Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC.

Sustainable Packaging Materials Spend in E-Commerce $34.0 $32.9 $32.0

$30.0 $28.2 $28.0

$bn $26.0

$24.0

$22.0

$20.0 2017 2018 50 43 45 Financial 37 40 34 35 13% 30 25 18 20 14 15 15 10 12 10 3 5 - 1 - Strategic 87%

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 12/26/18 United Services Automobile Assoc (Atlanta Logistics MIRAE ASSET DAEWOO CO., LTD. Logistics Providers 78.0 - - Ctr) 10/24/18 Martin Transport, Inc. Martin Midstream Partners LP Trucking 145.0 - 9.1x 10/18/18 AFF, INC. Odyssey Logistics & Technology Corp. Logistics Providers 465.0 - - 10/3/18 Prologis, Inc. (Logistics Portfolio) Government of Singapore; Mapletree Logistics Providers 1,100.0 - - Investments Pte Ltd. 9/27/18 Foundation Building Materials, Inc. (US Mechanical SPI LLC Building Products 122.5 - - Insulation) 8/31/18 Mark VII Transportation York Capital Management (Private Equity) Logistics Providers 238.5 - - 8/10/18 Southern Counties Express, Inc. Universal Logistics Holdings, Inc. Logistics Providers 65.7 1.2x - 8/2/18 Builders Transportation Co., Inc. Daseke, Inc. Trucking 53.8 - - 7/17/18 CPI Operations LLC PBF Logistics LP Logistics Providers 107.0 - - Strategic Buyer Inv. Date Select Corporate Acquisitions SiteOne Landscape Supply, Inc. 12/6/2018 ▪ All Around Landscape Supply 12/6/2018 ▪ Santa Ynez Stone & Topsoil 10/22/2018 ▪ C&C Sand and Stone 7/30/2018 ▪ CentralPro 7/27/2018 ▪ Stone Center LC 7/25/2018 ▪ Kirkwood Material Supply, Inc. 6/26/2018 ▪ All American Stone & Turf No. 4 LLC 6/26/2018 ▪ Auto-Rain Supply, Inc. 5/21/2018 ▪ Landscaper's Choice Universal Logistics Holdings, Inc. 12/7/2018 ▪ Deco Logistics, Inc. 12/7/2018 ▪ Oaktree Logistics, Inc. 10/15/2018 ▪ Specialized Rail Service, Inc. 8/10/2018 ▪ Southern Counties Express, Inc. Beacon Roofing Supply, Inc. 7/16/2018 ▪ Atlas Supply, Inc. 5/1/2018 ▪ Tri-State Builder's Supply, Inc. 8/24/2017 ▪ Allied Building Products Corp. 5/1/2017 ▪ Lowry's, Inc. 1/3/2017 ▪ American Building & Roofing, Inc. St. George Logistics Corp. 3/15/2018 ▪ Summit NW Corp. (PE Sponsor: Wind Point) 3/13/2018 ▪ Freight Force, Inc. 12/14/2017 ▪ Channel Distribution Corp. 5/9/2017 ▪ Extra Express, Inc. FleetPride, Inc. 11/19/2018 ▪ B & A Friction Material, Inc. (PE Sponsor: American Securities LLC) 8/7/2018 ▪ Long Island Truck Parts, Inc. 5/15/2018 ▪ Ohio Diesel Fleet Supply, Inc. 1/4/2018 ▪ Truck Parts & Equipment, Inc.

Financial Buyer Inv. Date Select Corporate Investments CI Capital Partners LLC 8/16/2018 ▪ Speed Industrial Supply 6/28/2018 ▪ Co-Sales Co. 5/17/2018 ▪ Ritt-Beyer & Weir, Inc. 5/17/2018 ▪ W.J. Pence Co. 4/30/2018 ▪ Roar Logistics, Inc. (Freight Management Div) 1/2/2018 ▪ Redwood Logistics LLC Clearlake Capital Group LP 10/14/2018 ▪ Consolidated Lumber Co., LLC 10/2/2018 ▪ Breckenridge Building Center, Inc. 10/2/2018 ▪ Edwards Building Center LLC 9/26/2018 ▪ Meek's Lumber Yard, Inc. 4/10/2018 ▪ Wheel Pros LLC 4/5/2018 ▪ Lytx, Inc. Audax Private Equity 12/6/2018 ▪ Network Global Logistics LLC 11/13/2018 ▪ Colony Hardware Corp. 7/10/2018 ▪ Midnite Air Corp. 2/1/2018 ▪ Sikes Paper & Chemical Supply, Inc. (via Imperial Dade) 12/20/2017 ▪ Liquid Environmental Solutions Corp. 11/1/2017 ▪ Kranz (via Imperial Dade) 7/19/2017 ▪ JPC Enterprises, Inc. (via Imperial Bag) 5/23/2017 ▪ Dade Paper and Bag Co. (via Imperial Bag) 20%

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Automotive Building Products Electronic Components Food & Beverage

