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Highly Confidential – Preliminary Draft

Table of Contents I. Public Market Perspective II. Review of Silver Management Financial Plan III. Analysis of Potential Third Party Strategic & Financial Buyer Interest 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.

Highly Confidential – Preliminary Draft

Public Market Perspective
Absolute Share Price Performance (Last 5 Years) (US$ per share)

$ 40 May-2004 3-Jul-2006 SEC launches 20-Apr-2006 All time high Silver investigation into 27-Oct-2005 Silver reports a share price of $33.62 whether securities JM steps down as Silver 93% increase in fraud was committed President & CEO. Bob earnings for Q1 by Silver CEO JM Cunningham named new CEO 2006

$ 27.49

$ 30 JM Proposal: $ 29.00 Share Price (USD) $ 20

8-Aug-2006 Closing

JP Morgan analyst lowers his earnings Silver estimates for Silver

$ 10 Weighted Average Price 22-Sep-2005 5 Year $21.81

JM pays $1.25mm to 3 Year 22.48 06-Nov-2006 settle federal lawsuit 1 Year 26.20 Silver receives an all cash with SEC over insider 6 Month 27.11 acquisition offer of $ 29.00

Current 27.49 trading allegations per share from JM $ 0

Nov-2001 Jul-2002 Apr-2003 Dec-2003 Aug-2004 May-2005 Jan-2006 Sep-2006

Source: Factset (as of November 20, 2006), press releases, Silver website

Public Market Perspective 4

Highly Confidential – Preliminary Draft

Public Market Perspective
Silver Relative Share Price Performance vs. Selected Companies / Composites

5 Years 3 Years

Dow Jones Transportation LTL Composite ² 165.3% 69.4% Composite Truckload Composite ¹ 134.0% Truckload Composite ¹ 36.5% Dow Jones Transportation 94.4% S&P 500 35.5% Composite Silver 31.6% Silver 32.2% S&P 500 22.6% LTL Composite ² 28.3% 1 Year 6 Months

Silver 36.8% S&P 500 11.0% Dow Jones Transportation Dow Jones 16.9% 4.6% Composite Transportation LTL (3.3)% S&P 500 12.2% Composite ² Truckload Composite ¹ 3.4% Silver (3.8)% Truckload LTL Composite ² 0.4% (5.1)% Composite ¹ Source: Bloomberg and Factset (as of November 20, 2006) ¹Includes Covenant Transport, Heartland Express, JB Hunt Transport, Knight Transportation, U.S. Xpress and Werner. ²Includes Arkansas Best, Central Freight, Con-Way, Old Dominion, Saia and YRC Worldwide. Public Market Perspective 6

Highly Confidential – Preliminary Draft

Public Market Perspective
Transportation Sector

John G. Larkin, Stifel Nicolaus
November 16, 2006

“Anecdotal evidence from conversations with several truckload, less-than-truckload (LTL) and rail company representatives suggests that industry demand remains depressed during the time of year when volumes are typically the strongest.”

“Some carriers implied that competition for freight is heating up. Though pricing still appears to be rational, we would not be surprised if some carriers are experiencing a bit of downward pressure on rates in 4Q06.”

“In light of the insights we gained at the conference, we continue to believe that the long-term, capacity-constrained operating environment (in which we expect the industry to operate for the forseeable future) will provide the requisite backdrop for well-managed companies to raise rates in excess of their cost increases, to expand margins, and to benefit from industry consolidation—all of which should translate into above-market earnings growth for investors. Therefore, we suggest long-term investors should view the current environment, the relatively weak near-term outlook for industry demand, and the resulting depressed valuations across the transportation group as an opportunity to build positions in several companies that we view as long-term industry winners.” October 30, 2006

“In this fundamentally tight supply/demand environment, the trick is to provide very good service with the fleet you have rather than mediocre service with a fleet that’s growing,” Larkin says. The high-service carriers have been able to command prices that meet or even exceed rising costs. Considering the capacity constraints, that favorable pricing position should hold unless demand drops off dramatically.”

