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1 HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising John Hill Senior Managing Director (813) 383-0205. Transportation & Logistics John McDonald Senior Managing Director M&A Report (813) 383-0206. Keith Hodgdon Managing Director March 2016. (813) 383-0208. Greg Bosl Vice President (813) 597-2649. Jami Gold Vice President (813) 383-0203. Jeffrey Hendricks Vice President (678) 523-3073. Kenneth Burnside Business Development Officer (864) 905-9633. Hyde Park Capital Advisors, LLC. 701 N. Franklin Street Tampa, FL 33602. Tel: 813-383-0202.

2 Member FINRA/SIPC. Capital Markets Overview Commentary Select Public Offerings Transportation & Logistics ($ in millions). Transaction Transaction The Large-Cap Transportation & Logistics ( T&L ) index fell Offer Date Issuer Industry sector Type Value while the S&P 500 remained unchanged (0%) over the 12-month 03/29/16 United Parcel Service, Inc. Logistics fixed Income $118. period ending March 31, 2016. 03/21/16 FedEx Corp. Logistics fixed Income $1,245. The table on the right illustrates select public offerings recently completed in the T&L industry. As seen in the chart, large 02/17/16 Ryder System, Inc.

3 Trucking fixed Income $300. companies are taking advantage of low interest rates to raise debt while volatility in the equity markets has made companies hesitant 11/13/15 United Parcel Service, Inc. Logistics fixed Income $749. to do IPOs and secondary offerings. 11/04/15 Penske Truck Leasing Co. Trucking fixed Income $650. The Non-Asset Based Logistics and Asset Based Logistics sectors 08/03/15 JB Hunt Transport Services Trucking fixed Income $349. were the industry's leaders with respect to valuation during Q1. Roadrunner Transportation 2016, trading at EBITDA multiples of and , respectively.

4 08/04/15. Systems, Inc. Trucking Secondary $50. Public Market Performance (LTM) Public Company Market Performance by sector 110%. Median Change in Stock Price Enterprise Value / LTM. Industry sector 3 Months 12 months Revenue EBITDA. 100% Logistics: Non-Asset Based ( ) Logistics: Asset Based 90%. Truckload ( ) Less-than-Truckload ( ) 80%. Mar-15 Jun-15 Sep-15 Dec-15 Mar-16. S&P 500 Transportation & Logistics Source: S&P Capital IQ. HYDE PARK CAPITAL 2. Investment Banking | Mergers & Acquisitions | Capital Raising M&A Market Summary Transportation & Logistics Commentary M&A Activity Annual Trends: VOLUME.

5 160. As illustrated in the chart to the right, M&A Activity, or deal volume, 151. increased 10% to 125 closed transactions in 2015, up from 114 in 140 138. 132. 2014. M&A Activity during Q1 2016 fell 41% to 22 closed 124 126. 116. 125. 114. transactions compared to 37 completed deals during Q1 2015. 120 115. Total Transaction Volume 100. The median EV/ EBITDA Multiple of transactions in the 87. Transportation & Logistics ( T&L ) industry remained relatively 80. unchanged at when compared to 2014 ( ). 60. 37. During Q1 2016, Asset Based Logistics accounted for 40% of the 40.

6 Deal volume within T&L industry, while Truckload and Non-Asset 22. 20. Based Logistics both represented 27%. 0. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2015 Q1 2016. Q1 2016 M&A Activity: sector BREAKDOWN M&A Activity Annual Trends: EV/ EBITDA MULTIPLES. Median: 7% Non-Asset Based Logistics Median EV/ EBITDA Multiple 27% 27% Asset Based Logistics Truckload 40% LTL 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015. Source: S&P Capital IQ. HYDE PARK CAPITAL 3. Investment Banking | Mergers & Acquisitions | Capital Raising Profiled Transactions Transportation & Logistics Profiled Transaction Profiled Transaction UTi Worldwide, Inc.

7 Acquired by DSV A/S (CPSE:DSV) acquired by Absolute Worldwide Logistics, Inc. Closed Date: January 22, 2016 ($ in millions) Closed Date: September 28, 2015 ($ in millions). Target / Buyer Transaction Analysis Target / Buyer Transaction Analysis Implied Enterprise Value $1,350 Implied Enterprise Value NA. EV/ Revenue EV/ Revenue NA. EV/ EBITDA NA EV/ EBITDA NA. Observations: Observations: UTi Worldwide is an asset-light supply chain services and logistics provider. This provides transportation services for machinery and capital acquisition creates a combined company with a more diverse geographic footprint equipment projects in the By acquiring , Absolute while achieving business synergies.

8 Additionally, the deal allows DSV to add Worldwide Logistics will achieve synergies to their truckload business and significant revenues by strengthening its global contract logistics business and integrate lead generation into their operations leading to increased market share expanding into road freight activities beyond Europe. into the specialized transportation sector . Profiled Transaction Profiled Transaction Con-Way, Inc. acquired by XPO Logistics (NYSE:XPO) Coyote Logistics acquired by United Parcel Service, Inc. (NYSE:UPS). Closed Date: October 30, 2015 ($ in millions) Closed Date: August 18, 2015 ($ in millions).

9 Target / Buyer Transaction Analysis Target / Buyer Transaction Analysis Implied Enterprise Value $3,057 Implied Enterprise Value $1,800. EV/ Revenue EV/ Revenue EV/ EBITDA EV/ EBITDA NA. Observations: Observations: XPO Logistics acquired trucking company, Con-Way Inc., which broadened the Coyote Logistics provides non-asset based truckload freight brokerage services based logistics firm's offerings by expanding into the trucking business. This and third-party logistic services. UPS will leverage the acquisition to add revenue acquisition will enable the asset-light XPO Logistics to increase sales via hard growth and fleet efficiency synergies as Coyote arranges freight shipments on assets on top of their existing logistic services.

10 Available trucking capacity contracted to its large carrier network. This will especially aid UPS when it supplements its peak holiday shipping season with contract transportation carriers. Source: S&P Capital IQ. HYDE PARK CAPITAL 4. Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity Transportation & Logistics Select Announced M&A Transactions ($ in millions). Enterprise EV / EV /. Date Target Target Description Buyer Value ($mm) Revenue EBITDA. 03/14/16 Coastal Pacific Xpress, Inc. Provides temperature-controlled carrier services.