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Transportation As Of: 6/30/2020

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Transportation As Of: 6/30/2020 JULY 2020 ABOUT THE DATA The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 2 ABOUT THE DATA The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 3 Public Companies' Trading Metrics | Transportation As of: 6/30/2020 Category / Company Valuation Statistics Multiples Data USD in millions except per share price EV / Revenue (x) EV / EBITDA (x) Last Equity Enterprise EBITDA Price Value Value Margin 2019A LTM NTM 2019A LTM NTM Last Sale MarketPrice CapitalizationTotal EnterpriseLTM EBITDA ValueCY -Margin 1 TEV/TotalLTM % TEV/TotalNTM Revenues TEV/Forward Revenues CYTotal - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Air Freight and Logistics Air Transport Services Group, Inc. 22.27 1,316 2,853 30.2% 2.1 1.9 1.8 6.7 6.2 6.0 Atlas Air Worldwide Holdings, Inc. 43.03 1,124 3,831 17.7% 1.3 1.4 1.3 5.2 5.9 6.4 C.H. Robinson Worldwide, Inc. 79.06 10,642 12,118 4.9% 0.7 0.8 0.8 10.9 14.4 17.6 Cargojet Inc. 117.63 1,807 2,295 26.7% 4.4 6.3 6.0 16.6 21.9 16.4 Echo Global Logistics, Inc. 21.62 575 740 2.2% 0.3 0.3 0.4 10.0 13.8 11.0 Expeditors International of Washington, Inc. 76.04 12,655 11,923 9.8% 1.5 1.5 1.5 12.9 13.3 15.8 FedEx Corporation 140.22 36,632 67,872 9.2% 1.0 1.0 1.0 8.4 6.7 9.7 Forward Air Corporation 49.82 1,394 1,627 10.2% 1.6 1.1 1.4 3.7 2.7 15.3 Hub Group, Inc. 47.86 1,636 1,777 7.2% 0.5 0.5 0.5 7.0 6.6 8.2 Radiant Logistics, Inc. 3.93 194 257 4.2% 0.4 0.3 0.4 7.0 6.4 8.6 Ryder System, Inc. 37.51 2,016 10,021 25.1% 1.2 1.1 1.2 4.3 4.3 4.3 United Parcel Service, Inc. 111.18 95,857 118,015 10.3% 1.7 1.6 1.6 12.6 12.2 14.1 XPO Logistics, Inc. 77.25 7,040 14,277 9.8% 0.9 0.9 0.9 5.7 5.6 11.4 Median 49.82 1,807 3,831 9.8% 1.2 1.1 1.2 7.0 6.6 11.0 Less Than Truck Load (LTL) ArcBest Corporation 26.51 670 752 6.4% 0.3 0.3 0.3 3.4 3.5 5.2 Old Dominion Freight Line, Inc. 169.59 20,003 19,691 26.3% 3.6 4.8 5.0 13.3 18.2 19.6 Saia, Inc. 111.18 2,869 3,182 15.7% 1.5 1.7 1.8 8.9 10.1 10.9 YRC Worldwide Inc. 1.85 69 1,152 3.5% 0.2 0.2 0.3 3.2 3.2 7.1 Median 68.85 1,769 2,167 11.0% 0.9 1.0 1.0 6.1 6.8 9.0 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 4 Public Companies' Trading Metrics | Transportation As of: 6/30/2020 Category / Company Valuation Statistics Multiples Data USD in millions except per share price EV / Revenue (x) EV / EBITDA (x) Last Equity Enterprise EBITDA Price Value Value Margin 2019A LTM NTM 2019A LTM NTM Last Sale MarketPrice CapitalizationTotal EnterpriseLTM EBITDA ValueCY -Margin 1 TEV/TotalLTM % TEV/TotalNTM Revenues TEV/Forward Revenues CYTotal - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Marine Freight Algoma Central Corporation 7.40 280 538 22.5% 