12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers /22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation

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4 Financial 18% Strategic 82% Date Target Buyer(s) Segment Amount ($ in Mil) TEV/ Rev TEV/ EBITDA 12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers /22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation Equipment 12/22/2016 Daseke, Inc. Hennessy Capital Acquisition Corp. II Trucking x - 12/15/2016 Folding Guard LLC Troax, Inc. Warehousing and Storage x - 12/8/2016 JS Logistics, Inc. NewSpring ; US Pack Logistics LLC Logistics Providers /17/2016 Western Refining, Inc. Tesoro Corp. Warehousing and 5, x 10.48x Storage 11/16/2016 Infor, Inc. Koch Equity Development LLC Software 2, x - 11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. Software 1, x 4.88x 10/31/2016 International Shipholding Corp. Seacor Capital Corp. Trucking x 4.98x 10/27/2016 Xpo Logistics, Inc. /Truckload Business/ TransForce, Inc. Logistics Providers /4/2016 Golden State Overnight Delivery Service, Inc. General Logistics Systems BV Trucking x -

5 Strategic Buyer Inv. Date Select Corporate Acquisitions Dicom Transportation Group, L.P. 2/11/2016 Advanced Distribution Services 9/9/2015 Eastern Connection Operating, Inc. 8/4/2015 Courier Express Enterprises LLC 7/21/2015 EXTRA Express Cerritos, Inc. 6/17/2015 Orbis Logistics, Inc. XPO Logistics, Inc. (NYSE:XPO) 9/9/2015 Con-way Inc. 5/4/2015 Bridge Terminal Transport Inc. 7/29/2014 Simply Logistics, Inc. 7/29/2014 XPO Logistics Supply Chain, Inc. 1/6/2014 XPO Intermodal, Inc. Echo Global Logistics, Inc. (NasdaqGS:ECHO) 4/21/2015 Command Transportation, LLC 2/5/2015 Xpress Solutions, Inc. 5/13/2014 One Stop Logistics, Inc. 2/26/2014 Comcar Logistics LLC 2/6/2014 Online Freight Services, Inc. Lineage Logistics, LLC 8/18/2016 Consolidated Distribution Corporation, LLC 1/9/2015 Columbia Colstor, Inc. 7/7/2014 Dreisbach Enterprises, Inc. 5/13/2014 Loop Fresh Produce, L.P. 3/12/2014 Millard Refrigerated Services, Inc. Rising Tide Development, LLC 1/12/2016 Self-Storage Center 10/2/2014 Self-Storage Property 5/7/2014 Self Storage Center 4/9/2014 Self Storage Property Financial Buyer Inv. Date Select Corporate Investments 500 Startups 5/16/2016 Cognitive Operational Systems, LLC 11/5/2015 Moveha, LLC 11/5/2015 Whiplash Merchandising LLC 1/27/2015 2/3/2014 KidzJet, L.L.C. mydoorman Inc. Ridgemont Equity Partners 9/7/2016 Nolan Transportation Group, Inc. 7/1/2016 WhiteWater Midstream 10/20/2015 Unishippers Global Logistics, LLC 10/15/2014 Transportation Insight, LLC KJM Capital LLC 12/22/ /22/2016 Blue Sky Logistics LLC Interide Transportation LLC 12/6/2016 Sunco Carriers, Inc. ABRY Partners, LLC 2/6/2016 FLS Transportation Services, Inc. 9/15/2014 CitiXsys Americas Inc. Wood Creek Capital Management, LLC 4/14/2015 Tiger Cool Express, LLC 3/3/2015 Milestone Equipment Holdings, LLC

6 20% 15% 10% 5% 0% -5% -10% Rail Trucking Warehousing & Storage Transportation Equipment Logistics Providers S&P 500 Company Name EBITDA Price/ $ 6.3% 32.6% 97.2% 4.3% 47.8% 4.9x 10.7x 20.8x 4.8x 10.1x Union Pacific Corp. UNP $ 85, Canadian National Railway Co. CNI 51, % 20.6% 96.3% (0.2%) 57.0% 6.5x 12.3x 18.9x 6.3x 11.7x Canadian Pacific Railway Ltd. CP 20, % 11.9% 90.7% (0.5%) 53.2% 5.7x 12.1x 18.0x 5.7x 10.7x Norfolk Southern Corp. NSC 31, % 27.8% 97.0% 3.9% 42.7% 4.1x 10.1x 20.0x 4.0x 9.4x CSX Corp. CSX 33, % 38.5% 96.0% 4.1% 42.9% 4.0x 9.8x 20.0x 3.9x 9.1x Kansas City Southern KSU 9, % 13.6% 84.3% 4.1% 44.6% 5.0x 10.4x 18.8x 4.7x 9.6x Genesee & Wyoming, Inc. GWR 4, % 29.3% 86.0% 8.1% 28.4% 3.2x 11.6x 18.5x 2.8x 9.0x Trinity Industries, Inc. TRN 4, % 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x American Railcar Industries, Inc. ARII % -2.1% 88.6% (28.2%) 20.1% 1.7x 6.0x 10.3x 2.3x 7.2x $26, % 20.8% 92.3% (3.6%) 39.9% 4.1x 9.9x 17.1x 4.0x 9.5x $20, % 20.6% 94.7% 3.9% 42.9% 4.1x 10.4x 18.8x 4.0x 9.4x

