1. Select Views of the North American Truckload
Freight Transportation Marketplace,
Past & Present
Including Its Key* TL and Dedicated Service Participants.
*Excepting privately-held Schneider National, Inc., and U.S. Xpress Enterprises, Inc., for which data details are not publicly available.
Thom A. Williams, managing director
March 27, 2010

2. The Changing Times:
The Good: The Bad:
Vs.
AmherstAlphaAdvisors LLC

3. And The Ugly:
AmherstAlphaAdvisors LLC

4. Leading Carriers' Truckload Revenues,
Carrier Truckload CH Robinson
Revenues, 2006 thru 2009 (Excluding Fuel Surcharges): Trucking Revenues,
US$s in thousands US$s in thousands
$2,600,000
$6,000,000
$2,400,000
$5,500,000
$2,200,000
$5,000,000
$2,000,000
Despite that it neither owns trucks nor operates
as a Contract Carrier, CHRW generates TL But the real truckers are yet $4,500,000
$1,800,000 revenues equaling Swift, WERN, LSTR and JBHT another story: Seldom have
combined! E.g.: ~$6.1 bil. in '08; $5.2 bil. in '09. so many worked so long,
and driven so many miles, $4,000,000
$1,600,000
to accomplish little more
than staying alive! $3,500,000
$1,400,000
$3,000,000
$1,200,000
CAUSE FOR CONCERN: $2,500,000
$1,000,000 Major shippers' growing adoptions of truckload freight transportation procurement, spend optimization, and
managed bidding program software packages and related services (from Manugistics, LeanLogistics, Manhattan
$800,000
Associates, and others) increasingly challenge TL carriers' revenue and profit growth prospects. $2,000,000
$600,000 $1,500,000
$400,000 $1,000,000
$200,000 $500,000
$0 $0
2006 2007 2008 2009
FrozenFood P.A.M. USA Truck Marten Universal Celadon
Heartland Ryder-DCC est. Covenant Con-way Knight TransForce
J.B. Hunt Landstar Werner Swift CH Robinson
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

5. Leading Carriers' Truckload Revenues,
Carrier Truckload
Revenues, 2006 thru 2009 (Including Fuel Surcharges): Avg. On-road Diesel
US$s in thousands Price, US$s/gal.
$3,200,000 $4.000
$3,000,000
$3.807
$2,800,000 $3.500
$2,600,000
$2,400,000 $3.000
$2,200,000
$2.882
$2,000,000 $2.705 $2.500
$2.467
$1,800,000
$1,600,000 $2.000
$1,400,000
$1,200,000 $1.500
$1,000,000
$800,000 $1.000
$600,000
$400,000 $0.500
$200,000
$0 $0.000
2006 2007 2008 2009
FrozenFood P.A.M. USATrk. Universal
Marten Heartland Ryder - DCC Celadon
Covenant Con-way Knight TransForce
J.B.Hunt Landstar Werner Swift
National avg.$/gal. diesel fuel price Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company and DOE reports, and AmherstAlpha data extrapolations.

6. Leading Carriers' Total Truckload Miles: Total miles driven
Cass Freight Index
re: Shipment Volumes (loaded + empty)
(Jan. 1990 = 1.00) in thousands
1.40 1,800,000
1,600,000
1.30
1.278
1.249 Swift
1,400,000
1.20
1,200,000
1.10 1.100
1,000,000
1.00
To understand why truckload freight movements and truckers' miles declined so harshly,
Werner
according to the new and ingenious Ceridian-UCLA "PCI Index," we need only look to the 800,000
three components of GDP (goods, services, and structures). Services comprise 63% of GDP
and never seem to decline. The volatility lies in Goods and Structures — the 37% of GDP that 0.920
0.90
gets loaded onto and transported via trucks.
When we stopped building and remodeling and consumers ceased buying durable goods, 600,000
truckload freight assignments "fell off the cliff."
0.80
400,000
Covenant
Knight
Celadon
Con-way
P.A.M.
0.70
200,000
USA Truck
Marten
0.60 0
2006 2007 2008 2009
Swift Werner Covenant Knight
Celadon Con-way P.A.M. USA Truck
Marten CassFreightIndex - Shipments Note: Certain carriers do not report mileage details to their shareholders.
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, Cass Info Systems, company reports, and AmherstAlpha data extrapolations.

