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Warehousing, Transportation & Logistics Industry Insight September 2020 Warehousing, Transportation & Logistics Industry Insight | September 2020 Warehousing, Transportation & Logistics – M&A Market Overview

U.S. Transportation & Logistics Transactions by Buyer Type U.S. Transportation & Logistics Transaction Multiples

10.0x 9.4x 9.0x 27 8.3x 8.1x 19 7.7x 22 7.6x 7.5x 24 14 33 14 5.7x 14 11

155 171 164 152 155 139 143 124 120

0.8x 0.8x 1.0x 1.0x 0.6x 0.5x 0.7x 0.5x 0.5x

2012 2013 2014 2015 2016 2017 2018 2019 YTD 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2020 2020 Strategic Financial EV / EBITDA EV / Revenue

Source: Capital IQ

www.peakstone.com 1 Warehousing, Transportation & Logistics Industry Insight | September 2020 Peakstone Transportation Indices – Trading Statistics

Warehousing, Transportation & Logistics indexes have been trading in-line with the S&P 500

Relative Stock Performance

250% LTL: 167% S&P 500: 76% 200% Asset-Light & Logistics: 57%

150% Truckload: 14% Warehousing & Storage REITs: -19% 100%

50% Peakstone Truckload Index CGI, PTSI, KNX, JBHT, WERN, MRTN, USAK, HTLD, 0% SWFT, CVTI, SNDR

Peakstone Asset-Light & Logistics Index FWRD, RRTS, LSTR, CHRW, EXPD, XPO, HUBG, -50% ECHO

Peakstone LTL Index ARCB, , YRCW, ODFL

Peakstone Warehousing & Storage REIT Index COLD, AVB, CUBE, DCT, EXR, JBGS, LXP, LSI, PLD, PSA, VTR, VNO

Source: Capital IQ

www.peakstone.com 2 Warehousing, Transportation & Logistics Industry Insight | September 2020 Peakstone Transportation Indices – Trading Statistics

Warehousing, Transportation & Logistics indexes have been trading in-line with the S&P 500

Comparable Valuation Trends – Enterprise Value / EBITDA

30.0x Warehousing & Storage REITs: 20.0x S&P 500: 15.0x 25.0x Asset-Light & Logistics: 14.9x

20.0x LTL: 7.5x Truckload: 6.6x 15.0x

10.0x Peakstone Truckload Index CGI, PTSI, KNX, JBHT, WERN, MRTN, USAK, HTLD, 5.0x SWFT, CVTI, SNDR Peakstone Asset-Light & Logistics Index FWRD, RRTS, LSTR, CHRW, EXPD, XPO, HUBG, 0.0x ECHO

Peakstone LTL Index ARCB, SAIA, YRCW, ODFL

Peakstone Warehousing & Storage REIT Index COLD, AVB, CUBE, DCT, EXR, JBGS, LXP, LSI, PLD, PSA, VTR, VNO

Source: Capital IQ

www.peakstone.com 3 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Public Trading Comparables

Selected Warehousing, Transportation & Logistics Public Trading Comparables

($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

LTL

Old Dominion Freight Line, Inc. $21,204 $20,830 5.3x 19.9x 26.4x 31.3x 35% 27% Saia, Inc. $3,128 $3,383 1.9x 11.1x 23.3x 24.0x 21% 15% YRC Worldwide Inc. $210 $1,153 0.3x 3.4x NM NM 8% 3% ArcBest Corporation $745 $791 0.3x 3.9x 12.6x 12.9x 6% 6% LTL Median $1,936 $2,268 1.1x 7.5x 23.3x 24.0x 15% 11% 0 Warehousing & Storage REITs