7 Company Name J.B. Hunt Transport Services, Inc. JBHT $ 10, Old Dominion Freight Line, Inc. ODFL $ 7, Ryder System, Inc. R $ 3, Landstar System, Inc. LSTR $ 3, Knight Transportation, Inc. KNX $ 2, Swift Transportation Co. SWFT $ 3, Werner Enterprises, Inc. WERN $ 1, Heartland Express, Inc. HTLD $ 1, Navistar International Corp. NAV $ 2, Marten Transport Ltd. MRTN $ Saia, Inc. SAIA $ 1, ArcBest Corp. ARCB $ Universal Logistics Holdings, Inc. ULH $ Covenant Transportation Group, Inc. CVTI $ YRC Worldwide, Inc. YRCW $ Roadrunner Transportation Systems, Inc. RRTS $ Celadon Group, Inc. CGI $ USA Truck, Inc. USAK $ P.A.M. Transportation Services, Inc. PTSI $ EBITDA Price/ $ 19.6% 32.3% 94.8% 10.5% 16.3% 1.8x 10.9x 25.7x 1.7x 10.2x $ 25.0% 45.2% 93.6% 6.8% 24.5% 2.4x 10.6x 23.9x 2.3x 9.8x $ 12.9% 31.0% 87.1% 4.5% 27.8% 1.4x 5.4x 13.7x 1.3x 5.0x $ 25.3% 45.4% 93.9% 4.5% 8.5% 1.1x 13.7x 26.7x 1.1x 13.1x $ 15.2% 36.4% 85.2% 5.7% 23.0% 2.4x 10.0x 26.9x 2.3x 9.5x $ 13.5% 76.3% 89.6% 2.2% 10.4% 1.1x 8.0x 19.6x 1.0x 7.2x $ 15.8% 15.2% 92.8% 2.9% 15.3% 1.0x 5.9x 20.7x 1.0x 5.9x $ 7.8% 19.6% 89.7% (3.0%) 30.6% 2.5x 8.6x 28.3x 2.5x 8.3x $ 37.0% 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x (26.4x) 0.8x 11.4x $ 11.0% 31.6% 86.1% 5.2% 19.0% 1.2x 5.8x 22.6x 1.1x 5.5x $ 47.4% 98.4% 90.4% 6.5% 13.5% 1.0x 7.9x 23.0x 1.0x 7.0x $ 45.4% 29.3% 81.4% 7.4% 6.5% 0.3x 5.7x 33.3x 0.3x 4.5x $ 21.8% 16.5% 89.3% 0.4% 7.0% 0.6x 7.4x 15.0x 0.6x 7.8x $ 0.1% 2.4% 75.0% 3.0% 17.5% 0.8x 4.4x 14.7x 0.8x 4.9x $ 7.8% -6.3% 78.3% 2.9% 6.5% 0.2x 4.7x 83.0x 0.2x 3.6x $ 30.2% 10.2% 76.0% 3.1% 4.4% 0.4x 8.4x 16.0x 0.4x 7.0x $ -18.2% -27.7% 59.4% 1.1% 6.3% 0.6x 6.6x 19.3x 0.6x 6.5x $ -14.9% -50.1% 40.6% (1.3%) 6.9% 0.5x 6.1x (145.2x) 0.5x 5.5x $ 29.8% -5.8% 80.6% 8.6% 13.3% 0.7x 5.5x 12.9x 0.7x 4.6x 4.2% 19.5% 4.5% 19.6% Company Name EBITDA Price/ $ -8.0% -19.9% 77.3% 10.7% 36.7% 6.1x 18.6x 31.9x 5.6x 15.3x Manhattan Associates, Inc. MANH $ 3, Aspen Technology, Inc. AZPN 4, % 44.8% 98.7% 3.3% 47.1% 8.8x 18.8x 32.5x 8.8x 18.1x The Descartes Systems Group, Inc. DSGX 1, % 6.6% 93.5% 9.3% 33.1% 7.7x 23.6x 69.1x 6.9x 19.7x SPS Commerce, Inc. SPSC 1, % -0.5% 93.4% 23.0% 11.1% 5.8x 57.2x 199.7x 4.8x 33.1x QAD, Inc. QADA % 48.1% 98.4% 4.5% 5.4% 1.6x 50.8x 226.9x 1.6x 25.9x American Software, Inc. AMSWA % 1.5% 86.6% 6.2% 9.0% 2.1x 16.0x 39.7x 2.0x 13.4x Amber Road, Inc. AMBR % 78.4% 73.8% 17.0% (9.2%) 3.5x NM (11.6x) 3.0x (330.8x) Park City Group, Inc. PCYG % 6.6% 82.7% NM 18.9% 15.7x 103.8x 271.9x NM NM 10.6% 19.0% 9.3% 15.0% Company Name EBITDA Price/ $ 0.2% -9.8% 80.5% 7.8% NM 17.1x NM 34.2x 15.9x 22.1x Public Storage PSA $ 38, PACCAR, Inc. PCAR 22, % 34.8% 93.3% (12.1%) 17.7% 1.6x 9.2x 39.0x 1.9x 14.4x Extra Space Storage, Inc. EXR 9, % -12.4% 81.5% 16.3% NM 14.9x NM 33.7x 13.4x 20.3x Westinghouse Air Brake Technologies Corp. WAB 7, % 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x CubeSmart CUBE 4, % -12.6% 79.9% 12.7% NM 13.0x NM 50.4x 11.6x 18.6x Life Storage, Inc. SSS 3, % -20.5% 72.1% 20.6% NM 13.0x NM 35.4x 10.4x 17.3x Dana, Inc. DAN 2, % 37.5% 95.8% 4.4% 11.8% 0.6x 5.9x 33.9x 0.6x 5.4x Mobile Mini, Inc. MINI 1, % -2.8% 79.3% 2.7% 34.5% 4.5x 12.5x 36.0x 4.3x 11.6x American Axle & Manufacturing Holdings, Inc. AXL 1, % 1.9% 97.8% 3.2% 15.7% 0.6x 4.0x 5.9x 0.6x 4.0x Navistar International Corp. NAV 2, % 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x (26.4x) 0.8x 11.4x Wabash National Corp. WNC % 33.7% 97.1% (17.6%) 13.8% 0.6x 4.2x 8.2x 0.7x 6.4x Meritor, Inc. MTOR 1, % 48.7% 92.9% (3.3%) 8.9% 0.6x 6.2x 2.0x 0.6x 6.7x National Storage Affiliates Trust NSA % 28.8% 96.5% 48.6% NM 11.5x NM 60.7x 7.1x 12.1x 9.3% 16.1% 4.4% 14.8%

