INDUSTRY UPDATE | Spring 2020

Dear Clients and Friends,

Houlihan Lokey is pleased to present its Transportation and Logistics Spring 2020 Industry Update. As the COVID-19 curve begins to flatten, national and local governments ease restrictions and economies start to open at different rates around the globe, the outlook for subsectors within the transportation and logistics industry is varied. Coupled with unprecedented turmoil in energy markets, uncertainty is likely to persist until the duration and overall impact of recent events can be determined.

We have included in this newsletter important news stories, transaction announcements, a public markets overview, and industry insights to help you stay ahead in our dynamic and constantly evolving industry. As the market environment has shifted in light of COVID-19, so too have our conversations with clients. A pre-crisis focus on sellside M&A has given way to discussions regarding debt capital markets, liquidity preservation, and opportunistic buyside M&A strategies.We hope this quarterly update serves as a valuable resource to you in staying abreast of the market, and we look forward to staying in touch with you.

Regards,

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Houlihan Lokey Transportation and Logistics Update

Kris HopkinsDirectorHead of Transportationand LogisticsKHopkins@HL.comO: 212.497.7856M: 617.784.7934

Phil Keffer, CFAVice PresidentTransportation and LogisticsPKeffer@HL.comO: 212.497.7851M: 973.224.3476

Additional Contacts

Jason WeisbaumAssociate

JWeisbaum@HL.com212.497.4265

Coleman KraemerFinancial AnalystCKraemer@HL.com646.259.7448

Matt GlaswandAssociateMGlaswand@HL.com212.497.4158

Yash SrivastavFinancial AnalystYSrivastav@HL.com212.497.7863

Houlihan Lokey245 Park Avenue, 20th Floor New York, NY 10167

Industry Subsectors Covered

Tech-Enabled Services

Rail and Related Services

Helicopter Operators and Other Aviation

Passenger Transportation

Transportation Equipment Leasing

Marine Services and Transportation

Asset-Based Trucking

Asset-Light/Third-Party Logistics

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Houlihan Lokey is the trusted advisor to more top decision makers than any other independent global investment bank.

Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.

Corporate Finance Financial RestructuringFinancial and Valuation Advisory

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Top 10 Global M&A Advisor

Leading Capital Markets Advisor

No. 1 Global M&A Fairness Opinion Advisor Over the Past 20 Years

1,000+ Annual Valuation Engagements

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1,000+ Transactions Completed Valued at More Than$2.5 Trillion Collectively

Selected Transactions

2019 M&A Advisory Rankings All U.S. Transactions

Adv isor Deals

1 Houlihan Lokey 184

2 Goldman Sachs & Co 167

3 JP Morgan 141

4 Morgan Stanley 122

5 Evercore Partners 112Source: Refinitiv (formerly known as Thomson Reuters)

2000 to 2019 Global M&A Fairness Advisory Rankings

Adv isor Deals

1 Houlihan Lokey 1,057

2 JP Morgan 929

3 Duff & Phelps 734

4 Morgan Stanley 621

5 Bank of America Merrill Lynch 612Refinitiv (formerly known as Thomson Reuters). Announced or completed transactions.

has been acquired by

Sellside Advisor

has confirmed a Chapter 11 Plan of Reorganization, restructuring $700 million of debt and raising $225 million of new debt and up to $75 million of new equity

Company Advisor

has sold substantially all of its assets for $650 million, pursuant to a court-approved sale to

and secured lenders of certain debt facilities pursuant to Section 363(k) of the US Bankruptcy Code

Company Advisor

a portfolio company of

has acquired

Buyside Advisor

a joint venture of

Sellside Advisor

has been acquired by

has divested its subsidiary

Sellside Advisor

has merged with

each a portfolio company of

Fairness Opinion

has been acquired by affiliates of Solus Alternative Asset Management through an in-court asset sale pursuant to Section 363 of the Bankruptcy Code

Company Advisor

has acquired

Buyside Advisor

has confirmed a Chapter 11 Plan of Reorganization, raising $225 million pre- and post-petition financing and $385 million of equity via rights offering

Company Advisor

has completed a restructuring through English schemes of arrangement, a U.S. Chapter 15 filing and Canadian CCAA

Creditor Advisor

Series A Senior Secured Notes

Growth Capital

$50,000,000

Exclusive Financial Advisor & Placement Agent

2019 Global Distressed Debt & BankruptcyRestructuring Rankings

Advisor Deals

1 Houlihan Lokey 76

2 PJT Partners Inc 43

3 Moelis & Co 36

4 Lazard 29

5 AlixPartners 19Source: Refinitiv (formerly known as Thomson Reuters)

LOGISTICSDivided Supply Chains Are Challenging Producers, Retailers(The Wall Street Journal, April 15, 2020)“Experts say there is plenty of toilet paper and food in the U.S. But rerouting goods to consumers that were produced at industrial scale—big toilet paper rolls for college dormitories or yogurt bound for factories that churn out breakfast parfaits—involves more than a phone call or quick email exchange. … Wholesalers that sell to both retail and food-service customers can try and leverage existing relationships with grocers to offload some bulk products. But stores configured to sell consumer-size goods may not have space to store and display hefty sacks of rice and giant jars of mayonnaise.” (Link to article)

