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Highly Confidential

Table of Contents I. Summary of JM Proposal II. Public Market Perspective III. Review of Silver Management Financial Plan Appendix A: Supporting Materials

Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

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Situation Overview

Date Event

Silver receives a letter from Jerry Moyes (“JM”) proposing to acquire all of the company’s outstanding common stock in an all-cash transaction at $29 per share

November 3 (20.6% premium to undisturbed price). MS provides $2,735 million debt financing commitment letter

— JM is a current Board member, former CEO and Chairman and the largest shareholder (27% shares held directly with an additional 12.5% held through

various family trusts for the benefit of other Moyes family members)

— JM notes “as part of due diligence [he] is prepared to consider any factors [Silver Board] believe to justify a higher purchase price”

JM amends schedule 13D to reflect proposal letter and Morgan Stanley financing commitment letter

November 6

Company issues press release noting it has retained Goldman Sachs as financial advisor to consider proposal

Goldman Sachs presents final review of strategic alternatives and makes recommendation to Special Committee regarding course of action

November 26

— On November 27^th Company issues press release announcing that the Special Committee has rejected JM’s proposal at $29/share and will explore

alternatives to maximize value including discussion with other financial and strategic buyers

Launch auction of Company, targeting both strategic and financial buyers

December 4

— JM and 4 Financial buyers attend separate management presentations and begin due diligence

Submission of initial indications of interest due by all interested parties (including JM)

December 21

— 2 preliminary indications of interest received including various terms and a price higher than JM’s initial proposal of $29/share (One Party $32/share, Second

Party $31 — $32/share)

— JM does not increase bid at this time but remains interested in pursuing a transaction

Preliminary discussions held with financial buyers in order to gauge level of interest in moving to second round of process

December 26

— Financial sponsors indicate certain concerns over ability to secure sufficient votes and have requested a process focused on them as well as financial

commitments from Silver (e.g. expense reimbursement, “upset” consideration)

Proposals predicated on completing a transaction through a tender offer versus merger proxy

Preliminary discussions held with MS and JM to discuss their ability to continue in the auction process

January 8

— JM team indicates interest in moving forward and requests draft merger agreement

JM team submits revised offer of $31.55/share

January 12

— Negotiation of terms and merger agreement commences

Summary of JM Proposal 4

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Summary of Financial Terms of JM Proposal
Based on Negotiating Draft as of January 18, 2007

Term Overview

Price $31.55 for each Silver share

— Implied Equity Value: $2,409 million — Implied Enterprise Value: $ 2,742 million Consideration 100% cash Financing Transaction not conditional on financing

JM and JM’s children’s trust (controlled by son) intend to rollover existing 39.1% equity ownership — At $31.55 per share, implied value of JM stake is $641 million, 292

trust amounts to $ Morgan Stanley has provided a committed financing letter for the transaction in the amount of $2,975 million — $1,690 million senior secured first lien — $450 million unfunded revolving credit facility for working capital — $835 million senior secured second lien Up to $560 million of the senior secured facilities may be used by JM and affiliates contributing equity to refinance existing borrowings against Silver stock — Shareholder loan be secured by all capital stock will be made by of NewCo held by the rollover NewCo and will purchasers MAE to match merger agreement

Summary of JM Proposal 5

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JM’s Sources and Uses of Funds
(US$ in millions, except per share amount)

Sources of Funds Uses of Funds

Multiple of 2006E Total Outstanding Purchase Price/ Amount ( $) % of Total EBITDA Equity Purchased as of 31-Dec-06 Exercise Price Amount ($) Funded Term Debt: Basic Shares 54.8 $31.55 $ $1,728

Term Loan B $ 1,690 47% 3.3x Stock Options 3.4 19.78 40

2nd Lien 835 23% 1.6x $ $1,769

Total Funded Term Debt 2,525 70% 4.9x Shares Rollover ² 20.3 $31.55 641

Total Equity Purchased $ $2,409

Equity: Total Debt Retired (06 mgmt estimate; includes securitized AR) 380

JM Equity Rollover ² 641 18% 1.2x Trust Equity Rollover ³ 303 8% 0.6x Cash on Balance Sheet ¹ 0

Total Contributed Equity $943 26% 1.8x Loan to JM & Family Trusts 560

Rollover IEL Equity $150 Purchase IEL Equity 150

Retire IEL Debt 34

Estimated Fees:

Change of Control Payments⁴ 20

Fees (estimated)⁵ 64

Total Fees (estimated) $ 84

Total Sources of Funds $ 3,618 100% 7.0x Total Uses of Funds $ $3,618

Note: Balance Sheet figures are as of December 31, 2006 as per Silver Management Financial Plan. Sources of funds based on JM commitment proposal. ¹Assumes no balance sheet cash is used.

² Represents Silver shares personally held by JM and not used as collateral in connection with the Shareholder loan to be made by Swift. As of latest 13D filing JM personally owns 27% of total outstanding shares of 74.9mm. JM shares do not include the

9,018,353 shares held by (i) the Moyes Children’s Limited Partnership and (ii) seven irrevocable trusts for the benefit of six children of Jerry and Vickie Moyes and by an irrevocable trust for the benefit of Jerry and Vickie Moyes and six of their children. The shares shown for JM also do not include 360,000 shares held by an irrevocable trust for the children of Jerry and Vickie Moyes.