7. YE 2006 Truckload Carriers' Relative Marketshares
How these 16 leading carriers divided ~US$12.0 billion of '06 truckload revenues (FSC excluded):
Marten USA Truck P.A.M. FrozenFood Con-way
Celadon 3% 3% 3% 2% 1%
Universal 3%
4%
Ryder-DCC
est. 4%
Swift
21%
Heartland, 4%
Knight, 5%
Covenant, 5%
J.B. Hunt
TransForce
13%
5%
Landstar
Werner
11%
13%
Swift J.B. Hunt Werner Landstar TransForce Covenant Knight Heartland
Ryder-DCC est. Universal Celadon Marten USA Truck P.A.M. FrozenFood Con-way
Fiscal YE June 30th for Celadon;
all others are YE Dec. 31. U.S. Express Enterprises Inc. (XPRSA) was publicly held throughout 2006 and then generated ~$1.2 billion of TL and Dedicated trucking revenues (FSC
excluded). XPRSA was privatized during 2007 via a deal in which Max Fuller and Pat Quinn paid ~$192 million cash to shareholders for the ~9.5 million
XPRSA common shares not owned by Fuller & Quinn. Subsequent details of XPRSA are thus unavailable.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

8. 2009 Truckload Carriers' Relative Marketshares
How these 16 leading carriers divided ~US$10.3 billion of '09 truckload revenues (FSC excluded):
As to relative market shares of base revenues, little, if anything, has
changed in the three years since YE 2006! In May 2007, Jerry Moyes,
Universal P.A.M. et al., privatized the
Marten USA Truck FrozenFood
3% 2%
3% 3% 2% publicly-held Swift, by
Celadon
4%
paying $1.52 billion for the
Heartland
4% 61.7% of SWFT's
Swift outstanding shares not
Ryder-DCC 20% owned by Moyes. By YE
est. 4%
'07 Swift had recorded
~$258 million of goodwill
Covenant, 5% & other asset impairment
charges as to that deal.
Con-way, 5%
Werner
Knight 12%
5%
TransForce
6% J.B. Hunt Landstar
11% 11%
Only JBHT evidences significant progress with
intentional downsizing of its standard truckload
CNW acquired TL carrier CFI during
operations, successfully opting to focus on the more-
August 2007 for ~$752 million. CFI
profitable itermodal and other alternatives.
disclosed '06 revenues of ~$427 million.
During '09 CNW recorded a CFI-related
goodwill impairment charge of ~$135
million as to that purchase.
Swift Werner Landstar J.B. Hunt TransForce Knight Con-way Covenant
Ryder-DCC est. Heartland Celadon Marten USA Truck Universal P.A.M. FrozenFood
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

9. Leading Carriers' Truckload Operating Incomes
Truckload Operating Incomes, (after Goodwill impairment charges) , 2006 thru 2009
US$s in thousands
$220,000
$170,000
$120,000
Swift, $120,317
Werner, $84,524
$70,000
Knight, $79,680
Heartland, $78,964
JBHT, $51,442
$20,000
2006 2007 2008 2009
($30,000)
Covenant
-$55,679
($80,000)
Con-way
-$106,971
Swift
-$126,386
($130,000)
FrozenFood est. P.A.M. USATrk. est. Covenant est. Universal est. Celadon TransForce Con-way est.
Marten Ryder - DCC Landstar est. J.B.Hunt Heartland Knight est. Werner Swift est.
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

10. Leading Carriers' Truckload Operating Incomes
Truckload Operating Incomes, (excluding Goodwill impairment charges), 2006 vs. 2009
US$s in thousands
$220,000
$170,000
$120,000
Swift
Werner
Heartland
Knight
$70,000
TransForce
J.B.Hunt
Marten
Landstar est.
Ryder-DCC
Celadon
Covenant
Universal
Con-way
$20,000
2006 2009
USATrk.
FrozenFood P.A.M.
($30,000)
FrozenFood est. P.A.M. USATrk. est. Universal est. Covenant est. Celadon TransForce Marten
Con-way est. Ryder - DCC Landstar est. J.B.Hunt Heartland Knight est. Werner Swift est.
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

