OPENING KEYNOTE SPEAKER

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2 NIT LEAGUE TRANSPORTATION SUMMIT OPENING KEYNOTE SPEAKER Derek J. Leathers President and CEO Werner Enterprises Founded in 1956; grown from one-truck operation to a $2 billion company Among five largest U.S. truckload carriers Largest truckload carrier serving Mexico Fleet includes more than 7,300 trucks, 24,000 trailers & 16,000 alliance carriers Conducting business in more than 150 countries with offices in U.S., Canada, Mexico, China & Australia 2

3 Derek Leathers // Developing a Strategic Plan in Times of Uncertainty ECONOMIC ENVIRONMENT U.S. Real GDP Growth is Expected to Continue at Healthiest Clip Since Upcycle Monthly Job Changes (Thousands) Unemployment Rate (Percent) % 4.9% 4.4% 3.9% Source(s): U.S. Bureau of Economic Analysis, U.S. Bureau of the Census, Stephens Inc., BLS, ATA 3

4 Derek Leathers // Developing a Strategic Plan in Times of Uncertainty ECONOMIC ENVIRONMENT (cont.) 5% 4% 3% 2% 1% Real Personal Consumption Growth (Goods Only) 3.3% 4.6% 3.7% 3.8% 3.8% 2.7% Total Housing Starts (Monthly; Annualized Rate; Millions) Single-Family vs Multi-Family Units (Monthly; Annualized Rate; Millions) Single-Family Multi-Family 0% Avg H.S M 1.18 M 1.21 M 1.29 M 1.40 M Source(s): BEA, ATA, Census Bureau, Federal Reserve 4

5 Derek Leathers // Developing a Strategic Plan in Times of Uncertainty ECONOMIC ENVIRONMENT (cont.) Factory Output (Index) 10.0% 9.0% 8.0% Factory Output (Year-over-Year Percent) Total Business Inventory-to-Sales Ratio (Data adjusted for seasonal, holiday, and tradingday differences, but not price changes) 7.0% % 5.0% 4.0% 3.0% Likely Optimal Range % 1.0% 0.0% -1.0% Output 0.2% 0.2% 1.7% 3.3% 3.0% Source(s): ATA, Census Bureau, Federal Reserve 5

6 ECONOMIC ENVIRONMENT (cont.) Cass Freight Index: Economic Outlook from Freight s Perspective Import Container Volumes Shipments Expenditures (inclusive of fuel) Source(s): Cass Information Systems, KeyBanc Capital Markets Inc. 6

7 ECONOMIC ENVIRONMENT (cont.) Conference Board Consumer Confidence Index Michigan Consumer Sentiment Index (MSCI) ISM Manufacturing PMI Retail Sales (Y/Y Change) Source(s): FactSet Research Systems, U.S. Census Bureau, IMF & Stephens Inc. 7

8 EMPLOYMENT & DRIVER SHORTAGE Source(s): FTR, U.S. Bureau of Labor Statistics 8

9 EMPLOYMENT & DRIVER SHORTAGE (cont.) Total Number of Drivers Needed Through 2026 Share of Drivers Needed Through 2026 Source(s): ATA s Truck Driver Shortage Analysis

10 SUPPLY, DEMAND & CAPACITY 7.0% 5.0% 3.0% TL Tractor Changes: Large vs Small Fleets - Includes company tractors and independent contractor equipment YTD 4.0% 5.1% 1.0% -1.0% -0.2% 0.0% -3.0% -5.0% -7.0% -5.0% Large TLs -5.2% Small Fleet: Less than $30 million in annual revenue Small TLs Source(s): ATA s Trucking Activity Report 10

11 SUPPLY, DEMAND & CAPACITY (cont.) Used Truck Blended Wholesale & Retail Pricing Used Truck Units Sold Used Truck Estimated Inventory New Truck Order Activity New Truck Lead Time New Truck Net Orders & Production Source(s): ACT Research Co., KeyBanc Capital Markets Inc., FTR 11

12 SUPPLY, DEMAND & CAPACITY (cont.) Buckingham Research Group Dry Van Supply/Demand Index Surges to All-time High Source(s): Buckingham Research Group 12

13 SUPPLY, DEMAND & CAPACITY (cont.) Van Load-to-Truck Ratio Van Hot States: Dec. 31 Jan. 6, 2018 Van Hot States: Jan , 2017 Reefer Load-to-Truck Ratio Reefer Hot States: Dec. 31 Jan. 6, 2018 Reefer Hot States: Jan , 2017 Source(s): DAT Solutions 13

14 SUPPLY, DEMAND & CAPACITY (cont.) Distribution of Tonnage by Mode: 2016 vs Source(s): ATA, U.S. Freight Transportation Forecast to

15 SUPPLY, DEMAND & CAPACITY (cont.) All Modes of Freight Transportation Will Grow Total Percentage Increase in Tonnage from 2016 to 2028 Source(s): ATA, U.S. Freight Transportation Forecast to

16 LEGISLATIVE/REGULATORY ENVIRONMENT Regulations / regulatory reform Federal Aviation Administration Authorization Act North American Free Trade Agreement Electronic logging devices Infrastructure development and funding 16

17 TECHNOLOGY/INNOVATION Advanced safety systems (ex. collision-mitigation) Autonomous, alternative fuel trucks; platooning 17

18 NIT LEAGUE TRANSPORTATION SUMMIT OPENING KEYNOTE SPEAKER Derek J. Leathers President and CEO Werner Enterprises werner.com 18

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