Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited

TRUCKING & LOGISTICS INDUSTRY UPDATEQ1 2019

0.6x

0.7x

0.8x

0.9x

1.0x

1.1x

1.2x

1.3x

1.4x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

TEV/EBITDA Historical TEV/EBITDA TEV/Revenue Historical TEV/Revenue

TRUCKING & LOGISTICS INDUSTRY UPDATE

KEY TAKEAWAYSTrucking company valuations and earnings are highly cyclical due to the nature of the industry and general macroeconomic factors as well as specific business characteristics; cycle timing is critical to maximize transaction value

Understanding and appropriately communicating the Company’s unique business mix is critical to a successful process and maximization of value

Industry valuations have remained steadfast over the past two years and there continues to be significant industry tailwinds indicating strong 2019 projections

Bridgepoint Investment Banking advises trucking company owners seeking liquidity or growth financing that timing is attractive to consider exploring monetization, financing and other strategic options

bridgepointib.com

Note: Composite composed of selected public comparables as listed on page 3.Source: Bridgepoint Investment Banking, Capital IQ, IBISWorldBridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC

Q1 2019BRIDGEPOINT INSIGHTS

Trucking company median valuation multiples are currently at 6.4x, up 39.1% from the most recent cycle trough of 4.6x in January 2016

According to ATA Chief Economist Bob Costello, we are currently in one of the best, if not the best, truck freight markets we have ever seen. This has caused demand to outpace the ability of trucking companies to find drivers

The level of for-hire freight shipments as measured by the Transportation Services Index was up 3.2% from January 2018 showing growing demand for freight service

The ATA tonnage index rose 2.2% in January 2019 to 114.4 from December’s 111.9 level

EXECUTIVE SUMMARY

Industry In Late Stages of a Strong Valuation Cycle

Trucking & Logistics Valuation Cycle

TEV

/ LT

M E

BITD

ATEV

/ LTM REV

ENUE

Total

Source: Bridgepoint Investment Banking, Capital IQ, Bank of America Merrill Lynch

TRUCKING & LOGISTICS INDUSTRY UPDATE

bridgepointib.comQ1 2019

BRIDGEPOINT INSIGHTS

Transportation Services Index

ATA Tonnage Index LTM (2015 = 100, SA)

116.1

109.4

111.6 111.2

110.1

113.0113.8

112.8

115.0

112.7

111.8

118.4118.9

111.9

114.4

104.0

106.0

108.0

110.0

112.0

114.0

116.0

118.0

120.0

Key Business ConsiderationsSource: U.S. Bureau of Transportation Statistics Source: American Trucking Association

ELDs represents a real value-add for companies that have successfully transitioned and historically utilized electronic logs

Electronic Logging Device Mandate in Effect – Truck Capacity Beginning to

Increase

Investing in their fleet is one strategy trucking firms can use to differentiate themselves and effectively recruit talent in this tight labor market

Record New Class 8 Truck Orders to Combat Tight Capacity and Add to

Driver Satisfaction

Drive synergistic value through complementary or diversifying service offerings and / or economies of scale through consolidation

Operators Looking to Diversify Revenue Base with

Asset Light Offerings

As businesses increase investments, demand in the transportation and logistics industry will increase

Corporate Tax Overhaul Significantly Increases Book and Cash Earnings

Facilitating effective loading and unloading will allow drivers to spend more time on the road and increase capacity

Driver Pay Expected to Continue to Follow Rates

Economic growth and more goods ordered online by consumers have contributed to the heightened freight volume and driving high freight costs

Solid Freight Volume and Lack of Capacity Driving Capital Expenditures

Industry-wide driver shortage heightens focus on quality of drivers, driver retention rates and safety history

Increased Costs due to New Engine Technology and Maintenance

Complexity

KEY TRUCKING & LOGISTICS TRENDS VALUATION CONSIDERATIONS

2

80

90

100

110

120

130

140

Source: Bridgepoint Investment Banking, Capital IQ

Selected Recent Industry Transactions

Selected Public Comparables

TRUCKING & LOGISTICS INDUSTRY UPDATE

bridgepointib.comQ1 2019

BRIDGEPOINT INSIGHTS

3

($ in millions, except per share data) 3/1/2019 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT

Company Name Country Share Price Value Value LTM LTM LTM LTM

ArcBest Corporation United States $35.24 $891.2 $885.9 13.9x 0.29x 3.8x 7.0x

Covenant Transportation Group, Inc. United States $23.11 $418.5 $634.5 9.9x 0.72x 4.5x 9.5x