³ Represents the shares currently held by the Moyes Children’s Limited Partnership equaling 9,018,353 shares and the shares held by an irrevocable trust for the children of Jerry and Vickie Moyes equals 360,000 shares (at the current offer price of $31.55).

⁴ Estimated payments to be made to certain members of management based on change of control agreements that have been signed with Silver upon the acquisition by a third party.

⁵Assumes aggregate fees, which includes both sellside and buyside advisory fees. ⁶Assumes PF 2006E EBITDA of $513mm; includes IEL EBITDA of $18.5mm as per JM guidance.

Summary of JM Proposal 6

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Silver Analysis at Various Prices
(US$ in millions except per share amounts)

JM Indications Initial Final Increase Purchase Price Per Silver Share ($) $ 29.00 $ 31.55 $2.55 Premium to Market Price (Jan-18-07) $27.05 7.2% 16.6% 9.4% Premium to Undisturbed Price (Nov-3-06) 24.05 20.6% 31.2% 10.6% Premium to 52 Week / All Time High 33.62 (13.7)% (6.2)% 7.6% Premium to 52 Week Low 19.11 51.8% 65.1% 13.3% Premium to 1 Week Weighted Average ¹ 24.68 17.5% 27.8% 10.3% Premium to 1 Month Weighted Average ¹ 25.73 12.7% 22.6% 9.9% Premium to 3 Month Weighted Average ¹ 24.72 17.3% 27.6% 10.3% Premium to 6 Month Weighted Average ¹ 26.96 7.6% 17.0% 9.5% Equity Consideration — Diluted ¹ $ $2,209.1 $ $2,409.3 $ 200.2 Enterprise Value ² 2,541.2 2,741.4 200.2

Enterprise Value / Sales FY 2006E $ 3,172.8 0.8 x 0.9 x 0.1 x

FY 2007E 3,327.4 0.8 0.8 0.1

Enterprise Value / EBITDA FY 2006E $ 494.6 5.1 x 5.5 x 0.4 x

FY 2007E 505.5 5.0 5.4 0.4

Enterprise Value / EBIT FY 2006E $ 262.9 9.7 x 10.4 x 0.8 x

FY 2007E 267.8 9.5 10.2 0.7

Price / EPS FY 2006E $ 1.98 14.7 x 16.0 x 1.3 x

FY 2007E 2.08 14.0 15.2 1.2

Source: Silver projections as per Silver Management Financial Plan
(1) Silver weighted average prices are for the periods ending November 3, 2006

(2) Assumes 75.1 million basic shares outstanding as of 31 December 2006. Assumes exercise of 3.4 million options outstanding with a weighted average strike price of $19.78. (Source: Silver Management) (3) Assumes net debt of $332.1 million as of 31 December 2006 as per Silver Management.

Summary of JM Proposal 7

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Public Market Perspective
Truckload Sectors P/E Trading Multiples Over Time

Next Full Fiscal Year P/E Multiple over Time 5 Year 3 Year 1 Year Median High Low Median High Low Median High Low

Silver 14.2x 32.5x 9.4x 13.1x 17.6x 9.4x 12.9x 16.7x 9.4x Silver Rank (Out of 7 peers) 7 NM 5 6 NM 5 7 NM 7 Covenant 15.8x 35.6x 8.2x 16.3x 35.6x 8.2x 18.3x 35.6x 15.0x Heartland Express 19.8 26.0 15.5 19.1 24.9 15.5 18.1 21.5 15.5

J.B. Hunt 15.6 31.5 11.3 14.9 19.4 11.5 13.6 17.8 11.5

Knight Transport 21.1 28.3 16.0 19.8 26.6 16.0 18.7 25.3 16.0

U.S. Xpress 14.4 46.9 7.0 13.0 21.9 7.1 13.6 18.4 9.6

Werner 15.3 24.0 11.4 13.8 18.1 11.4 13.0 16.4 11.4

Median 15.6x 31.5x 11.3x 14.9x 21.9x 11.4x 13.6x 18.4x 11.5x Current P/E CY2006E P/E

19.6x 18.2x 16.0x 15.3x 14.6x 11.8x 11.7x NM Knight Heartland Silver JM Proposal J.B. Hunt Werner U.S. Xpress Silver Undisturbed Covenant Mgmt ¹ IBES ² CY2007E P/E

16.4x 16.3x 15.2x 12.8x 12.8x 11.6x 10.0x 25.2x Covenant Knight Heartland Silver JM Proposal J.B. Hunt Werner Silver Undisturbed U.S. Xpress Mgmt ¹ IBES ² Source: Thomson, IBES and Factset ¹ Silver’s P/E multiples calculated using the $31.55 per share JM proposal and PE estimates based on Silver Management Plan.

² Based on Silver share price of $24.05, immediately prior to offer (November 3, 2006) and PE estimates based on IBES consensus estimates.

