 20 Financial 15 18 18% 10 11 5 2 7 2 4 Strategic - 82%

Amount ($ in Date Target Buyer(s) Segment TEV/ Rev TEV/ EBITDA Mil) 12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers - - - 12/22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation - - - Equipment 12/22/2016 Daseke, Inc. Hennessy Capital Acquisition Corp. II Trucking 448.28 0.66x - 12/15/2016 Folding Guard LLC Troax, Inc. Warehousing and 28.00 1.40x - Storage 12/8/2016 JS Logistics, Inc. NewSpring Growth; US Pack Logistics Logistics Providers - - - LLC 11/17/2016 Western Refining, Inc. Tesoro Corp. Warehousing and 5,696.75 0.74x 10.48x Storage 11/16/2016 Infor, Inc. Koch Equity Development LLC Software 2,500.00 0.83x - 11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. Software 1,008.35 1.02x 4.88x 10/31/2016 International Shipholding Corp. Seacor Capital Corp. Trucking 156.28 0.60x 4.98x 10/27/2016 Xpo Logistics, Inc. /Truckload Business/ TransForce, Inc. Logistics Providers 558.00 - - 10/4/2016 Golden State Overnight Delivery Service, Inc. General Logistics Systems BV Trucking 90.00 0.79x - Strategic Buyer Inv. Date Select Corporate Acquisitions Dicom Transportation Group, L.P. 2/11/2016 ▪ Advanced Distribution Services 9/9/2015 ▪ Eastern Connection Operating, Inc. 8/4/2015 ▪ Courier Express Enterprises LLC 7/21/2015 ▪ EXTRA Express Cerritos, Inc. 6/17/2015 ▪ Orbis Logistics, Inc. XPO Logistics, Inc. (NYSE:XPO) 9/9/2015 ▪ Con-way Inc. 5/4/2015 ▪ Bridge Terminal Transport Inc. 7/29/2014 ▪ Simply Logistics, Inc. 7/29/2014 ▪ XPO Logistics Supply Chain, Inc. 1/6/2014 ▪ XPO Intermodal, Inc. Echo Global Logistics, Inc. (NasdaqGS:ECHO) 4/21/2015 ▪ Command Transportation, LLC 2/5/2015 ▪ Xpress Solutions, Inc. 5/13/2014 ▪ One Stop Logistics, Inc. 2/26/2014 ▪ Comcar Logistics LLC 2/6/2014 ▪ Online Freight Services, Inc. , LLC 8/18/2016 ▪ Consolidated Distribution Corporation, LLC 1/9/2015 ▪ Columbia Colstor, Inc. 7/7/2014 ▪ Dreisbach Enterprises, Inc. 5/13/2014 ▪ Loop Fresh Produce, L.P. 3/12/2014 ▪ Millard Refrigerated Services, Inc. Rising Tide Development, LLC 1/12/2016 ▪ Self-Storage Center 10/2/2014 ▪ Self-Storage Property 5/7/2014 ▪ Self Storage Center 4/9/2014 ▪ Self Storage Property

Financial Buyer Inv. Date Select Corporate Investments 500 Startups 5/16/2016 ▪ Cognitive Operational Systems, LLC 11/5/2015 ▪ Moveha, LLC 11/5/2015 ▪ Whiplash Merchandising LLC 1/27/2015 ▪ KidzJet, L.L.C. 2/3/2014 ▪ myDoorman Inc. Ridgemont Equity Partners 9/7/2016 ▪ Nolan Transportation Group, Inc. 7/1/2016 ▪ WhiteWater Midstream 10/20/2015 ▪ Unishippers Global Logistics, LLC 10/15/2014 ▪ Transportation Insight, LLC KJM Capital LLC 12/22/2016 ▪ Blue Sky Logistics LLC 12/22/2016 ▪ Interide Transportation LLC 12/6/2016 ▪ Sunco Carriers, Inc. ABRY Partners, LLC 2/6/2016 ▪ FLS Transportation Services, Inc. 9/15/2014 ▪ CitiXsys Americas Inc. Wood Creek Capital Management, LLC 4/14/2015 ▪ Tiger Cool Express, LLC 3/3/2015 ▪ Milestone Equipment Holdings, LLC 20%

