basket 3x 2x

XPO Logistics, Inc. 0x XPO Logistics, Inc. provides transportation and logistics services in the United States, North America, France, the United TEV/Revenue Average Kingdom, Spain, Europe, Asia, and internationally. The company’s Transportation segment offers freight brokerage services comprising truck brokerage, intermodal, drayage, and EBITDA Multiples - XPO Logistics, Inc. expedite services; last mile services, primarily asset-light; density 150x and day-definite regional, inter-regional, and transcontinental 120x less-than-truckload freight services; full truckload services for 90x transactional transportation of packaged goods, high cube 60x products, and bulk goods; and logistics services for domestic, 30x 0x cross-border, and international shipments. Its Logistics segment offers a range of contract logistics services, including engineered and customized solutions, value-added warehousing and distribution, cold chain solutions and other TEV/EBITDA Average inventory management solutions; and performs e-commerce fulfillment, order personalization, warehousing, reverse logistics, P/E Multiples - XPO Logistics, Inc. storage, factory support, aftermarket support, manufacturing, 120x distribution, packaging, and labeling, as well as supply chain 90x optimization services, such as production flow management. XPO Logistics, Inc. was founded in 1996 and is based in 60x Greenwich, Connecticut. 30x 0x Date Key Development Headline 7/31/18 XPO Seeks Acquisitions 6/18/18 XPO Logistics and Nestle to Jointly Develop A Digital Warehouse P/E Average in Leicestershire, UK 2/7/18 XPO Logistics Mulls Acquisitions

22 Revenue Multiples - C.H. Robinson 2.0x Worldwide, Inc. Public Basket 1.5x 1.0x

0.5x C.H. Robinson Worldwide, Inc. 0.0x C.H. Robinson Worldwide, Inc., a third party logistics company, provides freight transportation services and logistics solutions to TEV/Revenue Average companies in various industries worldwide. The company operates through three segments: North American Surface Transportation, Global Forwarding, and Robinson Fresh. It offers EBITDA Multiples - C.H. Robinson Worldwide, transportation and logistics services, such as truckload; less than 30x Inc. truckload transportation which include the shipment of single or 20x multiple pallets of freight; intermodal transportation, which is shipment service of freight in trailers or containers by a 10x combination of truck and rail; and non-vessel ocean common 0x carrier or freight forwarding services, as well as organizes air shipments and provides door-to-door services. The company also provides custom broker services; and other logistics services, including fee-based managed, warehousing, small TEV/EBITDA Average parcel, and other services. It has contractual relationships with approximately 73,000 transportation companies, including P/E Multiples - C.H. Robinson Worldwide, Inc. motor carriers, railroads, air freight, and ocean carriers. In 40x addition, the company is involved in buying, selling, and 30x marketing of fresh produce, including fresh fruits, vegetables, and other perishable items. C.H. Robinson Worldwide, Inc. was 20x founded in 1905 and is headquartered in Eden Prairie, 10x Minnesota. 0x

Date Key Development Headline P/E Average 3/23/18 C.H. Robinson Mulls Acquisitions

23 Revenue Multiples - Kuehne + Nagel 3x International AG Public Basket 2x

Kuehne + Nagel International AG 0x Kuehne + Nagel International AG, together with its subsidiaries, provides integrated logistics services worldwide. The company TEV/Revenue Average operates through four segments: Seafreight, Airfreight, Overland, and Contract Logistics. It provides airfreight services; EBITDA Multiples - Kuehne + Nagel seafreight services, including full and less than container loads, 40x intra Europe/short sea intermodal solutions integration with International AG 30x carriers, flexible schedules, blue anchor line agent, cargo insurance, and customs clearance services, as well as online 20x booking online, tracking, and tracing of shipment services; and 10x overland transportation and contract logistics services. The 0x company was founded in 1890 and is headquartered in Schindellegi, Switzerland. Kuehne + Nagel International AG is a subsidiary of Kuehne Holding AG. TEV/EBITDA Average

Date Key Development Headline 11/20/18 Kuehne + Nagel International AG (SWX:KNIN) agreed to Q 50x P/E Multiples - Kuehne + Nagel International AG International Courier, Inc. 40x 9/30/18 Kuehne + Nagel International AG (SWX:KNIN) agreed to acquire 30x Logistics Operations of Wira Logistics. 8/1/18 Kuehne + Nagel International AG (SWX:KNIN) acquired 20x Panatlantic Logistics S.A. from Raúl Aragundi. 10x 3/15/18 Kuehne + Nagel International AG (SWX:KNIN) cancelled the 0x acquisition of Zet Farma and Ferlito Pharma Logistics.

P/E Average

24 CONTACT INFO

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.796.9330 [email protected] Mark Landry, Managing Director 561-972-0609 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 281.742.9340 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected] Ariail Siggins, Marketing Director 704.981.2908 [email protected] Sydney Larese, Associate 704.973.3998 [email protected] Marty Johnson, Associate 704.973.3999 [email protected] Rory Julyan, Associate 704.981.2520 [email protected] Garth Martin, Associate 704.973.3997 [email protected] Dennis Fox, Associate 704.706.9168 x 119 [email protected]