Heartland Express, Inc. United States $20.22 $1,646.1 $1,484.6 22.8x 2.43x 8.9x 22.9x

J.B. Hunt Transport Services, Inc. United States $107.94 $11,707.9 $12,854.2 24.3x 1.49x 11.5x 18.9x

Knight-Swift Transportation Holdings Inc. United States $34.04 $5,830.3 $6,678.7 14.3x 1.25x 6.7x 11.7x

Landstar System, Inc. United States $108.88 $4,359.9 $4,306.2 17.6x 0.93x 11.5x 13.0x

Marten Transport, Ltd. United States $18.77 $1,015.8 $959.0 18.7x 1.22x 6.3x 15.2x

Old Dominion Freight Line, Inc. United States $152.25 $12,234.5 $12,089.2 20.4x 2.99x 11.6x 14.8x

P.A.M. Transportation Services, Inc. United States $48.72 $302.6 $486.6 13.0x 0.91x 5.5x 12.1x

Patriot Transportation Holding, Inc. United States $18.51 $61.6 $41.4 25.5x 0.36x 4.3x 66.8x

Roadrunner Transportation Systems, Inc. United States $0.46 $16.5 $534.6 NM 0.24x NM NM

Saia, Inc. United States $67.05 $1,694.7 $1,815.4 16.6x 1.10x 7.5x 12.9x

Schneider National, Inc. United States $21.97 $3,875.1 $3,856.4 14.4x 0.77x 5.7x 10.1x

TFI International Inc. Canada $31.63 $2,628.6 $3,750.5 11.0x 1.01x 7.8x 12.9x

Universal Logistics Holdings, Inc. United States $22.15 $628.4 $1,013.8 12.0x 0.69x 7.4x 12.1x

USA Truck, Inc. United States $17.19 $139.5 $299.0 11.5x 0.56x 6.3x 15.8x

Werner Enterprises, Inc. United States $34.64 $2,432.4 $2,523.4 14.8x 1.03x 5.5x 10.7x

XPO Logistics, Inc. United States $50.81 $5,498.0 $9,782.0 17.5x 0.57x 6.5x 12.3x

YRC Worldwide Inc. United States $7.92 $259.6 $906.9 12.8x 0.18x 3.4x 7.5x

Total

P / E TEV / Revenue TEV / EBITDA TEV / EBIT

High 25.5x 2.99x 11.6x 66.8x

Mean 16.2x 0.99x 6.9x 15.9x

Median 14.6x 0.91x 6.4x 12.6x

Low 9.9x 0.18x 3.4x 7.5x

Sub-$1bn TEV

P / E TEV / Revenue TEV / EBITDA TEV / EBIT

High 18.7x 1.22x 7.4x 15.8x

Mean 13.1x 0.65x 5.3x 11.3x

Median 12.8x 0.69x 5.5x 12.1x

Low 9.9x 0.18x 3.4x 7.0x

($ in millions)

Date TEV TEV / LTMAnnounced Target Acquiror ($mm) Sales EBITDA

01/11/2019 Morris Transport, LLC Alpine 4 Technologies Ltd. (OTCPK:ALPP) $6.6 - -

01/10/2019 Sheehy Mail Contractors, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $5.6 - -

01/09/2019 All Assets of Joseph Cory Warehouses J.B. Hunt Transport, Inc. $100.0 - -

12/20/2018 Ursa Major Corporation EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $2.0 - -

12/20/2018 W.E. Graham, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $0.5 - -

12/07/2018 Deco Logistics, Inc Mason Dixon Intermodal, Inc. $60.0 1.1x -11/05/2018 CaseStack, Inc. Hub Group, Inc. (NasdaqGS:HUBG) $255.0 1.1x 11.6x10/25/2018 J & B Services, Inc. Milan Supply Chain Solutions $6.4 - -10/24/2018 Martin Transport, Inc. Martin Operating Partnership L.P. $145.0 - -10/18/2018 Davis Transfer Company Inc USA Truck, Inc. (NasdaqGS:USAK) $53.0 1.1x -10/18/2018 American Fast Freight, Inc. Odyssey Logistics & Technology Corporation $465.0 - -08/10/2018 Southern Counties Express, Inc Mason Dixon Intermodal, Inc. $65.0 - -08/08/2018 Capstan Hauling Ltd. ENTREC Corporation (TSX:ENT) $10.5 - -07/25/2018 Dacota Freight Services Ltd. Hi-Way 9 Group of Companies $1.8 - -06/27/2018 Prime EFS LLC Transportation and Logistics Systems, Inc. (OTCPK:TLSS) $0.5 0.1x -

06/07/2018 Thunder Ridge Transport, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $3.0 - -