Public Market Perspective 11

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Public Market Perspective
Truckload Sectors EV / EBITDA Trading Multiples Over Time

Current Fiscal Year EV/EBITDA Multiple over Time 5 Year 3 Year 1 Year Median High Low Median High Low Median High Low

Silver 5.9x 8.8x 4.3x 5.3x 7.6x 4.3x 5.0x 6.4x 4.3x Silver Rank (Out of 7 peers) 4 3 4 5 6 4 5 5 5 Covenant 4.3x 7.7x 2.6x 4.3x 7.7x 2.6x 4.4x 7.7x 3.7x Heartland Express 9.5 13.9 6.5 8.7 12.0 6.5 7.8 10.1 6.5

J.B. Hunt 6.2 8.1 4.3 6.5 8.1 5.3 6.2 7.8 5.3

Knight Transport 9.7 12.4 7.4 8.9 12.4 7.4 8.5 11.8 7.4

U.S. Xpress 5.1 8.2 3.6 5.5 8.2 3.6 5.4 7.3 4.8

Werner 5.1 6.4 3.8 4.5 6.0 3.8 4.1 5.4 3.8

Median 5.9x 8.2x 4.3x 5.5x 8.1x 4.3x 5.4x 7.7x 4.8x Current EV/EBITDA Multiples CY2006E EV/EBITDA

7.8x 7.1x 6.7x 6.7x 5.5x 4.5x 4.4x 4.2x Knight Heartland J.B. Hunt Covenant Silver JM Proposal U.S. Xpress Silver Undisturbed Werner Mgmt ¹ IBES ² CY2007E EV/EBITDA

6.6x 6.5x 6.4x 6.1x 5.4x 4.4x 4.0x 3.8x Knight Covenant Heartland J.B. Hunt Silver JM Proposal Silver Undisturbed U.S. Xpress Werner Mgmt ¹ IBES ² Source: Thomson, IBES and Factset ¹Silver’s multiples calculated using the $31.55 per share JM proposal and EBITDA estimates as per Silver Management Plan. ²Based on Silver share price of $24.05, immediately prior to offer (November 3, 2006) and IBES consensus estimates. Public Market Perspective 12

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Changes in Silver Estimates
Change in Management Estimates for Q4 2006E and Q1 2007E (US$ in millions, except per share data)

Year over Year Change Prior Estimate vs. Actual / Current Estimate Q4 Analysis Management As of Nov. 3rd Q4 2005A Q4 2006A Variance Q4 2006E Q4 2006A Variance

EBITDA$123.5 $110.0 (10.9)% $126.4 $110.0 (13.0)% EPS $0.52 $0.41 (21.2)% $0.51 $0.41 (19.6)% Q1 Analysis Management Management Management As of Jan. 18thAs of Nov. 3rd As of Jan. 18th Q1 2006A Q1 2007E Variance Q1 2007E Q1 2007E Variance EBITDA$117.1 $87.2 (25.5)% $101.4 $87.2 (14.0)% EPS $0.45 $0.22 (51.1)% $0.34 $0.2 (35.3)% Source: Factset; IBES Public Market Perspective 14

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Review of Silver Management Financial Plan Summary Financial Projections (US$ in millions, except per share amounts)

06E-11E Fiscal Year Ended Dec. 31 2003A 2004A 2005A 2006E 2007E 2008E 2009E 2010E 2011E CAGR Operating Revenues $ $2,397.7 $ $2,826.2 $ $3,197.5 $ $3,172.8 $ $3,327.4 $ $3,693.2 $ $4,076.1 $ $4,506.1 $ $4,964.0 9.4%

% Growth 17.9% 13.1% (0.8)% 4.9% 11.0% 10.4% 10.5% 10.2% EBITDA ¹ $ 291.6 $ $ 364.4 $ 406.6 $ $ 494.6 $ 505.5 $ 611.7 $ $ 696.8 $ 800.0 $ 921.9 13.3%

% Margin 12.2% 12.9% 12.7% 15.6% 15.2% 16.6% 17.1% 17.8% 18.6% Rental Expense 82.4 81.4 57.7 50.9 49.1 22.6 19.3 17.0 4.8

EBITDAR ¹ $ 374.0 $ $ 445.8 $ 464.3 $ $ 545.5 $ 554.6 $ 634.3 $ $ 716.1 $ 817.0 $ 926.8 11.2%

% Margin 15.6% 15.8% 14.5% 17.2% 16.7% 17.2% 17.6% 18.1% 18.7% D&A 150.6 183.8 199.8 231.6 237.7 271.6 304.6 320.7 341.9

% Sales 6.3% 6.5% 6.2% 7.3% 7.1% 7.4% 7.5% 7.1% 6.9% EBIT ¹ $ 141.0 $ $ 180.6 $ 206.8 $ $ 262.9 $ 267.8 $ 340.1 $ $ 392.2 $ 479.3 $ 580.1 17.1% Operating Ratio ¹ 94.1% 93.6% 93.5% 91.7% 92.0% 90.8% 90.4% 89.4% 88.3%

Interest Expense (net) 15.4 18.0 28.2 23.7 11.4 11.6 10.1 2.7 (1.4)