Online Grocers Are Getting a Preview of Their Future(The Wall Street Journal, March 27, 2020)“Since the pandemic began, the websites of major food retailers have been as inundated as their physical stores. … The number of U.S. households ordering groceries online roughly doubled this month to 40 million compared with levels recorded in August 2019, data released Thursday by consulting firm Brick Meets Click shows. Although supermarkets have invested heavily in their online businesses in recent years, they are not ready for current levels of demand. Infrastructure is still immature globally: 7.6% of groceries in the U.K. were bought over the web before the outbreak, while in Spain just 2.4% of sales have moved online, according to Kantar data. The U.S. has around 3.1% penetration.” (Link to article)

Costco Acquires Last-Mile Specialist Innovel for $1 Billion(Supermarket News, March 17, 2020)“Boosting its last-mile capabilities, Costco Wholesale Corp. has bought third-party delivery and logistics provider Innovel Solutions for $1 billion in cash. … Innovel has for decades provided Sears with ‘final mile’ delivery of big and bulky products, along with installation and ‘white glove’ support services, across the United States and Puerto Rico. More recently, Innovel has begun serving other customers, including Costco since 2015. Products delivered and serviced by Innovel include major appliances, furniture, mattresses, televisions, grills, patio, fitness equipment and wine cellars.” (Link to article)

CRST Buys New Jersey-Based Final-Mile Logistics Company NAL Group(Transport Topics, March 3, 2020)“CRST International on March 2 announced it had acquired final-mile specialist NAL Group. Financial terms of the agreement were not made public. NAL Group is headquartered in Edison, N.J., and most of the company’s business is in warehousing services and final-mile delivery of big and bulky consumer durables, complex in-home installation and assembly services and express courier services.” (Link to article)

ASSET-BASED TRUCKINGFor America’s Small Truckers, Demand Is ‘Falling Off a Cliff’(The Wall Street Journal, April 21, 2020)“Sam Trucking is among thousands of small trucking companies that move the vast majority of the goods in U.S. freight markets. With light cash flow, limited reserves and uncertain access to credit, many of those carriers now are struggling under an upheaval in shipping markets created by lockdowns on economic activity meant to control the coronavirus pandemic. … Fleets of all sizes are getting hit by the downturn, and some big national trucking companies are slashing executive pay and pulling back spending.” (Link to article)

Significant News Stories

4

MARINEOil Traders Are Scrambling to Book Tankers for Storage(The Wall Street Journal, April 21, 2020)“The growing surplus of oil on world markets has traders racing to find supertankers to use for storage, pushing rates for the mammoth vessels sharply higher even as prices for crude continue to dive. … Robert HvideMacleod, chief executive of Norway-based Frontline Management AS, one of the world’s biggest tanker owners, said average daily freight rates for VLCCs are hovering at around $150,000, compared with average rates of about $10,000 a day in April 2019. … Daily freight rates are far above the average $25,000 daily break-even costs for VLCCs, but shipping executives say they expect the windfall won’t last long because crumbling oil prices will push producers to slash output in the coming months.” (Link to article)

Maersk Buying US Warehousing and Distribution Company(American Shipper, February 19, 2020)“A.P. Møller – Maersk said Wednesday it had agreed to buy U.S. warehousing and distribution firm Performance Team in a $545 million deal. … ‘With this acquisition we invest in premium operational capabilities to significantly boost our existing Warehousing and Distribution offering. This will strengthen our ability to deliver products and solutions that meet our customers’ end-to-end supply chain needs,’ Maersk Ocean and Logistics CEO Vincent Clerc said in a statement. … Maersk said it is targeting the Warehousing and Distribution component to offer more supply chain options and flexibility to its Ocean customers and noted that e-commerce in North America is growing at a rate of 12% annually.” (Link to article)

AUTOMOBILESAutomakers Will Need Months to Restart Factories(Transport Topics, April 15, 2020)“Automakers are anxious to get their assembly lines rolling again, especially since leaving factories idle is costing them billions of dollars by the week. But the experience many of them have had in China illustrates just how long a slog it’s going to be before plants are producing at anywhere near pre-shutdown levels. It took almost two months for most of China’s industry to return to some semblance of normalcy—and that was with the benefit of mobile apps the government installed on citizens’ cellphones to track their movements and potential exposure to COVID-19 infected people.” (Link to article)

TRANSPORTATION EQUIPMENT LEASINGStonepeak Infrastructure Partners to Acquire TRAC Intermodal(American Shipper, February 20, 2020)“Private equity firm Stonepeak Infrastructure Partners, which is based in New York City, has signed an agreement to acquire TRAC Intermodal from a Fortress Investment Group affiliate. Financial terms for the agreement, which is subject to customary closing conditions and regulatory approvals, were not disclosed. TRAC’s existing management team will remain to run the business, TRAC said on Feb. 18. Both parties will benefit from the acquisition, according to Princeton, New Jersey-based TRAC. Stonepeak’s support will enable TRAC to grow the company’s presence in North America. TRAC operates 180,000 marine chassis nationwide, with an operating footprint of over 650 locations. TRAC also has three subsidiaries: TRAC Tire Services, which supplies tires and parts; FYX, an emergency fleet roadside assistance offering; and TRAC Services, which provides maintenance, repair and depot services to intermodal and over-the-road customers.” (Link to article)

Significant News Stories (cont.)