Jon A. Langenfeld, Baird
September 26, 2006

“The US’ national average for diesel fuel has fallen -15% from August 2006’s peak of $3.07/gallon and -10% quarter-to-date. The decline should benefit TL carriers and offset the drag caused by the run-up in diesel prices for the first 6 weeks of 3Q06. Importantly, diesel fuel prices at current levels and below set up nicely for 4Q06, as TL carriers suffered from the spike in fuel costs following Hurricanes Katrina and Rita in 4Q05.”

Edward Wolfe, Bear Stearns
September 15, 2006

“We suspect much of the weaker TL demand is actually resulting from an increased supply of trucks. Outside of weakened direct and in-direct demand for home building, which we estimate represents about 8% and 6.5% respectively of TL and LTL total revenue; we see few signs of a slowing freight economy. During the 4Q, the TL and LTL carriers will face very steep comparisons versus a year ago when the U.S. government spent about $300M on purchasing truck capacity in the Gulf, during the already capacity constrained strong peak shipping season.”

Source: Wall Street Research Public Market Perspective 8

Highly Confidential – Preliminary Draft

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 14.3x 32.5x 9.4x 13.2x 17.6x 9.4x 12.7x 16.7x 9.4x Silver Rank (Out of 7 peers) 7 NM 6 7 NM 5 7 NM 7 Covenant 15.8x 35.6x 8.2x 16.1x 35.6x 8.2x 18.3x 35.6x 15.0x Heartland Express 20.0 26.0 15.5 19.4 24.9 15.5 18.9 21.6 15.5

J.B. Hunt 15.8 31.5 11.3 15.2 19.4 11.5 14.0 17.8 11.5

Knight Transport 21.5 30.5 16.0 20.1 26.6 16.0 19.6 26.6 16.0

U.S. Xpress 14.7 48.4 7.0 13.3 21.9 7.1 14.6 18.6 10.0

Werner 15.4 24.0 11.4 14.1 18.7 11.4 13.0 16.4 11.4

Median 15.8x 31.5x 11.3x 15.2x 21.9x 11.4x 14.6x 18.6x 11.5x Current P/E CY2006E P/E

21.4x 17.8x 15.1x 14.9x 14.1x 13.6x 11.7x NM Knight Heartland Werner J.B. Hunt Silver Current ¹ U.S. Xpress Silver Undisturbed ² Covenant CY2007E P/E

29.2x 18.2x 17.6x 14.2x 14.0x 13.7x 11.6x 11.2x Covenant Knight Heartland Werner Silver Current ¹ J.B. Hunt Silver Undisturbed ² U.S. Xpress Source: Thomson, IBES and Factset (as of November 20, 2006) ¹Silver’s P/E multiples calculated using the $29 per share JM proposal. ²Based on Silver share price of $24.05, immediately prior to offer (November 3, 2006) Public Market Perspective 9

Highly Confidential – Preliminary Draft

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 4.2x 5.5x 7.6x 4.2x 5.1x 6.4x 4.2x Silver Rank (Out of 7 peers) 5 5 4 5 5 5 5 5 5 Covenant 4.3x 5.7x 2.5x 4.3x 5.7x 2.5x 4.4x 5.7x 3.8x Heartland Express 9.6 13.9 6.5 8.9 12.0 6.5 8.2 10.1 6.5

J.B. Hunt 6.2 8.1 4.2 6.6 8.1 5.3 6.4 7.8 5.3

Knight Transport 9.8 12.4 7.4 9.1 12.4 7.4 8.7 12.2 7.4

U.S. Xpress 5.1 8.2 3.6 5.5 8.2 3.6 5.7 7.3 4.8

Werner 5.2 6.4 3.8 4.6 6.0 3.8 4.2 5.4 3.8

Median 5.9x 8.2x 4.2x 5.5x 8.1x 4.2x 5.7x 7.3x 4.8x Current EV/EBITDA Multiples CY2006E EV/EBITDA

8.6x 7.3x 7.1x 6.5x 5.2x 5.2x 4.4x 4.4x Knight Heartland Covenant J.B. Hunt U.S. Xpress Silver Current ¹ Werner Silver Undisturbed ² CY2007E EV/EBITDA

7.3x 7.0x 6.1x 6.0x 5.2x 4.5x 4.4x 4.2x Knight Heartland Covenant J.B. Hunt Silver Current ¹ U.S. Xpress Silver Undisturbed ² Werner Source: Thomson, IBES and Factset (as of November 20, 2006) ¹Silver’s multiples calculated using the $29 per share JM proposal. ²Based on Silver share price of $24.05, immediately prior to offer (November 3, 2006).