11. Leading Carriers' TL Revenues (inc. FSC) Per Total Mile (Loaded + Empty Miles):
Revenue per total Avg. On-road Diesel
mile, US$s Price, US$s/gal.
$2.00 $4.000
$3.807
$3.500
$2.882 $3.000
$2.705
$1.75
$2.467
$2.500
Marten
$1.72
$2.000
Werner, $1.64
FrozenFood, $1.58
Swift, $1.57
$1.500
Celadon, $1.54
$1.50
USA Truck, $1.52
Con-way, $1.48
Might this be a textbook display of Swarm Intelligence?
$1.000
Covenant, $1.45
These leading, and many lesser, truckers incessantly bid against
each other, and themselves, in well-executed bidding programs
P.A.M., $1.43
orchestrated by major shippers, yet not one within the swarm of
major truckload carriers invites multiple shippers to open bidding
$0.500
for the carrier's available capacity.
Perhaps they should experiment on eBay!
$1.25 $0.000
2006 2007 2008 2009
P.A.M. Covenant Con-way
USA Truck Celadon Swift
FrozenFood Werner Marten
National avg.$/gal. diesel fuel price Note: Certain carriers do not report mileage details to their shareholders.
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

12. Leading Carriers' TL Operating Incomes (excluding Goodwill impairment charges),
Opr. Income per
Per Total Mile (Loaded + Empty Miles):
total mile, US$s
$0.340
$0.320
Knight
$0.300 $0.323
$0.280
$0.260
$0.240
$0.220
Knight
$0.200
$0.220
$0.180
$0.160
Werner, $0.153
$0.140
Marten, $0.138
Marten, $0.099
Swift, $0.132
Werner, $0.097
$0.120 P.A.M.
$0.128
Swift, $0.081
$0.100
Con-way, $0.073
Celadon, $0.108
Celadon, $0.031
$0.080
USA
Covenant, $0.009
$0.060 Truck
$0.089
$0.040
$0.020
Covenant, $0.023
$0.000
2006 2007 2008 2009
-$0.020
USA Truck, -$0.031
Covenant, -$0.028
-$0.040
-$0.060
-$0.080
Covenant, -$0.085 P.A.M., -$0.095
-$0.100
P.A.M. USA Truck Covenant Celadon Con-way Swift Werner Marten Knight
Fiscal YE June 30th for Celadon; all others are YE Dec. 31. Note: Certain carriers do not report mileage details to their shareholders.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

13. Leading Carriers' Truckload Avg. Revenues (inc. FSC)
Truckload Revenues, per Truck/Month, '06 vs. '09:
US$s in thousands
$20,000
$18,000
$16,000 CNW
WERN
$16,313
CVTI MRTN
$14,000 KNX
JBHT
FFEX USAK HTLD
CGI
PTSI
LSTR
$12,000 Swift
$10,000
UACL
$8,000 $9,422
$6,000
Misery loves company! Sharp fall-offs of shipping volumes, combined with intense pricing competitions,
$4,000 have much narrowed the bands of measured per-truck revenue productivity.
Note, e.g, that HTLD's ~35% decline left WERN as the leader.
Using near identical tools (trucks & trailers), providing near identical services, and facing shippers' constant
$2,000 bidding wars, the major truckload carriers have increasing difficulties faring much better than their industy cousins!
$0
2006 2009
Universal Swift Landstar P.A.M. Celadon FrozenFood USA Truck Heartland
JB Hunt Knight Covenant Marten Con-way Werner
Fiscal YE June 30th for Celadon; all others are YE Dec. 31. Note: Neither Ryder-DCC nor TFI disclose fleet sizes.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

14. Leading Carriers' Net Fuel Costs (Fuel expense, less FSC revenue) Per TL Mile:
$0.330
$0.300 Fuel surcharge revenues have slightly
reduced many carriers' unrecovered fuel
expense per total mile;
$0.270 but not at Covenant!
$0.240
$0.210 $0.219 Marten
$0.214
$0.217
$0.211
Covenant, $0.203
$0.198
P.A.M., $0.193
USA Truck, $0.188
$0.180 $0.189
Knight
$0.150 $0.166
$0.144
Celadon, $0.140
Con-way
$0.120 $0.136
$0.090
$0.099
Werner
$0.081
$0.060
$0.095
Swift
$0.074
$0.030
$0.000
2006 2007 2008 2009
Marten Covenant P.A.M. USA Truck Knight Celadon Con-way Werner Swift
Fiscal YE June 30th for Celadon; all others are YE Dec. 31. Note: Certain carriers do not report mileage details to their shareholders.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