5

AVIATION AND AIR CARGOFAA Issues Guidance for Cargo in Passenger Cabin(American Shipper, April 16, 2020)“The Federal Aviation Administration is giving airlines the greenlight to carry cargo in the passenger cabin to maximize efficiency and relaxing takeoff and landing quotas at congested airports. The agency on Thursday issued guidelines for commercial carriers to follow if they transport cargo in stowage bins, passenger seats or on the floor, with the seats removed. The safety alert essentially tells carriers they can carry shipments up top as long as they adhere to all regulatory requirements for the safe carriage of cargo. Passenger cabins are not designed for all-cargo configurations, but the rules allow goods to be carried there if all normal requirements for the safe carriage of cargo are followed.” (Link to article)

Crippled Airline Industry to Get $25 Billion Bailout, Part of It as Loans(The New York Times, April 14, 2020)“The Trump administration has reached an agreement in principle with major airlines over the terms of a $25 billion bailout to prop up an industry hobbled by the coronavirus pandemic. … The stimulus, passed late last month, largely incorporated the assistance that the industry had sought, including the $25 billion in payroll support and another $25 billion in loans for passenger airlines and more than $10 billion in grants and loans for cargo airlines and aviation contractors. But the aid came with some strings attached, including giving Mr. Mnuchin the authority to take an equity stake in airlines that receive the grants. Treasury officials determined that 70 percent of the grants to airlines would benefit taxpayers through payroll and income tax receipts and by reducing the unemployment insurance payments that the government would have paid to airline workers had they lost their jobs. The remaining 30 percent would not directly benefit taxpayers, and therefore would be repaid as a loan over a period of 10 years, a senior Treasury official said on Tuesday.” (Link to article)

TECH-ENABLED SERVICESLyft Launches ‘Essential Deliveries,’ but It’s Not an Uber Eats Competitor(Fast Company, April 15, 2020)“As demand for rides plummets during the coronavirus pandemic, Lyft says it’s now delivering food, medical supplies, and other necessities with a new pilot service called ‘Essential Deliveries.’ And, no, it’s currently not a clone of Uber Eats. Instead, Lyft is recruiting drivers to deliver ‘meals, groceries, life-sustaining medical supplies, hygiene products and home necessities’ for nonprofit groups, government agencies, and—Lyft wrote on its blog—’businesses and healthcare organizations.’ Lyft says the deliveries will be ‘contact-free,’ and it plans to pay drivers as if they were fulfilling standard rides.” (Link to article)

FourKites Buys Yard Management Suite From TrackX Solutions(Logistics Management, March 25, 2020)“Chicago-based FourKites, a provider of real-time tracking and visibility solutions across transportation modes and digital platforms, said today it has acquired the yard management service offerings from Denver-based TrackX Holdings Inc., an enterprise asset management company deploying SaaS-based solutions geared towards the tracking and managing of physical assets. A purchase price was not disclosed. FourKites officials said that this acquisition will enable it to develop a new supply chain visibility offering focused on extending real-time visibility into the yard, with TrackX’s Yard Management, Dock Management, and Gate Control solutions, which are the key components of the acquisition.” (Link to article)

Significant News Stories (cont.)

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Recent M&A TransactionsAnnounced

DateAcquirer Target Target

DescriptionTarget Sector

Transaction Value ($M)

Sources: S&P Capital IQ, Mergermarket

Apr-20 Prologis Logistics Facilities of Nippon Express

Four Japanese logistics facilities Logistics $477

Apr-20 Rhenus Freight Forwarding Business of L.W. Cretschmar

Provides freight forwarding services Logistics N/A

Apr-20 Alpine Air Express Inc. (AE Industrials)

Substantially All Assets of Great Lakes Aviation, Ltd.

Regional airline company headquartered in Cheyenne, WY Aviation N/A

Apr-20 J.H. Rose Logistics, LLC Stagecoach Cartage and Distribution, LLC (Roadrunner Transportation Systems)

Provides transportation and warehousing services Logistics N/A

Mar-20 FourKites, Inc. Yard Management Business of TrackX Holdings Inc.

Provides yard management services Logistics N/A

Mar-20 Central Freight Lines, Inc. Volunteer Express, Inc. Provides truckload freight services Logistics N/A

Mar-20 The Jordan Company, L.P. Transportation Impact LLC Provides small parcel negotiations and freight management services

Logistics N/A

Mar-20 VeeZu Limited Go Beyond Group Ltd Develops and offers Go Carz, an application for booking and hiring taxis

Passenger Transportation

N/A

Mar-20 Bulkmatic Transport Company Inc.

Assets of Paris Transport Inc.

Provides logistics services through its trucks, dry vans, and pneumatics tanks for hauling local grain products

Logistics N/A

Mar-20 Costco Wholesale Corporation

Innovel Solutions, Inc. (Transform Holdco LLC)

Provides supply chain solutions to retail, manufacturing, commercial, and military markets in the U.S.

Logistics $1,000

Mar-20 XPO Logistics Majority of Contract Logistics Operations in the UK of Kuehne + Nagel International

Provides integrated logistics services in the U.K. Logistics N/A

Mar-20 National Express Limited Lucketts Travel Ltd Provides coach and bus travel services Passenger Transportation

N/A

Mar-20 American Trailer Rental Group (Milton Street Capital)

Advantage Trailer, LLC Provides semi-trailer rental and sales services Equipment Leasing N/A

Mar-20 CRST International, Inc. NAL Group, Inc. (Graycliff Partners)

Provides last-mile delivery, dispatch, simple and complex installation, warehousing, and direct fulfillment services

Logistics N/A

Mar-20 TFI International Inc. Courier Services Business Of R. R. Donnelley & Sons Company

Provides courier services to the pharmaceutical, healthcare, retail, financial, and transportation industries

Logistics N/A

Mar-20 WillScot Corporation (TDR Capital)