Industrial Medical Wire & Cable S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Genuine Parts Co. GPC-US $ 14,092 $ 96.02 1.1% 1.1% 89.1% 6.1% 7.7% 0.9x 12.8x 19.3x 0.9x 10.8x LKQ Corp. LKQ-US 7,551 23.73 (41.7%) (41.7%) 54.1% 16.0% 10.3% 1.0x 9.7x 13.1x 0.9x 8.3x Dorman Products, Inc. DORM-US 2,975 90.02 47.2% 47.2% 98.6% 9.5% 20.3% 3.1x 14.9x 24.8x 2.8x 13.4x Kaman Corp. KAMN-US 1,568 56.09 (4.7%) (4.7%) 74.7% 8.7% 6.5% 1.0x 12.6x NM 0.9x 9.5x Uni-Sélect, Inc. UNS-CA 601 14.21 (31.7%) (31.7%) 62.1% 9.1% 7.8% 0.6x 8.2x 12.6x 0.5x 7.5x Essendant, Inc. ESND-US 474 12.58 35.7% 35.7% 73.6% NM 1.3% 0.2x NM NM NM NM Lawson Products, Inc. LAWS-US 282 31.60 27.7% 27.7% 85.6% 6.3% (0.6%) 0.8x 23.6x 12.2x 0.8x 10.0x Segment Average 4.8% 4.8% 76.8% 9.3% 7.6% 1.1x 13.6x 16.4x 1.1x 9.9x Segment Median 1.1% 1.1% 74.7% 8.9% 7.7% 0.9x 12.7x 13.1x 0.9x 9.7x Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA W.W. Grainger, Inc. GWW-US $ 15,903 $ 282.36 19.5% 19.5% 75.9% 7.9% 9.1% 1.6x 12.3x 22.3x 1.5x 10.0x HD Supply Holdings, Inc. HDS-US 6,683 37.52 (6.3%) (6.3%) 81.1% 9.4% 15.0% 1.5x 10.5x NM 1.4x 9.4x Pool Corp. POOL-US 5,985 148.65 14.7% 14.7% 84.5% 10.2% 12.3% 2.2x 19.6x 25.5x 2.1x 17.0x Beacon Roofing Supply, Inc. BECN-US 2,162 31.72 (50.3%) (50.3%) 47.7% 12.0% 8.9% 0.8x 11.0x 30.1x 0.7x 8.8x BMC Stock Holdings, Inc. BMCH-US 1,043 15.48 (38.8%) (38.8%) 61.1% (0.8%) 6.9% 0.4x 6.0x 9.6x 0.4x 5.6x Boise Cascade Co. BCC-US 928 23.85 (40.2%) (40.2%) 48.4% 2.2% 4.1% 0.2x 10.8x NM 0.2x 5.2x BlueLinx Holdings, Inc. BXC-US 230 24.71 153.2% 153.2% 53.2% NM 0.9% 0.4x 27.0x 10.7x NM NM Huttig Building Products, Inc. HBP-US 47 1.80 (72.9%) (72.9%) 23.7% NM 2.2% 0.3x NM NM NM NM Segment Average (2.6%) (2.6%) 59.4% 6.8% 7.4% 0.9x 13.9x 19.6x 1.0x 9.3x Segment Median (22.5%) (22.5%) 57.1% 8.7% 7.9% 0.6x 11.0x 22.3x 1.0x 9.1x

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA W.W. Grainger, Inc. GWW-US $ 15,903 $ 282.36 19.5% 19.5% 75.9% 7.9% 9.1% 1.6x 12.3x 22.3x 1.5x 10.0x Arrow Electronics, Inc. ARW-US 6,011 68.95 (14.3%) (14.3%) 79.0% 2.4% 4.6% 0.3x 6.6x 11.3x 0.3x 6.4x Avnet, Inc. AVT-US 4,015 36.10 (8.9%) (8.9%) 73.1% 6.0% 4.1% 0.3x 6.5x NM 0.3x 6.0x Tech Data Corp. TECD-US 3,053 81.81 (16.5%) (16.5%) 75.3% (4.4%) 2.1% 0.1x 5.3x 14.0x 0.1x 4.8x WESCO International, Inc. WCC-US 2,241 48.00 (29.6%) (29.6%) 69.2% 5.0% 5.5% 0.4x 8.3x NM 0.4x 7.5x ScanSource, Inc. SCSC-US 880 34.38 (4.0%) (4.0%) 77.6% 3.8% 3.7% 0.3x 8.1x 20.3x 0.3x 7.5x Richardson Electronics Ltd. RELL-US 95 8.69 28.9% 28.9% 83.6% 8.1% 0.8% 0.3x 9.4x 46.5x 0.3x 5.7x Segment Average (3.5%) (3.5%) 76.2% 4.1% 4.3% 0.5x 8.1x 22.9x 0.4x 6.9x Segment Median (8.9%) (8.9%) 75.9% 5.0% 4.1% 0.3x 8.1x 20.3x 0.3x 6.4x

