Investor Presentation February 2018 Disclaimer and Forward-Looking - PowerPoint PPT Presentation

Investor Presentation February 2018

Disclaimer and Forward-Looking Statements Special Note Regarding Forward-Looking Statements This presentation, and certain information that management may discuss in connection with this presentation, contains forward- looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995, which are intended to come within the safe harbor protection provided by such Act. These forward-looking statements reflect our current expectations, beliefs, plans, or forecasts with respect to, among other things, future events and financial performance and trends in our business and industry. Forward- looking statements are often characterized by words or phrases such as “may,” “will,” “could,” “should,” “would,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “prospects,” “potential” and “ for ecast,” and other words, terms, and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties. We caution that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Risks and uncertainties that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, those discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission (SEC) as well as in other sections of the Form 10-K and in our other filings with the SEC. Non-GAAP Financial Measures Reconciliation This presentation, and certain information that management may discuss in connection with this presentation, references certain non-GAAP financial measures, including revenue (excluding fuel surcharge), adjusted income from operations, adjusted net income, adjusted diluted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). Reconciliations of the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are in an appendix to this presentation. Management believes the use of these non-GAAP measures assists investors in understanding our business, as further described below. The non-GAAP information provided is used by our management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools, and you should not consider them in isolation, or as substitutes, for analysis of our results as reported under GAAP. 2

Leading North American Transportation Services Company Iconic Orange Brand Broad Portfolio of Market-Leading Businesses 2017 Adjusted Income from 2017 Revenues (xFSC) 1  Founded in 1935 in Green Bay, WI Operations 1  Brand reputation of operational excellence Other 2 Logistics Logistics $0.2B $34M built on service, trust, and reliability $0.8B Intermodal 4% 12% $52M  Industry-leading safety, culture and 20% 19% performance 56% 69% 20%  Comprehensive presence throughout Truckload Truckload $2.2B North America Intermodal $196M $0.8B  Portfolio of businesses with different asset 3 $4.0B $282M intensities  Only known industry peer of size to have Truckload: Second Largest in North America 4 completed a comprehensive ERP transformation 4 Intermodal: One of the Largest in North America  Strong balance sheet, with access to capital, provides flexibility to pursue Logistics: Fastest-Growing Segment organic and acquisitive growth initiatives Notes: 1 See Appendix for non-GAAP reconciliations; adjusted for fuel surcharge 3 2 Other is net of Intersegment Eliminations 3 Includes loss of $1M from Other Segment 4 Rank based on 2017 Revenue as reported in SEC filings, adjusted for the impact of a 2017 merger of two peers on an estimated pro forma basis

Operational Excellence Translated into Financial Performance Key Takeaways 4Q17 / 2017 Results (values in $M except EPS)  Enterprise Revenue (xFSC) growth of 9.7% for REVENUE REVENUE Metric 1 4Q17 2017 4Q; 6.5% for FY17; all segments grew in 4Q and FY17 YOY (xFSC)  Truckload revenue per truck per week increased Operating $1,191 $4,384 Revenues 5.3% for 4Q; Intermodal revenue per order $916.29 $1,006.44 increased 7.0% sequentially from 3Q to 4Q and Revenues (xFSC) $1,082 $3,997 1.5% for 4Q YOY Operating Net Income  Price and asset productivity increased (adj.) Adjusted Income Income (adj.) throughout the quarter, partially offset by $100 $282 from Operations increased driver costs $22.57  Improved economy, effective freight selection, Adjusted Net $58 $161 Income and tightened supply, resulted in improved pricing and demand in 4Q EBITDA Adjusted Diluted $0.33 $0.94  Transition to Intermodal 'owned chassis' model EPS completed in December 2017 Adjusted  Strong cash position and balance sheet $172 $561 $0.14 $111.42 EBITDA Note: 4 1 See Appendix for non-GAAP reconciliations