Mobile Mini, Inc. Provides portable storage and specialty containment solutions Equipment Leasing $2,176

Feb-20 Blue-Grace Logistics LLC (Warburg Pincus)

Anthym Logistics, LLC Provides freight brokerage services Logistics N/A

Feb-20 Errands Plus, Inc. U.S. Business of Addison Lee

Provides private taxicab and courier services Passenger Transportation

N/A

Feb-20 Team Drive-Away, Inc. (United Road)

IXT Logistics, LLC Provides drive-away truck transportation services Asset-Based Trucking N/A

Feb-20 Team Drive-Away, Inc. (United Road)

Transportation Booking Services LLC

Truck transportation company that offers single unit relocation drive-away services

Specialty Trucking N/A

Feb-20 Atlas Logistics, Inc. (Altas World Group)

TopHAT Logistical Solutions, LLC

Provides commercial logistics services Logistics N/A

Feb-20 Surf Air Inc. Blackbird Air Inc. Online aviation marketplace that connects passengers, private plane owners, and charter operators

Aviation N/A

Feb-20 A.P. Møller - Mærsk A/S Performance Team LLC Provides logistics and transportation services Logistics $545

Feb-20 Stonepeak Partners LP TRAC Intermodal Holding Corp. (Fortress Investment Group)

Operates as a marine chassis pool manager and equipment provider

Marine N/A

Public Markets Overview

Note: All data as of April 27, 2020. Source: S&P Capital IQ

Median TEV/LTM EBITDA

12-Month Indexed Stock Price Performance

10.6%

8

11.1x

6.4x

9.6x

12.8x

8.8x 7.8x 7.4x

8.9x

7.0x

10.5x 11.5x

8.6x

4.5x 4.5x

Logistics Asset-BasedTrucking

Marine Rail TransportationEquipment

Leasing

Aviation PassengerTransportation

April 2019 April 2020

(3.5%)(8.1%)

(11.2%)

(23.5%)(25.8%)(28.7%)

(42.3%)

(57.3%)

(70%)

(50%)

(30%)

(10%)

10%

30%

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20

Logistics Asset-Based TruckingMarine RailTransportation Equipment Leasing AviationPassenger Transportation S&P 500Dow Jones Transportation Index

9

Macroeconomic Data

Quarter on Quarter Real GDP Growth(1)(2) Inventory/Sales Ratio(1)

Housing Starts (000s)(1)(2) ISM Manufacturing Index(1)

Consumer Price Index Consumer Sentiment Index

Source: Institute for Supply Management

Source: Bureau of Economic Analysis

Source: United States Census Bureau

Source: U.S. Census Bureau

(1) Seasonally adjusted.(2) Annualized.

∆ MoM: (0.2)%∆ YoY: +1.5%

∆ MoM: (11.8%)∆ YoY: (9.5%)

∆ MoM: +0.0%∆ YoY: (1.4%)

∆ MoM: (22.3%)∆ YoY: +1.4%

∆ MoM: (1.0%)∆ YoY: (6.2%)

Source: University of MichiganSource: Bureau of Labor Statistics

0%

1%

2%

3%

4%

5%

6%

1.30

1.34

1.38

1.42

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

42%

44%

46%

48%

50%

52%

54%

56%

58%

60%

230

235

240

245

250

255

260

265

65

70

75

80

85

90

95

100

105

10

Relevant Transportation and Logistics Sector Data

Cass Freight Index Intermodal Volume (000s of Containers)(1)

ATA Tonnage Index(1) Driver Turnover(2)

Diesel and Gasoline Prices ($/gal) Class 8 Tractor Orders(3)

Source: U.S. Energy Information Administration

Source: American Trucking Association

Source: FTR Transportation Intelligence

Source: American Trucking Association

Source: Association of American RailroadsSource: Cass Information Systems, Inc.

(1) Seasonally adjusted.(2) Annualized driver turnover for truckload fleets with more than $30 million in annual revenue.(3) Total North American Class 8 orders includes U.S., Canada, Mexico, and North America export sales.

Expenditures

∆ MoM: (1.6%)∆ YoY: (7.9%)

Shipments∆ MoM: +0.0%∆ YoY: (8.9%)

Expenditures∆ MoM: (4.8%)∆ YoY: (11.7%)

∆ QoQ: +9.0%∆ YoY: +9.0%

Gasoline∆ QoQ: (25.7%)∆ YoY: (33.3%)

Diesel∆ QoQ: (17.5%)∆ YoY: (20.3%)

∆ QoQ: (63.0%)∆ YoY: (51.3%)

∆ MoM: +1.1%∆ YoY: +6.4%

2.0

2.2

2.4

2.6

2.8

3.0

3.2

0.9

1.0

1.1

1.2

1.3

1.4

Shipments Expenditures

1,000

1,100

1,200

1,300

90

95

100

105

110

115

120

125

65%

70%

75%

80%

85%

90%

95%

100%

0

10,000

20,000

30,000

40,000

50,000

60,000

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

U.S. Retail Diesel Prices

U.S. Retail Gasoline Prices

11

Public ComparablesLogistics and Asset-Based Trucking

Source: S&P Capital IQ(1) ROIC defined as NOPAT over average total assets less cash, goodwill, and accounts payable.