Public Market Perspective 10

Highly Confidential – Preliminary Draft

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 $ $3,216.3 $ $3,369.5 $ $3,693.2 $ $4,076.1 $ $4,506.1 $ $4,964.0 9.1%

% Growth 17.9% 13.1% 0.6% 4.8% 9.6% 10.4% 10.5% 10.2% EBITDA ¹ $ 291.6 $ 364.4 $406.6 $ $ 499.2 $ $ 510.9 $ 598.0 $ 669.5 $ 772.7 $ 894.6 12.4%

% Margin 12.2% 12.9% 12.7% 15.5% 15.2% 16.2% 16.4% 17.1% 18.0% Rental Expense 82.4 81.4 57.7 51.5 49.1 36.3 46.6 44.3 32.1

EBITDAR ¹ $ 374.0 $ 445.8 $464.3 $ 550.7 $ $ 560.0 $ 634.3 $ 716.1 $ 817.0 $ 926.8 11.0%

% Margin 15.6% 15.8% 14.5% 17.1% 16.6% 17.2% 17.6% 18.1% 18.7% D&A 150.6 183.8 199.8 223.2 237.7 260.1 281.6 297.6 318.8

% Sales 6.3% 6.5% 6.2% 6.9% 7.1% 7.0% 6.9% 6.6% 6.4% EBIT ¹ $ 141.0 $ 180.6 $206.8 $ 276.0 $ $ 273.1 $ 337.9 $ 387.9 $ 475.1 $ 575.8 15.8% Operating Ratio ¹ 94.1% 93.6% 93.5% 91.4% 91.9% 90.9% 90.5% 89.5% 88.4%

Interest Expense (net) 15.4 18.0 28.2 25.2 11.4 6.3 2.8 0.7 (1.4)

Net Income ¹ 79.4 103.5 108.7 139.3 161.6 204.4 237.2 291.8 354.8 20.6% % Sales 3.3% 3.7% 3.4% 4.3% 4.8% 5.5% 5.8% 6.5% 7.1% EPS (diluted) $ 0.94 $ 1.29 $1.47 $ 1.84 $ 2.12 $ 2.67 $ 3.09 $ 3.79 $ 4.58 20.1%

% Growth 37.3% 14.1% 24.8% 15.4% 26.0% 15.6% 22.6% 21.1% Reported EPS (diluted) $1.37 $ 2.05

Wall Street Median EPS Estimates ² $ 2.06 $ 2.07 $ 2.50

% Variance vs. Wall Street Estimates (0.6)% 2.5% 6.9% Capex Net Proceeds from Asset Sales 222.8 323.8 386.8 163.3 322.9 338.8 417.7 443.5 479.9

% Sales 9.3% 11.5% 12.1% 5.1% 9.6% 9.2% 10.2% 9.8% 9.7% Change in Working Capital 1.0 (13.9) (46.9) 4.0 0.9 0.4 (3.2) (3.6) (3.9)

Deferred Taxes 30.6 21.6 3.7 (3.3) (8.5) 0.0 0.0 0.0 0.0

Levered Cash Flow $ 36.7 $ (1.0) $(27.7) $ 192.0 $ 67.1 $ 125.3 $ 104.3 $ 149.6 $ 197.6

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 13

Highly Confidential – Preliminary Draft

Review of Silver Management Financial Plan

2007E-2011E Plan Assumptions

Assumes GDP growth of 2.0% in 2006 and 3.0% in the years thereafter 4% — 5% year over year fleet growth 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

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Highly Confidential – Preliminary Draft

