LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Capital Markets Capital Markets & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Industry News

‘Booming’ Logistics M&A Shows No Sign of Slowing Blackstone and Prologis Battle for Fast-Shipping Leadership Shippers are set to be the winners, benefitting from more competitive rates, With companies offering millions of consumers next-day delivery, supply wider geographic coverage and more extensive services. chains are expanding to include thousands of new industrial centers closer - Journal of Commerce Read More to population centers. - Wall Street Journal Read More

Drawn by the Salary, Women Flock to Trucking With Capacity to Spare, Railroads Have an Eye on Truck Cargo The growth in women in the industry comes as demand for transportation Shipments are down for autos, coal, grain, chemicals and consumer workers is high, boosted by the expansion of e-commerce. goods. So, now railroads are looking for other sources of freight. - Wall Street Journal Read More - Transport Topics Read More

Global Air Cargo Rates Fall to Four-Year Low Oil Markets Could See Volatility, Arbitrage as Shipping Fuel Shifts In the eight months from January through August, global air cargo demand Many analysts report the shipping industry is not yet ready for the U.N. fell five percent year over year. mandate aimed at cutting 3% of global carbon dioxide emissions. - Journal of Commerce Read More - Forbes Read More

Public Company Valuations by Segment 14x Total Enterprise Value (“TEV”)/EBITDA 12.9x 13.0x 12.5x 12x 11.6x 11.9x 11.7x 10.3x 10x 9.6x 8.9x 8x 8.0x 7.9x 7.2x 7.5x 6x 6.0x 4x 2x Q3 2018 Q3 2019 0x Third Party Truckload (“TL”) Less-than- Marine Railroad Transportation Waste Logistics (“3PL”) Truckload (“LTL”) Equipment

BB&T Capital Markets Transaction Profile About Team Drive-Away a portfolio company of Based in Olathe, Kansas, TDA is a national non-asset-based commercial vehicle logistics provider specializing in matching professional drivers with moves of used and new heavy-haul Class 8 trucks for sellers and buyers as well as moves to reposition and optimize fleets. TDA handles 20,000 vehicles annually via a of more than 500 independent contractors. has been acquired by About CID Capital Founded in 1981 and headquartered in , CID Capital is a private equity group that makes majority investments in high-quality, lower-middle-market companies that have shown a consistent track a portfolio company of record of success. For companies that have reached a performance level that finds them transitioning beyond being an entrepreneurial business, CID Capital can deliver the planning, experience, resources and capital to overcome critical constraints – and build long-term value. About United Road Services BB&T Capital Markets Served as Founded in 1998, United Road is the premier finished vehicle logistics company in North America. Each year, Financial Advisor to Team Drive-Away coast to coast and across borders, United Road manages the transport of 4 million-plus vehicles. Headquartered and its Shareholders in Romulus, Michigan, the company operates an integrated national network, has over 1,700 employees, 2,500 company-owned and dedicated independent vehicle carriers, and 4,500 third-party carrier partners. About The Carlyle Group The Carlyle Group is a global investment firm with $223 billion of assets under management across 362 investment vehicles. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,775 professionals operating in 33 offices in North America, South America, Europe, the Middle East, Africa, Asia and Australia.

Note: Total Enterprise Value defined as total market capitalization plus net debt 2 Selected Industry Data LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Truck Tonnage Index Rail Freight Carloads

120 1,800 (Seasonally-adjusted, Jan ’00 = 100) (Seasonally-adjusted, in thousands of carloads)

110 1,400 100

90 1,000

80 July 2019 = 119 July 2019 = 1,095

70 600 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 n Measures total tonnage of domestic freight volume from a survey conducted n Measures rail traffic for all North American railroads. by the American Trucking Association. n Carloads have decreased by 4.2% since July 2018. n The index has increased by 5.1% since July 2018.

Tonnage for U.S. Internal Waterways Air Revenue Ton Miles of Freight and Mail

60,000 4,200 (Seasonally-adjusted, in thousands of short tons) (Seasonally-adjusted, in thousands of ton miles)

3,600 50,000

3,000

40,000 2,400 July 2019 = 49,100 June 2019 = 3,636

30,000 1,800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 n Measures freight moving via waterborne navigational channels within the U.S. n Measures freight and mail moving through airborne channels within the U.S. n Tonnage has decreased by 2.6% since July 2018. n Ton miles have decreased by 2.3% since June 2018.