15%

10%

5%

0%

-5%

-10%

Rail Trucking Warehousing & Storage Transportation Equipment Logistics Providers S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter 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 Union Pacific Corp. UNP $ 85,444 $ 103.68 6.3% 32.6% 97.2% 4.3% 47.8% 4.9x 10.7x 20.8x 4.8x 10.1x Canadian National Railway Co. CNI 51,683 67.40 3.1% 20.6% 96.3% (0.2%) 57.0% 6.5x 12.3x 18.9x 6.3x 11.7x Canadian Pacific Railway Ltd. CP 20,901 142.77 -6.5% 11.9% 90.7% (0.5%) 53.2% 5.7x 12.1x 18.0x 5.7x 10.7x Norfolk Southern Corp. NSC 31,550 108.07 11.3% 27.8% 97.0% 3.9% 42.7% 4.1x 10.1x 20.0x 4.0x 9.4x CSX Corp. CSX 33,654 35.93 17.8% 38.5% 96.0% 4.1% 42.9% 4.0x 9.8x 20.0x 3.9x 9.1x Kansas City Southern KSU 9,128 84.85 -9.1% 13.6% 84.3% 4.1% 44.6% 5.0x 10.4x 18.8x 4.7x 9.6x Genesee & Wyoming, Inc. GWR 4,255 69.41 0.7% 29.3% 86.0% 8.1% 28.4% 3.2x 11.6x 18.5x 2.8x 9.0x Trinity Industries, Inc. TRN 4,227 27.76 14.8% 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x American Railcar Industries, Inc. ARII 877 45.29 9.2% -2.1% 88.6% (28.2%) 20.1% 1.7x 6.0x 10.3x 2.3x 7.2x $26,858 5.3% 20.8% 92.3% (3.6%) 39.9% 4.1x 9.9x 17.1x 4.0x 9.5x $20,901 6.3% 20.6% 94.7% 3.9% 42.9% 4.1x 10.4x 18.8x 4.0x 9.4x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA J.B. Hunt Transport Services, Inc. JBHT $ 10,890 $ 97.07 19.6% 32.3% 94.8% 10.5% 16.3% 1.8x 10.9x 25.7x 1.7x 10.2x Old Dominion Freight Line, Inc. ODFL $ 7,073 $ 85.79 25.0% 45.2% 93.6% 6.8% 24.5% 2.4x 10.6x 23.9x 2.3x 9.8x System, Inc. R $ 3,980 $ 74.44 12.9% 31.0% 87.1% 4.5% 27.8% 1.4x 5.4x 13.7x 1.3x 5.0x , Inc. LSTR $ 3,563 $ 85.30 25.3% 45.4% 93.9% 4.5% 8.5% 1.1x 13.7x 26.7x 1.1x 13.1x Knight Transportation, Inc. KNX $ 2,645 $ 33.05 15.2% 36.4% 85.2% 5.7% 23.0% 2.4x 10.0x 26.9x 2.3x 9.5x Co. SWFT $ 3,226 $ 24.36 13.5% 76.3% 89.6% 2.2% 10.4% 1.1x 8.0x 19.6x 1.0x 7.2x , Inc. WERN $ 1,942 $ 26.95 15.8% 15.2% 92.8% 2.9% 15.3% 1.0x 5.9x 20.7x 1.0x 5.9x Heartland Express, Inc. HTLD $ 1,696 $ 20.36 7.8% 19.6% 89.7% (3.0%) 30.6% 2.5x 8.6x 28.3x 2.5x 8.3x Corp. NAV $ 2,563 $ 31.37 37.0% 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x NM 0.8x 11.4x Marten Transport Ltd. MRTN $ 759 $ 23.30 11.0% 31.6% 86.1% 5.2% 19.0% 1.2x 5.8x 22.6x 1.1x 5.5x , Inc. SAIA $ 1,113 $ 44.15 47.4% 98.4% 90.4% 6.5% 13.5% 1.0x 7.9x 23.0x 1.0x 7.0x ArcBest Corp. ARCB $ 708 $ 27.65 45.4% 29.3% 81.4% 7.4% 6.5% 0.3x 5.7x 33.3x 0.3x 4.5x Universal Logistics Holdings, Inc. ULH $ 465 $ 