15. Leading Carriers' TL Fuel Expense (net of FSC revenue),
as % of base TL revenues:
USA Truck,
16.54%
FrozenFood, 16.08%
Covenant, 15.99%
P.A.M.
15.00% P.A.M., 15.46%
15.68%
Marten, 14.85%
FrozenFood, 14.60%
Covenant, 14.57%
Marten, 14.43%
USA Truck, 14.24%
J.B. Hunt,
Heartland 13.96%
13.22%
J.B. Knight, 12.51% Heartland,
Hunt 12.54%
12.47%
Knight,
Celadon, 10.72% 11.29%Celadon, 10.95%
10.00%
Con-way, 10.21%
Werner,
6.78%
Swift, 6.59%
Werner,
5.00% 5.64%
Are Swift and Werner uniquely Swift, 5.34%
astute buyers of fuel and super-
efficient collectors of FSCs? Or are
the other carriers just sloppy?
5% to 10% of base revenue is far too
much to leave behind!
0.00%
2006 2009
FrozenFood Covenant P.A.M. Marten USA Truck J.B. Hunt Heartland Knight Celadon Con-way Werner Swift
Fiscal YE June 30th for Celadon; all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

16. Leading Carriers' Truckload Fleet Sizes, 2009 vs. 2006 Total Class 8 Trucks in
Truckload Service
FrozenFood, 1,530
P.A.M., 1,730
Marten, 2,264
USA Truck, 2,338
Con-way, 2,900
Since YE 2006, these leading truckload carriers'
Heartland, 2,914
capacities (trucks available for dispatch)
2009
have declined much less than Covenant, 3,111
certain industry observers predicted. Celadon, 3,168
Universal, 3,387
Knight, 3,718
Werner, 7,321
JB Hunt, 7,502
Landstar, 8,779
Swift, 16,686
FrozenFood, 1,972
P.A.M., 1,998
Marten, 2,504
USA Truck, 2,512
Con-way, 2,513
Heartland, 2,363
2006
Covenant, 3,546
Celadon, 2,732
Universal, 3,420
Knight, 3,446
Werner, 8,757
JB Hunt, 10,523
Landstar, 8,967
Swift, 17,929
0 1 10 100 1,000 10,000 100,000
SPECIAL NOTE: This a logarithmic scale, from Zero to 100,000. Note: Neither Ryder-DCC nor TFI disclose fleet sizes.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company reports, and AmherstAlpha data extrapolations.

17. For-hire Truckload Fleet Sizes @ YE 2009, the 28 Current Leaders:
Total Class 8 Trucks in
Truckload Tervice
FrozenFood, 1,530
P.A.M., 1,730
Marten, 2,264
USA Truck, 2,338
The 14 U.S. truckload Con-way, 2,900
carriers herein detailed Heartland, 2,914
operate ~67,000 Covenant, 3,111
class 8 tractors in the Celadon, 3,168
TL & dedicated markets.
Universal, 3,387
Knight, 3,718
Werner, 7,321
JB Hunt, 7,502
Landstar, 8,779
Swift, 16,686
1
AAA Cooper, 2,106
Mercer, 2,137
Anderson, 2,309
Western Express, 2,590
Another 14 U.S. truckload Dart, 2,708
carriers (all privately-held) Comcar, 3,088
operate ~63,800 additional Ruan, 3,333
class 8 tractors in the same CRST, 3,357
TL & dedicated markets.
Prime, 3,555
CR England, 3,600
Crete, 5,398
Greatwide, 5,897
U.S. Xpress, 8,453
Schneider National, 15,300
0 1 10 100 1,000 10,000 100,000
SPECIAL NOTE: This a logarithmic scale, from Zero to 100,000.
© 2010, AmherstAlphaAdvisors LLC Source Data: Transport Topics and Fleet Owner directories and www.safersys.org.