Net Income ¹ 79.4 103.5 108.7 149.2 158.4 202.5 235.3 293.2 357.3 19.1% % Sales 3.3% 3.7% 3.4% 4.7% 4.8% 5.5% 5.8% 6.5% 7.2% EPS (diluted)¹ $ 0.94 $ 1.29 $1.47 $ 1.96 $ 2.08 $ 2.65 $ 3.06 $ 3.80 $ 4.62 18.7%

% Growth 37.3% 14.1% 33.3% 5.9% 27.4% 15.7% 24.1% 21.4% Reported EPS (diluted) $1.37 $ 1.98

Wall Street Median EPS Estimates ² $ 2.00 $ 1.93 $ 2.28

% Variance vs. Wall Street Estimates (1.1)% 7.7% 16.1% Capex Net Proceeds from Asset Sales 222.8 323.8 386.8 139.2 322.9 508.8 418.8 443.5 479.9

% Sales 9.3% 11.5% 12.1% 4.4% 9.7% 13.8% 10.3% 9.8% 9.7% Change in Working Capital 1.0 (13.9) (46.9) 7.1 (1.8) 0.1 (3.2) (3.6) (3.9)

Deferred Taxes 30.6 21.6 3.7 (3.6) (9.0) 0.0 0.0 0.0 0.0

Levered Cash Flow $ 36.7 $ (1.0) $(27.7) $ $ 230.9 $ 65.9 $ (34.8) $ $ 124.4 $ 174.0 $ 223.2

Note: Silver Management Financial plan assumptions are located in the appendix Source: Silver projections as per Silver Management Financial Plan

¹ Excludes impact of impairments, 401k benefits, stock option acceleration, litigation settlements and gains/losses on property and derivatives.

²Source: IBES. Review of Silver Management Financial Plan 16

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Silver Management Financial Plan Analysis
Illustrative Future Share Price Analysis (US$ in millions, except per share amounts)

Illustrative Future Silver Share Price 2007E 2008E 2009E 2010E 2011E 2007E 2008E 2009E 2010E 2011E Silver Management Financial Plan EPS Silver Management Financial Plan EBITDA ¹ ² $ 2.08 $ 2.65 $ 3.06 $ 3.80 $ 4.62 $505.5 $611.7 $696.8 $800.0 $921.9

10.0 x $ $20.78 $ $26.47 $ $30.64 $ $38.03 $ $46.17 4.0 x $23.68 $28.84 $34.90 $42.47 $51.72

11.0 x 22.86 29.12 33.71 41.83 50.79 4.4 x 26.34 32.03 38.53 46.62 56.49

Trailing Forward 11.6 x 24.11 30.71 35.55 44.11 53.56 4.5 x 27.00 32.83 39.44 47.66 57.68

EBITDA P/E 12.0 x 24.94 31.77 36.77 45.63 55.41 5.0 x 30.32 36.83 43.97 52.85 63.63

Multiple Multiple 13.0 x 27.02 34.42 39.84 49.43 60.02 5.5 x 33.63 40.83 48.51 58.04 69.59

14.0 x 29.10 37.06 42.90 53.24 64.64 6.0 x 36.95 44.83 53.05 63.23 75.55

15.0 x 31.18 39.71 45.97 57.04 69.26

Present Value of Illustrative Future Silver Share Price ³ 2007E 2008E 2009E 2010E 2011E 2007E 2008E 2009E 2010E 2011E Silver Management Financial Plan EPS Silver Management Financial Plan EBITDA ² $ 2.08 $ 2.65 $ 3.06 $ 3.80 $ 4.62 $505.5 $611.7 $696.8 $800.0 $921.9 10.0 x $ $20.78 $ $23.64 $ $24.43 $ $27.07 $ $29.34 4.0 x $21.14 $22.99 $24.84 $26.99 $29.35

11.0 x 22.86 26.00 26.87 29.77 32.28 4.4 x 23.51 25.54 27.42 29.63 32.05

Trailing Forward 11.6 x 24.11 27.42 28.34 31.40 34.04 4.5 x 24.11 26.17 28.07 30.29 32.73

EBITDA P/E 12.0 x 24.94 28.37 29.31 32.48 35.21 5.0 x 27.07 29.36 31.30 33.59 36.11

Multiple Multiple 13.0 x 27.02 30.73 31.76 35.19 38.15 5.5 x 30.03 32.55 34.53 36.89 39.49

14.0 x 29.10 33.09 34.20 37.89 41.08 6.0 x 32.99 35.74 37.76 40.18 42.87

15.0 x 31.18 35.46 36.64 40.60 44.02

Source: Projections as per Silver Management Financial Plan
Note: Highlighted values illustrate values implied by Silver undisturbed multiple, immediately prior to offer (November 3, 2006)

¹ Future share price calculated as the implied enterprise value less the net debt projected for that year by Silver Management Financial Plan, divided by the projected shares outstanding in that year.

² EBITDA excludes impact of impairments, 401k benefits, stock option acceleration, litigation settlements and gains/losses on property and derivatives.