8 Company Name EBITDA Price/ $ 4.8% 19.1% 95.2% 7.0% 16.9% 1.8x 11.3x 20.4x 1.7x 10.3x United Parcel Service, Inc. UPS $ 79, FedEx Corp. FDX 49, % 25.0% 92.4% 11.8% 13.2% 1.1x 9.2x 27.0x 1.0x 6.8x C.H. Robinson Worldwide, Inc. CHRW 10, % 18.1% 94.1% 7.9% 6.8% 0.9x 12.3x 20.3x 0.8x 12.4x Expeditors International of Washington, Inc. EXPD 9, % 17.4% 94.0% 5.8% 11.5% 1.4x 11.8x 22.4x 1.3x 11.6x XPO Logistics, Inc. XPO 4, % 58.4% 86.6% 5.2% 8.9% 0.7x 9.2x (172.6x) 0.7x 7.9x Forward Air Corp. FWRD 1, % 10.2% 93.4% 4.7% 13.7% 1.5x 10.5x 38.2x 1.4x 9.5x Hub Group, Inc. HUBG 1, % 32.8% 94.8% 7.4% 4.4% 0.4x 8.8x 19.2x 0.4x 8.9x Atlas Air Worldwide Holdings, Inc. AAWW 1, % 26.1% 90.3% 11.7% 15.0% 1.7x 16.2x (25.7x) 1.5x 6.7x Air Transport Services Group, Inc. ATSG % 58.3% 92.3% 23.0% 25.0% 1.9x 6.7x 28.0x 1.5x 5.1x Echo Global Logistics, Inc. ECHO % 22.9% 86.7% 11.8% 3.2% 0.5x 15.9x 119.3x 0.5x 10.8x Park-Ohio Holdings Corp. PKOH % 15.8% 95.4% 1.1% 9.1% 0.7x 8.5x 14.2x 0.7x 7.0x 8.9% 11.6% 7.4% 11.5% Company Name EBITDA Price/ $ 1.7% 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x Westinghouse Air Brake Technologies Corp. WAB $ 7, Kirby Corp. KEX 3, % 26.4% 90.8% (5.9%) 24.5% 2.4x 9.0x 22.5x 2.5x 10.4x Trinity Industries, Inc. TRN 4, % 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x Seaspan Corp. SSW % -42.2% 45.7% 1.5% 61.4% 4.8x 7.5x (7.9x) 4.7x 7.6x Matson, Inc. MATX 1, % -17.0% 81.8% 4.6% 13.3% 1.2x 8.6x 17.7x 1.2x 7.4x Costamare Inc. CMRE % -46.3% 50.9% (10.6%) 67.6% 3.9x 5.7x 3.9x 4.2x 6.2x Danaos Corp. DAC % -55.8% 43.2% (17.8%) 54.1% 5.2x 7.5x 3.4x 6.3x 9.0x Blue Bird Corp. BLBD % 52.4% 85.6% 7.4% 6.7% 0.5x 14.3x 110.4x 0.5x 6.3x (1.3%) 33.9% (2.2%) 23.6%

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