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Sysco Corp. SYY-US $ 32,570 $ 62.66 3.2% 3.2% 82.5% 4.4% 5.6% 0.7x 12.8x 22.2x 0.7x 11.4x US Foods Holding Corp. USFD-US 6,876 31.64 (0.9%) NA 77.3% 2.9% 4.3% 0.4x 10.3x 12.4x 0.4x 8.7x Performance Food Group Co. PFGC-US 3,394 32.27 (2.5%) (2.5%) 81.8% 6.9% 1.9% 0.3x 11.8x 16.6x 0.2x 9.6x Core-Mark Holding Co., Inc. CORE-US 1,063 23.25 (26.4%) (26.4%) 58.0% 2.8% 1.2% 0.1x 12.2x 24.4x 0.1x 8.1x The Chefs' Warehouse, Inc. CHEF-US 958 31.98 56.0% 56.0% 81.5% 9.7% 4.9% 0.8x 17.1x NM 0.8x 13.5x SpartanNash Co. SPTN-US 617 17.18 (35.6%) (35.6%) 62.0% 0.3% 2.5% 0.2x 6.6x 7.7x 0.2x 6.0x United Natural Foods, Inc. UNFI-US 543 10.59 (78.5%) (78.5%) 21.2% 112.3% 2.6% 0.4x 11.9x 4.6x 0.2x 6.1x Segment Average (12.1%) (14.0%) 66.3% 19.9% 3.3% 0.4x 11.8x 14.7x 0.4x 9.0x Segment Median (2.5%) (14.4%) 77.3% 4.4% 2.6% 0.4x 11.9x 14.5x 0.2x 8.7x Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA W.W. Grainger, Inc. GWW-US $ 15,903 $ 282.36 19.5% 19.5% 75.9% 7.9% 9.1% 1.6x 12.3x 22.3x 1.5x 10.0x Fastenal Co. FAST-US 15,010 52.29 (4.4%) (4.4%) 85.5% 11.9% 23.2% 3.1x 13.4x 20.4x 2.8x 12.6x Genuine Parts Co. GPC-US 14,092 96.02 1.1% 1.1% 89.1% 6.1% 7.7% 0.9x 12.8x 19.3x 0.9x 10.8x HD Supply Holdings, Inc. HDS-US 6,683 37.52 (6.3%) (6.3%) 81.1% 9.4% 15.0% 1.5x 10.5x NM 1.4x 9.4x MSC Industrial Direct Co., Inc. MSM-US 3,473 76.92 (20.4%) (20.4%) 77.0% 7.8% 14.9% 1.5x 9.7x 12.7x 1.4x 9.0x WESCO International, Inc. WCC-US 2,241 48.00 (29.6%) (29.6%) 69.2% 5.0% 5.5% 0.4x 8.3x NM 0.4x 7.5x NOW, Inc. DNOW-US 1,262 11.64 5.5% 5.5% 62.7% 12.1% 4.3% 0.4x NM 39.8x 0.4x 9.8x MRC Global, Inc. MRC-US 1,105 12.23 (27.7%) (27.7%) 53.2% 7.7% 4.6% 0.5x 11.6x NM 0.5x 7.1x Lawson Products, Inc. LAWS-US 282 31.60 27.7% 27.7% 85.6% 6.3% (0.6%) 0.8x 23.6x 12.2x 0.8x 10.0x Segment Average (3.8%) (3.8%) 75.5% 8.2% 9.3% 1.2x 12.8x 21.1x 1.1x 9.6x Segment Median (4.4%) (4.4%) 77.0% 7.8% 7.7% 0.9x 12.0x 19.9x 0.9x 9.8x

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA McKesson Corp. MCK-US $ 21,583 $ 110.47 (29.2%) (29.2%) 61.8% 3.8% 1.9% 0.1x 7.6x NM 0.1x 7.4x AmerisourceBergen Corp. ABC-US 15,768 74.40 (19.0%) (19.0%) 70.0% 7.9% 0.9% 0.1x 8.4x 9.9x 0.1x 7.8x Cardinal Health, Inc. CAH-US 13,288 44.60 (27.2%) (27.2%) 58.9% 3.7% 1.8% 0.1x 5.8x 18.7x 0.1x 7.1x Henry Schein, Inc. HSIC-US 11,969 78.52 12.4% 12.4% 86.0% 5.9% 8.3% 1.1x 13.3x 30.5x 1.1x 12.6x Patterson Cos., Inc. PDCO-US 1,867 19.66 (45.6%) (45.6%) 51.0% 3.1% 4.6% 0.5x 11.3x 11.8x 0.4x 9.1x Owens & Minor, Inc. OMI-US 394 6.33 (66.5%) (66.5%) 27.6% 2.7% 2.3% 0.2x 9.2x (2.5x) 0.2x 7.0x Aceto Corp. ACET-US 26 0.84 (91.9%) (91.9%) 7.0% NM (3.2%) 0.4x NM NM NM NM Segment Average (38.1%) (38.1%) 51.8% 4.5% 2.4% 0.4x 9.3x 13.7x 0.3x 8.5x Segment Median (29.2%) (29.2%) 58.9% 3.7% 1.9% 0.2x 8.8x 11.8x 0.2x 7.6x

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Genuine Parts Co. GPC-US $ 14,092 $ 96.02 1.1% 1.1% 89.1% 6.1% 7.7% 0.9x 12.8x 19.3x 0.9x 10.8x Anixter International, Inc. AXE-US 1,818 54.31 (28.5%) (28.5%) 61.1% 6.0% 5.0% 0.4x 7.7x 16.1x 0.3x 6.8x Houston Wire & Cable Co. HWCC-US 84 5.06 (29.7%) (29.7%) 54.3% NM 4.0% 0.4x 9.9x NM NM NM Segment Average (19.1%) (19.1%) 68.2% 6.1% 5.5% 0.6x 10.1x 17.7x 0.6x 8.8x Segment Median (28.5%) (28.5%) 61.1% 6.1% 5.0% 0.4x 9.9x 17.7x 0.6x 8.8x 25%