³ Assumes a 12% equity discount rate. ⁴ Implied present value of future share price for 2008E-2011E based off of EPS for each year discounted back to December 31, 2006. Review of Silver Management Financial Plan 17

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Wall Street Consensus Analysis
Illustrative Future Share Price Analysis (US$ per share)

Illustrative Future Silver Share Price Revenue Growth 2007E 2008E 05-06E 06E-07E 07E-08E 06E-08E

Wall Street Consensus EPS Silver Management Financial Plan (0.8)% 4.9% 11.0% 7.9% $ 1.93 $ 2.28 Silver Wall Street Consensus 1.2% 3.7% 2.9% 3.3% 10.0 x $19.30 $ $22.80 Truckload 11.0 x 21.23 25.08 Covenant 6.3% 4.2% 1.7% 3.0% Forward 11.6 x 22.39 26.45 Heartland 9.4% 8.2% 11.5% 3.0% P/E 12.0 x 23.16 27.36 J.B. Hunt 8.3% 6.3% 5.7% 6.0% Multiple 13.0 x 25.09 29.64 Knight 19.1% 13.6% 13.3% 13.4% 14.0 x 27.02 31.92 Werner 6.9% 5.3% 5.8% 5.5% 15.0 x 28.95 34.20 U.S. Xpress 28.2% 8.0% 5.3% 6.6%

Median 8.9% 7.2% 5.8% 5.8% Present Value of Illustrative Future Silver Share Price ¹ EPS Growth 05-06E 06E-07E 07E-08E 06E-08E 2007E 2008E

Silver Management Financial Plan 33.3% 5.9% 27.4% 16.1% Wall Street Consensus EPS ² Silver Wall Street Consensus 39.8% 0.7% 20.8% 10.3% $ 1.93 $ 2.28 Truckload 10.0 x $19.30 $ $20.36 Covenant (70.0)% 254.2% 43.5% 125.5% 11.0 x 21.23 22.39 Heartland 25.0% 1.1% 10.9% 5.9% Forward 11.6 x 22.39 23.61 J.B. Hunt 6.5% 8.8% 18.8% 13.7% P/E 12.0 x 23.16 24.43 Knight 19.7% 17.6% 19.0% 18.3% Multiple 13.0 x 25.09 26.46 Werner 4.9% 6.3% 10.3% 8.3% 14.0 x 27.02 28.50 U.S. Xpress 102.9% 21.0% 24.0% 22.5% 15.0 x 28.95 30.54 Median 13.1% 13.2% 18.9% ^16.0%

Source: Silver projections as per Silver Management Financial Plan; Wall Street consensus as per IBES
Note: Highlighted values illustrate values implied by Silver undisturbed multiple, immediately prior to offer (November 3, 2006)

¹ Assumes a 12% equity discount rate. ² Implied 2008E present value of future share price based off of future share price for 2008E discounted back to December 31, 2006. Review of Silver Management Financial Plan 18

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Silver Management Financial Plan Analysis
Illustrative Present Value of Future Share Price Sensitivity Analysis¹ (US$ per share)

Present Value of Illustrative Future Silver Share Price ¹ Assumes Annual Revenue Growth Decreases by 100 bps in Each Year Relative to Silver Assumes Annual Operating Ratio Increases by 100 bps in Each Year Relative to Silver Management Financial Plan Management Financial Plan 200 200 200 2010E 201 200 2008E 2009E 201 201 7E 8E 9E 1E 7E 0E 1E Sensitivity to Silver Management Financial Plan EPS ² Sensitivity to Silver Management Financial Plan EPS ² $ 2.06 $ 2.60 $ 2.98 $3.67 $ 4.41 $ 1.81 $ 2.35 $ 2.74 $ 3.44 $ 4.22

10.0 x $ $20.58 $ $23.19 $ $23.75 $ 26.09 $ $28.03 10.0 x $ $18.11 $ $21.00 $ $21.84 $ $24.52 $ $26.85

11.0 x 22.64 25.51 26.12 28.70 30.84 11.0 x 19.92 23.10 24.02 26.97 29.53

11.6 x 23.87 26.90 27.55 30.26 32.52 11.6 x 21.01 24.36 25.33 28.44 31.14

Forward Forward P/E P/E Multiple 12.0 x 24.70 27.83 28.50 31.30 33.64 Multiple 12.0 x 21.73 25.20 26.21 29.42 32.22

13.0 x 26.75 30.15 30.87 33.91 36.45 13.0 x 23.55 27.30 28.39 31.88 34.90

14.0 x 28.81 32.47 33.25 36.52 39.25 14.0 x 25.36 29.40 30.57 34.33 37.59

15.0 x 30.87 34.78 35.62 39.13 42.05 15.0 x 27.17 31.50 32.76 36.78 40.27

Assumes Annual Revenue Growth Decreases by 100 bps and Operating Ratio Increases by 100 bps in Each Year Relative to Silver Management Financial Plan 200 200 200 2010E 201 7E 8E 9E 1E Sensitivity to Silver Management Financial Plan EPS ² $ 1.79 $ 2.31 $ 2.66 $3.32 $ 4.04 10.0 x $ $17.93 $ $20.60 $ $21.23 $ 23.63 $ $25.65

11.0 x 19.73 22.66 23.35 26.00 28.22

11.6 x 20.80 23.90 24.62 27.41 29.76

Forward P/E Multiple 12.0 x 21.52 24.72 25.47 28.36 30.78

13.0 x 23.31 26.78 27.60 30.72 33.35

14.0 x 25.11 28.84 29.72 33.09 35.91

15.0 x 26.90 30.90 31.84 35.45 38.48

Source: Underlying Silver projections as per Silver Management Financial Plan
Note: Increases/Decreases in each year are not cumulative; Highlighted values illustrate values implied by Silver undisturbed multiple, immediately prior to offer (November 3, 2006)

¹ Assumes a 12% equity discount rate.