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 $ $ 22.1 $ $ 21.8 $ $ 1.7 $ $ 113.3 $ $ 170.3 $ $ 385.6 Total Debt $383.4 $605.8 $609.0 $ $ 365.0 $ $ 255.0 $ $ 100.0 $ $ 100.0 $ $ 0.0 $ $ 0.0 Net Debt 364.4 577.6 595.9 342.9 233.2 98.3 (13.3) (170.3) (385.6) Stockholders Equity 844.6 738.3 870.0 1,041.1 1,208.7 1,419.1 1,662.3 1,960.1 2,320.9 Credit Statistics Total Debt/EBITDA 1.3 x 1.7 x 1.5 x 0.7 x 0.5 x 0.2 x 0.1 x 0.0 x 0.0 x EBITDA/Interest Expense 18.9 x 20.2 x 14.4 x 19.8 x 44.7 x 94.8 x 243.1 x NM NM (EBITDA-Capex)/Interest 4.5 x 2.3 x 0.7 x 13.3 x 16.5 x 41.1 x 91.4 x NM NM Total Debt/Capitalization 31% 45% 41% 26% 17% 7% 6% 0% 0% FFO/Total Debt ¹ 60% 47% 51% 99% 157% 465% 519% NM NM FCF/Total Debt ² 10% (0)% (5)% 53% 26% 125% 104% NM NM Adj. Total Debt ³ $ 674.2 $ 549.6 $ 317.7 $ 379.4 $ 265.7 $ 192.8 Adj. Total Debt/EBITDAR ³ 1.2 x 1.0 x 0.5 x 0.5 x 0.3 x 0.2 x Adj. Total Debt/Capitalization ³ 39% 31% 18% 19% 12% 8%

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. Review of Silver Management Financial Plan 14

Highly Confidential – Preliminary Draft

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 $ 2.12 $ 2.67 $ 3.09 $ 3.79 $ 4.58 $510.9 $598.0 $669.5 $772.7 $894.6

10.0 x $ $21.21 $ $26.72 $ $30.89 $ $37.85 $ $45.84 4.0 x $23.76 $29.99 $35.05 $42.30 $51.22

11.0 x 23.33 29.40 33.98 41.64 50.42 Trailing 4.5 x 27.11 33.90 39.41 47.32 57.00

Forward 12.0 x 25.46 32.07 37.06 45.43 55.01 EBITDA 5.0 x 30.46 37.81 43.77 52.33 62.78

P/E Multiple Multiple 13.0 x 27.58 34.74 40.15 49.21 59.59 5.5 x 33.82 41.72 48.12 57.34 68.56

14.0 x 29.70 37.41 43.24 53.00 64.17 6.0 x 37.17 45.63 52.48 62.35 74.34

15.0 x 31.82 40.08 46.33 56.78 68.76

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 $ 2.12 $ 2.67 $ 3.09 $ 3.79 $ 4.58 $510.9 $598.0 $669.5 $772.7 $894.6 10.0 x $ $21.21 $ $23.86 $ $24.62 $ $26.94 $ $29.13 4.0 x $21.21 $23.91 $24.95 $26.88 $29.06

11.0 x 23.33 26.25 27.09 29.64 32.04 Trailing 4.5 x 24.21 27.02 28.05 30.07 32.34

Forward 12.0 x 25.46 28.63 29.55 32.33 34.96 EBITDA 5.0 x 27.20 30.14 31.15 33.26 35.62

P/E Multiple Multiple 13.0 x 27.58 31.02 32.01 35.03 37.87 5.5 x 30.19 33.26 34.25 36.44 38.90

14.0 x 29.70 33.40 34.47 37.72 40.78 6.0 x 33.19 36.37 37.36 39.63 42.18

15.0 x 31.82 35.79 36.93 40.42 43.70

Source: Projections as per Silver Management Financial Plan

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% 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.

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Highly Confidential – Preliminary Draft

Wall Street Consensus Analysis

Illustrative Future Share Price Analysis (US$ per
share)

Illustrative Future Silver Share Price
2007E 2008E
Wall Street Consensus EPS
$ 2.07 $ 2.50

10.0 x $ $20.70 $ $25.00

11.0 x 22.77 27.50

Forward
12.0 x 24.84 30.00

P/E
Multiple 13.0 x 26.91 32.50

14.0 x 28.98 35.00

15.0 x 31.05 37.50

Present Value of Illustrative Future Silver Share Price ¹
2007E 2008E
Wall Street Consensus EPS ²
$ 2.07 $ 2.50
10.0 x $ $20.70 $ $22.32