Logistics

Asset-Based Trucking($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Operating Ratio EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

Less-Than-Truckload

ArcBest Corporation $19.65 60.5% $473.5 $551.7 $2,988.3 97.4% $188.3 6.3% 4.4% $78.2 2.1x 2.9x 3.3xOld Dominion Freight Line, Inc. 142.81 94.3% 16,823.3 16,511.4 4,105.7 79.9% 1,077.5 26.2% 14.3% (312.0) 0.0x 15.3x 16.7xSaia, Inc. 85.60 80.0% 2,102.7 2,344.1 1,786.7 91.5% 271.3 15.2% 7.7% 241.4 0.9x 8.6x 8.4xYRC Worldwide Inc. 1.58 20.6% 58.3 1,181.9 4,871.2 99.8% 160.0 3.3% 0.3% 1,123.6 7.7x 7.4x 8.4xSpecialty Trucking

Marten Transport, Ltd. $23.55 99.0% $1,208.7 $1,173.2 $862.9 92.1% $164.5 19.1% 5.7% ($35.5) 0.0x 7.1x 6.9xMullen Group Ltd. 3.55 46.8% 363.9 761.0 901.0 93.0% 134.3 14.9% 4.0% 394.9 3.4x 5.7x 7.0xTFI International Inc. 26.75 77.4% 2,244.4 3,566.3 3,660.5 91.2% 528.1 14.4% 10.5% 1,314.4 2.7x 6.8x 6.9xTruckload

Covenant Transportation Group, Inc. $8.32 39.9% $126.6 $431.2 $894.5 98.2% $96.6 10.8% 1.3% $304.6 3.6x 4.5x 5.3xDaseke, Inc. 1.54 27.3% 91.7 858.8 1,737.0 99.8% 155.8 9.0% 0.2% 702.1 5.1x 5.5x 5.5xHeartland Express, Inc. 20.43 90.0% 1,609.0 1,544.8 623.6 89.7% 167.7 26.9% 6.6% (64.2) N/M 9.2x 8.4xJ.B. Hunt Transport Services, Inc. 104.65 85.6% 10,714.8 11,969.1 9,356.5 92.0% 1,248.2 13.3% 9.5% 1,254.3 1.0x 9.6x 10.2xKnight-Swift Transportation Holdings Inc. 37.38 92.4% 6,091.5 7,046.2 4,764.2 91.2% 893.6 18.8% 5.0% 952.5 1.2x 7.9x 8.1xP.A.M. Transportation Services, Inc. 33.70 47.1% 170.3 391.9 514.6 97.4% 69.1 13.4% 4.2% 221.6 3.6x 5.7x 4.5xSchneider National, Inc. 22.12 90.7% 3,719.5 3,563.5 4,747.0 92.7% 638.6 13.5% 7.5% (156.0) 0.7x 5.6x 6.3xUSA Truck, Inc. 4.69 30.2% 34.6 225.0 522.6 99.4% 40.2 7.7% 0.6% 190.5 4.7x 5.6x 5.9xU.S. Xpress Enterprises, Inc. 4.32 61.2% 191.5 858.8 1,707.4 98.5% 111.6 6.5% 1.7% 666.7 6.0x 7.7x 7.3xWerner Enterprises, Inc. 41.99 99.1% 2,769.7 3,055.0 2,463.7 91.7% 453.4 18.4% 6.2% 285.3 0.7x 6.7x 7.0x

Median $1,786.7 92.7% $167.7 13.5% 5.0% $285.3 2.4x 6.8x 7.0xMean $2,735.7 93.9% $376.4 14.0% 5.3% $421.3 2.7x 7.2x 7.4x

($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Gross Margin EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