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Trucking Software Warehousing & Storage Logistics Providers S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA J.B. Hunt Transport Services, Inc. JBHT $ 10,158 $ 93.04 (19.1%) (19.1%) 70.6% 15.2% 12.9% 1.3x 10.1x 13.1x 1.2x 8.0x Old Dominion Freight Line, Inc. ODFL 10,095 123.49 (6.1%) (6.1%) 72.5% 11.4% 27.3% 2.5x 10.1x 15.8x 2.3x 9.0x Knight- Holdings, Inc. KNX 4,376 25.07 (42.7%) (42.7%) 48.3% 7.1% 17.9% 0.9x 5.0x 4.6x 0.9x 4.7x , Inc. LSTR 3,933 95.67 (8.1%) (8.1%) 74.3% 8.7% 8.8% 0.9x 9.4x 15.8x 0.8x 9.7x System, Inc. R 2,556 48.15 (42.8%) (42.8%) 53.3% 9.6% 23.9% 1.1x 4.6x 3.2x 1.0x 4.2x , Inc. WERN 2,103 29.54 (23.6%) (23.6%) 67.2% 11.0% 19.3% 0.9x 5.3x 8.4x 0.8x 4.5x , Inc. SNDR 1,754 18.67 (34.6%) (34.6%) 61.2% 10.7% 13.4% 0.7x 5.1x NM 0.6x 4.4x Heartland Express, Inc. HTLD 1,499 18.30 (21.6%) (21.6%) 76.6% (1.2%) 28.5% 2.2x 8.1x 17.1x 2.2x 6.8x , Inc. SAIA 1,434 55.82 (21.1%) (21.1%) 64.1% 11.9% 15.4% 1.0x 6.8x 11.3x 0.9x 5.7x Marten Transport Ltd. MRTN 882 16.19 (20.2%) (20.2%) 54.7% 12.1% 19.7% 1.0x 5.4x 8.5x 1.0x 4.7x ArcBest Corp. ARCB 880 34.26 (4.2%) (4.2%) 66.6% 7.3% 10.2% 0.3x 3.9x 10.3x 0.3x 3.8x Universal Logistics Holdings, Inc. ULH 513 18.09 (23.8%) (23.8%) 48.0% 16.0% 9.8% 0.6x 6.3x 7.6x 0.5x 5.2x Covenant Transportation Group, Inc. CVTI 307 19.20 (33.2%) (33.2%) 54.6% 22.5% 14.3% 0.6x 4.2x 4.7x 0.6x 3.7x YRC Worldwide, Inc. YRCW 107 3.15 (78.1%) (78.1%) 17.9% 3.5% 6.0% 0.2x 3.2x NM 0.2x 2.7x P.A.M. Transportation Services, Inc. PTSI 235 39.41 14.5% 14.5% 56.3% NM 18.0% 0.8x 4.7x 5.0x NM NM USA Truck, Inc. USAK 125 14.97 (17.4%) (17.4%) 51.4% 21.3% 8.8% 0.4x 5.0x 5.6x 0.4x 3.4x , Inc. CGI 23 0.83 (87.0%) (87.0%) 11.9% NM NM NM NM NM NM NM Roadrunner Transportation Systems, Inc. RRTS 19 0.50 (93.6%) (93.6%) 6.0% NM 0.7% 0.2x NM NM NM NM 11.1% 15.0% 11.0% 14.3% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Aspen Technology, Inc. AZPN $ 5,816 $ 82.18 24.1% 24.1% 69.1% 17.7% 34.2% 11.7x 28.1x NM 10.5x 21.2x Manhattan Associates, Inc. MANH 2,770 42.37 (14.5%) (14.5%) 67.9% 0.9% 26.9% 4.8x 17.6x 27.5x 4.8x 21.0x The Descartes Systems Group, Inc. DSGX 2,028 26.46 (6.8%) (6.8%) 73.8% 16.9% 33.0% 7.7x 23.9x NM 6.9x 19.6x SPS Commerce, Inc. SPSC 1,455 82.38 69.5% 69.5% 81.8% 13.4% 35.8% 5.2x 19.9x 206.0x 4.6x 20.4x QAD, Inc. QADA 738 39.33 1.2% 1.2% 63.6% 5.1% 4.9% 1.7x NM 2125.9x 1.8x 25.5x American Software, Inc. AMSWA 304 10.45 (10.1%) (10.1%) 55.2% 5.4% 12.3% 2.1x 15.5x 33.3x 2.0x 13.4x Amber Road, Inc. AMBR 229 8.23 12.1% 12.1% 79.1% 8.1% 0.2% 2.9x NM NM 2.7x NM Park City Group, Inc. PCYG 118 5.97 (37.5%) (37.5%) 50.8% 27.7% 19.6% 4.6x 22.5x NM 3.7x 13.2x 11.9% 20.8% 10.8% 23.2%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Public Storage PSA $ 35,293 $ 202.41 (3.2%) (3.2%) 86.2% 2.8% 68.4% 14.7x 21.3x 27.3x 14.3x 20.2x , Inc. PCAR 19,967 57.14 (19.6%) (19.6%) 71.7% 0.6% 15.5% 0.7x 4.1x 9.1x 0.7x 5.5x Extra Space Storage, Inc. EXR 11,447 90.48 3.5% 3.5% 88.7% 8.4% 67.3% 14.1x 21.1x 21.7x 13.5x 20.2x Westinghouse Air Brake Technologies Corp. WAB 6,787 70.25 (13.7%) (13.7%) 60.9% 5.6% 15.2% 2.0x 13.9x 22.0x 1.9x 12.7x CubeSmart CUBE 5,345 28.69 (0.8%) (0.8%) 86.5% 9.1% 61.8% 12.0x 19.6x NM 11.0x 18.3x Life Storage, Inc. SSS 4,333 92.99 4.4% 4.4% 90.4% 8.2% 59.3% 11.4x 20.3x NM 10.6x 18.5x Dana, Inc. DAN 1,972 13.63 (57.4%) (57.4%) 38.6% 9.3% 11.7% 0.5x 4.1x 9.1x 0.4x 3.4x National Storage Affiliates Trust NSA 1,497 26.46 (2.9%) (2.9%) 82.0% 19.3% 58.7% 10.7x 18.6x NM 8.9x 14.9x Meritor, Inc. MTOR 1,435 16.91 (27.9%) (27.9%) 57.2% 1.1% 9.2% 0.5x 4.8x 13.2x 0.5x 4.8x Mobile Mini, Inc. MINI 1,419 31.75 (8.0%) (8.0%) 63.0% 7.1% 35.5% 4.0x 11.6x 20.1x 3.7x 9.9x American Axle & Manufacturing Holdings, Inc. AXL 1,240 11.10 (34.8%) (34.8%) 56.5% (2.0%) 15.3% 0.6x 3.9x 3.1x 0.7x 4.0x Wabash National Corp. WNC 721 13.08 (39.7%) (39.7%) 49.3% 2.7% 7.0% 0.5x 6.2x 7.4x 0.5x 5.7x 6.0% 35.4% 6.3% 25.5%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA , Inc. UPS $ 67,804 $ 97.53 (18.1%) -18.1% 72.0% 8.6% 12.9% 1.4x 11.6x NM 1.4x 9.7x FedEx Corp. FDX 42,114 161.33 (35.3%) (35.3%) 58.7% 6.2% 11.2% 0.8x 6.5x 8.8x 0.8x 6.2x Expeditors International of Washington, Inc. EXPD 11,752 68.09 5.3% 5.3% 87.1% 9.5% 10.4% 1.4x 12.9x 20.1x 1.3x 12.4x C.H. Robinson Worldwide, Inc. CHRW 11,563 84.09 (5.6%) (5.6%) 83.1% 7.1% 6.3% 0.8x 12.5x 18.8x 0.7x 12.0x XPO Logistics, Inc. XPO 7,241 57.04 (37.7%) (37.7%) 49.1% 8.9% 9.0% 0.7x 7.9x 15.3x 0.6x 6.6x Forward Air Corp. FWRD 1,602 54.85 (4.5%) (4.5%) 75.3% 15.2% 12.1% 1.3x 10.2x 16.4x 1.1x 9.0x Air Transport Services Group, Inc. ATSG 1,348 22.81 (1.4%) (1.4%) 82.4% 31.6% 34.2% 2.0x 6.6x NM 1.7x 4.9x Hub Group, Inc. HUBG 1,246 37.07 (22.6%) (22.6%) 65.5% (9.6%) 5.8% 0.3x 6.9x NM 0.3x 5.6x Atlas Air Worldwide Holdings, Inc. AAWW 1,080 42.19 (28.1%) (28.1%) 56.0% 15.7% 16.9% 1.3x 7.1x 4.1x 1.2x 5.9x Echo Global Logistics, Inc. ECHO 580 20.33 (27.4%) (27.4%) 55.3% 8.0% 4.0% 0.3x 8.5x NM 0.3x 7.1x Park-Ohio Holdings Corp. PKOH 390 30.69 (33.2%) (33.2%) 64.1% 8.8% 8.2% 0.6x 7.0x 8.6x 0.5x 5.8x 10.0% 11.9% 8.8% 10.4% Source: GF Data®