11.0 x 22.77 24.55

Forward
12.0 x 24.84 26.79

P/E
Multiple 13.0 x 26.91 29.02

14.0 x 28.98 31.25

15.0 x 31.05 33.48

Source: IBES
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.
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Highly Confidential – Preliminary Draft

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 $ 2.10 $ 2.62 $ 3.00 $3.65 $ 4.38 $ 1.85 $ 2.38 $ 2.76 $ 3.43 $ 4.19

10.0 x $ $21.00 $ $23.41 $ $23.95 $ 25.97 $ $27.83 10.0 x $ $18.51 $ $21.22 $ $22.03 $ $24.40 $ $26.64

11.0 x 23.10 25.75 26.34 28.57 30.61 11.0 x 20.36 23.34 24.24 26.84 29.30

Forward 12.0 x 25.20 28.09 28.74 31.16 33.39 Forward P/E 12.0 x 22.21 25.47 26.44 29.28 31.96

P/E Multiple 13.0 x 27.30 30.43 31.13 33.76 36.18 Multiple 13.0 x 24.06 27.59 28.64 31.72 34.63

14.0 x 29.40 32.78 33.52 36.36 38.96 14.0 x 25.91 29.71 30.85 34.16 37.29

15.0 x 31.50 35.12 35.92 38.96 41.74 15.0 x 27.76 31.83 33.05 36.60 39.95

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 2009E 2010E 201 7E 8E 1E Sensitivity to Silver Management Financial Plan EPS ² $ 1.83 $ 2.33 $ 2.69 $ 3.30 $ 4.00 10.0 x $ $18.32 $ $20.82 $21.43 $ 23.52 $ $25.45

11.0 x 20.15 22.90 23.57 25.87 27.99

Forward P/E 12.0 x 21.99 24.99 25.71 28.22 30.54

Multiple 13.0 x 23.82 27.07 27.86 30.57 33.08

14.0 x 25.65 29.15 30.00 32.92 35.62

15.0 x 27.48 31.23 32.14 35.28 38.17

Source: Underlying Silver projections as per Silver Management Financial Plan Note: Increases/Decreases in each year are not cumulative

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.

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Highly Confidential – Preliminary Draft

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

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

Revenue $ $3,216 $ $3,370 $ $3,693 $ $4,076 $ $4,506 $4,964

EBITDA $ 499 $ $ 511 $ 598 $ 670 $ 773 $ 895

EBIT 276 273 338 388 475 576

Unlevered Net Income 169 167 207 237 291 352

+Depreciation & Amortization 223 238 260 282 298 319

- Capex 163 323 339 418 443 480

- Increase / (Decrease) in NWC 24 1 0 (3) (4) (4)

+ Increase in Deferred Taxes (3) (8) 0 0 0 0

Unlevered Free Cash Flow $ 202 $ 73 $ 128 $ 105 $ 149 ^$ ¹⁹⁵

Source: Projections as per Silver Management Financial Plan

Review of Silver Management Financial Plan 19

Highly Confidential – Preliminary Draft

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

Key Assumptions Equity Value Per Share ¹

Unlevered free cash flows discounted back to December 31, 2006 Perpetuity Growth Rate 1.0 % 2.0 % 3.0 % 4.0 % 5.0 %

Unlevered free cash flow defined as: 11.0% $ 18.35 $ 20.32 $ 22.71 $ 25.78 $ 29.88

Rate 10.5% 19.64 21.81 24.55 28.14 33.03

+ Unlevered Net Income Discount 10.0% 21.02 23.49 26.66 30.89 36.82

+ Depreciation and Amortization 9.5% 22.56 25.40 29.10 34.15 41.45

- Capital Expenditures 9.0% 24.30 27.58 31.95 38.07 47.24

- Increases in Working Capital Implied Terminal Multiples of 2011E EBITDA

+ Increase in deferred taxes = Unlevered Free Cash Flow Perpetuity Growth Rate 1.0 % 2.0 % 3.0 % 4.0 % 5.0 %

Projections are per Silver Management Financial Plan 11.0% 2.3 x 2.6 x 3.0 x 3.4 x 4.0 x Rate 10.5% 2.4 x 2.8 x 3.1 x 3.7 x 4.4 x

Terminal value is based on a perpetuity growth rate of Discount 10.0% 2.6 x 2.9 x 3.4 x 4.0 x 4.8 x

free cash flow in 2011E 9.5% 2.7 x 3.1 x 3.6 x 4.3 x 5.3 x

Marginal tax rate of 38.8% 9.0% 2.9 x 3.3 x 3.9 x 4.7 x 6.0 x Source: Projections as per Silver Management Financial Plan ¹ Assumes net debt of $342.9 and 74.9 million basic shares outstanding at December 31, 2006 as per Silver Management Financial Plan.