Asset-Light/Third-Party Logistics

Agility Public Warehousing Company K.S.C.P. $1.82 86.3% $3,022.9 $4,147.6 $5,207.4 32.2% $497.5 9.6% 5.1% $991.6 2.9x 8.3x 6.3xC.H. Robinson Worldwide, Inc. 74.04 81.2% 9,724.4 10,832.6 15,309.5 8.4% 873.4 5.7% 25.4% 1,108.2 1.8x 12.4x 15.1xCJ Logistics Corporation 122.55 88.8% 2,224.7 5,047.9 9,021.4 9.2% 629.7 7.0% 2.8% 2,418.4 4.3x 8.0x 8.8xDSV Panalpina A/S 98.14 84.1% 22,048.6 24,729.0 14,222.2 25.1% 1,085.0 7.6% 15.8% 2,786.3 2.9x 22.8x 15.7xEcho Global Logistics, Inc. 16.56 67.6% 440.7 605.5 2,197.9 17.2% 47.5 2.2% 5.3% 164.8 4.3x 12.8x 9.9xExpeditors International of Washington, Inc. 72.29 88.5% 12,143.9 11,307.3 8,175.4 12.8% 817.6 10.0% 28.8% (838.8) 0.5x 13.8x 14.9xForward Air Corporation 52.00 72.1% 1,458.9 1,620.0 1,410.4 23.4% 160.2 11.4% 12.2% 161.1 1.4x 10.1x 13.2xHub Group, Inc. 48.55 80.4% 1,647.8 1,802.6 3,668.1 14.2% 269.3 7.3% 8.4% 154.8 1.2x 6.7x 7.3xKerry Logistics Network Limited 1.30 68.6% 2,324.1 3,595.5 5,281.6 13.1% 427.5 8.1% 4.5% 743.7 3.6x 8.4x 7.3xKintetsu World Express, Inc. 14.28 75.3% 1,026.7 1,729.2 5,106.3 17.0% 306.4 6.0% 6.2% 599.4 4.4x 5.6x 5.6xKuehne + Nagel International AG 139.90 81.2% 16,759.0 18,009.8 21,554.7 37.9% 1,220.5 5.7% 9.3% 1,259.9 1.8x 14.8x 12.0xLandstar System, Inc. 108.03 90.1% 4,145.2 4,072.2 3,984.2 21.3% 315.3 7.9% 22.4% (72.9) 0.4x 12.9x 16.3xRadiant Logistics, Inc. 4.02 55.3% 199.7 245.2 813.2 20.0% 35.7 4.4% 8.6% 45.3 1.5x 6.9x 7.2xUniversal Logistics Holdings, Inc. 13.93 50.7% 378.3 908.0 1,512.0 17.4% 164.9 10.9% 8.3% 529.7 3.3x 5.5x 6.7xWincanton plc 2.98 75.2% 368.7 540.7 1,417.6 6.5% 82.3 5.8% 51.3% 170.3 2.7x 6.6x 4.3xXPO Logistics, Inc. 66.47 66.4% 6,055.8 13,407.8 16,648.0 16.0% 1,617.0 9.7% 7.5% 7,158.0 4.7x 8.3x 8.1xParcel DeliveryDeutsche Post AG $28.98 76.4% $35,753.2 $50,915.2 $71,359.0 15.8% $5,431.5 7.6% 6.7% $15,394.5 3.5x 9.4x 5.9xFedEx Corporation 127.29 66.8% 33,254.5 64,930.5 69,666.0 20.7% 4,019.0 5.8% 0.6% 31,676.0 8.3x 16.2x 9.7xPostNL N.V. 1.54 60.1% 758.4 1,281.8 3,191.6 14.3% 246.9 7.7% 7.7% 538.7 4.4x 5.2x 4.1xRoyal Mail plc 1.87 57.6% 1,871.9 3,600.9 13,340.3 36.8% 1,056.6 7.9% 5.4% 1,714.2 1.9x 3.4x 3.4xUnited Parcel Service, Inc. 102.55 81.8% 88,033.7 110,487.7 74,094.0 18.4% 7,896.0 10.7% 8.4% 22,438.0 3.6x 14.0x 12.0xZTO Express (Cayman) Inc. 29.23 98.7% 22,913.2 20,682.2 3,175.4 29.9% 966.2 30.4% 16.5% (2,245.5) 0.1x 21.4x 17.9x

Median $5,244.5 17.3% $563.6 7.7% 8.3% $671.5 2.9x 8.9x 8.4xMean $15,925.3 19.4% $1,280.3 8.6% 12.1% $3,949.8 2.9x 10.6x 9.6x

12

Public ComparablesMarine and Rail

Marine

Rail

Source: S&P Capital IQ(1) ROIC defined as NOPAT over average total assets less cash, goodwill, and accounts payable.

($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Gross Margin EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

Canadian National Railway Company $81.00 88.9% $56,313.0 $66,411.6 $10,524.6 54.2% $5,356.1 50.9% 8.4% $10,701.0 2.1x 12.4x 13.5xCanadian Pacific Railway Limited 230.32 88.5% 31,102.7 38,072.4 5,692.0 57.7% 3,159.2 55.5% 10.5% 6,930.1 2.2x 12.1x 13.7xCSX Corporation 66.41 82.3% 48,852.0 63,608.0 11,779.0 53.1% 6,260.0 53.1% 8.3% 14,739.0 2.8x 10.2x 11.2xKansas City Southern 131.90 73.9% 12,486.6 16,020.6 2,922.9 51.1% 1,473.7 50.4% 7.3% 3,204.5 2.2x 10.9x 11.5xNorfolk Southern Corporation 166.87 75.9% 41,311.6 53,745.6 11,296.0 45.9% 5,191.0 46.0% 6.9% 12,434.0 2.5x 10.4x 11.2xUnion Pacific Corporation 158.96 84.1% 105,917.7 134,268.7 21,553.0 56.0% 11,012.0 51.1% 8.8% 28,351.0 2.7x 12.2x 13.3x

Median $10,910.3 53.7% $5,273.6 51.0% 8.4% $11,567.5 2.4x 11.5x 12.4xMean $10,627.9 53.0% $5,408.7 51.2% 8.4% $12,726.6 2.4x 11.3x 12.4x

($ in millions, except per-share prices)As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Gross Margin EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

Container

A.P. Møller - Mærsk A/S $930.48 60.7% $17,846.6 $30,158.9 $38,890.0 15.0% $4,456.0 11.5% 2.2% $11,983.0 3.8x 6.8x 5.9xCOSCO SHIPPING Development Co., Ltd. 0.10 70.3% 2,553.4 17,047.1 2,043.6 24.4% 736.5 36.0% 1.0% 14,421.0 21.7x 23.1x N/M Evergreen Marine Corporation (Taiwan) Ltd. 0.34 69.4% 1,632.9 6,363.5 6,371.0 7.6% 438.8 6.9% 1.2% 4,635.5 13.6x 14.5x 12.9xHapag-Lloyd Aktiengesellschaft 135.23 100.0% 23,881.6 30,274.0 14,148.7 17.6% 1,673.5 11.8% 3.8% 6,604.8 4.3x 18.1x 17.6xAtlas Corp. 7.45 51.0% 1,748.3 6,114.2 1,131.5 66.1% 709.2 62.7% 3.9% 4,365.6 6.4x 8.6x 7.8xYang Ming Marine Transport Corporation 0.19 61.7% 492.3 3,288.0 4,986.8 4.1% 157.5 3.2% (0.6%) 2,788.9 21.6x 20.9x 11.5xDry Bulk

