1. See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. North American Equity Research June 17, 2013 Airfreight and Surface Transportation Tom Wadewitz AC 212-622-6461 thomas.r.wadewitz@jpmorgan.com Bloomberg: JPMA WADEWITZ J.P. Morgan Securities LLC Michael Weinz, CFA 212-622-6383 michael.r.weinz@jpmorgan.com J.P. Morgan Securities LLC Alex Johnson 212-622-6513 alexander.k.johnson@jpmorgan.com J.P. Morgan Securities LLC Presentation to the MCSAC Subcommittee on CSA Airfreight and Surface Transportation

2. 2 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Transport Rating and Price Target Summary Source: Bloomberg and J.P. Morgan estimates. As of June 12, 2013.

3. 3 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Transport Demand Trends Rail Carloadings Show Modest Y/Y Growth Data through 2013 Week 22 (ended June 1, 2013). Source: Association of American Railroads. Total Intermodal

4. 4 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Transport Demand Trends Rail Carloadings Show Modest Y/Y Growth (Cont’d) Data through 2013 Week 22 (ended June 1, 2013). Source: Association of American Railroads. Industrial Automotive

5. 5 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Transport Demand Trends Cass Shipments Index Shows Modest Y/Y Contraction in April and May Data through May 2013. Source: Cass Information Systems.

6. 6 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA ISM Data Provides a Read to Transport Activity ISM – Manufacturing Shows Contraction in May Sources: Institute for Supply Management via Bloomberg. Orders Minus Inventories Was Also Weak in May

7. 7 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Truckload Pricing Trends Dry Van Pricing Ex-Fuel Shows Modest Y/Y Growth in March and April Sources: Truckloadrate.com via Bloomberg. Over the Past 12 to 24 Months Pricing Across Truck Types Is Roughly Unchanged

8. 8 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Truckload Capacity Analysis Rolling Capacity of Over-the-Road Class 8 Tractor Fleet Assuming a 5-Year Life Source: ACT and J.P. Morgan estimates. Data through March 2013. Rolling Capacity of Over-the-Road Class 8 Tractor Fleet Assuming a 7-Year Life 2012 capacity rose 3.6%, assuming a 5-year life 2012 capacity contracted 3.2%, assuming a 7-year life

9. 9 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Truckload Capacity Analysis Class 8 Tractor Sales Are Likely to Be Modestly Lower in 2013 Source: ACT and J.P. Morgan estimates. Data through March 2013.

10. 10 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Truckload Capacity Analysis Truckload Fleet Size (# of Tractors) Source: Company reports and J.P. Morgan estimates. Fleet Size at Large Carriers Has Been Declining

11. 11 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA Transport Stock Performance Source: Bloomberg and J.P. Morgan Estimates. As of June 12, 2013 (intraday). 2013 YTD Performance for the Transportation Stocks through June 12, 2013 (intraday)

12. 12 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Among Truckload Carriers: Western Express, Marten, and CRST Malone (Flatbed) Are Deficient on 2 or More BASIC Scores Source: Federal Motor Carrier Safety Administration.

13. 13 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Among LTL, Small Package, and Drayage Carriers: Only Roadrunner Is Deficient on 2 or More BASIC Scores Source: Federal Motor Carrier Safety Administration.

14. 14 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis BASIC Score Comparison: Unsafe Driving – Performance Threshold of 60% or 65% Source: Federal Motor Carrier Safety Administration.

15. 15 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis BASIC Score Comparison: Hours of Service (HOS) Compliance – Perf. Threshold of 60% or 65% Source: Federal Motor Carrier Safety Administration.

16. 16 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis BASIC Score Comparison: Driver Fitness – Performance Threshold of 75% or 80% Source: Federal Motor Carrier Safety Administration.

17. 17 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis BASIC Score Comparison: Controlled Substances and Alcohol – Perf. Threshold of 75% or 80% Source: Federal Motor Carrier Safety Administration.

18. 18 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis BASIC Score Comparison: Vehicle Maintenance – Performance Threshold of 75% or 80% Source: Federal Motor Carrier Safety Administration.

19. 19 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Comparison of Inspection Rates (Total per Driver) Source: Federal Motor Carrier Safety Administration.

20. 20 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Comparison of Crash Ratios (Total per Driver) – Score Is Out of 100 Source: Federal Motor Carrier Safety Administration.

21. 21 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Comparison of Injuries or Fatalities Ratios (Total per Driver) – Score Is Out of 100 Source: Federal Motor Carrier Safety Administration.

22. 22 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Comparison of Vehicle Out-of-Service Orders Issued as a Result of an Inspection Source: Federal Motor Carrier Safety Administration.

23. 23 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA CSA Analysis Comparison of Driver Out-of-Service Orders Issued as a Result of an Inspection Source: Federal Motor Carrier Safety Administration.

24. 24 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA

25. 25 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA

26. 26 Airfreight and Surface Transportation: Presentation to the MCSAC Subcommittee on CSA