Volume at Select Major U.S. Ports Rail Freight Intermodal Traffic

2,800 1,400 (In thousands of TEUs) (Seasonally-adjusted, in thousands of carloads)

2,400 1,200

2,000 1,000

1,600 800 Aug. 2019 = 2,690 July 2019 = 1,149

1,200 600 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 n Measures total combined inbound and outbound TEUs at the ports n Measures total intermodal traffic volume in the U.S. of New York and New Jersey, Long Beach, Los Angeles, Virginia, and n Volume has decreased by 5.6% since July 2018. Savannah. n Volume has increased by 3.5% since August 2018.

Sources: U.S. Bureau of Transportation Statistics, Port of Los Angeles, Port of Long Beach, The Port Authority of New York and New Jersey, Virginia Port Authority, Georgia Ports Authority; charts reflect most recent data available 3 Public Company Financial Performance LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

$ in millions (except for stock price) Market Data Financial Performance Valuation Multiples Total LTM TEV/LTM Stock Price % of Equity Enterprise Total EBITDA Total Ticker 9/30/19 52-Week High Value Value Sales EBITDA Margin Sales EBITDA EBIT THIRD-PARTY LOGISTICS ("3PL") Air Transport Services Group, Inc. ATSG $21.02 81.4% $1,238 $2,682 $1,168 $382 32.7% 2.3x 7.0x 18.1x Atlas Air Worldwide Holdings, Inc. AAWW $25.23 39.1% $652 $3,520 $2,757 $506 18.4% 1.3x 7.0x 16.8x BEST Inc. BEST $5.28 77.0% $2,072 $2,653 $31,888 $4 0.0% 0.1x NA NA CEVA, Inc. CEVA $29.86 90.0% $656 $514 $78 $4 4.5% 6.6x NA NA C.H. Robinson Worldwide, Inc. CHRW $84.78 85.7% $11,477 $12,647 $15,654 $993 6.3% 0.8x 12.7x 13.9x Deutsche Post AG XTRA:DPW $33.42 97.8% $41,217 $57,790 $62,838 $5,080 8.1% 0.9x 11.4x 16.8x DSV Panalpina A/S DSV $95.18 93.4% $22,035 $24,211 $85,524 $972 1.1% 0.3x 24.9x 26.8x Echo Global Logistics, Inc. ECHO $22.65 72.5% $618 $794 $2,236 $68 3.0% 0.4x 11.8x 18.0x Expeditors International of Washington, Inc. EXPD $74.29 92.1% $12,683 $11,979 $8,382 $853 10.2% 1.4x 14.1x 15.0x FedEx Corporation FDX $145.57 59.8% $37,981 $68,386 $69,689 $4,921 7.1% 1.0x 13.9x NA Forward Air Corporation FWRD $63.72 87.5% $1,804 $1,997 $1,385 $163 11.7% 1.4x 12.3x 16.4x Hub Group, Inc. HUBG $46.50 94.2% $1,585 $1,773 $3,786 $269 7.1% 0.5x 6.6x 11.3x J.B. Hunt Transport Services, Inc. JBHT $110.65 90.6% $11,814 $13,303 $9,033 $1,156 12.8% 1.5x 11.5x 19.8x Kuehne + Nagel International AG SWX:KNIN $147.33 94.3% $17,641 $19,726 $21,251 $1,241 5.8% 0.9x 15.9x 19.9x , Inc. LSTR $112.58 91.0% $4,462 $4,327 $4,277 $361 8.5% 1.0x 12.0x 13.6x Panalpina Welttransport (Holding) AG SWX:PWTN $223.30 92.9% $5,303 $5,424 $6,083 $144 2.4% 0.9x NA NA Radiant Logistics, Inc. RLGT $5.17 70.5% $257 $288 $891 $39 4.3% 0.3x 7.4x 12.3x Roadrunner Transportation Systems, Inc. RRTS $10.36 43.6% $390 $778 $2,076 ($8) (0.4%) 0.4x NA NA System, Inc. R $51.77 70.0% $2,761 $10,550 $8,905 $2,414 27.1% 