Source: GF Data®          Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 12/31/18 Cookies & More, Inc. J. Kings Food Service Professionals, Inc. Food & Beverage - - -

12/27/18 ADDvantage Technologies Group, Inc. (Cable TV Leveling 8, Inc. Electronic Components 10.3 - - Business) 12/26/18 Jack Miller Kia Oakes Auto, Inc. Automotive - - - 12/26/18 United Services Automobile Assoc (Atlanta Logistics MIRAE ASSET DAEWOO CO., LTD. Logistics Providers 78.0 - - Ctr) 12/21/18 Fleet-Car Lease, Inc. United Road Services, Inc.; The Carlyle Trucking - - - Group LP (Corporate Private Equity) 12/21/18 Xpress Global Systems LLC Aterian Investment Management LP Logistics Providers - - - 12/20/18 Robinette Trucking, Inc. Loudon County Trucking, Inc. Trucking - - - 12/20/18 URSA Major Corp. EVO Transportation & Energy Services, Inc. Trucking 20.9 - - 12/20/18 W.E. Graham, Inc. EVO Transportation & Energy Services, Inc. Trucking - - - 12/19/18 Best Cheese Corp. Royal FrieslandCampina NV Food & Beverage - - - 12/18/18 Nolan Transportation Group, Inc. Gryphon Investors, Inc. Logistics Providers - - - 12/17/18 Terminal Air Brake Supply, Inc. Harvest Partners LP; TruckPro LLC; OCM Industrial - - - Mezzanine Investments Group; Partners Group (Private Equity) 12/17/18 Apacheta Corp. Brightree LLC Software - - - 12/13/18 Pascale Service Corp. Harvest Partners LP; TruckPro LLC Industrial - - - 12/11/18 AgSync, Inc. Raven Industries, Inc. Software - - - 12/11/18 Blackman Plumbing Supply Co., Inc. Wolseley Ltd.; Ferguson Enterprises, Inc. Industrial - - - 12/11/18 Business Transportation Solutions, Inc. Alliant Energy Transportation, Inc. Logistics Providers - - - 12/10/18 Endries International, Inc. MSD Partners LP; Endries International, Inc. Industrial - - - 12/7/18 Deco Logistics, Inc. Universal Logistics Holdings, Inc. Logistics Providers - - - 12/7/18 Oaktree Logistics, Inc. Universal Logistics Holdings, Inc. Logistics Providers - - - 12/6/18 All Around Landscape Supply SiteOne Landscape Supply, Inc. Building Products - - - 12/6/18 Santa Ynez Stone & Topsoil SiteOne Landscape Supply, Inc. Building Products - - - 12/6/18 Network Global Logistics LLC Audax Private Equity; Midnite Air Corp. Logistics Providers - - - 12/4/18 Deering Lumber, Inc. LBM Borrower LLC Food & Beverage - - - 12/4/18 Jana Dairy Imports LLC Royal FrieslandCampina NV Food & Beverage - - - 12/3/18 Trueco, Inc. Versalift Northwest LLC Industrial - - - 12/3/18 Titan Construction Supply, Inc. (Nevada) The Sterling Group LP; Construction Supply Building Products - - - Group 11/30/18 Strategic Hospital Resources, Inc. Smith Seckman Reid, Inc. Medical - - - 11/29/18 O'Rourke Petroleum Mansfield Energy Corp. Industrial - - - 11/29/18 Sc Fuels Inc (Southwest Commercial Business ) West Direct Oil, Inc. Industrial - - - 11/28/18 Equipment Transport LLC PDPS LLC Logistics Providers - - - 11/28/18 Perrin Bernard Supowitz, Inc. Sole Source Capital LLC Food & Beverage - - - 11/27/18 FleetPride, Inc. American Securities LLC; FleetPride, Inc. Industrial - - - 11/27/18 T-Plex Industries, Inc. Democrasales, Inc. Medical - - - 11/21/18 Quick International Courier, Inc. Kühne + Nagel International AG Logistics Providers - - - 11/20/18 Diversified Metals, Inc. Wieland-Werke AG Industrial - - - 11/20/18 e-Courier Software LLC Alpine Investors; Alpine SG LLC Software - - - 11/20/18 Turf & Garden, Inc. Horizon Distributors, Inc. Industrial - - - 11/19/18 B & A Friction Material, Inc. FleetPride, Inc. Industrial - - - 11/19/18 Penn-Jersey Machinery Hoffman Equipment, Inc. Industrial - - - 11/19/18 Robertson Supply, Inc. Wolseley Ltd.; Ferguson Enterprises, Inc. Building Products - - - 11/13/18 Bennett Auto Supply, Inc. O'Reilly Automotive, Inc. Automotive - - - 11/13/18 Colony Hardware Corp. Audax Private Equity Industrial - - - 11/13/18 Volutone Distributing Co. Hellman & Friedman LLC; Wirepath Home Electronic Components - - - Systems LLC Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 11/8/18 Underground Safety Equipment, LLC Sunbelt Rentals, Inc. Industrial 39.0 - - 11/8/18 United Vending & Market Services, Inc. New Heritage Capital LLC; Continental Food & Beverage - - - Cafe, Inc. 11/7/18 Food4Thought F4T LLC Eat Right Meal