1.6 1.3 1.3 7.0 6.1 6.1 Costamare Inc. 5.56 667 2,026 66.0% 5.6 4.2 4.2 8.4 6.0 5.9 Diana Shipping Inc. 1.50 128 503 32.1% 2.7 2.5 3.1 8.7 7.9 10.8 Eagle Bulk Shipping Inc. 2.19 168 606 12.7% 2.3 2.1 3.0 8.1 9.6 11.2 Genco Shipping & Trading Limited 6.28 263 616 17.1% 2.0 1.6 3.0 7.9 7.1 9.0 Kirby Corporation 53.56 3,216 4,763 16.3% 2.4 1.7 2.0 11.8 9.2 11.2 Logistec Corporation 24.19 313 508 12.2% 1.2 1.1 NM 10.0 7.1 NM Matson, Inc. 29.10 1,253 2,420 9.8% 1.3 1.1 1.2 9.2 7.8 11.3 Navios Maritime Holdings Inc. 2.11 27 1,993 32.5% 4.1 4.3 NM 9.8 7.9 NM Pangaea Logistics Solutions, Ltd. 2.51 113 312 10.3% 0.9 0.7 NM 7.1 7.0 5.9 SEACOR Holdings Inc. 28.32 576 927 11.8% 1.5 1.2 1.1 8.1 8.0 8.0 Median 6.28 280 616 16.3% 2.0 1.6 2.5 8.4 7.8 9.0 Rail Freight Canadian National Railway Company 88.30 62,799 74,041 50.9% 6.5 6.8 7.2 12.3 12.8 14.3 Canadian Pacific Railway Limited 253.87 34,434 41,656 55.5% 7.1 7.0 7.4 12.8 12.4 14.5 CSX Corporation 69.74 53,384 68,140 53.1% 5.8 5.8 6.5 10.3 10.1 12.3 Kansas City Southern 149.29 14,186 17,720 51.0% 6.5 6.1 6.6 12.7 11.6 12.8 Norfolk Southern Corporation 175.57 44,977 56,856 46.9% 5.5 5.1 5.8 11.2 11.0 12.3 Union Pacific Corporation 169.07 114,726 143,077 51.1% 6.8 6.6 7.4 13.6 12.7 14.0 Median 159.18 49,180 62,498 51.1% 6.5 6.4 6.9 12.5 12.0 13.4 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 5 Public Companies' Trading Metrics | Transportation As of: 6/30/2020 Category / Company Valuation Statistics Multiples Data USD in millions except per share price EV / Revenue (x) EV / EBITDA (x) Last Equity Enterprise EBITDA Price Value Value Margin 2019A LTM NTM 2019A LTM NTM Last Sale MarketPrice CapitalizationTotal EnterpriseLTM EBITDA ValueCY -Margin 1 TEV/TotalLTM % TEV/TotalNTM Revenues TEV/Forward Revenues CYTotal - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Truck Load (TL) Daseke, Inc. 3.93 254 1,014 8.5% 0.6 0.6 0.7 5.4 5.5 7.1 ENTREC Corporation 0.02 2 184 11.9% 1.4 1.4 NM 10.3 9.2 NM Heartland Express, Inc. 20.82 1,694 1,630 27.0% 2.9 2.6 2.6 9.8 9.6 8.6 J.B. Hunt Transport Services, Inc. 120.34 12,691 14,075 13.4% 1.5 1.5 1.6 11.5 9.7 12.1 Knight-Swift Transportation Holdings Inc. 41.71 7,083 8,038 18.9% 1.4 1.7 1.8 6.5 7.9 9.2 Landstar System, Inc. 112.31 4,309 4,239 7.9% 1.0 1.1 1.2 12.0 13.4 16.5 Marten Transport, Ltd. 25.16 1,380 1,345 20.2% 1.4 1.6 1.6 7.0 8.0 7.9 Mullen Group Ltd. 5.34 540 952 14.9% 1.2 1.0 1.2 7.2 6.3 7.4 P.A.M. Transportation Services, Inc. 30.75 177 414 13.5% 1.0 0.8 0.9 5.4 1.7 5.1 Patriot Transportation Holding, Inc. 8.33 28 21 7.4% 0.4 0.2 NM 5.0 2.0 NM Schneider National, Inc. 24.67 4,372 4,059 13.6% 0.8 0.9 0.9 5.7 6.4 7.7 TFI International Inc. 35.43 3,087 4,457 14.4% 1.1 1.2 1.3 7.0 7.1 8.4 Titanium Transportation Group Inc.
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