1.2x 4.4x 14.4x TFI International Inc. TSX:TFII $30.64 84.1% $2,528 $4,222 $5,195 $548 10.6% 0.8x 7.7x 12.5x , Inc. UPS $119.82 96.9% $102,890 $124,013 $73,374 $7,906 10.8% 1.7x 15.7x 22.0x Universal Logistics Holdings, Inc. ULH $23.28 62.2% $635 $1,071 $1,522 $146 9.6% 0.7x 7.4x 13.7x XPO Logistics, Inc. XPO $71.57 61.9% $6,597 $14,173 $16,901 $1,600 9.5% 0.8x 8.9x 16.4x ZTO Express (Cayman) Inc. ZTO $21.33 94.5% $16,683 $14,399 $19,860 $837 4.2% 0.7x 17.2x 21.1x MEDIAN 86.6% $3,611 $4,876 $7,232 $527 7.6% 0.9X 11.6X 16.4X TRUCKLOAD ("TL") Covenant Transportation Group, Inc. CVTI $16.44 54.5% $303 $598 $934 $118 12.6% 0.6x 5.1x 16.4x Daseke, Inc. DSKE $2.50 29.7% $161 $968 $1,792 $164 9.1% 0.5x 5.9x NA Heartland Express, Inc. HTLD $21.51 96.5% $1,763 $1,558 $577 $166 28.9% 2.7x 9.4x 21.4x Knight- Holdings Inc. KNX $36.30 92.5% $6,190 $7,269 $5,042 $973 19.3% 1.4x 7.5x 14.0x Marten Transport, Ltd. MRTN $20.78 92.9% $1,135 $1,054 $830 $163 19.6% 1.3x 6.5x 15.1x P.A.M. Transportation Services, Inc. PTSI $59.11 87.2% $340 $539 $529 $99 18.6% 1.0x 5.5x 12.0x , Inc. SNDR $21.72 85.5% $3,847 $3,927 $4,912 $644 13.1% 0.8x 6.1x 11.3x USA Truck, Inc. USAK $8.03 35.5% $67 $259 $540 $48 8.9% 0.5x 5.4x 19.0x U.S. Xpress Enterprises, Inc. USX $4.82 34.4% $236 $883 $1,727 $144 8.3% 0.5x 6.1x 15.8x , Inc. WERN $35.30 96.6% $2,443 $2,794 $2,488 $469 18.9% 1.1x 6.0x 12.4x MEDIAN 86.4% $738 $1,011 $1,330 $163 15.9% 0.9X 6.0X 15.1X LESS-THAN-TRUCKLOAD ("LTL") ArcBest Corporation ARCB $30.45 60.5% $777 $833 $3,045 $199 6.5% 0.3x 4.2x 9.2x Old Dominion Freight Line, Inc. ODFL $169.97 96.5% $13,599 $13,483 $4,127 $1,100 26.6% 3.3x 12.3x 15.9x , Inc. SAIA $93.70 96.0% $2,404 $2,657 $1,750 $273 15.6% 1.5x 9.7x 16.7x YRC Worldwide Inc. YRCW $3.02 31.1% $110 $1,202 $4,959 $193 3.9% 0.2x 6.2x NA MEDIAN 78.3% $1,591 $1,929 $3,586 $236 11.1% 0.9X 8.0X 15.9X MARINE TRANSPORTATION Ardmore Shipping Corporation ASC $6.69 76.3% $221 $601 $225 $33 14.8% 2.7x 18.0x NA Costamare Inc. CMRE $6.07 92.5% $713 $2,328 $460 $291 63.4% 5.1x 8.0x 12.8x Diana Shipping Inc. DSX $3.38 78.2% $314 $688 $240 $88 36.6% 2.9x 7.8x 12.7x Kirby Corporation KEX $82.16 95.0% $4,922 $6,663 $2,904 $523 18.0% 2.3x 12.7x 22.2x Matson, Inc. MATX $37.51 89.0% $1,607 $2,674 $2,245 $209 9.3% 1.2x 12.8x 23.2x Nordic American Tankers Limited NAT $2.16 62.2% $307 $675 $303 $71 23.4% 2.2x 9.5x NA SEACOR Holdings Inc. CKH $47.07 91.5% $946 $1,404 $821 $128 15.6% 1.7x 10.9x 23.6x Seaspan Corporation SSW $10.63 90.5% $2,288 $6,540 $1,151 $733 63.7% 5.7x 8.9x 13.2x Triton International Limited TRTN $33.84 92.1% $2,500 $9,951 $1,420 $1,321 93.0% 7.0x 7.5x 13.6x Wallenius Wilhelmsen ASA OB:WALWIL $2.33 57.9% $982 $4,820 $4,073 $657 16.1% 1.2x 7.3x 13.4x World Fuel Services Corporation INT $39.94 94.8% $2,611 $3,261 $37,450 $402 1.1% 0.1x 8.1x 10.0x MEDIAN 90.5% $982 $2,674 $1,151 $291 18.0% 2.3X 8.9X 13.4X