² Implied present value of future share price for 2008E-2011E based off of future share price for each year discounted back to December 31, 2006.

Review of Silver Management Financial Plan 19

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Silver Management Financial Plan Analysis
Illustrative Discounted Cash Flows (US$ in millions)

2006E 2007E 2008E 2009E 2010E 2011E

Revenue $ $3,173 $ $3,327 $ $3,693 $ $4,076 $ $4,506 $4,964

EBITDA $ 495 $ $ 506 $ 612 $ 697 $ 800 $ 922

EBIT 263 268 340 392 479 580

Unlevered Net Income 161 164 208 240 293 355

+Depreciation & Amortization 232 238 272 305 321 342

- Capex 139 323 509 419 443 480

- Increase / (Decrease) in NWC 27 (2) 0 (3) (4) (4)

+ Increase in Deferred Taxes (4) (9) 0 0 0 0

Unlevered Free Cash Flow $ 223 $ 71 $ (29) $ 129 $ 174 ^$ ²²¹

Source: Projections as per Silver Management Financial Plan

Review of Silver Management Financial Plan 20

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Silver Management Financial Plan Analysis
Illustrative Discounted Cash Flow Analysis (US$ per share)

Key Assumptions Equity Value Per Share ¹

Projections are per Silver Management Financial Plan Perpetuity Growth Rate

Unlevered free cash flows discounted back to 2.5 % 3.0 % 3.5 % 4.0 % 4.5 % December 31, 2006 11.0% $ 22.95 $ 24.39 $ 26.02 $ 27.88 $ 30.02

Rate 10.5% 24.82 26.47 28.36 30.54 33.08

Unlevered free cash flow defined as: Discount 10.0% 26.93 28.85 31.07 33.65 36.70

+ Unlevered Net Income 9.5% 29.36 31.61 34.23 37.33 41.06

9.0% 32.16 34.82 37.98 41.76 46.38

+ Depreciation and Amortization — Capital Expenditures Implied Terminal Multiples of 2011E EBITDA — Increases in Working Capital Perpetuity Growth Rate

+ Increase in deferred taxes 2.5 % 3.0 % 3.5 % 4.0 % 4.5 % = Unlevered Free Cash Flow 11.0% 3.0 x 3.2 x 3.5 x 3.7 x 4.1 x Rate 10.5% 3.2 x 3.5 x 3.7 x 4.0 x 4.4 x

Terminal value is based on a perpetuity growth rate of Discount 10.0% 3.4 x 3.7 x 4.0 x 4.4 x 4.8 x

free cash flow in 2011E 9.5% 3.7 x 4.0 x 4.3 x 4.7 x 5.2 x

Marginal tax rate of 38.8% 9.0% 3.9 x 4.3 x 4.7 x 5.2 x 5.8 x Source: Projections as per Silver Management Financial Plan ¹ Assumes net debt of $332.1 and 75.1 million basic shares outstanding at December 31, 2006 as per Silver Management Financial Plan. Review of Silver Management Financial Plan 21

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Silver Management Financial Plan Analysis
Illustrative Discounted Cash Flow Sensitivity Analysis (US$ per share)

Implied Equity Value Per Share ¹ ² Change in Each Year’s Sales Growth vs. Silver Management Financial Plan (3.0)% (2.0)% (1.0)% 0.0 % 1.0 % 2.0 % 3.0 %

Plan 3.0% $12.61 $13.40 $14.22 $ 15.07 $ 15.95 $ 16.86 $ 17.81

2.0% 17.47 18.47 19.50 20.54 21.60 22.71 23.85

Financial 1.0% 22.21 23.37 24.56 25.80 27.09 28.42 29.80

0.0% 26.85 28.21 29.61 31.07 32.57 34.14 35.75

^{Ratio
vs. Silver}

Management

^{in Each
Year’s}

Operating Change (1.0)% 31.49 33.05 34.66 36.33 38.06 39.85 41.70

(2.0)% 36.14 37.89 39.71 41.59 43.55 45.57 47.66

(3.0)% 40.78 42.73 44.76 46.86 49.03 51.28 53.61

Source: Projections as per Silver Management Financial Plan ¹ Assumes net debt of $332.1 and 75.1 million basic shares outstanding at December 31, 2006 as per Silver Management Financial Plan. ² Assumes a discount rate of 10.0% and a perpetuity growth rate of 3.0%. Review of Silver Management Financial Plan 22

