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 | Transportation As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Air Freight and Logistics Air Transport Services Group, Inc. 18.28 1,080 2,572 30.0% 2.0 1.8 1.7 6.5 5.8 5.3 Atlas Air Worldwide Holdings, Inc. 25.67 666 3,478 17.6% 1.3 1.3 1.2 6.6 5.2 6.2 C.H. Robinson Worldwide, Inc. 66.20 8,695 9,803 5.7% 0.8 0.6 0.6 13.3 10.3 12.8 Cargojet Inc. 71.35 1,103 1,549 26.6% 3.4 4.5 4.2 14.0 15.9 12.7 Echo Global Logistics, Inc. 17.08 458 617 2.6% 0.3 0.3 0.3 9.6 9.9 8.6 Expeditors International of Washington, Inc. 66.72 11,208 10,372 10.0% 1.4 1.3 1.3 13.0 11.2 13.0 FedEx Corporation 121.26 31,679 63,355 5.8% 0.8 0.9 0.9 6.6 6.4 9.3 Forward Air Corporation 50.65 1,425 1,586 11.4% 1.3 1.1 1.0 10.4 2.6 9.1 Hub Group, Inc. 45.47 1,557 1,712 7.3% 0.3 0.5 0.5 6.2 6.1 6.3 Radiant Logistics, Inc. 3.87 192 238 4.4% 0.3 0.3 0.3 8.5 6.0 6.8 Ryder System, Inc. 26.44 1,381 9,456 24.3% 1.1 1.1 1.1 4.6 4.2 4.1 United Parcel Service, Inc. 93.42 80,196 102,650 10.7% 1.5 1.4 1.4 10.3 10.4 9.9 XPO Logistics, Inc. 48.75 4,502 11,854 9.7% 0.7 0.7 0.7 7.8 4.7 6.7 Median 48.75 1,425 3,478 10.0% 1.1 1.1 1.0 8.5 6.1 8.6 Less Than Truck Load (LTL) ArcBest Corporation 17.52 444 522 6.3% 0.3 0.2 0.2 4.0 2.4 2.9 Old Dominion Freight Line, Inc. 131.26 15,692 15,400 26.1% 2.5 3.7 3.6 10.4 14.2 13.6 Saia, Inc. 73.54 1,899 2,140 15.2% 1.0 1.2 1.1 6.7 7.1 7.0 YRC Worldwide Inc. 1.68 61 1,184 3.3% 0.2 0.2 0.2 3.2 3.4 6.8 Median 45.53 1,171 1,662 10.7% 0.6 0.7 0.7 5.4 5.3 6.9 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 4 | Transportation As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Marine Freight Algoma Central Corporation 6.40 242 465 22.5% 1.5 1.2 1.1 6.8 5.6 4.2 Costamare Inc. 4.52 541 1,947 65.2% 4.0 4.1 3.8 6.6 6.0 5.5 Diana Shipping Inc. 1.48 126 494 38.0% 3.6 2.2 2.7 7.3 6.0 7.9 Eagle Bulk Shipping Inc. 1.85 142 556 13.3% 1.9 1.9 2.4 9.3 7.8 6.6 Genco Shipping & Trading Limited 6.42 268 606 17.1% 2.2 1.6 2.7 7.0 7.2 6.2 Kirby Corporation 43.47 2,608 4,122 16.3% 1.8 1.5 1.6 11.6 7.7 8.4 Logistec Corporation 17.78 231 406 11.0% 1.3 0.9 NM 9.9 6.3 NM Matson, Inc. 30.62 1,318 2,520 9.6% 1.0 1.1 1.1 8.7 8.1 9.0 Navios Maritime Holdings Inc. 2.31 29 1,825 40.7% 3.1 3.8 NM 10.3 5.9 NM Pangaea Logistics Solutions, Ltd. 2.00 90 289 12.4% 0.9 0.7 0.8 6.2 5.7 6.1 SEACOR Holdings Inc. 26.96 544 918 13.9% 1.3 1.1 1.1 6.6 6.7 8.0 Median 6.40 242 606 16.3% 1.8 1.5 1.6 7.3 6.3 6.6 Rail Freight Canadian National Railway Company 77.63 55,271 65,312 50.3% 6.2 6.2 6.1 12.4 11.9 12.5 Canadian Pacific Railway Limited 219.09 29,961 36,295 53.5% 6.1 6.6 6.3 11.8 12.0 12.5 CSX Corporation 57.30 44,162 59,011 52.7% 5.4 4.9 5.1 10.6 8.7 9.6 Kansas City Southern 127.18 12,228 15,786 50.4% 4.7 5.5 5.3 9.7 10.8 10.2 Norfolk Southern Corporation 146.00 37,537 49,971 46.0% 4.6 4.4 4.5 10.2 9.1 9.4 Union Pacific Corporation 141.04 97,354 123,496 49.9% 5.4 5.7 5.7 11.4 11.1 11.1 Median 134.11 40,850 54,491 50.3% 5.4 5.6 5.5 11.0 10.9 10.7 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 5 | Transportation As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Truck Load (TL) Covenant Transportation Group, Inc. 8.67 161 465 10.8% 0.7 0.5 0.5 4.2 3.6 4.8 Daseke, Inc. 1.40 90 858 9.0% 0.7 0.5 0.5 6.4 4.4 5.2 ENTREC Corporation 0.02 2 177 11.9% 1.0 1.4 NM 12.6 9.2 14.6 Heartland Express, Inc. 18.57 1,524 1,447 27.5% 2.2 2.4 2.2 9.0 8.8 7.5 J.B. Hunt Transport Services, Inc. 92.23 9,800 11,186 13.3% 1.4 1.2 1.1 9.9 8.6 8.3 Knight-Swift Transportation Holdings Inc. 32.80 5,569 6,506 18.5% 1.0 1.3 1.4 5.8 6.4 7.1 Landstar System, Inc. 95.86 3,785 3,602 8.4% 0.9 0.9 0.9 10.7 10.5 11.1 Marten Transport, Ltd. 20.52 1,125 1,095 19.1% 1.1 1.3 1.3 5.7 6.6 6.0 Mullen Group Ltd. 2.89 303 683 14.8% 1.4 0.8 0.8 9.9 4.7 5.5 P.A.M. Transportation Services, Inc. 30.75 177 398 13.4% 0.8 0.8 0.8 5.5 1.7 3.9 Patriot Transportation Holding, Inc. 9.25 31 16 7.6% 0.4 0.1 NM 4.7 2.0 NM Schneider National, Inc. 19.34 3,426 3,270 13.5% 0.7 0.7 0.7 5.1 4.8 5.5 TFI International Inc.