TRANSACTIONS # BY SEGMENT (Q4)

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1 All aspects of the logistics industry are growing, from maritime and over-land freighting, to innovative operations software and management technology, as well as specialized professionals entering the field. Freight forwarding and contract logistics (F&L) are expected to grow at a rate faster than GDP. What will distinguish top performers in the years to come will be those who achieve dominance over key trade routes, expand into emerging regional markets, and those who develop genuine understanding of a client s industry. Customers of F&L companies are beginning to demand much more than traditional transportation and warehousing services. Top performers in this space are offering new value-added services such as warranty processing, returns management and light manufacturing, as well as becoming integrators of specialized service solutions, building scale and expanding both by acquiring other players and investing in new infrastructures and customer facing technologies 1. If you have any questions please contact us. - Travis Conway, Director - Ben Rudman, Vice President TRANSACTIONS # BY SEGMENT (Q4) Warehousing & Storage Marine Transportation Air Freight and Logistics Railroad Transportation of Freight Road Transportation of Freight Supply Chain/Logistics Software STRATEGIC VS. FINANCIAL TRANSACTIONS HIGHLIGHTS STRATEGIC ACQUISITIONS FINANCIAL ACQUISITIONS United Road Services acquired the Auto Transaport Division of The Waggoners Trucking, Inc. for $16.1 million. 3DP acquired the membership interests of Optima Service Solutions for $26.6 million Accenture acquired Procurian from ICG Group and others for $38 million Fortress Investment Group acquired substantially all the assets of The Montreal, Main and Atlantic Railway for $23 million. Undisclosed 21% Financial 15% Strategic 64% 1 Achieving High Performance in Freight-Forwarding & Contract Logistics, Accenture,

2 Transactions Closed Date Target Buyers Transaction Comments 11/25/213 Roadnet Technologies, Inc. Omnitracs, Inc. 11/25/213 Satellite Logistics Group, Inc. JF Hillebrand Group AG 11/22/213 Clark & Reid Company, Inc. Wheaton Van Lines, Inc. 11/18/213 Less Softw are Incorporated FinancialForce.com, inc. 11/15/213 Optima Service Solutions, LLC 3PD, Inc. 1/28/213 Shipw ire, Inc. Ingram Micro Inc. (NYSE:IM) 1/1/213 New Jersey Rail Carriers, LLC and New Jersey Transloading, LLC and Certain Assets EnviroSolutions, Inc. 1/1/213 On Time Express, Inc. Radiant Transportation Services, Inc. Omnitracs signed a definitive agreement to acquire Roadnet Technologies from Thoma Bravo, LLC on November 25, 213. Omnitracs is upsizing its debt facilities by $25 million to finance the acquisition. JF Hillebrand Group acquired Satellite Logistics Group from Morgenthaler and others on November 15, 213. Post acquisition, Satellite Logistics w ill continue to operate in its name and the employees of Satellite Logistics w ill remain in place. Wheaton Van Lines, Inc. acquired Clark & Reid Company, Inc. on November 22, 213. Clark & Reid w ill continue to operate as a separate brand under the Wheaton Van Lines, Inc. umbrella and w ill have offices in the Boston and Washington. FinancialForce.com acquired business and assets of Less Softw are on November 18, 213. Post acquisition, it w ill be re-branded as FinancialForce Human Capital Management. 3PD acquired the membership interests of Optima Service Solutions from A-1 Home Services for $26.6 million in cash on November 13, 213. Optima had revenue of $35.7 million and adjusted EBITDA of $3.7 million, respectively, for YE 1/31/213 Ingram Micro (NYSE:IM) entered into a definitive agreement to acquire Shipw ire from LOC Global and others on October 28, 213. Post acquisition, Shipw ire w ill operate as a w holly ow ned subsidiary of Ingram Micro. EnviroSolutions acquired tw o businesses and certain assets from Environmental Logistics Services on October 1, 213. The assets include long-term operating leases, rail cars and containers, operating equipment and customer contracts. Radiant Transportation Services acquired On Time Express from Bart and Kelly Wilson for $2 million on October 1, 213. $1 million is payable over the next four years in a combination of cash and common stock based on future performance. US LOGISTICS M&A ACTIVITY ($ in Mil) Deals LOGISTICS TRANSACTIONS # OF TRANSACTIONS BY QUARTER Q1 Q2 Q3 Q4 2