Highly Confidential

Summary of Precedent Selected Trucking Transactions
(US$ in millions)

Median LTL TL Both LTL 6.2x TL 4.8x ALL 6.1x 7.4 x 7.3 x 6.0 x 6.4 x 6.1 x 5.9 x 5.7 x Enterprise Value / LTM EBITDA 3.9 x Announced 26-May-2006 27-Oct-2005 15-May-2005 27-Feb-2005 08-Jul-2003 21-Aug-2001 12-Dec-2000 12-Nov-2000 Date Target Watkins Motor Lines Transport Corporation Overnite USF Roadway Arnold Industrie s M.S.Carriers American Freightways Buyer FedEx Goldner Hawn United Parcel Service Yellow Yellow Roadway Swift FedEx Value $ 780 $ 113 $1,276 $1,468 $1,113 $503 $ 678 $1,212 Premium¹ – 25.0% 46.2% 22.3% 59.9% – 52.5% 71.8%

Source: Company filings ¹Premium based on stock price 1 day prior to announcement. Supporting Materials 23

Highly Confidential

Review of Silver Management Financial Plan
2007E-2011E Plan Assumptions

Assumes GDP growth of 2.0% in 2007 and 3.0% in the years thereafter 4% — 5% year over year fleet growth —Assumes 100% of new equipment purchased rather than leased Approximately 1% year over year loaded utilization improvement

Approximately $0.05 year over year revenue per loaded mile (RPLM) improvement (3% — 3.3%)

20 basis point deadhead improvement in 2008E – 2009E; another 20 basis point improvement in 2010E – 2011E

$ 110 million carrier revenue annual growth ($100mm = Intermodal; $10mm = Brokerage)

$ 0.015/RPLM driver wage increase in 2008E – 2009E; $0.02/RPLM increase in 2011E

$0.02/RPLM owner/operator wage increase in 2008E – 2011E Fuel impact neutral to 2006E and miles per gallon flat to 2006E

5.7% — 5.8% insurance as a percent of Net Revenue (excl. fuel surcharge and carrier revenue)

Impairment charges for freightline tradeback units are included No impact from derivative instruments included

Source: Silver Management Financial Plan

Supporting Materials 25

Highly Confidential

Review of Silver Management Financial Plan
Summary Credit Statistics (US$ in millions)

Capital Structure 2003A 2004A 2005A 2006E 2007E 2008E 2009E 2010E 2011E Cash $ 19.1 $ 28.2 $ 13.1 $ $ 47.9 $ $ 37.2 $ $ 23.9 $ $ 57.8 $ $ 104.2 $315.1 Total Debt $383.4 $605.8 $609.0 $ $ 380.0 $ $ 255.0 $ $ 265.0 $ $ 165.0 $ $ 30.0 $0.0 Net Debt 364.4 577.6 595.9 332.1 217.8 241.1 107.2 (74.2) (315.1) Stockholders Equity 844.6 738.3 870.0 1,025.8 1,201.9 1,410.4 1,651.7 1,950.9 2,314.2 Credit Statistics Total Debt/EBITDA 1.3 x 1.7 x 1.5 x 0.8 x 0.5 x 0.4 x 0.2 x 0.0 x 0.0 x EBITDA/Interest Expense 18.9 x 20.2 x 14.4 x 20.8 x 44.3 x 52.9 x 69.1 x NM NM (EBITDA-Capex)/Interest 4.5 x 2.3 x 0.7 x 15.0 x 16.0 x 8.9 x 27.6 x NM NM Total Debt/Capitalization 31% 45% 41% 27% 18% 16% 9% 2% 0% FFO/Total Debt ¹ 60% 47% 51% 100% 155% 179% 327% NM NM FCF/Total Debt ² 10% (0)% (5)% 61% 26% (13)% 75% NM NM Adj. Total Debt ³ $ 685.6 $ 549.6 $ 400.8 $ 280.5 $ 131.9 $ 29.0 Adj. Total Debt/EBITDAR ³ 1.3 x 1.0 x 0.6 x 0.4 x 0.2 x 0.0 x Adj. Total Debt/Capitalization ³ 40% 31% 22% 15% 6% 1%

Source: Silver projections as per Silver Management Financial Plan ¹FFO defined as Net Income plus depreciation and amortization. ²FCF defined as FFO less capex, changes in working capital and deferred taxes. ³Credit statistics adjusted for operating leases using a 6.0x multiple of annual rent expense. Supporting Materials 26

Highly Confidential

Weighted Average Cost of Capital Analysis

Comparable Peers (1) Company Asset Bloomberg Symbol Beta (2) Adj. Beta D/E (1-T) Assumptions JBHT 1.238 1.320 10.7% 61.5% Risk Premium (3) 5.50% WERN 1.235 1.240 0.7 60.8 Risk Free Rate (4) 4.74% HTLD 1.360 1.360 0.0 64.6 Tax Rate 38.8%

KNX 1.510 1.510 0.0 65.0

XPRSA 0.804 1.430 119.8 65.0

CVTI 0.741 1.220 99.4 65.0

Mean 1.148 38.4% 63.7% Weighted Average Cost of Capital (6) Cost of Equity Calculation Pre-tax Cost of Debt Levered Cost of D/(D/E) Beta E/(D+E) Equity (5) 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0%