Plan Food & Beverage - - - 11/7/18 GreatRateFreight, Inc. RushNet, Inc. Software - - - 11/6/18 Building Supply & Lumber Co., Inc. Building Industry Partners LLC; Homewood Building Products - - - Holdings LLC 11/6/18 Lakeland -Buick, Inc Badger Truck Center, Inc. Automotive - - - 11/6/18 The Nashville & Eastern Railroad Corp. R.J. Corman Railroad Group LLC Logistics Providers - - - 11/5/18 Bridgewater Wholesalers, Inc. Masonite International Corp. Building Products 23.0 - - 11/5/18 CaseStack, Inc. Hub Group, Inc. Logistics Providers 255.0 - - 11/5/18 Golden State Foods Corp. (9 Distribution Centers) The Martin-Brower Co. LLC Food & Beverage - - - 11/2/18 All Metals Service & Warehousing, Inc. Reliance Steel & Aluminum Co. Industrial - - - 11/2/18 Coleman Floor Co. Littlejohn & Co. LLC; Platinum Equity LLC; Building Products - - - Interior Logic Group, Inc. 11/2/18 Domek Logistics LLC CIVC Partners LP; Magnate Capital Partners Logistics Providers - - - LLC; Magnate Worldwide LLC 11/1/18 GNAP LLC CenterOak Partners LLC Industrial - - - 11/1/18 MacQueen Equipment LLC Rotunda Capital Partners LLC Industrial - - - 11/1/18 Technology Solutions & Services, Inc. Clover Wireless LLC Logistics Providers - - - 11/1/18 Earl's Truck Sales & Service, Inc. Wiers Fleet Partners, Inc. Automotive - - - 11/1/18 H.C. Bennett Co. Logistics Plus, Inc. Logistics Providers - - - 10/31/18 Distribution Resources, Inc. Western Glove Works Ltd. Logistics Providers 0.1 - - 10/31/18 Foster Lumber Yard, Inc. Central Valley Builders Supply (CA) Building Products - - - 10/30/18 Pronghorn Logistics LLC Hi-Crush Partners LP Logistics Providers - - - 10/29/18 Transportation Data Source LLC Aurora Capital Group LP; Randall-Reilly LLC Software - - - 10/26/18 Wholesale LLC RumbleON, Inc. Automotive 26.7 0.1x - 10/25/18 McKenzie Tank Lines, Inc. Groendyke Transport, Inc. Trucking - - - 10/24/18 Morrow Equipment Co. LLC Liebherr Australia Pty Ltd. Industrial - - - 10/24/18 Anderson Cargo Services LLC Headhaul Capital Partners LLC; Argosy Logistics Providers - - - Capital Group, Inc.; Anderson Cargo Services LLC 10/24/18 Martin Transport, Inc. Martin Midstream Partners LP Trucking 145.0 - 9.1x 10/24/18 Southwest Freight Distributors, Inc. Forward Air Corp. Trucking 16.3 - - 10/23/18 Dealer Tire LLC Bain Capital LP; Bain Capital Private Equity Automotive - - - LP 10/23/18 Integration Point, Inc. Thomson Reuters Corp. Software - - - 10/22/18 C&C Sand and Stone SiteOne Landscape Supply, Inc. Building Products - - - 10/22/18 Hybrid Transit Systems, Inc. Alliant Energy Transportation, Inc. Logistics Providers - - - 10/22/18 Latex Welding Supply, Inc. MagneGas Corp. Industrial 1.5 - - 10/22/18 Paris Oxygen Co. MagneGas Corp. Industrial 1.3 - - 10/22/18 The Cook & Boardman Group LLC Littlejohn & Co. LLC Building Products - - - 10/19/18 Jerusalem Mfg. Natural Food Wholesalers, Inc. Lipari Foods, Inc. Food & Beverage - - - 10/18/18 AFF, INC. Odyssey Logistics & Technology Corp. Logistics Providers 465.0 - - 10/18/18 Davis Transfer Co., Inc. USA Truck, Inc. Trucking 53.0 - - 10/17/18 Attleboro Area Medical Equipment Co. Reliable Respiratory, Inc. Medical - - - 10/17/18 WorldFresh Express, Inc. AIT Worldwide Logistics, Inc. Logistics Providers - - - 10/15/18 Specialized Rail Service, Inc. Universal Logistics Holdings, Inc. Logistics Providers 12.3 0.5x - 10/14/18 Consolidated Lumber Co., LLC Clearlake Capital Group LP; Angeles Equity Building Products - - - Partners, LLC; American Construction Source LLC 10/11/18 American Truck Group LLC Freedom Trucks LLC Automotive - - - 10/11/18 Arling Lumber, Inc. Boise Cascade Co. Building Products - - - 10/9/18 Performance Warehouse Co. National Auto Parts Warehouse, Inc. Automotive - - - 10/8/18 Yusen Logistics (Americas), Inc. TPG Capital LLC; Transplace, Inc. Logistics Providers - - - Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 10/4/18 Hobbs Spring & Suspension, Inc. TruckPro LLC Automotive - - - 10/3/18 Prologis, Inc. (Logistics Portfolio) Government of Singapore; Mapletree Logistics Providers 1,100.0 - - Investments Pte Ltd. 10/3/18 Skyline Equipment, Inc. EnviroStar, Inc. Industrial - - - 10/3/18 WAVE Electronics, Inc. AVAD LLC; Kingswood Capital Electronic