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Highly Confidential – Preliminary Draft

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% $ 9.52 $10.13 $10.76 $ 11.42 $ 12.10 $ 12.80 $ 13.52

2.0% 14.11 14.92 15.76 16.62 17.52 18.45 19.40

Financial (1.0)% 18.70 19.70 20.69 21.71 22.77 23.87 25.00

0.0% 23.11 24.25 25.44 26.66 27.93 29.24 30.60

^{Ratio
vs. Silver}

Management

^{in Each
Year’s}

Operating Change (1.0)% 27.48 28.81 30.19 31.61 33.09 34.62 36.20

(2.0)% 31.85 33.37 34.94 36.57 38.25 39.99 41.80

(3.0)% 36.22 37.92 39.69 41.52 43.41 45.37 47.39

Source: Projections as per Silver Management Financial Plan ¹ Assumes net debt of $342.9 and 74.9 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 21

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Analysis of Third Party Interest
Strategic & Financial ($ in millions)

Strategic Financial Name Market Cap Name Fund Size

Logistics Blackstone $20,000

UPS $80,612 Cerberus Partners LP 17,000

FedEx 35,672 Apollo Management LP 10,000

DPWN 33,597 Warburg Pincus LLC 8,000

Carlyle Group 7,850

Truckload Clayton Dubilier & Rice Inc. 4,000

JB Hunt 3,229 Court Square Capital 2,500

Knight 1,590 Kelso & Company 2,100

Heartland 1,552 Nautic Partners LLC 1,100

Werner Enterprises 1,463 Freeman Spogli & Company Inc. 1,000

Fenway Partners Inc. 900

Railroads Greenbriar 700

Burlington Santa Fe 28,627

Canadian National 25,753

Union Pacific 24,727

Norfolk Southern 22,416

CSX 16,713

Source: Company filings, Factset

Analysis of Potential Third Party Strategic & Financial Buyer Interest 23

Highly Confidential – Preliminary Draft

Review of Selected Transactions
Premia Paid¹

Premia (%)² Equity Undisturbed Value 52 wk 52 wk Date Target Aquiror ($MM) Undisturbed 1 Week 1 Month Low High

Nov 3 2006 Silver JM 2,207 20.6 15.0 13.0 51.8 (13.7)

8-Sep-06 Freescale Blackstone, Carlyle, Premia Funds, TPG 17,600 29.3 29.6 41.6 86.1 21.6

28-Aug-06 Intergraph Hellman & Friedman, TPG, JMI Equity 1,325 20.0 23.0 23.9 45.5 (14.5)

18-Aug-06 Glenborough Morgan Stanley Real Estate 1,900 8.2 13.7 18.2 46.2 8.2

17-Aug-06 Lone Star Steakhouse & Saloon Lone Star Funds 614 15.1 14.5 13.3 18.2 (4.6)

7-Aug-06 Aleris International TPG 1,717 26.8 28.2 17.3 132.4 2.0

19-Jul-06 HCA Bain Capital/KKR/Merrill Lynch 21,279 16.8 17.1 17.6 142.9 (3.0)

13-Jul-06 Petco Animal Supplies Green Equity Investors/TPG Partners 1,695 49.1 46.1 52.9 57.9 (1.0)

4-Jul-06 Duquesne Light Holdings Macquarie 1,609 21.7 24.8 21.1 26.4 2.9

30-May-06 West Corp TH Lee/Quadrangle 3,351 13.0 17.3 5.2 38.7 (1.6)

26-May-06 Kinder Morgan Kinder/Morgan/Two BOD 15,000 27.4 27.4 24.0 38.3 6.0

members/GS/AIG/Carlyle/Riverstone 12-May-06 NCO Group One Equity Partners 922 42.0 35.6 25.6 80.0 13.1