02/07/2018 Marshall Trucking Inc. Mullen Trucking Corp. $7.8 - -02/02/2018 Fore Transportation, Inc. Universal Logistics Holdings, Inc. (NasdaqGS:ULH) $34.9 1.1x -12/07/2017 Keen Transport, Inc. Wallenius Wilhelmsen ASA (OB:WALWIL) $64.0 0.8x 6.4x11/01/2017 Indiana Transport, Inc. Patrick Industries, Inc. (NasdaqGS:PATK) $59.0 - -

09/05/2017 RDK Transportation Co. Inc. Mullen Group Ltd. (TSX:MTL) $10.9 - -08/31/2017 Milgram & Company Ltd. C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW) $49.5 0.4x -07/18/2017 Commodity Forwarders Inc. Kuehne + Nagel International AG (SWX:KNIN) $94.4 0.5x -07/06/2017 Interstate Distributor Co., Inc. Heartland Express, Inc. (NasdaqGS:HTLD) $113.0 0.3x -06/16/2017 Owen Logistics, LLC AlumiFuel Power Corporation (OTCPK:AFPW) $0.1 - -06/15/2017 Big Red L.T.L. Transport, Inc. Bulova Technologies Group, Inc. (OTCPK:BTGI) $1.2 - -05/25/2017 Hub Group Dedicated Hub Group Trucking, Inc. $285.0 1.1x -04/10/2017 Swift Transportation Company Knight-Swift Transportation Holdings Inc. (NYSE:KNX) - - -03/02/2017 David Oppenheimer Transport, Inc. Grandview Brokerage Limited $15.7 - -02/08/2017 Kel-West Carriers Ltd. Payne Transportation Ltd. $2.8 - -

High 1.1x 11.6x

Mean 0.7x 9.0xMedian 0.9x 9.0x

Low 0.1x 6.4x

Moon Graph

Complete Nutrition Competitor Comparison

CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV / EBITDATierValueMoon

Complete Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00

FitLife Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75

Pacifichealth Laboratories Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50

Creative Edge Nutrition, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25

Culture Medium Holdings Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00

Inergetics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

MYOS Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Avidus Management Group Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Strike Axe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Naturade, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

RBC Life Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Health Sciences Group, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Mannatech, Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Reliv International, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Muscle Pharm Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Natural Alternatives International Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

GNC Holdings Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

LifeQuest World Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ForU Holdings, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutroganics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ChromaDex Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Vitamin Shoppe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Blyth, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutraceutical International Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Integrated Biopharma Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

USANA Health Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Medifast Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Boulder Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Herbalife Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Omega Protein Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

&R&G

Public Trading Comps

McCoy National Leasing

Selected Public Trading Comparables

($ in millions, except per share data)3/1/19EquityEnterpriseP / ETEV / RevenueTEV / EBITDATEV / EBIT

TickerCompany NameCountryShare PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM

arcbArcBest CorporationUnited States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x

CVTICovenant Transportation Group, Inc.United States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x

HTLDHeartland Express, Inc.United States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x

JBHTJ.B. Hunt Transport Services, Inc.United States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x

knxKnight-Swift Transportation Holdings Inc.United States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x

LSTRLandstar System, Inc.United States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x

MRTNMarten Transport, Ltd.United States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x

ODFLOld Dominion Freight Line, Inc.United States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x

PTSIP.A.M. Transportation Services, Inc.United States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x

NasdaqGS:PATIPatriot Transportation Holding, Inc.United States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x

RRTSRoadrunner Transportation Systems, Inc.United States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM

SAIASaia, Inc.United States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x

sndrSchneider National, Inc.United States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x

TSX:TFIITFI International Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x

ULHUniversal Logistics Holdings, Inc.United States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x

USAKUSA Truck, Inc.United States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x

WERNWerner Enterprises, Inc.United States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x

XPOXPO Logistics, Inc.United States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x

YRCWYRC Worldwide Inc.United States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x

Total

P / ETEV / RevenueTEV / EBITDATEV / EBIT

High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x

Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x

Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x

Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x

Sub-$1bn TEV

P / ETEV / RevenueTEV / EBITDATEV / EBIT

High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x

Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x

Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x

Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x

Source: Capital IQ, Bridgepoint Investment Banking

Moon Graph

Complete Nutrition Competitor Comparison

CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV / EBITDATierValueMoon

Complete Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00

FitLife Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75

Pacifichealth Laboratories Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50

Creative Edge Nutrition, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25

Culture Medium Holdings Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00

Inergetics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

MYOS Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Avidus Management Group Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Strike Axe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Naturade, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

RBC Life Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Health Sciences Group, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Mannatech, Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Reliv International, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Muscle Pharm Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Natural Alternatives International Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