Diana Shipping Inc. $1.82 43.9% $144.4 $512.1 $220.7 52.8% $83.8 38.0% 2.3% $367.7 5.7x 6.1x 9.6xEagle Bulk Shipping Inc. 1.58 26.7% 113.5 527.3 292.4 27.4% 38.9 13.3% 0.3% 413.8 12.0x 13.6x 6.6xGenco Shipping & Trading Limited 5.81 49.2% 233.6 572.0 389.5 26.7% 66.5 17.1% (0.0%) 338.3 7.4x 8.6x 6.0xNavios Maritime Holdings Inc. 2.27 28.1% 28.6 1,942.5 482.4 42.2% 174.6 36.2% 2.0% 1,798.7 10.8x 11.1x N/M Safe Bulkers, Inc. 1.09 45.8% 112.5 624.4 197.8 58.7% 94.4 47.7% 2.7% 494.7 6.4x 6.6x 9.7xOffshore Vessel Operators

Bourbon Corporation SA $4.02 62.1% $311.3 $2,881.6 $740.7 38.4% ($82.8) (11.2%) (5.2%) $2,608.7 N/M N/M N/M Tidewater Inc. 5.80 23.1% 230.2 307.3 486.5 31.8% 37.9 7.8% (1.7%) 75.4 7.8x 8.1x 6.0xJones Act

American Shipping Company ASA $2.48 69.9% $150.3 $584.4 $87.8 100.0% $84.7 96.4% 4.2% $521.6 6.7x 6.9x 6.5xKirby Corporation 51.03 55.3% 2,941.6 4,456.4 2,838.4 28.5% 462.2 16.3% 3.1% 1,511.8 3.3x 9.6x 9.4xMatson, Inc. 31.04 73.6% 1,227.9 2,429.7 2,203.1 14.8% 211.4 9.6% 3.3% 1,201.8 5.8x 11.5x 10.1xSEACOR Holdings Inc. 26.38 51.3% 525.8 900.2 800.0 27.0% 110.8 13.9% 2.0% 373.6 4.1x 8.1x 8.3xTanker

Ardmore Shipping Corporation $7.13 72.8% $211.6 $584.4 $230.0 29.0% $48.5 21.1% 1.3% $372.7 8.8x 12.1x 6.7xCapital Product Partners L.P. 9.97 70.2% 180.7 390.3 108.4 69.1% 83.8 77.3% 2.4% 201.0 3.1x 4.7x 4.3xFrontline Ltd. 10.78 80.9% 2,095.5 3,983.7 956.6 41.4% 352.9 36.9% 4.5% 1,887.9 5.9x 11.3x 4.8xGasLog Ltd. 3.59 21.5% 306.1 4,351.7 664.4 75.4% 447.9 67.4% 3.6% 3,084.1 7.5x 9.7x 8.8xNavigator Holdings Ltd. 6.53 46.7% 353.9 1,111.0 301.4 44.7% 100.9 33.5% 1.1% 757.0 8.2x 11.0x 8.6xScorpio Tankers Inc. 26.64 65.9% 1,377.8 4,297.9 704.3 56.7% 291.4 41.4% 1.7% 2,920.1 10.7x 14.7x 6.6xTeekay Corporation 4.19 72.7% 385.0 7,053.8 1,945.4 39.0% 633.7 32.6% 3.0% 4,579.0 7.8x 11.1x N/M Tsakos Energy Navigation Limited 4.02 86.3% 331.0 1,756.8 597.5 47.0% 242.3 40.5% 2.3% 1,386.2 6.5x 7.3x 4.5x

Median $704.3 38.4% $174.6 32.6% 2.2% $1,511.8 7.1x 10.4x 7.8xMean $3,272.8 39.4% $466.2 30.7% 1.8% $2,787.7 8.3x 11.0x 8.2x

13

Public ComparablesLeasing, Aviation, and Passenger Transportation

Transportation Equipment Leasing

Aviation

Source: S&P Capital IQ(1) ROIC defined as NOPAT over average total assets less cash, goodwill, and accounts payable.

Passenger Transportation

($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Gross Margin EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

AMERCO $275.08 64.5% $4,951.8 $8,825.4 $3,882.9 30.4% $1,194.2 30.8% 3.1% $4,025.7 3.9x 7.4x 8.8xBrambles Limited 7.26 83.4% 11,048.8 12,460.8 4,898.0 35.6% 1,405.0 28.7% 10.5% 1,534.8 1.8x 8.9x 8.0xCAI International, Inc. 14.84 50.2% 241.0 2,403.8 416.5 43.9% 136.7 32.8% 2.8% 2,058.9 15.4x 17.6x 10.0xGATX Corporation 58.94 68.5% 1,958.7 7,043.3 1,393.8 62.2% 657.3 47.2% 2.5% 5,084.6 8.0x 10.7x 9.7xRyder System, Inc. 30.37 46.2% 1,458.0 9,532.8 8,925.8 17.9% 2,170.8 24.3% 2.4% 8,074.9 3.8x 4.4x 4.4xTextainer Group Holdings Limited 7.47 63.6% 396.6 4,067.5 707.5 73.0% 476.3 67.3% 2.7% 3,644.7 8.0x 8.5x 9.4xTriton International Limited 29.69 72.8% 2,047.1 9,086.6 1,363.4 93.7% 1,232.7 90.4% 4.2% 6,484.5 5.6x 7.4x 8.1x

