EFTA Document EFTA01387106

22 February 2018 Trucking U.S. Transportation • XPO- we see potential for very strong 2019 free cash flow: Our long- held positive stance on XPO has been predicted on accelerating revenue and free cash flow growth. Indeed, organic growth accelerated to +10.4% in 4O, and free cash flow has tripled in two years- from $211M in 2016 to expected $625M this year. In the context of this free cash trajectory, an exact tripling of equity value in a little over a year is highly explainable, if not