0.0

% 1.148 100.0% 11.1% 0.0% 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1

5.0 1.185 95.0 11.3% Equity) 5.0 10.8 10.9 10.9 10.9 10.9 10.9 10.9 11.0 11.0

10.0 1.226 90.0 11.5% 10.0 10.6 10.7 10.7 10.7 10.8 10.8 10.8 10.9 10.9

15.0 1.272 85.0 11.7% 15.0 10.4 10.5 10.5 10.6 10.6 10.7 10.7 10.8 10.8

20.0 1.324 80.0 12.0% 20.0 10.2 10.3 10.4 10.4 10.5 10.5 10.6 10.7 10.7

25.0 1.382 75.0 12.3% 25.0 10.0 10.1 10.2 10.3 10.3 10.4 10.5 10.6 10.6

30.0 1.449 70.0 12.7% 30.0 9.8 9.9 10.0 10.1 10.2 10.3 10.4 10.5 10.5

35.0 1.526 65.0 13.1% 35.0 9.6 9.7 9.8 9.9 10.0 10.1 10.3 10.4 10.5

40.0 1.616 60.0 13.6% Debt / (Debt + 40.0 9.4 9.5 9.6 9.8 9.9 10.0 10.1 10.3 10.4

45.0 1.723 55.0 14.2% 45.0 9.2 9.3 9.5 9.6 9.7 9.9 10.0 10.2 10.3

50.0 1.851 50.0 14.9% 50.0 9.0 9.1 9.3 9.4 9.6 9.8 9.9 10.1 10.2

Source: Bloomberg and public filings (1) As of January 18, 2007. (2) Calculation to unlever beta: ßa = ße/(1+(1-T)*(D/E)). (3) Based on Ibbotson historical, empirical analysis. (4) Based on 10-Year Treasury yield as of January 18, 2007. (5) Cost of equity calculation: ke = Rf + ßa(1 + (1-T) (D/E)) (Rm — Rf) +Ps or Rf + ße (D/E)) (Rm — Rf) + Ps. Assume Ps = 0. (6) WACC calculation: kd (1-T) (D/(D+E)) + ke (E/(D+E)).

Supporting Materials 27

Highly Confidential

Comparison of Selected Trucking Companies
($ in millions, except per share amounts)

Enterprise Closing % of 52 Equity Value Multiples (2) Calendarized 5-Year Price Week Market Enterprise EBITDA P/E Multiples (2) EPS LTM Margins Dividend Company 18-Jan-2007 High Cap Value LTM 2007 2008 2007 2008 CAGR (2) EBITDA EBIT Yield

Silver at $31.55 Offer Price $ 31.55 94 % $ 2,409 $ 2,742 5.4 x 5.4 x 4.8 x 16.3 x 13.8 x 12.9 % 15.7 % 9.0 % 0.0 % Silver $ 27.05 80 % $ 2,051 $ 2,383 4.7 x 4.7 x 4.2 x 14.0 x 11.9 x 12.9 % 15.7 % 9.0 % 0.0 % Truckload

Covenant Transport 12.11 75 170 330 6.0 6.7 6.5 48.4 25.2 9.0 8.2 2.5 0.0

Heartland Express 16.29 85 1,601 1,279 8.1 7.1 6.4 18.2 16.3 10.0 27.9 19.9 0.5

Hunt (JB) Transport 23.88 92 3,585 3,946 7.1 6.7 6.1 15.3 12.8 15.0 16.7 11.4 1.3

Knight Transportation 19.04 87 1,669 1,651 9.4 7.8 6.6 19.6 16.4 20.0 27.0 17.9 0.4

U.S. Xpress Enterprises 17.51 63 271 600 5.2 4.5 4.0 11.8 10.0 20.5 8.3 4.0 0.0

Werner Enterprises 19.14 89 1,495 1,478 4.5 4.2 3.8 14.6 12.8 10.0 15.6 7.7 0.9

High 92 % $ 3,585 $ 3,946 9.4 x 7.8 x 6.6 x 48.4 x 25.2 x 20.5 % 27.9 % 19.9 % 1.3 % Mean 82 % $ 1,465 $ 1,547 6.7 x 6.2 x 5.6 x 21.3 x 15.6 x 14.1 % 17.3 % 10.6 % 0.5 % Median 86 % $ 1,548 $ 1,378 6.5 x 6.7 x 6.3 x 16.8 x 14.6 x 12.5 % 16.1 % 9.5 % 0.5 % Low 63 % $ 170 $ 330 4.5 x 4.2 x 3.8 x 11.8 x 10.0 x 9.0 % 8.2 % 2.5 % 0.0 % (1) Source: Latest publicly Equity Market Cap available financial based on diluted statements. shares outstanding. (2) Sources: LTM numbers are Projected sales, All projected based upon the EBITDA, EBIT, and estimates have been latest publicly EPS source: IBES calendarized to available financial median estimates. December. statements.

Supporting Materials 28