16.35 21.8% 16.5% 89.3% 0.4% 7.0% 0.6x 7.4x 15.0x 0.6x 7.8x Covenant Transportation Group, Inc. CVTI $ 306 $ 19.34 0.1% 2.4% 75.0% 3.0% 17.5% 0.8x 4.4x 14.7x 0.8x 4.9x YRC Worldwide, Inc. YRCW $ 442 $ 13.28 7.8% -6.3% 78.3% 2.9% 6.5% 0.2x 4.7x 83.0x 0.2x 3.6x Roadrunner Transportation Systems, Inc. RRTS $ 398 $ 10.39 30.2% 10.2% 76.0% 3.1% 4.4% 0.4x 8.4x 16.0x 0.4x 7.0x , Inc. CGI $ 202 $ 7.15 -18.2% -27.7% 59.4% 1.1% 6.3% 0.6x 6.6x 19.3x 0.6x 6.5x USA Truck, Inc. USAK $ 72 $ 8.71 -14.9% -50.1% 40.6% (1.3%) 6.9% 0.5x 6.1x NM 0.5x 5.5x P.A.M. Transportation Services, Inc. PTSI $ 167 $ 25.98 29.8% -5.8% 80.6% 8.6% 13.3% 0.7x 5.5x 12.9x 0.7x 4.6x 4.2% 19.5% 4.5% 19.6%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter 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 Manhattan Associates, Inc. MANH $ 3,775 $ 53.03 -8.0% -19.9% 77.3% 10.7% 36.7% 6.1x 18.6x 31.9x 5.6x 15.3x Aspen Technology, Inc. AZPN 4,223 54.68 16.9% 44.8% 98.7% 3.3% 47.1% 8.8x 18.8x 32.5x 8.8x 18.1x The Descartes Systems Group, Inc. DSGX 1,619 21.40 -0.6% 6.6% 93.5% 9.3% 33.1% 7.7x 23.6x 69.1x 6.9x 19.7x SPS Commerce, Inc. SPSC 1,191 69.89 -4.8% -0.5% 93.4% 23.0% 11.1% 5.8x 57.2x 199.7x 4.8x 33.1x QAD, Inc. QADA 561 30.40 35.8% 48.1% 98.4% 4.5% 5.4% 1.6x 50.8x 226.9x 1.6x 25.9x American Software, Inc. AMSWA 277 10.33 -6.9% 1.5% 86.6% 6.2% 9.0% 2.1x 16.0x 39.7x 2.0x 13.4x Amber Road, Inc. AMBR 243 9.08 -5.9% 78.4% 73.8% 17.0% (9.2%) 3.5x NM NM 3.0x (330.8x) Park City Group, Inc. PCYG 246 12.70 7.6% 6.6% 82.7% NM 18.9% 15.7x 103.8x 271.9x NM NM 10.6% 19.0% 9.3% 15.0%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter 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 $ 38,764 $ 223.50 0.2% -9.8% 80.5% 7.8% NM 17.1x NM 34.2x 15.9x 22.1x , Inc. PCAR 22,399 63.90 8.7% 34.8% 93.3% (12.1%) 17.7% 1.6x 9.2x 39.0x 1.9x 14.4x Extra Space Storage, Inc. EXR 9,716 77.24 -2.7% -12.4% 81.5% 16.3% NM 14.9x NM 33.7x 13.4x 20.3x Westinghouse Air Brake Technologies Corp. WAB 7,395 83.02 1.7% 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x CubeSmart CUBE 4,820 26.77 -1.8% -12.6% 79.9% 12.7% NM 13.0x NM 50.4x 11.6x 18.6x Life Storage, Inc. SSS 3,956 85.26 -4.1% -20.5% 72.1% 20.6% NM 13.0x NM 35.4x 10.4x 17.3x Dana, Inc. DAN 2,730 18.98 21.7% 37.5% 95.8% 4.4% 11.8% 0.6x 5.9x 33.9x 0.6x 5.4x Mobile Mini, Inc. MINI 1,345 30.25 0.2% -2.8% 79.3% 2.7% 34.5% 4.5x 12.5x 36.0x 4.3x 11.6x American Axle & Manufacturing Holdings, Inc. AXL 1,476 19.30 12.1% 1.9% 97.8% 3.2% 