3 High performing public players in the freight-forwarding and logistics industry have achieved industry leading profit margins, and above average capital efficiency ratios by maintaining a detailed and relentless focus on efficient management of operating expenses and working capital. Success has been achieved by developing flexible business models that enable innovative and efficient responses to customer needs, deep expertise in customer industries, and extensive leveraging of IT (in particular cloud based and mobile technologies). The result has been CAGR output of 13.4% from 29 through the end of 212. By extension, M&A has become an important tool for expansion for successful companies in F&L. Many companies have become highly active in M&A, as smaller or weaker competitors and specialist providers present inexpensive growth opportunities. Market Cap Stock Price Price/ Price/ Price/ Price/ Company Symbol State ($ in Mil) Date Month Change YTD Change LTM EPS Book Rev EBITDA CH Robinson Worldwide Inc. NasdaqGS:CHRW MN $ 8, $ (.51%) (7.7%) 2.7x 9.x.8x 12.4x Astea International Inc. NasdaqCM:ATEA PA $ 9.15 $ 2.55 (4.14%) (4.85%) NM 3.1x.5x NM Baltic Trading Limited NYSE:BALT NY $ $ % % NM.8x 11.9x 119.7x CSX Corp. NYSE:CSX FL $ 29,163.4 $ % 45.82% 15.7x 3.x 3.1x 8.2x FedEx Corporation NYSE:FDX TN $ 44,889.2 $ % 56.75% 22.x 2.6x 1.x 7.5x FreeSeas Inc. NasdaqCM:FREE NA $ $ % (45.85%) NM 35.6x 22.x NM Globus Maritime Limited NasdaqGM:GLBS NY $ 4.46 $ % % 43.6x.7x 4.3x 6.8x Providence and Worcester Railroad NasdaqGM:PWX MA $ $ (2.38%) 4.4% 152.7x 1.3x 3.x 21.3x Union Pacific Corporation NYSE:UNP NE $ 77, $ % 33.63% 18.6x 3.7x 4.x 9.5x United Parcel Service, Inc. NYSE:UPS GA $ 97,34.83 $ % 42.52% 8.5x 26.8x 1.9x 24.7x Average $ 25,84.67 $ % 41.12% 5.5x 8.7x 5.2x 26.3x LOGISTICS INDUSTRY VS. S&P 5 RUNNING 12 MONTHS 45.% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% Logistics Industry S&P 5 Index 3

4 Logistics plans, controls and implements efficiency in supply chain management, controlling the services and information from point to point. An integrated network of warehouses and distribution, along with efficient freight transportation are what ensure the relevant processes in managing the supply chain network of the logistics industry today. Going forward, specialist providers of services such as integrated supply chain management, superior EDI (electronic data interchange) connectivity and expertise in customer facing tech such as end-to-end visibility, and improved precision in time-based delivery capability will play an increasing role in the success of firms in the F&L space. Stock Price Price/ Price/ Price/ Price/ Market Segment Market Cap Month YTD LTM LTM EPS Book Sales EBITDA Railroad Transportation of Freight $ 25, % 37.8% 37.8% 15.7x 2.96x 3.15x 8.18x Road Transportation of Freight $ 1, % 46.5% 46.5% 26.14x 3.86x 1.16x 8.48x Marine Transporation of Freight $ % 79.7% 79.7% 34.64x 2.57x 6.77x 26.13x Air Freight and Logistics $ 11, % 36.2% 36.2% 26.97x 4.77x.98x 11.98x Logistics Software $ (1.5%) 77.4% 77.4% 54.71x 6.85x 2.2x 2.68x Industry Average $ 5, % 39.7% 39.7% 19.29x 1.95x 3.17x 22.46x S&P 5 Average $ 34, % 29.6% 29.6% 27.25x 5.4x 3.6x 11.96x Note: Refrigerated & Farm Product Warehousing & Storage do not have any public companies LOGISTICS SEGMENTS VS. S&P 5 RUNNING 12 MONTHS 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% Railroad Transportation Freight Road Transportation of Freight Marine Transportation of Freight Air Freight & Logistics Logistics Software S&P 5 Index 4

5 COMPANIES BY REGION LOGISTICS COMPANIES BY REGION AS OF DECEMBER COMPANIES BY SIZE State Undisclosed $ - 5 $5-1 $1-25 $25-5 $5-1 $1+ AZ CO KS ND NE NM OK SD TX UT WY Mountain 9% Southwest 9% Northeast 12% Midwest 9% West Coast 2% Southeast 25% Great Lakes 14% Midatlantic 1% N/A 1% * in millions 5

6 Transactions Closed CAPITAL STACK 1% 8% 6% 4% 2% % Equity Sub Debt Senior Debt US MIDDLE MARKET M&A ACTIVITY Q4 212 Q1 213 Q2 213 Q3 213 Q ($ in Mil) Deals Closed Source: PitchBook TRANSACTION MULTIPLES EBITDA MULTIPLES BY TRANSACTION SIZE 12.x 1.x 8.x 6.x 4.x 2.x.x 1.9x 9.4x 9.1x 9.1x 7.2x 6.x 6.4x 4.8x 4.9x 5.2x 5.1x 5.x Q4 212 Q1 213 Q2 213 Q3 213 Q x 8.x 1.8x $-25mm $25-25mm $25mm+ Source: PitchBook 6

7 SDR Ventures, based in Denver Colorado, is a boutique investment bank serving the lower middle market, including companies with values up to $3 million. Operating beyond the confines of a traditional investment bank, SDR is reinventing the way business owners approach the market, offering transaction advisory for clients looking to buy, sell, or raise capital. Travis Conway Director - Logistics Team p: e. tconway@sdrventures.com Ben Rudman Vice President - Logistics Team p: e. brudman@sdrventures.com TRANSACTION ADVISORY Buy Side Running a proven process effective at generating responses, identifying off-the-radar opportunities, negotiating and closing accretive acquisitions. CAPITAL FORMATION Private Capital Placement An effective and efficient process negotiating favorable debt and equity with the right capital partner for our clients Sell Side Our process is designed to identify the right buyer and maximize shareholder value for our clients. CONTACT US Address Website Phone 5613 DTC Parkway, Suite 82 Greenwood Village, CO