Prologis, Inc. $73,278 $93,457 22.0x 32.3x 59.2x 65.0x 75% 68% Public Storage $38,346 $44,183 15.0x 21.7x 29.4x 30.8x 72% 69% AvalonBay Communities, Inc. $20,956 $28,451 12.0x 18.6x 34.4x 38.5x 67% 64% Ventas, Inc. $15,554 $27,661 7.1x 16.1x 38.0x 198.4x 50% 43% Vornado Realty Trust $6,402 $15,189 8.5x 19.2x 37.8x 138.9x 52% 42% Extra Space Storage Inc. $13,919 $19,705 14.6x 21.8x 30.3x 33.5x 73% 65% Americold Realty Trust $7,180 $8,961 4.7x 23.0x 47.3x 65.4x 27% 19% CubeSmart $6,186 $8,235 12.3x 19.8x 33.4x 39.5x 69% 61% JBG SMITH Properties $3,509 $5,560 8.9x 26.6x NM NM 48% 33% Life Storage, Inc. $4,984 $7,068 11.9x 20.3x 30.1x 31.2x 66% 58% Lexington Realty Trust $2,906 $4,347 13.3x 16.7x 41.9x 51.3x 87% 78% DCT Industrial Trust Inc. $0 $0 0.0x 0.0x 0.0x 0.0x 76% 69% Warehousing & Storage REITs Median $6,791 $12,075 12.0x 20.0x 34.4x 39.5x 68% 63%

Source: Capital IQ, data as of December 2019

www.peakstone.com 4 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Public Trading Comparables

Selected Warehousing, Transportation & Logistics Public Trading Comparables

($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

Truckload J.B. Hunt Transport Services, Inc. $13,607 $14,788 1.6x 10.9x 20.6x 24.9x 17% 13% Knight- Holdings Inc. $6,955 $7,833 1.7x 7.8x 19.0x 17.6x 28% 20% , Inc. $4,442 $4,019 0.9x 6.5x 12.3x 19.6x 19% 14% , Inc. $2,914 $3,034 1.3x 6.6x 15.4x 16.7x 28% 19% Heartland Express, Inc. $1,503 $1,420 2.2x 8.2x 22.1x 19.6x 36% 27% Marten Transport, Ltd. $1,325 $1,251 1.4x 7.2x 17.3x 20.4x 29% 20% Covenant Logistics Group, Inc. $263 $548 0.6x 5.1x 219.0x 12.8x 21% 9% P.A.M. Transportation Services, Inc. $229 $448 0.9x 2.0x NM 15.4x 21% 12% USA Truck, Inc. $81 $270 0.5x 6.0x NM 27.6x 16% 7% , Inc. $0 $0 0.0x 0.0x 0.0x 0.0x 16% 8% Truckload Median $1,414 $1,336 1.1x 6.6x 18.2x 18.6x 21% 14% 0 Asset-Light & Logistics XPO Logistics, Inc. $7,648 $14,933 1.0x 6.8x 28.9x 33.0x 16% 8% Expeditors International of Washington, Inc. $14,948 $14,201 1.7x 14.9x 17.9x 24.2x 12% 10% C.H. Robinson Worldwide, Inc. $13,827 $14,903 1.0x 18.4x 23.4x 26.6x 8% 5% , Inc. $4,873 $4,728 1.3x 17.4x 21.1x 23.1x 21% 7% Forward Air Corporation $1,562 $1,743 1.2x 3.0x 18.5x 25.7x 22% 10% Hub Group, Inc. $1,664 $1,761 0.5x 7.0x 15.1x 18.6x 14% 7% Roadrunner Transportation Systems, Inc. $99 $509 0.3x NM NM 0.0x 16% -4% Echo Global Logistics, Inc. $680 $823 0.4x 18.0x 44.5x 21.9x 17% 2% Asset-Light & Logistics Median $3,269 $3,244 1.0x 14.9x 21.1x 23.6x 16% 7% 0 Total WT&L Median $3,976 $4,538 1.5x 11.1x 23.4x 24.5x 24% 17%

Source: Capital IQ, data as of December 2019

www.peakstone.com 5 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Precedent M&A Transactions

Selected Warehousing, Transportation & Logistics Transactions

Transaction Date Target / Issuer Size ($mm) Buyers / Investors EV / EBITDA Transaction Comments

TFI International Inc. (TSX:TFII) entered into an asset purchase agreement to DLS Worldwide Logistics TFI International Inc. 09/15/2020 $225 9.0x acquire DLS Worldwide logistics business from R. R. Donnelley & Sons Company Business (TSX:TFII) (NYSE:RRD) and RR Donnelley Logistics Services Worldwide, Inc.