Source: S&P Capital IQ Note: Total Enterprise Value defined as total market capitalization plus net debt 4 Past performance is no guarantee of future results Public Company Financial Performance (cont.) LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

$ in millions (except for stock price) Market Data Financial Performance Valuation Multiples Total LTM TEV/LTM Stock Price % of Equity Enterprise Total EBITDA Total Ticker 9/30/19 52-Week High Value Value Sales EBITDA Margin Sales EBITDA EBIT RAILROAD TRANSPORTATION Canadian National Railway Company TSX:CNR $89.86 93.0% $64,528 $74,929 $15,141 $5,810 38.4% 4.9x 12.9x 16.1x Canadian Pacific Railway Limited TSX:CP $222.40 91.0% $30,819 $37,519 $7,729 $3,141 40.6% 4.9x 11.9x 14.2x CSX Corporation CSX $69.27 85.8% $55,290 $69,900 $12,195 $6,393 52.4% 5.7x 10.9x 13.9x Genesee & Wyoming Inc. GWR $110.51 99.6% $6,298 $9,310 $2,308 $671 29.1% 4.0x 13.9x 22.5x Kansas City Southern KSU $133.01 98.7% $13,290 $16,407 $2,831 $1,376 48.6% 5.8x 11.9x 16.0x Norfolk Southern Corporation NSC $179.66 85.0% $47,324 $59,393 $11,502 $5,303 46.1% 5.2x 11.2x 14.3x Union Pacific Corporation UNP $161.98 89.7% $114,120 $140,317 $22,253 $10,857 48.8% 6.3x 12.9x 16.2x MEDIAN 91.0% $47,324 $59,393 $11,502 $5,303 46.1% 5.2X 11.9X 16.0X TRANSPORTATION EQUIPMENT Inc. CMI $162.67 92.5% $25,618 $27,473 $24,119 $3,487 14.5% 1.1x 7.9x 9.7x Dana Incorporated DAN $14.44 68.9% $2,078 $4,740 $8,606 $944 11.0% 0.6x 5.0x 7.6x FreightCar America, Inc. RAIL $4.85 27.6% $61 $92 $273 ($34) (12.6%) 0.3x NA NA GATX Corporation GATX $77.53 86.2% $2,768 $7,804 $1,394 $662 47.5% 5.6x 11.8x 24.3x The Greenbrier Companies, Inc. GBX $30.12 46.4% $978 $1,308 $3,034 $237 7.8% 0.4x 5.5x 8.5x Corporation NAV $28.11 70.7% $2,789 $6,883 $11,788 $920 7.8% 0.6x 7.5x 8.7x Inc PCAR $70.01 95.9% $24,249 $30,773 $25,762 $3,553 13.8% 1.2x 8.7x 10.0x Rush Enterprises, Inc. RUSH.B $39.93 87.7% $1,413 $3,285 $6,033 $415 6.9% 0.5x 7.9x 13.4x Spartan Motors, Inc. SPAR $13.72 92.3% $485 $502 $1,004 $32 3.2% 0.5x 15.8x 23.3x Trinity Industries, Inc. TRN $19.68 50.0% $2,517 $7,460 $2,889 $610 21.1% 2.6x 12.2x 22.5x Corporation WNC $14.51 78.7% $790 $1,153 $2,322 $177 7.6% 0.5x 6.5x 8.4x Westinghouse Air Brake Technologies WAB $71.86 67.1% $13,521 $17,726 $6,026 $1,043 17.3% 2.9x 17.0x 21.3x MEDIAN 74.7% $2,297 $5,811 $4,530 $636 9.4% 0.6X 7.9X 10.0X WASTE SERVICES Advanced Disposal Services, Inc. ADSW $32.57 98.7% $2,897 $4,798 $1,617 $384 23.7% 3.0x 12.5x NA Clean Harbors, Inc. CLH $77.20 96.4% $4,313 $5,821 $3,399 $516 15.2% 1.7x 11.3x 27.1x Covanta Holding Corporation CVA $17.29 94.1% $2,260 $4,816 $1,885 $292 15.5% 2.6x 16.5x NA Republic Services, Inc. RSG $86.55 95.5% $27,761 $36,421 $10,253 $2,824 27.5% 3.6x 12.9x 21.1x Stericycle, Inc. SRCL $50.93 86.0% $4,641 $7,834 $3,362 $670 19.9% 2.3x 11.7x 19.6x US Ecology, Inc. ECOL $63.94 84.6% $1,411 $1,750 $612 $134 21.9% 2.9x 13.0x 20.8x Waste Connections, Inc. WCN $92.00 93.9% $24,252 $28,386 $5,288 $1,634 30.9% 5.4x 17.4x NA Waste Management, Inc. WM $115.00 94.4% $48,787 $59,666 $15,451 $4,334 28.0% 3.9x 13.8x 21.4x MEDIAN 94.3% $4,477 $6,827 $3,381 $593 22.8% 2.9X 13.0X 21.1X

