EFTA Document EFTA01387107

22 February 2018 Trucking U.S. Transportation Figure 3: ODFL NTM PIE relative to the S&P 2.5x 1.4x 1.3x 0.9x 0.8x is en en 01 en me es es O N N YI .11 on ID f, h N A 0) H.OgAi gUIEU-TiaThE Relative FIE • Mean -*/- 1 std dev $01/re Orlatht art Rails - Cash return key driver of equity value: With a relatively benign volume and pricing environment for rails (puts and takes on mix offset by pricing power from industry structure and truckload tightening), the key d