15.7% 0.6x 4.0x 5.9x 0.6x 4.0x Navistar International Corp. NAV 2,563 31.37 37.0% 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x NM 0.8x 11.4x Corp. WNC 981 15.82 11.1% 33.7% 97.1% (17.6%) 13.8% 0.6x 4.2x 8.2x 0.7x 6.4x Meritor, Inc. MTOR 1,095 12.42 11.6% 48.7% 92.9% (3.3%) 8.9% 0.6x 6.2x 2.0x 0.6x 6.7x National Storage Affiliates Trust NSA 936 22.07 5.4% 28.8% 96.5% 48.6% NM 11.5x NM 60.7x 7.1x 12.1x 9.3% 16.1% 4.4% 14.8% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter 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 $ 79,028 $ 114.64 4.8% 19.1% 95.2% 7.0% 16.9% 1.8x 11.3x 20.4x 1.7x 10.3x FedEx Corp. FDX 49,624 186.20 6.6% 25.0% 92.4% 11.8% 13.2% 1.1x 9.2x 27.0x 1.0x 6.8x C.H. Robinson Worldwide, Inc. CHRW 10,382 73.26 4.0% 18.1% 94.1% 7.9% 6.8% 0.9x 12.3x 20.3x 0.8x 12.4x of Washington, Inc. EXPD 9,553 52.96 2.8% 17.4% 94.0% 5.8% 11.5% 1.4x 11.8x 22.4x 1.3x 11.6x XPO Logistics, Inc. XPO 4,785 43.16 17.7% 58.4% 86.6% 5.2% 8.9% 0.7x 9.2x NM 0.7x 7.9x Forward Air Corp. FWRD 1,446 47.38 9.5% 10.2% 93.4% 4.7% 13.7% 1.5x 10.5x 38.2x 1.4x 9.5x Hub Group, Inc. HUBG 1,452 43.75 7.3% 32.8% 94.8% 7.4% 4.4% 0.4x 8.8x 19.2x 0.4x 8.9x Atlas Air Worldwide Holdings, Inc. AAWW 1,304 52.15 21.8% 26.1% 90.3% 11.7% 15.0% 1.7x 16.2x NM 1.5x 6.7x Air Transport Services Group, Inc. ATSG 951 15.96 11.2% 58.3% 92.3% 23.0% 25.0% 1.9x 6.7x 28.0x 1.5x 5.1x Echo Global Logistics, Inc. ECHO 732 25.05 8.6% 22.9% 86.7% 11.8% 3.2% 0.5x 15.9x 119.3x 0.5x 10.8x Park-Ohio Holdings Corp. PKOH 528 42.60 16.9% 15.8% 95.4% 1.1% 9.1% 0.7x 8.5x 14.2x 0.7x 7.0x 8.9% 11.6% 7.4% 11.5%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter 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 Westinghouse Air Brake Technologies Corp. WAB $ 7,395 $ 83.02 1.7% 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x Kirby Corp. KEX 3,581 66.50 7.0% 26.4% 90.8% (5.9%) 24.5% 2.4x 9.0x 22.5x 2.5x 10.4x Trinity Industries, Inc. TRN 4,227 27.76 14.8% 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x Seaspan Corp. SSW 966 9.14 -31.4% -42.2% 45.7% 1.5% 61.4% 4.8x 7.5x NM 4.7x 7.6x Matson, Inc. MATX 1,516 35.39 -11.3% -17.0% 81.8% 4.6% 13.3% 1.2x 8.6x 17.7x 1.2x 7.4x Costamare Inc. CMRE 506 5.60 -38.7% -46.3% 50.9% (10.6%) 67.6% 3.9x 5.7x 3.9x 4.2x 6.2x Danaos Corp. DAC 291 2.65 -1.1% -55.8% 43.2% (17.8%) 54.1% 5.2x 7.5x 3.4x 6.3x 9.0x Blue Bird Corp. BLBD 349 15.45 5.7% 52.4% 85.6% 7.4% 6.7% 0.5x 14.3x 110.4x 0.5x 6.3x (1.3%) 33.9% (2.2%) 23.6%