Certain Gulf Coast Marine BlackRock, Inc. (NYSE:BLK); Global Energy and Power Infrastructure Fund, a fund of BlackRock, Inc. (NYSE:BLK) 09/14/2020 and Terminal Operations and $620 Royal Vopak N.V. - and Royal Vopak N.V. (ENXTAM:VPK) entered into a definitive agreement to acquire Assets of Dow Inc. (ENXTAM:VPK) certain Gulf Coast marine and terminal operations and assets of Dow Inc.

Las Vegas Convention and Visitors Authority agreed to acquire Assets of Las Vegas Assets of Las Vegas Monorail Las Vegas Convention and 09/01/2020 $24 - Monorail Company for $24.3 million on September 1, 2020. Las Vegas Convention Company Visitors Authority and Visitors would receive a 2% breakup fee and up to $0.

M. J. Van Damme Trucking Eberhart Capital, LLC acquired M.J. Van Damme Trucking Inc. for $50 million on 08/11/2020 $50 Eberhart Capital, LLC - Inc. August 11, 2020.

Substantially All the Assets of TFI International Inc. TFI International Inc. (TSX:TFII) acquired Substantially All the Assets of CT 06/29/2020 $15 - CT Transportation, LLC (TSX:TFII) Transportation, LLC for $15 million on June 26, 2020.

Assets of Coastal Transport, Bulk Transport Company East, Bulk Transport Company East, Inc. agreed to acquire substantially all the assets of 06/19/2020 $15 - Inc. Inc. Coastal Transport, Inc. for $15 million on June 18, 2020.

Costco Wholesale Costco Wholesale Corporation (NasdaqGS:COST) acquired Innovel Solutions, Inc. 03/17/2020 Innovel Solutions, Inc. $998 - Corporation (NasdaqGS:COST) from Transform Holdco LLC for approximately $1 billion on March 17, 2020.

Source: Capital IQ

www.peakstone.com 6 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Precedent M&A Transactions (continued)

Selected Warehousing, Transportation & Logistics Transactions

Transaction Date Target / Issuer Size ($mm) Buyers / Investors EV / EBITDA Transaction Comments

A.P. Møller - Mærsk A/S (CPSE:MAERSK B) entered into an agreement to acquire A.P. Møller - Mærsk A/S 02/19/2020 Performance Team LLC $998 6.1x Performance Team LLC from the family in a transaction valued at approximately (CPSE:MAERSK B) $550 million on February 19, 2020.

Lyft, Inc. (NasdaqGS:LYFT) acquired Flexdrive, LLC from Cox Automotive, Inc. and 02/11/2020 Flexdrive Services, LLC $545 Lyft, Inc. (NasdaqGS:LYFT) - Holman Enterprises, Inc. for approximately $20 million on February 7, 2020. Flexdrive became a wholly-owned subsidiary of Lyft.

Rand Logistics, Inc. entered into an agreement to acquire American Steamship American Steamship 02/10/2020 $20 Rand Logistics, Inc. - Company from GATX Corporation (NYSE:GATX) for approximately $260 million on Company February 7, 2020.

Radiant Global Logistics, Inc., acquired two operating locations of Adcom Express, Two operating locations of 02/10/2020 $260 Radiant Global Logistics, Inc. - Inc., on February 7, 2020. Pursuant to the terms of the acquisition, Radiant Global Adcom Express, Inc. Logistics, Inc.