Components - - - Management LLC 10/2/18 Breckenridge Building Center, Inc. Clearlake Capital Group LP; Angeles Equity Building Products - - - Partners, LLC; American Construction Source LLC 10/2/18 Edwards Building Center LLC Clearlake Capital Group LP; Angeles Equity Building Products - - - Partners, LLC; Edwards Building Center LLC 10/2/18 eMed Healthcare Co. Grogan's, Inc. Medical - - - 10/2/18 Grammer Industries, Inc. Stellex Capital Management LP; Grammer Industrial - - - Industries, Inc. 10/2/18 Worldwide Laundry, Inc. EnviroStar, Inc. Industrial - - - 10/1/18 Agan Drywall Supply, Inc. Foundation Building Materials, Inc. Building Products - - - 10/1/18 Cloud Logistics LLC E2open LLC Software - - - 10/1/18 Independent Distributors Cooperative-USA Affiliated Distributors, Inc. Industrial - - - 10/1/18 Motown Automotive Distributing Co. Fisher Auto Parts, Inc. Automotive - - - 10/1/18 The Auto Shops LLC Turn5, Inc. Automotive - - - 10/1/18 The SoCo Group, Inc. SC FUELS, Inc. Industrial - - - 10/1/18 Thompson Distributing, Inc. Eagle Beverage, Inc. (Montana) Food & Beverage - - - 9/29/18 The Tool House, Inc. Wincove Capital Management LLC; Rhino Industrial - - - Assembly Corp 9/27/18 Foundation Building Materials, Inc. (US Mechanical SPI LLC Building Products 122.5 - - Insulation) 9/26/18 Meek's Lumber Yard, Inc. Clearlake Capital Group LP; Angeles Equity Building Products - - - Partners, LLC; American Construction Source LLC; Meek's Lumber Yard Inc 9/26/18 Proactive Sales And Marketing, Inc. Alliance Foods, Inc. Food & Beverage - - - 9/25/18 Smith Transportation Services LLC Post Capital Partners LLC; Smith Logistics Providers - - - Transportation Services LLC 9/24/18 Instant Storage LLC Pac-Van, Inc.; Mobile Office Acquisition Warehousing and Storage - - - Corp. 9/21/18 Nippon Imports LLC BANDAI NAMCO Holdings (USA), Inc. Automotive 23.8 - - 9/20/18 N.D. Cunningham & Co., Inc. D.J. Powers Co., Inc. Logistics Providers - - - 9/20/18 Sac-Val Janitorial Sales & Service, Inc. WAXIE Sanitary Supply Industrial - - - 9/19/18 Aero Hardware & Supply, Inc. Motion Industries, Inc. Industrial - - - 9/19/18 United Builders Supply Co., Inc. Riverhead Building Supply Corp. Building Products - - - 9/18/18 American Piping Products, Inc. Center Rock Capital Partners LP Building Products - - - 9/18/18 Johnsrud Transport, Inc. Cliff Viessman, Inc. Trucking - - - 9/13/18 AFN LLC The Jordan Co. LP; GlobalTranz Logistics Providers - - - Enterprises, Inc. 9/13/18 Ambhar Global Spirits LLC Ambhar Global Spirits LLC Food & Beverage - - - 9/11/18 Valley Respiratory Services, Inc. Great Elm Capital Group, Inc.; Valley Medical - - - Respiratory Services, Inc. 9/6/18 Ecology Recycling Services LLC LKQ Corp.; American Iron & Metal LP; Logistics Providers - - - Ecology Recycling Services LLC 9/6/18 Marantz Brothers, Inc. Goldman Sachs Capital Partners; Caldic BV Food & Beverage - - - 9/6/18 Multi-Family Building Products Inc. Kodiak Building Partners Building Products - - - 9/5/18 Heavy Equipment Specialists LLC Roland Machinery Co. Industrial - - - 9/4/18 Blevins Workshop, Inc. Kelso & Co. LP; LBM Borrower LLC Building Products - - - 9/4/18 Ready Seafood Co. Premium Brands Holdings Corp. Food & Beverage - - - 9/4/18 Red Rock Medical LLC Transition Capital Partners Ltd.; Hospice Medical - - - Source LLC Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 9/4/18 Transportation Insight LLC Gryphon Investors, Inc. Logistics Providers - - - 9/1/18 Minerva Associates, Inc. Connell LP; SencorpWhite, Inc. Software - - - 8/31/18 Mark VII Transportation York Capital Management (Private Equity) Logistics Providers 238.5 - - 8/28/18 Best Choice Food & Beverage LLC M Line Holdings, Inc. Food & Beverage - - - 8/28/18 Fleck Sales Co. Iowa Beverage Systems, Inc. Food & Beverage - - - 8/28/18 MercuryGate International, Inc. Summit Partners LP Software - - - 8/24/18 Crown C Supply, Inc. Berkshire Partners LLC; SRS Distribution, Building Products - - - Inc. 8/24/18 Gould Technical Service LLC Maxim Crane Works LP; Apollo Global Logistics Providers - - - Management LLC (Private Equity) 8/23/18 D. Mosley Trucking, Inc. OEP Capital Advisors LP; PS Logistics LLC Trucking - - - 8/23/18 US Rail Holdings LLC