Median $1,393.8 43.9% $1,194.2 32.8% 2.8% $4,025.7 5.6x 8.5x 8.8xMean $3,084.0 51.0% $1,039.0 45.9% 4.0% $4,415.4 6.6x 9.3x 8.4x

($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Gross Margin EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

Airlines

Air Canada $13.55 36.1% $3,376.9 $5,755.9 $14,749.8 32.1% $2,124.8 14.4% 6.3% $2,585.1 3.4x 2.7x N/M Alaska Air Group, Inc. 27.85 38.6% 3,433.6 5,128.6 8,781.0 28.4% 1,494.0 17.0% 7.6% 1,695.0 2.2x 3.4x 19.5xAllegiant Travel Company 69.62 38.0% 1,118.5 2,106.5 1,841.0 36.6% 473.1 25.7% 9.3% 988.0 3.1x 4.5x 12.3xAmerican Airlines Group Inc. 10.02 28.6% 4,392.7 34,010.7 45,768.0 27.4% 6,207.0 13.6% 4.7% 29,618.0 5.4x 5.5x N/M Delta Air Lines, Inc. 22.16 34.9% 14,235.9 32,337.9 45,127.0 25.8% 7,627.0 16.9% 6.6% 18,102.0 3.2x 4.2x N/M Hawaiian Holdings, Inc. 11.52 36.8% 525.7 1,269.2 2,832.2 27.1% 458.8 16.2% 6.7% 743.5 3.0x 2.8x N/M JetBlue Airways Corporation 8.12 37.5% 2,144.2 3,968.2 8,094.0 33.8% 1,287.0 15.9% 4.9% 1,824.0 2.4x 3.1x N/M SkyWest, Inc. 27.11 40.8% 1,295.1 4,122.1 2,972.0 38.6% 902.2 30.4% 5.8% 2,827.0 3.7x 4.6x 6.6xSouthwest Airlines Co. 29.11 49.5% 14,922.2 14,852.2 22,428.0 31.3% 3,990.0 17.8% 9.0% (70.0) 1.0x 3.7x N/M Spirit Airlines, Inc. 12.25 22.2% 831.7 3,305.4 3,830.5 34.6% 674.4 17.6% 6.3% 2,473.7 5.3x 4.9x 26.0xUnited Airlines Holdings, Inc. 25.00 26.0% 7,323.1 22,829.1 43,259.0 34.2% 6,721.0 15.5% 7.0% 15,506.0 3.0x 3.4x N/M Airport Services

Air Transport Services Group, Inc. $19.58 76.5% $1,165.6 $2,657.5 $1,452.2 40.8% $436.1 30.0% 4.8% $1,492.0 3.5x 6.1x 5.7xSignature Aviation plc 2.10 41.4% 1,736.2 3,810.8 2,260.5 20.0% 406.0 18.0% 4.8% 2,209.6 5.7x 9.4x 9.2xFraport AG 40.26 46.9% 3,720.1 9,136.3 4,201.2 35.4% 1,250.6 29.8% 3.8% 5,407.4 5.1x 7.3x 15.4xSATS Ltd. 2.12 55.2% 2,370.8 2,562.0 1,471.8 31.8% 256.6 17.4% 7.7% 64.6 0.9x 10.0x 12.2xHelicopter Operators

Era Group Inc. 4.67 39.0% 93.8 149.0 226.1 31.6% 33.2 14.7% (0.4%) 52.4 5.1x 4.5x 2.4x

Median $4,015.9 32.0% $1,076.4 17.2% 6.3% $2,016.8 3.3x 4.5x 12.2xMean $13,080.9 31.8% $2,146.4 19.4% 5.9% $5,344.9 3.5x 5.0x 12.2x

($ in millions, except per-share prices) As of 4/27/20 % of 52- Total LTM TEV/

Company Name Stock PriceWeek High

Equity Value

Enterprise Value Revenue

Operating Ratio EBITDA

EBITDA Margin ROIC(1) Net Debt

Debt/ EBITDA

LTM EBITDA

NFY EBITDA

ComfortDelGro Corporation Limited $1.03 50.3% $2,228.7 $2,692.2 $2,903.9 88.7% $624.0 21.5% 6.7% $181.2 1.0x 4.3x 4.9xFirstGroup plc 0.77 44.4% 929.1 3,526.2 9,046.9 98.0% 616.8 6.8% 2.3% 2,610.1 5.4x 5.7x 2.7xLyft, Inc. 34.32 50.2% 9,800.2 7,426.4 3,616.0 174.7% (2,594.1) N/M N/M (2,373.8) N/M N/M N/M National Express Group PLC 2.86 47.4% 1,458.0 3,156.8 3,634.7 91.9% 534.8 14.7% 7.3% 1,760.9 4.5x 5.9x 6.3xStagecoach Group plc 0.94 45.3% 516.3 1,007.7 2,143.9 92.4% 299.9 14.0% 7.3% 508.1 2.2x 3.4x 3.8xThe Go-Ahead Group plc 14.81 51.7% 636.8 1,192.5 5,053.0 97.0% 265.9 5.3% 12.2% 544.5 5.1x 4.5x 1.7xUber Technologies, Inc. 30.08 63.9% 50,938.0 48,457.0 14,147.0 160.8% (8,146.0) (57.6%) (27.7%) (3,474.0) N/M N/M N/M

Median $3,634.7 97.0% $299.9 10.4% 7.0% $508.1 4.5x 4.5x 3.8xMean $5,792.2 114.8% ($1,199.8) 0.8% 1.3% ($34.7) 3.6x 4.8x 3.9x

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