Source: S&P Capital IQ Note: Total Enterprise Value defined as total market capitalization plus net debt 5 Past performance is no guarantee of future results Public Company Valuation Trends LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Third-Party Logistics Truckload

15x 10x

12.5x 8.5x 12x 11.8x 11.6x 8x 11.0x 10.8x 10.5x 7.2x 9.4x 6.3x 9x 6x 6.0x 5.5x 5.3x 4.5x 6x 4x

3x TTM TEV/EBITDA 11.6x 2x TTM TEV/EBITDA 6.0x LTM % Change in Value (7.0%) LTM % Change in Value (16.2%) 0x 0x Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19

Less-than-Truckload Marine

12x 15x

9.6x 12x 11.2x 11.2x 9x 10.6x 8.1x 8.0x 10.3x 7.6x 7.5x 9.4x 9x 8.9x 6x 7.4x 5.4x 5.0x 6x

3x TTM TEV/EBITDA 8.0x 3x TTM TEV/EBITDA 8.9x LTM % Change in Value 7.0% LTM % Change in Value (13.2%) 0x 0x Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19

Railroad Transportation Equipment

15x 15x

13.0x 12.9x 12x 11.8x 11.9x 12x 10.7x 10.8x 10.6x 10.0x 10.2x 9.4x 9.6x 9x 9x 8.6x 7.8x 7.9x

6x 6x

3x TTM TEV/EBITDA 11.9x 3x TTM TEV/EBITDA 7.9x LTM % Change in Value (7.3%) LTM % Change in Value (17.4%) 0x 0x Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19

Waste Services S&P 500

15x 15x

13.0x 12.9x 12.2x 12x 11.7x 12x 11.3x 11.5x 10.8x 10.1x 10.3x 9.3x 9x 9.0x 9.6x 9.1x 9x 8.3x

6x 6x

3x TTM TEV/EBITDA 13.0x 3x TTM TEV/EBITDA 12.9x LTM % Change in Value 11.0% LTM % Change in Value 6.3% 0x 0x Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19

Source: S&P Capital IQ Past performance is no guarantee of future results 6 M&A Activity LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Date Segment Acquirer Target Target Description (Click for Press Release) Pending Trucking KLLM Transport Services, Inc. Refrigerated Division of Maverick Provides refrigerated transportation services USA, Inc. 11/5/19 3PL Universal Logistics Holdings, Inc. Intermodal Business of Roadrunner Provides drayage and chassis management services Transportation (NYSE: RRTS) 10/24/19 3PL Granite Creek Capital Partners; Sunset Pacific Transport Provides logistics services to hundreds of shippers nationwide Red Arts Capital 10/24/19 3PL Manitoulin Global Forwarding Associated Cargo Specialists ("ACS") Canada-based logistics provider with 100-plus agents worldwide Logistics 10/24/19 3PL Georgian Partners; Fifth Wall; Global Shipwell Startup focused on managing trucking and shipping logistics Partners Capital; Box Group; Aspect Ventures 10/18/19 3PL GlobalTranz Global Freight Solutions Provides technology-enabled freight brokerage and logistics services

