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: 10/14/2019 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. 19.61 1,155 2,599 32.7% 2.0 2.2 1.8 6.5 7.1 5.5 Atlas Air Worldwide Holdings, Inc. 21.80 564 3,432 19.2% 1.3 1.2 1.2 6.6 6.5 6.6 C.H. Robinson Worldwide, Inc. 85.25 11,541 12,710 6.4% 0.8 0.8 0.8 13.3 12.3 12.9 Cargojet Inc. 71.52 961 1,467 26.3% 3.4 4.1 3.8 14.0 15.4 12.0 Echo Global Logistics, Inc. 22.37 610 787 3.2% 0.3 0.3 0.4 9.6 10.7 9.1 Expeditors International of Washington, Inc. 74.37 12,696 11,992 10.2% 1.4 1.4 1.4 13.0 14.1 13.8 FedEx Corporation 145.54 37,973 68,378 7.1% 0.8 1.0 1.0 6.6 13.9 8.8 Forward Air Corporation 62.25 1,762 1,955 11.8% 1.3 1.4 1.4 10.4 12.2 11.2 Hub Group, Inc. 47.25 1,610 1,798 6.9% 0.3 0.5 0.5 6.2 6.9 6.7 Radiant Logistics, Inc. 5.32 264 296 4.3% 0.3 0.3 0.3 8.5 7.6 6.7 Ryder System, Inc. 50.47 2,692 10,481 24.5% 1.1 1.2 1.2 4.6 4.8 4.7 United Parcel Service, Inc. 116.02 99,560 120,683 10.5% 1.5 1.7 1.6 10.3 15.9 10.9 XPO Logistics, Inc. 74.04 6,825 14,401 9.2% 0.7 0.8 0.8 7.8 9.2 8.3 Median 62.25 1,762 3,432 10.2% 1.1 1.2 1.2 8.5 10.7 8.8 Less Than Truck Load (LTL) ArcBest Corporation 28.81 735 791 7.2% 0.3 0.3 0.3 4.0 3.6 3.9 Old Dominion Freight Line, Inc. 171.00 13,681 13,566 26.7% 2.5 3.3 3.2 10.4 12.3 11.9 Roadrunner Transportation Systems, Inc. 9.96 375 763 -0.4% 0.2 0.4 0.5 57.1 NM 14.7 Saia, Inc. 95.56 2,452 2,704 15.3% 1.0 1.6 1.5 6.7 10.3 9.1 YRC Worldwide Inc. 3.58 130 1,222 4.1% 0.2 0.2 0.2 3.2 6.0 5.2 Median 28.81 735 1,222 7.2% 0.3 0.4 0.5 6.7 8.2 9.1 Marine Freight Algoma Central Corporation 10.28 392 684 19.8% 1.5 1.7 1.5 6.8 8.1 5.4 Costamare Inc. 6.60 775 2,390 60.1% 4.0 5.6 5.2 6.6 8.9 8.0 Diana Shipping Inc. 3.44 320 693 36.6% 3.6 2.9 3.2 7.3 7.9 8.1 Eagle Bulk Shipping Inc. 4.61 354 672 18.5% 1.9 2.2 2.8 9.3 12.0 7.7 Genco Shipping & Trading Limited 10.37 432 778 22.7% 2.2 2.0 3.0 7.0 9.0 6.5 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 4 | Transportation As of: 10/14/2019 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 Kirby Corporation 80.37 4,814 6,556 17.3% 1.8 2.2 2.3 11.6 12.9 12.4 Logistec Corporation 28.85 365 576 9.3% 1.3 1.2 NM 9.9 11.5 NM Matson, Inc. 36.79 1,577 2,644 9.3% 1.0 1.2 1.2 8.7 11.2 9.0 Navios Maritime Holdings Inc. 5.45 68 2,368 37.4% 3.1 4.3 NM 10.3 18.9 NM Pangaea Logistics Solutions, Ltd. 3.22 143 351 13.5% 0.9 1.0 0.9 6.2 7.2 6.7 SEACOR Holdings Inc. 47.38 1,021 1,479 17.4% 1.3 1.8 1.7 6.6 10.4 11.4 Seaspan Corporation 11.17 2,404 6,657 63.7% 5.2 5.8 5.9 8.6 9.1 9.6 Median 10.32 412 1,129 19.2% 1.9 2.1 2.5 7.9 9.7 8.0 Rail Freight Canadian National Railway Company 87.14 62,574 73,027 50.2% 6.2 6.4 6.1 12.4 12.8 12.2 Canadian Pacific Railway Limited 216.63 30,020 36,753 53.2% 6.1 6.3 6.0 11.8 11.9 11.8 CSX Corporation 69.05 55,114 69,724 51.8% 5.4 5.6 5.7 10.6 10.8 11.0 Genesee & Wyoming Inc. 110.69 6,308 9,321 29.1% 2.9 4.0 3.9 9.4 13.9 12.7 Kansas City Southern 133.50 13,338 16,456 48.3% 4.7 5.9 5.6 9.7 12.2 11.2 Norfolk Southern Corporation 178.50 47,018 59,087 45.8% 4.6 5.1 5.1 10.2 11.1 10.9 Union Pacific Corporation 161.39 113,704 139,901 48.2% 5.4 6.2 6.2 11.4 12.8 12.0 Median 133.50 47,018 59,087 48.3% 5.4 5.9 5.7 10.6 12.2 11.8 Truck Load (TL) Covenant Transportation Group, Inc. 15.85 293 587 14.0% 0.7 0.6 0.7 4.2 4.1 5.5 Daseke, Inc. 2.76 178 985 9.1% 0.7 0.5 0.6 6.4 6.0 6.0 ENTREC Corporation 0.06 6 202 10.5% 1.0 1.5 NM 12.6 14.1 NM Heartland Express, Inc. 21.64 1,774 1,568 29.7% 2.2 2.7 2.4 9.0 9.1 7.3 J.B. Hunt Transport Services, Inc. 110.35 11,782 13,271 12.9% 1.4 1.5 1.4 9.9 11.6 9.6 Knight-Swift Transportation Holdings Inc. 36.12 6,159 7,238 19.3% 1.0 1.4 1.4 5.8 7.2 7.7 Landstar System, Inc. 114.03 4,519 4,385 8.5% 0.9 1.0 1.1 10.7 11.6 12.2 Marten Transport, Ltd. 21.21 1,159 1,077 19.7% 1.1 1.3 1.3 5.7 6.7 6.2 Mullen Group Ltd. 5.89 618 1,023 15.0% 1.4 1.0 1.0 9.9 6.7 6.3 P.A.M. Transportation Services, Inc. 64.98 374 573 18.8% 0.8 1.1 1.1 5.5 5.6 5.7 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 5 | Transportation As of: 10/14/2019 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 Patriot Transportation Holding, Inc.