18. Leading For-hire TL Carriers' Truckload Fleets, in Context: Total Class 8 Trucks in
Truckload Service
The 14 here-discussed U.S. TL carriers at YE '09 operated ~67,000 class 8 tractors in pursuit of truckload freight transportation revenues. 67,347
While these 14 major shipper-customers operate almost as many class 8 tractors solely to support their primary business activities:
Pilgram's Pride operates 1,587 class 8 tractors 1,587
Via growing shipper
Cemex USA operates 1,648 class 8 tractors 1,648 collaborations and well-
directed private fleet
Agrium operates 1800 class 8 tractors 1,800 routing programs, these
substantial private
Performance Foods operates 1,897 class 8 tractors 1,897 operations daily,
forcefully compete
Reynes Holdings operates 1,984 class 8 tractors 1,984 directly for the paid load
assignments and
Dean Foods operates 2,450 class 8 tractors 2,450 revenue miles upon
which major and minor
DrPepper Snapple operates 2,458 class 8 tractors truckers depend for
1 2,458
survival!
Tyson Foods operates 2,500 class 8 tractors See, e.g.:
2,500
www.emptymiles.com
McLane operates 3,100 class 8 tractors 3,100
US Foodservice operates 5,456 class 8 tractors 5,456
SPECIAL NOTE:
Wal-Mart operates 6,891 class 8 tractors 6,891 This a logarithmic
scale, from
Zero to 100,000.
Sysco operates 7,500 class 8 tractors 7,500
c
Coca-Cola, et. al. operates 9,526 class 8 tractors 9,526
Pepsico, et. al., operates 9,882 class 8 tractors 9,882
The above-listed 14 major shipper-customers operate ~59,000 class 8 tractors solely to support their primary business activities. 58,679
0 1 10 100 1,000 10,000 100,000
14 Leading Private Shipper Fleets Pepsi (Pepsico + Bottling + Americas) Coca Cola (Enterprises + Bottling) Sysco Corp.
Wal-Mart U.S. Foodservice McLane Co. Tyson Foods
Dr Pepper Snapple Group Dean Foods Reyes Holdings Performance Food Group
Agrium Cemex USA Pilgram's Pride 14 Leading For-hire TL Fleets
© 2010, AmherstAlphaAdvisors LLC Source Data: Transport Topics and Fleet Owner directories and www.safersys.org.

19. Publicly-held North American TL Carriers - Market Values @ 3/26/2010
Market Capitalization
@ 3/26/2009, US$s in millions
Trucking operations herein detailed accounted for ~63% of FFEX's '09 gross revenues. FrozenFood, $71
Trucking operations herein detailed accounted for ~91% of CVTI's '09 gross revenues. Covenant, $85
Trucking operations herein detailed accounted for ~87% of PTSI's '09 gross revenues. P.A.M., $126
Trucking operations herein detailed accounted for ~96% of USAK's '09 gross revenues. USA Truck, $174
Trucking operations herein detailed accounted for ~76% of UALC's '09 gross revenues. Universal, $273
Trucking operations herein detailed accounted for ~95% of CGI's '09 gross revenues. Celadon, $304
Trucking operations herein detailed accounted for ~77% of MRTN's '09 gross revenues. Marten, $425
Trucking operations herein detailed accounted for ~36% of TFI's '09 gross revenues. TransForce, $934
Trucking operations herein detailed accounted for ~100% of HTLD's '09 gross revenues. Heartland, $1,450
Trucking operations herein detailed accounted for ~87% of WERN's '09 gross revenues. Werner, $1,680
Trucking operations herein detailed accounted for ~94% of KNX's '09 gross revenues. Knight, $1,690
Truckling operations herein detailed accounted for ~10% of R's '09 gross revenues. Con-way, $1,740
Trucking operations herein detailed accounted for ~13% of CNW's '09 gross revenues. Ryder, $2,060
Trucking operations herein detailed accounted for ~64% of LSTR's '09 gross revenues. Landstar, $2,080
Trucking operations herein detailed accounted for ~38% of JBHT's '09 gross revenues. J.B. Hunt, $4,540
$0.001 $0.010 $0.100 $1.000 $10.000 $100.000 $1,000.000 $10,000.000
SPECIAL NOTE: This a 3 decimal point logarithmic scale, from Zero to $10.0 billion).
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, and NYSE and NASDAQ records.