      TEV/ Date Target Buyer(s) Segment Amount TEV/ Rev EBITDA 12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers - - - 12/22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation Equipment - - - 12/22/2016 Daseke, Inc. Hennessy Capital Acquisition Corp. II Trucking $448.28 0.66x - 12/22/2016 Interide Transportation LLC KJM Capital LLC Transportation Equipment - - - 12/22/2016 Proximetry, Inc. relayr GmbH Software - - - 12/20/2016 Workhorse Rail LLC Westinghouse Air Brake Technologies Corp. Rail - - - 12/19/2016 American Railcar Leasing LLC Sumitomo Mitsui Banking Corp.; SMBC Rail - - Leasing & Finance, Inc.; SMBC Rail Services $2,778.00 LLC 12/15/2016 Folding Guard LLC Troax, Inc. Warehousing and Storage $28.00 1.40x - 12/14/2016 Truckingindustry.news Trucking Unlimited LLC Trucking - - - 12/13/2016 Communication Networks LLC ACRE LLC Logistics Providers - - - 12/8/2016 Best Courier & Delivery Services US Pack Logistics LLC Logistics Providers - - - 12/8/2016 Smart Track Logistics, Inc. NASCENT Technology LLC Software - - - 12/8/2016 JS Logistics, Inc. NewSpring Growth; US Pack Logistics LLC Logistics Providers - - - 12/8/2016 Wunderlich Perarson & Tetzlaff, Inc. The Marek Group, Inc. Logistics Providers - - - 12/6/2016 Sunco Carriers, Inc. KJM Capital LLC Trucking - - - 12/5/2016 Total Container Group, Inc. National Container Group LLC Warehousing and Storage - - - 12/1/2016 Bluvision, Inc. HID Global Corp. Software - - - 11/29/2016 Lanyon, Inc. Cvent, Inc. Software - - - 11/28/2016 Maui Island Air, Inc. Royal Pacific Air LLC Logistics Providers - - - 11/17/2016 Maher Terminals LLC Nippon Yusen KK; Macquarie Infrastructure Logistics Providers - - Partners, Inc.; NYK Ports LLC; Maher Terminals - LLC /Private Group/ 11/17/2016 Western Refining, Inc. Tesoro Corp. Warehousing and Storage $5,696.75 0.74x 10.48x 11/16/2016 Infor, Inc. Koch Equity Development LLC Software $2,500.00 0.83x - 11/14/2016 PROTEUS Technologies LLC Arlington Capital Partners LLC; EOIR Software - - - Technologies, Inc. 11/14/2016 United Transportation Group, Inc. SteelRiver Infrastructure Partners LP; Lakeshore Logistics Providers - - - Railcar Services LLC 11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. Software $1,008.35 1.02x 4.88x 11/4/2016 Blue Ribbon Transport, Inc. /Logistics SpartanNash Co. Logistics Providers - - - 11/2/2016 Auction123,Business/ Inc. ARI Network Services, Inc. Software $12.00 - - 11/2/2016 FreshTemp LLC Digi International, Inc. Software - - - 10/31/2016 MetroGistics LLC Tailwind Management LP Logistics Providers - - - 10/31/2016 International Shipholding Corp. Seacor Capital Corp. Trucking $156.28 0.60x 4.98x 10/31/2016 Northwest Furniture Express Inc. Sunbelt Furniture Xpress, Inc. Logistics Providers - - - 10/30/2016 Outlook Group Corp. Capital Partners, Inc.; M&Q Packaging LLC Logistics Providers - - - 10/28/2016 All Aboard America! Holdings, Inc. AAAHI Acquisition Corp. Trucking - - - 10/27/2016 Diamond Transportation Services, Inc. National Express Group Plc Logistics Providers - - - 10/27/2016 Xpo Logistics, Inc. /Truckload Business/ TransForce, Inc. Logistics Providers $558.00 - - 10/26/2016 Total Transportation Services LLC Sunteck Transport Group, Inc. Logistics Providers - - - 10/14/2016 Aviation A.I. Inc. NWP Builder Sdn. Bhd. Logistics Providers $5.00 - - 10/12/2016 Appterra, Inc. The Descartes Systems Group, Inc. Software $7.40 - - 10/12/2016 GlobalServe, Inc. PC Connection, Inc. Software $11.88 - - 10/4/2016 Golden State Overnight Delivery Service, General Logistics Systems BV Trucking $90.00 0.79x - 10/4/2016 AtlanticInc. Logistics LLC EPES Logistics Services, Inc. Logistics Providers - - - 10/3/2016 Noble Mansfield Commodity Services Noble Americas Corp. Logistics Providers $4.94 - - 10/3/2016 Jet Yard LLC Global Aviation Partners LLC Warehousing and Storage - - - 10/1/2016 IDS Transportation Services LLC R² Freight & Logistics, Inc. Trucking - - -