GNC Holdings Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

LifeQuest World Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ForU Holdings, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutroganics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ChromaDex Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Vitamin Shoppe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Blyth, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutraceutical International Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Integrated Biopharma Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

USANA Health Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Medifast Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Boulder Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Herbalife Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Omega Protein Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

&R&G

Public Trading Comps

McCoy National Leasing

Selected Public Trading Comparables

($ in millions, except per share data)3/1/19EquityEnterpriseP / ETEV / RevenueTEV / EBITDATEV / EBIT

TickerCompany NameCountryShare PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM

arcbArcBest CorporationUnited States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x

CVTICovenant Transportation Group, Inc.United States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x

HTLDHeartland Express, Inc.United States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x

JBHTJ.B. Hunt Transport Services, Inc.United States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x

knxKnight-Swift Transportation Holdings Inc.United States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x

LSTRLandstar System, Inc.United States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x

MRTNMarten Transport, Ltd.United States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x

ODFLOld Dominion Freight Line, Inc.United States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x

PTSIP.A.M. Transportation Services, Inc.United States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x

NasdaqGS:PATIPatriot Transportation Holding, Inc.United States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x

RRTSRoadrunner Transportation Systems, Inc.United States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM

SAIASaia, Inc.United States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x

sndrSchneider National, Inc.United States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x

TSX:TFIITFI International Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x

ULHUniversal Logistics Holdings, Inc.United States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x

USAKUSA Truck, Inc.United States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x

WERNWerner Enterprises, Inc.United States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x

XPOXPO Logistics, Inc.United States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x

YRCWYRC Worldwide Inc.United States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x

Total

P / ETEV / RevenueTEV / EBITDATEV / EBIT

High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x

Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x

Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x

Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x

Sub-$1bn TEV

P / ETEV / RevenueTEV / EBITDATEV / EBIT

High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x

Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x

Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x

Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x

Source: Capital IQ, Bridgepoint Investment Banking

Not DisclosedM&A advisory

Sole Financial Advisor

USD 250 millionSenior notes offering

Joint Bookrunner

USD60 millionGlobal financing

Sole Financing Arranger

Has been acquired by

Sole Financial Advisor

Has Been Acquired by

Sole Financial Advisor

USD 99 millionInitial public offering

Joint Bookrunner

Buy-side advisory onacquisition of European

automotive supplier

Financial Advisor

Not DisclosedBuy-side Advisor on acquisition of Bank of Nebraska

Has been acquired by

Sole Financial Advisor

Not DisclosedUni-tranche financing for dividend recapitalization

Sole Financial Arranger

SENIOR LEADERSHIP

DENVER OFFICE140 Hurd Lane

Avon, CO 81620877.315.2931

LINCOLN OFFICE816 P Street, Suite 200

Lincoln, NE 68508402.817.7900

DES MOINES OFFICE666 Walnut Street, Suite 1720

Des Moines, IA 50309515.325.7615

OMAHA OFFICE450 Regency Parkway, Suite 300

Omaha, NE 68114402.817.7901

Wm. Lee MerrittManaging Director

Gary GroteManaging Director

Mike AndersonManaging Director

Natasha PloosterCOO

Subhash MarineniVice President

Matt PloosterManaging Director

bridgepointib.comIn order to offer securities-related Investment Banking Services discussed herein, to include M&A and institutional capital raising, certain representatives of Bridgepoint Investment Banking are registered representatives of M&A Securities Group, Inc., an unaffiliated broker-dealer and member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited.

SELECTED BRIDGEPOINT TRANSACTION EXPERIENCE

Sector-focused trucking, transportation and vehicular boutique investment bank focused on the middle marketDeep sector experience, completing more than $50 billion of transactions in the trucking, transportation and vehicle spaceMember of numerous state and national trucking associationsFull-service investment banking capabilities spanning sell-side M&A, buy-side M&A and a market-leading leveraged finance practiceTenacious, creative and results-oriented boutique investment bank focused on impact and value creation for the companies we serveConfidential, independent and unconflicted capital solutions and strategic advice

EXECUTIVE SUMMARYSECTORS

TRUCKING & LOGISTICS INDUSTRY UPDATEQ1 2019

Adam ClaypoolManaging Director

Joe LissManaging Director

BUSINESS SERVICES

ENERGY

HEALTHCARE

INDUSTRIALS

SOFTWARE & TECHNOLOGY

CONSUMER & RETAIL

USD60 millionGlobal financing

Sole Financing Arranger

FINANCIAL SERVICES

IMPACT

REAL ESTATE

TRUCKING & TRANSPORTATION

4

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