28-Apr-06 Aramark GS/CCMP/JPM/TH Lee/Warburg 6,300 20.2 20.4 16.5 37.9 12.9

17-Mar-06 Michaels Stores Bain Capital/Blackstone 6,025 29.6 32.6 37.7 43.0 1.8

3-Mar-06 Education Management Providence/GS 3,372 16.3 13.9 35.5 73.1 13.0

3-Mar-06 CarrAmerica Realty Blackstone 2,900 8.9 10.5 20.9 44.7 7.9

7-Feb-06 Univision Communications Madison Dearborn/Providence/TPG/TH Lee 12,326 18.7 13.9 16.8 53.2 13.8

20-Jan-06 The Sports Authority Leonard Green 1,043 20.0 26.0 20.9 57.0 8.9

16-Dec-05 Town and Country Morgan Stanley Real Estate/Onex Real Estate 716 11.9 11.4 16.1 34.5 10.8

10-Nov-05 Meristar Hospitality Blackstone 1,117 20.1 21.2 20.1 69.9 11.6

8-Nov-05 La Quinta Blackstone 2,342 36.9 35.4 37.2 44.0 16.1

28-Oct-05 SERENA Software Silver Lake 842 2.7 5.4 22.9 34.5 1.0

14-Sep-05 UICI Blackstone/GS/DLJ 1,760 19.0 16.9 18.4 68.9 3.2

13-Sep-05 Linens ‘N Things Apollo 1,295 7.9 16.6 16.0 29.0 (2.5)

5-Sep-05 Capital Automotive REIT DRA Advisors 2,109 9.0 9.0 4.0 29.2 (3.3)

1-Sep-05 Albertson’s Supervalu/Cereberus/CVS 11,723 12.9 9.6 6.9 35.4 1.1

17-Aug-05 Tommy Hilfiger Apax Partners 1,589 4.3 23.7 17.3 95.1 4.3

27-Jul-05 SS&C Technologies Carlyle 941 12.9 10.4 26.7 127.4 7.1

Source: Public Filings, FactSet

¹ LBOs involving financial sponsors of US publicly traded and domiciled companies with an equity value greater than $500 million, excluding squeeze-outs. Includes deals that were terminated and are pending since 2000.

² Based off undisturbed date, which is defined as the day prior to any significant public speculation or announcement of a potential sale transaction.

Analysis of Potential Third Party Strategic & Financial Buyer Interest 24

Highly Confidential – Preliminary Draft

Review of Selected Transactions
Premia Paid (Cont’d)¹

Premia (%)² Equity Undisturbed Value 52 wk 52 wk Date Target Aquiror ($MM) Undisturbed 1 Week 1 Month Low High

24-Jun-05 Burlington Coat Factory Bain Capital 2,051 26.2 24.0 44.5 160.0 18.6

31-May-05 School Specialty Bain Capital 1,356 24.9 26.1 32.0 46.3 14.8

19-May-05 Maytag Ripplewood 1,132 21.1 33.6 (0.6) 46.3 (46.8)

17-May-05 Metals USA Apollo 539 58.4 47.4 33.1 63.4 (11.6)

12-May-05 iPayment Management Group 638 35.9 26.2 5.3 35.9 (13.5)

7-Apr-05 ShopKo I Goldner Hawn 767 4.2 8.0 33.0 96.4 4.2

7-Apr-05 ShopKo II Sun Capital 899 25.9 30.5 60.8 137.3 25.9

18-Mar-05 SunGard Silver Lake/Bain/Blackstone/GS/KKR/Providence/TPG 11,043 44.3 42.3 37.3 59.7 25.7

15-Mar-05 Neiman Marcus TPG/Warburg 5,111 33.8 35.7 37.7 108.3 33.8

4-Mar-05 Insight Communications Carlyle 718 21.4 24.8 14.1 42.9 12.5

24-Jan-05 Beverly Enterprises Fillmore Capital 1,614 33.3 37.4 35.1 111.1 30.2

3-Dec-04 Sola International Carl Zeiss/EQT 923 26.6 33.9 42.3 78.7 18.9

29-Oct-04 DoubleClick Hellman & Friedman 1,102 33.6 36.7 44.8 88.9 (33.6)