10/18/19 Trucking Rinchem Co. Carolina Tank Lines Provides transportation services focused on the medical instruments, diagnostics, and food industries 10/16/19 Transportation Equipment Platinum Equity TruckPro Holding Corporation Independent distributor of heavy-duty truck and trailer parts

10/15/19 3PL NEP Group SOS Global Express Specialized freight forwarding and logistics provider focused on the broadcast, entertainment, music, and professional sports industries 10/7/19 3PL Manitoulin Global Forwarding Demark Global Logistics Provides freight forwarding, customs brokerage, and warehousing

10/7/19 3PL PowerFleet (formerly I.D. Systems) Pointer Telecation Ltd. Provides a cloud-based fleet tracking and management platform

10/3/19 3PL Capstone Logistics MileZero, Inc. Software company providing logistics tools to the last mile delivery industry

9/30/19 3PL Wellspring Capital Management; Milan Supply Chain Solutions Supply chain solutions provider specializing in dedicated contract transportation Ascend Transport Group and value-added distribution services 9/25/19 3PL Transportation Insight, LLC The Transportation Specialist's Provides technology-enabled transportation management services Group, Inc. (“TSG”) 9/23/19 Transportation Equipment NESCO Specialty Rentals (NYS: Truck Utilities Provides specialty commercial truck rental, services, and upfitting NSCO) 9/20/19 Trucking EVO Transportation & Energy The Ritter Companies Provides contracted mail services, freight transportation, and freight brokerage Services, Inc. (OTCPK:EVOA) 9/17/19 Transportation Equipment Summit Truck Group Trans Central Suppliers Provides parts and service work for commercial trucks

9/9/19 3PL Shopify Inc. (NYSE: SHOP) 6 River Systems, Inc. Provides collaborative warehouse fulfillment solutions

9/4/19 Transportation Equipment Rush Truck Centers of Canada Archer Truck Services Full-service commercial truck dealership

8/30/19 3PL United Road Team Drive-Away Non-asset-based commercial vehicle logistics provider specializing in moves of used and new Class 8 trucks 8/30/19 3PL ICV Partners Horizon Air Freight Specialized freight forwarder focused on the marine industry

8/27/19 Trucking Energy & Environmental Services, Inc. D.R. Graham Trucking, LLC Trucking company serving Oklahoma and the Midwest

8/26/19 Trucking Heartland Express (NAS: HTLD) Millis Transfer Truckload carrier serving the Midwest, Eastern U.S., and Texas

8/23/19 3PL Precision Terminal Logistics Arrow Material Services Provides material handling, terminal transloading, logistics consulting, secure commodity storage, and facility construction services 8/22/19 3PL Emergent Cold New Orleans Cold Storage Provides cold storage and logistics solutions and facilities

8/21/19 3PL The Descartes Systems Group BestTransport.com Cloud-based transportation management systems provider focused on flatbed- intensive manufacturers and distributors 8/21/19 Transportation Equipment DoorDash Scotty Labs Tele-operations company focused on enabling remote control of self-driving cars

8/19/19 3PL DSV (CSE: DSV) Panalpina World Transport Global supply chain solutions provider

Sources: S&P Capital IQ, company press releases 7 M&A Activity (continued) LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Date Segment Acquirer Target Target Description (Click for Press Release) 8/16/19 Passenger Transportation WHC Worldwide Taxi Division of Transdev North Provides cab services, using 2,500+ vehicles, in multiple markets America 8/13/19 Waste Stella Environmental Services, LLC Jack Herod Trucking, LLC Provides transfer station management and waste logistics services

