Continue to favor “owning the assets.” 1Q14 EPS results among asset-based
transports to be pressured by weather-related expenses. However, healthy 1Q14 spot TL
demand in seasonally soft January/February is shifting leverage during 2014’s bid
negotiations from shippers to carriers. Early reads suggest 2014 core TL pricing growth is
+2-3% yoy, reaccelerating from +1-2% yoy in 2013, presenting a fundamental catalyst to
the truckload carriers and asset-based transports broadly