With the Broadest Portfolio of Service Offerings in North America… COMPREH COM PREHEN ENSIVE SIVE PO PORTFOLIO TFOLIO OF S SER ERVIC VICE E OFFERING ERINGS TRUCKL TR CKLOAD AD INTERM INT ERMODAL AL LOGIST ISTICS ICS FO FOR HIR IRE DED EDIC ICATE TED BROKERAGE STANDARD DRY VAN   • Full • Temperature • Long-Haul • Expedited DOOR DOOR-TO TO-DOOR DOOR Truckload Control • Regional / • LTL • Flatbed ST Short-Haul • Intermodal • Sole-Source CONTAIN INER ON BULK LK FLAT CAR (C (COFC) • Long-Haul • Chemical   SUPPL SUPPLY CHA HAIN N SER SERVICES ES (3PL PL) • Regional / • Energy Short-Haul • Expedited • Supply Chain • Supplier LONG-HAUL HAUL TEMPER TE MPERATU TURE E CONTR TROL Management Management  LTY IALTY • Supply Chain • Procurement • Reefer • Freeze • Cross Border Design Protection ECIA REGIO IONAL SPEC Fir First st-to to-Fin Final al-Mile Mile / / E-COMM MMER ERCE SP   IM IMPORT / EXPORT SERVIC ICES • White Glove • Threshold NORTH AMERI MERICAN • Ware- • Port • Trans- • Expedited • Large Parcel CROSS-BORDER housing Drayage loading OTH THER ER SP SPEC ECIA IALTY LTY  • Specialty Van • Multi-Stop • Flatbed • Cross-Dock NORTH TH AME AMERIC RICAN AN CR CROSS SS-BORD BORDER ER / IN / INTE TERN RNATIO TIONAL AL FREIGH REIGHT: 5

… and with Significant Size and Scale in Each Core Business Revenues (xFSC) 1 Truckload Revenues (xFSC) 1 Operating Revenues (xFSC) ($M) 1 Revenues (xFSC) ($M) 1 $3,997 3 Second Largest US TL Provider $3,752 $2,187 $3,588 196 $3,334 166 182 $2,091 834 161 737 639 $1,977 588 780 $1,862 758 790 723 2,187 2,091 1,977 1,862 2014 2016 2015 2017 2014 2015 2016 2017 Truckload Intermodal Logistics Other 2 Intermodal Revenues (xFSC) 1 Logistics Revenues (xFSC) 1 $834 Revenues (xFSC) ($M) 1 Revenues (xFSC) ($M) 1 3 One of the Largest US IM Providers Fastest-Growing Segment $737 $790 $780 $758 $723 $639 $588 2014 2015 2016 2017 2014 2015 2016 2017 Notes: 1 Revenue excludes fuel surcharge 2 Other is net of Intercompany Eliminations 3 Rank based on 2017 Revenue as reported in SEC filings, adjusted for the impact of a 2017 merger of two peers on an 6 estimated pro forma basis .

A Consistent Track Record of Financial Performance Revenues (xFSC) 1 Adjusted EBITDA 1 ($M) ($M) $3,997 $3,752 $3,588 196 $3,334 $559 $561 166 $529 182 $474 834 161 737 639 588 780 758 790 723 2,187 2,091 1,977 1,862 2014 2015 2014 2015 2017 2016 2016 2017 2 Truckload Intermodal Logistics Other Adjusted Income from Operations 1 Adjusted Net Income 1 ($M) ($M) $163 $161 $158 $293 $293 $282 $136 $244 2014 2015 2016 2017 2014 2015 2016 2017 Note: 7 1 See Appendix for non-GAAP reconciliations 2 Other is net of Intercompany Eliminations

Transformation: Digitizing Our Value Chain $250M technology investment differentiates us and enables optimized decisions that drive enhanced contribution STATIC CONTRIBUTION DYNAMIC CONTRIBUTION SUSPECT LEAD PROSPECT QUALIFY QUOTE ORDER EXECUTION BILLING CASH INTERNAL & EXTERNAL DATA SOURCES PREDICTIVE, PREVENTIVE AND PRESCRIPTIVE ANALYTICS  Transformation of culture and business process  Significant driver of margin expansion  Feedback loops to enhance performance over time  Turns “order takers” to “profit makers” Driven by “One Version of the Truth” 8

Appendix

Non-GAAP Reconciliation – Revenues (excluding fuel surcharge) ($M) 2014 2015 2016 2017 4Q17 Operating revenues $ 3,940.6 $ 3,959.4 $ 4,045.7 $ 4,383.6 $ 1,191.2 Fuel surcharge revenues (606.9) (371.2) (294.0) (386.3) (109.5) Revenues (excluding fuel surcharge) $ 3,333.7 $ 3,588.2 $ 3,751.7 $ 3,997.3 $ 1,081.7 10