8/12/19 3PL Air Menzies International Limited GTO Global Logistics, Inc. Provides airfreight, ocean, LTL, domestic / cross-border road services, storage and customs brokerage services 8/5/19 Transportation Equipment Leslie Doggett Industries / Great Dane Trailer distributor/ Dealer/distributor of dry van, refrigerated van, and flatbed trailers Truck Enterprises Group dealerships in parts of Texas 8/5/19 3PL AIT Worldwide Logistics Unitrans International Freight forwarder specializing in high-value shipments for the aerospace, defense, food ingredient, high-tech and life sciences industries 8/2/19 3PL Total Transportation Services Tri Pak Transloading, warehousing, and logistics services provider (“TTSI”) 8/1/19 3PL Avalara (NYS: AVLR) Portway International Provides outsourced customs brokerage services

7/31/19 Marine PSA International Halterm Contrainer Terminal Owns and operates container terminals in Eastern Canada

7/31/19 Transportation Equipment Capitol Investment Corp. NESCO Specialty Rentals (NYS: Provides specialty commercial equipment rental and service NSCO) 7/31/19 3PL Turvo ODYN Artificial intelligence-enabled supply chain visibility platform

7/31/19 Trucking Kottke Trucking Wayne T. Fellows Trucking company focused on refrigerated LTL and TL shipping

7/29/19 Transportation Equipment Meritor (NYS: MTOR) AxleTech Supplies drivetrain, mobility, braking and aftermarket solutions for commercial vehicles 7/24/19 3PL Kuehne + Nagel (SWX: KNIN) Worldwide Perishable Canada Co. Canada-based freight forwarder of perishable cargo specializing in seafood (“WWP”) logistics 7/22/19 Trucking Outwest Express Logicorp Enterprises Regional trucking company

7/15/19 Trucking EVO Transportation & Energy Finkle Transport Freight carrier for the USPS and non-governmental entities in the Northeast U.S. Services 7/12/19 Marine AMCI Capital; Riverstone Investment Ridley Terminals Operates a marine bulk handling terminal in British Columbia providing vessel Group loading services 7/11/19 Trucking Cowan Systems Carlisle Carrier Corporation Northeastern regional TL carrier specializing in servicing grocery warehouses

7/10/19 3PL Team Drive-Away Driveway USA, Inc. Provides vehicle delivery services

7/10/19 3PL Equity Group Investments Lanter Delivery Systems Provides overnight unattended delivery service of time-sensitive parts for auto, agricultural, and heavy machinery OEMs and industrial equipment distributors 7/9/19 3PL CapStreet Group PCS Software Provides integrated transportation management sofware for the inland trucking industry 7/8/19 3PL Atlas World Group Champion International Moving International household goods forwarder

7/8/19 Rail 3i Group Regional Rail, LLC Owner and operator of shortline regional railroads

7/2/19 3PL EM6 Logistics IPS Worldwide Provides invoicing and payments services to shipping companies (Europe Management SPRL) 7/2/19 3PL NGL Energy Partners (NYS: NGL) Mesquite Disposals Unlimited Provides water pipeline transportation and disposal services

7/1/19 Trucking Mullen Group (TSE: MTL) Argus Carriers Provides freight services including local pick-up and delivery, warehousing, regional LTL, dedicated and linehaul trucking 7/1/19 Trucking Mullen Group (TSE: MTL) Inter-Urban Delivery Service Provides critical same day delivery for the healthcare sector, including cross- border linehaul and LTL, dedicated, and local pick-up and delivery 7/1/19 3PL Wind Point Partners; Blue Water Plastic Transport (“BWP”) Provides specialty bulk transportation and logistics services to the plastics A&R Logistics industry

Sources: S&P Capital IQ, company press releases 8 M&A Activity (continued) LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Date Segment Acquirer Target Target Description (Click for Press Release) 7/1/19 Rail Brookfield Asset Management Inc. Genesee & Wyoming Inc. Owner and operator of railroads

7/1/19 3PL SGS (SWX: SGSN) Maine Pointe Global supply chain and operations consulting group

7/1/19 3PL CST; Forward Air (NAS: FWRD) O.S.T. Trucking and O.S.T. Logistics Intermodal drayage provider in the Mid-Atlantic and Southeast U.S.