Mizuho Leasing Company, Limited (TSE:8425) agreed to acquire 50% stake in MAC Mizuho Leasing Company, Trailer Leasing, Inc. from Marubeni Corporation (TSE:8002) for approximately ¥16 01/29/2020 MAC Trailer Leasing, Inc. $19 - Limited (TSE:8425) billion on January 29, 2020. As per the terms of the transaction, MAC Trailer Leasing, Inc.

KLN Investment (US) LLC entered into a binding term sheet to acquire remaining 01/22/2020 The Apex Group, Inc. $146 KLN Investment (US) LLC - 49% stake in The Apex Group from Lena Cheung, Vicky Cheung and others for approximately $180 million on January 22, 2020.

Three Marine Terminals in Buckeye Partners, L.P. entered into agreement to acquire Three Marine Terminals 01/21/2020 Connecticut, Delaware and $178 Buckeye Partners, L.P. - in Connecticut, Delaware and from Magellan Midstream Partners, L.P. Louisiana (NYSE:MMP) for approximately $250 million on January 20, 2020.

Source: Capital IQ

www.peakstone.com 7 Warehousing, Transportation & Logistics Industry Insight | September 2020 Selected Precedent M&A Transactions (continued)

Selected Warehousing, Transportation & Logistics Transactions

Transaction Date Target / Issuer Size ($mm) Buyers / Investors EV / EBITDA Transaction Comments

SIRVA Worldwide, Inc. entered into a purchase and sale agreement to acquire 11/07/2019 Morgan Southern, Inc. $400 SIRVA Worldwide, Inc. - Cartus Corporation from Realogy Holdings Corp. (NYSE:RLGY) for $400 million on November 6, 2019.

Mason Dixon Intermodal, Inc. acquired Morgan Southern, Inc. (Roadrunner 11/05/2019 Morgan Southern, Inc. $51 Mason Dixon Intermodal, Inc. - Intermodal) from Roadrunner Transportation Systems, Inc. (NYSE:RRTS) for $51.3 million on November 5, 2019.

PrimeFlight Aviation Services, Inc. agreed to acquire Global Aviation Services, LLC PrimeFlight Aviation Services, 09/30/2019 Global Aviation Services, LLC $25 - from CSA Air, Inc. for $25 million on September 30, 2019. The agreement includes Inc. cash consideration of $21 million.

Heartland Express, Inc. (NasdaqGS:HTLD) acquired Millis Transfer, Inc. from Millis Heartland Express, Inc. 08/26/2019 Millis Transfer, Inc. $150 - family for approximately $150 million on August 26, 2019. The transaction was all (NasdaqGS:HTLD) cash except for approximately $0.75 million in stock of Heartland Express, Inc.

OmniTRAX, Inc. signed a definitive agreement to acquire Winchester & Western Winchester & Western 07/26/2019 $105 OmniTRAX, Inc. - Railroad Company, Inc. from Covia Holdings Corporation (NYSE:CVIA) for Railroad Company, Inc. approximately $110 million on July 25, 2019.

1847 PT Inc. entered into a securities purchase agreement to acquire seven 07/16/2019 7 Companies $35 1847 PT Inc. - companies from Igor Terletsky for $35 million on July 12, 2019. Acquired companies include Patriot Transport Inc, Expeditor Systems, Inc., Expeditors, Inc., Top Gear Inc.

Brookfield Asset Brookfield Infrastructure Fund IV-A, L.P., Brookfield Infrastructure Fund IV-B, L.P., Genesee & Wyoming Inc. Management Inc. 07/01/2019 $9,556 14.1x Brookfield Infrastructure Fund IV-C, L.P., Brookfield Infrastructure Fund IV (ER) (NYSE:GWR) (TSX:BAM.A); GIC Special SCSP, managed by Brookfield Asset Management Inc. (TSX:BAM. Investments Pte. Ltd.

Source: Capital IQ

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