United Rail, Inc. Logistics Providers 4.5 - - 8/21/18 Opalytics, Inc. Accenture LLP Software - - - 8/16/18 Speed Industrial Supply CI Capital Partners LLC; County Welding Industrial - - - Products, Inc. 8/16/18 Trinium Technologies LLC Wisetech Global Ltd. Software 68.6 - - 8/15/18 Med-Caire, Inc. (CPAP Resupply Business) Aeroflow, Inc. Medical - - - 8/15/18 Red River Vehicle Holdings LLC Gulfmark Energy, Inc. Trucking 10.0 - - 8/15/18 SynchOne LLC The Jordan Co. LP; GlobalTranz Logistics Providers - - - Enterprises, Inc. 8/14/18 Caravel Group LLC M Line Holdings, Inc. Food & Beverage 1.0 - - 8/14/18 Grogan's, Inc. Democrasales, Inc. Medical - - - 8/14/18 Landis Supply of New Jersey, Inc. American Builders & Contractors Supply Building Products - - - Co., Inc. 8/13/18 Leavitt's Freight Service, Inc. Central Oregon Truck Co., Inc. Trucking - - - 8/10/18 Southern Counties Express, Inc. Universal Logistics Holdings, Inc. Logistics Providers 65.7 1.2x - 8/9/18 Austin Brake & Clutch Supply, Inc. Harvest Partners LP; TruckPro LLC Industrial - - - 8/8/18 Quality Rx Returns LLC Attis Industries, Inc. Logistics Providers - - - 8/7/18 Long Island Truck Parts, Inc. FleetPride, Inc. Industrial - - - 8/7/18 Charles G. Hardy, Inc. GMS, Inc. Building Products - - - 8/7/18 Contract Hardware of Florida, Inc. The Cook & Boardman Group LLC; Building Products - - - Ridgemont Partners Management LLC 8/6/18 Rose & Walker Supply Lafayette, Inc. American Builders & Contractors Supply Building Products - - - Co., Inc.; L&W Supply Corp. 8/2/18 Builders Transportation Co., Inc. Daseke, Inc. Trucking 53.8 - - 8/2/18 Enhanced Medical Services LLC Atlantic Street Capital Management LLC; Medical - - - Lombart Brothers, Inc. 8/1/18 Auto Strap Transport LLC Nations Fund I LLC Trucking 3.2 - - 8/1/18 Ciesco, Inc. Foundation Building Materials, Inc. Building Products - - - 8/1/18 Transmode Express, Inc. Oaktree Capital Management (Private Trucking - - - Equity); AGRO Merchants Group LLC 7/31/18 Kodiak Emergency Equipment, Inc. Demers, Manufacturier d'Ambulances, Inc. Automotive - - - 7/31/18 Rock-It Cargo Holdings LLC (2 Subsidiaries ) ATL Partners Logistics Providers - - - 7/30/18 CentralPro SiteOne Landscape Supply, Inc. Building Products - - - 7/30/18 Supply Chain Services International, Inc. Ardian SA; Trigo SAS Logistics Providers - - - 7/27/18 Stone Center LC SiteOne Landscape Supply, Inc. Building Products - - - 7/27/18 Quality Valve, Inc. Pfingsten Partners LLC; Quality Valve, Inc. Industrial - - - 7/25/18 Kirkwood Material Supply, Inc. SiteOne Landscape Supply, Inc. Building Products - - - 7/25/18 Freight Management Plus, Inc. Echo Global Logistics, Inc. Logistics Providers 10.2 0.7x - 7/24/18 Grissoms LLC P & K Equipment, Inc. Industrial - - - 7/18/18 Star Distributing Co. National Auto Parts Warehouse, Inc. Automotive - - - 7/18/18 The United Distribution Group, Inc. SunSource Holdings, Inc.; Clayton Dubilier Industrial - - - & Rice LLC 7/17/18 CPI Operations LLC PBF Logistics LP Logistics Providers 107.0 - - Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 7/17/18 Ditch Witch Equipment Co., Inc. Pape D.W., Inc. Industrial - - - 7/16/18 Atlas Supply, Inc. Beacon Roofing Supply, Inc. Building Products 0.0 0.0x 0.0x 7/16/18 Alliance Wholesale Supply, Inc. American Builders & Contractors Supply Building Products - - - Co., Inc. 7/16/18 Atlas Supply, Inc. Beacon Roofing Supply, Inc. Building Products - - - 7/12/18 Central Motive Power, Inc. Diesel Forward, Inc. Industrial - - - 7/10/18 CSX Corp. (2 Subsidiaries) OmniTRAX, Inc. Logistics Providers - - - 7/10/18 Midnite Air Corp. Audax Private Equity; Audax Group LLC Logistics Providers - - - 7/6/18 Syngin Technology LLC WALLENIUS WILHELMSEN ASA Logistics Providers 42.9 - - 7/5/18 Landair Holdings, Inc. Covenant Transportation Group, Inc. Logistics Providers 98.5 0.8x - 7/3/18 Door Systems, Inc. (Illinois) Assa Abloy AB Building Products - - - 7/3/18 Grizella LLC Internet Truckstop Group LLC Software - - - 7/2/18 Grad, Inc. Imperial Trading Co. LLC Food & Beverage - - - 7/2/18 Murse World, Inc. Medical Scrubs Collection Corp.; AvaCare Medical - - - Medical LLC 7/2/18 Unlimited Freight LLC BNSF Logistics LLC Logistics Providers - - -