7/1/19 Trucking Management Buyout Premium Transportation Logistics Provides expedited trasnportation services (“PTL”) 7/1/19 Transportation Equipment Premier Truck Group Warner Truck Centers Commercial truck dealer and distributor with six locations (Penske Automotive Group)

Sources: S&P Capital IQ, company press releases 9 Recent BBTCM Transactions LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

a portfolio company of a portfolio company of has been acquired by a portfolio company of

has been acquired by has been acquired by $3,000,000,000 Four-Tranche Offering has been acquired by in partnership with a portfolio company of of Senior Notes Co-Manager

a portfolio company of has been acquired by has made a majority investment in has been acquired by $450,000,000 has been acquired by 3.750% Senior Notes a portfolio company of a portfolio company of due 2023 Bookrunner

a portfolio company of a portfolio company of a portfolio company of has been recapitalized by $500,000,000 has been acquired by has been acquired by has been acquired by & 4.200% Senior Notes due 2028 Co-Manager

a portfolio company of a portfolio company of a portfolio company of

has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by

a subsidiary of

Jaymar Barge a portfolio company of a portfolio company of

$225,000,000 has been acquired by has been acquired by has been acquired by

has been acquired by 7.875% Perpetual Preferred Shares Undisclosed Strategic Undisclosed Strategic a portfolio company of Co-Manager Buyer Buyer

a portfolio company of a portfolio company of a portfolio company of a portfolio company of

has been acquired by $88,765,625 has been acquired by has been acquired by has been acquired by Follow-On Offering a portfolio company of a portfolio company of Joint-Bookrunner

10 Select Clients by L&T Segment LOGISTICS & TRANSPORTATION INDUSTRY UPDATE – Q3 2019

Third-Party Logistics Trucking Marine n Transportation Management n Truckload n International Shipping n Contract Logistics n Less-than-Truckload n Inland Barge n Supply Chain Services n Bulk n Port Services n E-Commerce/Express Delivery n Niche n Infrastructure n Expedited n Dedicated n Intermodal n Freight Forwarding and Brokerage n Air Cargo

O-­‐Kan Jaymar Barge Marine Repair

Railroad Transportation Equipment Waste Services n Class 1 Railroads n Manufacturing n Collection n Short-Line Railroads n Distribution n Processing/Disposal n Rail Services n Leasing

11 BB&T Capital Markets Overview n One of the largestL&T “Off-Wall Award Street” Winning fixed-income distributionDeals agents in the U.S. n Full-service investment banking platform offering M&A advisory and capital raising services n 350 capital markets and investment banking professionals Middle-Market M&A Awards n Industry-focused investment banking n 30 offices across the U.S.

a portfolio company of a portfolio company of Investment Banking Qualifications has been acquired by MRH Holdings, LLC M&A Advisory has been acquired by has been acquired by n Consistently ranked among top M&A advisors n Closed over 200 M&A deals since 2010 International Deal of the Year Manufacturing / Distribution Manufacturing / Distribution n Approximately 20% of deals are cross-border Retail Distribution Deal of the Year Deal of the Year n Two-time M&A Atlas Awards and three-time M&A Advisor Middle Market Deal of the Year “Deal of the Year” winner Equity / Debt Capital Markets a portfolio company of n Managed a record number of offerings over the last three years n ~$50 billion of capital raised by BBTCM through public equity offerings has been acquired by since 2015 has been acquired by n Equity underwriting and retail sales capabilities &

U.S.A. M&A Middle Market Transportation & Logistics Deal of the Year M&A Deal of the Year

Logistics & Transportation Group

Jon Hottinger Brian Strout Senior Vice President Managing Director Investment Banking Investment Banking [email protected] [email protected] 804-782-8717 804-780-3206

Robert Searson Brent Walser Senior Vice President Senior Vice President Corporate Banking Corporate Banking [email protected] [email protected] 336-733-2771 336-733-2768

Capital Markets

INVESTMENT BANKING • CORPORATE BANKING • RISK MANAGEMENT

BBTCAPITALMARKETS.COM/L&T

The information contained herein has been obtained from sources that we believe to be reliable and accurate, but we do not guarantee its accuracy or completeness. BB&T Capital Markets is a division of BB&T Securities, LLC, member FINRA/SIPC. BB&T Securities, LLC, is a wholly owned nonbank subsidiary of BB&T Corporation. Securities or insurance products and annuities sold, offered or recommended are not a deposit, not FDIC insured, not guaranteed by a bank, not guaranteed by any federal government agency and may go down in value. © 2019, Branch Banking and Trust Company. All rights reserved. Connect with us on