Transportation/Logistics June Freight Flows

June 1, 2013

Position defensively in transports given two near-term headwinds: continued growth
deceleration in both industrial and retail end-markets; and historically challenging 3Q
relative stock performance. Continue to emphasize transports with company-specific
catalysts: elevating CNW to a Focus Idea, replacing R and RRTS following strong YTD

June Trends