20. Biggest Winners of Late in the North American Trucking:
Collections @ withdrawal,
US$s in millions
Shareholders of Star
Transportation received ~$40.1
million cash from Covenant
in September 2006.
Shareholders of Smithways
Recently, the big winners in
Motor Xpress received ~$54 North American Trucking
million cash from Western have been those shareholders who,
Express in October 2007. via sale or special dividends,
withdrew considerable funds
Shareholders of U.S. Xpress from the truckload sector!
received ~$191.7 million cash
from Max Fuller and Pat Quinn
in October 2007.
Shareholders of Heartland
received Heartland's special
cash dividend of $196.2 million
in May 2007.
Shareholders of Werner
received Werner's two special
cash dividends: $150.3 million
in Dec. 2008; $89.9 million in
Dec. 2009.
Shareholders of Contract
Freighters received ~$752.3
million cash from CNW
in August 2007.
Shareholders of Swift
Transportation received ~$1.5
billion cash from Jerry Moyes,
et al., in May 2007.
$0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0 $1,200.0 $1,300.0 $1,400.0 $1,500.0 $1,600.0
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and company reports.

21. Thoughts on Future Marriages of Leading Carriers:
Carrier Truckload
Revenues,
US$s in thousands
$2,400,000
Considerations: Swift
#1 - USAK's young management could revitalize PSTI; would the Morouns swap their PTSI
$2,200,000
stock for USAK's? Swift's future could
#2 - Far better than most others, MRTN could surely apply its reefer strengths to improve FFEX. find it within Ceva,
$2,000,000 #3 - Acquiring CVTI could bring real critical mass to CGI; are Russell and Parker compatible? along with either
#4 - The pristine balance sheets, exemplary operating ratios, and barely-overlapping PACR or HUBG.
geographies of KNX and HTLD are attractive merger ingredients.
$1,800,000 #5 - A CNW acquisition of TFI could strengthen Con-way's Canadian LTL presence and much
augment CNW Truckload's NAFTA-focused Truckload portfolio.
#6 - JBHT could readily absorb R's dedicated unit and instantly push JBHT's DCS segment
$1,600,000
annual operating income well above $100 million. And,
#7 - UACL's large fleet of owner-operators, plus its body of independent agents, paint UACL as
$1,400,000 a unique, large "tuck in" acquisition for LSTR, which could liquiditize the Morouns' stake
in UACL, and possibly also add Moroun experience to LSTR's insurance operations. #7 Werner
#6 And WERN
$1,200,000 Landstar might fit well
Note, too, KNX's recent quiet disclosure that during '09 it "negotiated an option ... to J.B.Hunt
within Toll
purchase first 49%, then [later] 51% of a [$450 million annual revenue truckload
$1,000,000 Holdings, or
carrier]." KNX form10-K for 12/31/2009, pg. 3.
DB Schenker.
$800,000
#4 #5
$600,000 #3 Trans
#2 Knight Force
#1 Covenant Con-way
$400,000 Celadon Heartland Ryder
Marten DCC
USATruck Universal
$200,000 P.A.M. Frozen
Food
$0
2009
P.A.M. USATrk. FrozenFood Marten Celadon Covenant Heartland Knight Con-way
Fiscal YE June 30th for Celadon;
TransForce Ryder - DCC J.B.Hunt Universal Landstar Werner Swift
all others are YE Dec. 31.
© 2010, AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K, company and DOE reports, and AmherstAlpha's "musings."

22. Major Shippers Use Increasingly Sophisticated Tools to TL Carriers’ Pricing Disadvantage:
AmherstAlphaAdvisors LLC

23. As Diesel Fuel Prices Fast Again Head North:
Avg. On-road Diesel
Price, US$s/gal.
$3.000
$2.935/gallon
$2.900
With the average on-road price of diesel fuel
now ~$0.84/gal. higher than just one year
ago, and with big trucks averaging ~6.0 MPG,
$2.800
today it costs truckers ~$0.14 more per mile
to transport a truckload cargo than it cost in
March 2009!
$2.700
$2.600
$2.500
The EIA's March 9, 2010,
Short-term Energy Outlook
$2.400
states that "On-highway diesel
fuel retail prices, which averaged
$2.46 per gallon in 2009,
will average $2.96 per gal. in 2010
$2.300
and $3.14 in 2011."
$2.200
$2.100
$2.092/gallon
$2.000
Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10
© 2010, AmherstAlphaAdvisors LLC Source Data: http://tonto.eia.doe.gov.

24. Prompting Truckers to Wonder:
What Comes Next?
AmherstAlphaAdvisors LLC

25. Q&A
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