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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be

considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

*Note: These data represent the recorded transactions, are not all inclusive of completed transactions, and are meant to be

representative of the industry.

Source: CapIQ

Source: CapIQ

Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

Source: CapIQ

Market Cap Stock Price Price/ Price/ TEV/ TEV/

Company Symbol State ($ in Mil) Price Quarter Change YTD Change LTM EPS Book Rev EBITDA

United Parcel Service, Inc. NYSE:UPS GA 87,420$ 96.91$ (0.03%) (12.83%) 29.7x 47.8x 1.6x 13.4x

Union Pacific Corporation NYSE:UNP NE 83,809$ 95.37$ (11.95%) (19.94%) 16.2x 4.0x 3.9x 8.7x

FedEx Corporation NYSE:FDX TN 48,352$ 170.40$ 2.99% (1.88%) 18.2x 3.2x 1.1x 7.3x

CSX Corp. NYSE:CSX FL 32,258$ 32.65$ (1.42%) (9.88%) 16.4x 2.9x 3.2x 8.4x

CH Robinson Worldwide Inc. NasdaqGS:CHRW MN 9,099$ 62.39$ (14.79%) (16.69%) 19.6x 8.6x 0.7x 12.3x

Manhattan Associates, Inc. NasdaqGS:MANH CA 4,401$ 26.43$ 9.21% 16.84% 53.1x 4.1x 8.4x 30.5x

XPO Logistics, Inc. NYSE:XPO CT 4,304$ 45.18$ (0.64%) 10.52% NM 2.2x 1.5x 34.6x

Swift Transportation Company NYSE:SWFT AZ 3,228$ 22.67$ (12.87%) (20.82%) 17.1x 6.3x 1.1x 7.5x

Matson, Inc. NYSE:MATX NY 1,827$ 42.04$ (0.28%) 21.78% 18.6x 4.7x 1.1x 7.7x

QAD Inc. NasdaqGS:QADA NA 476$ 59.65$ 17.86% 46.49% 45.6x 24.6x 1.2x 17.0x

Industry Average 5,800$ (5.95%) (12.68%) 23.8x 2.0x 2.6x 9.7x

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

* Revenue in millions

*Note: These data represent the recorded transactions, are not all inclusive of completed transactions, and are meant to be

representative of the industry.

Source: CapIQ

Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

Source: GF Data*

*The most current source of GF Data if as of May 2015 and lags one quarter behind the current quarter.

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be

considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Source: GF Data*

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.