20-Oct-04 Boca Resorts Blackstone 1,032 25.3 30.6 29.9 85.6 20.5

15-Oct-04 Select Medical Welsh Carson 1,979 26.6 28.5 40.0 60.7 (7.1)

10-Sep-04 Metro-Goldwyn-Mayer Sony/Providence/TPG/Comcast/DLJ 2,944 8.0 8.8 2.7 9.1 (43.0)

27-Aug-04 LNR Property Cerberus 1,905 6.8 10.7 17.7 57.8 6.7

17-Aug-04 Prime Hospitality Blackstone 571 44.6 38.7 21.4 48.1 3.9

10-Aug-04 Toys R Us Bain/KKR/Vornado 6,084 62.9 63.1 61.8 158.0 54.4

19-Mar-04 US Oncology Welsh Carson 1,187 18.5 17.3 16.2 119.7 10.0

5-Mar-04 Extended Stay America Blackstone 2,040 24.1 26.3 27.9 99.4 20.4

6-Dec-02 AmeriPath Welsh Carson 629 29.2 25.8 37.5 72.8 (34.1)

11-Oct-02 Quintiles One Equity Partners 1,650 74.5 79.5 46.9 83.3 (20.2)

20-Sep-02 Dole Food Murdock 1,473 36.8 30.8 23.1 73.3 (1.0)

9-Apr-02 Herbalife Golden Gate 678 28.7 30.0 40.1 164.9 27.8

19-Feb-01 Springs Industries Heartland Industrial Partners 505 27.4 25.7 38.6 103.3 (5.8)

20-Dec-00 Michael Foods Vestar Capital Partners 571 13.6 9.2 9.9 53.9 4.9

1-Jun-00 Buffets Caxton-Iseman Capital 594 21.1 23.8 38.5 71.8 15.4

Mean 25.4 26.6 29.9 72.2 4.6

Median 21.7 25.7 25.6 61.1 4.9

Source: Public Filings, FactSet

² Based off undisturbed date, which is defined as the day prior to any significant public speculation or announcement of a potential sale transaction.

Analysis of Potential Third Party Strategic & Financial Buyer Interest 25

Highly Confidential – Preliminary Draft

Summary of Precedent 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
Premium ¹ – 25.0% 46.2% 22.3% 59.9% – 52.5% 71.8%

Source: Company filings
¹ Premium based on stock price 1 day prior to announcement.
Analysis of Potential Third Party Strategic & Financial Buyer Interest 26

Highly Confidential – Preliminary Draft

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

Silver Share price as of 20 November 2006 $ $ 27.49 Undisturbed Silver Share price as of 3 November 2006 24.05 Premium to Market Price 5.5% 9.1% 12.8% 16.4% 20.0% 23.7% Premium to Undisturbed Price 20.6% 24.7% 28.9% 33.1% 37.2% 41.4% Purchase Price Per Silver Share ($) $ $ 29.00 $ $ 30.00 $ $ 31.00 $ $ 32.00 $ $ 33.00 $ $ 34.00 Equity Consideration — Diluted ¹ $ $2,207.4 $ $2,286.1 $ $2,364.7 $ $2,443.4 $ $2,522.1 $ $2,600.8 Enterprise Value ² 2,550.3 2,629.0 2,707.7 2,786.3 2,865.0 2,943.7 Enterprise Value / Sales FY 2006E $ $3,216.3 0.8 x 0.8 x 0.8 x 0.9 x 0.9 x 0.9 x FY 2007E 3,369.5 0.8 0.8 0.8 0.8 0.9 0.9 Enterprise Value / EBITDA FY 2006E $ $ 499.2 5.1 x 5.3 x 5.4 x 5.6 x 5.7 x 5.9 x FY 2007E 510.9 5.0 5.1 5.3 5.5 5.6 5.8 Enterprise Value / EBIT FY 2006E $ $ 276.0 9.2 x 9.5 x 9.8 x 10.1 x 10.4 x 10.7 x FY 2007E 273.1 9.3 9.6 9.9 10.2 10.5 10.8 Price / EPS FY 2006E $ 2.05 14.2 x 14.7 x 15.1 x 15.6 x 16.1 x 16.6 x FY 2007E 2.12 13.7 14.1 14.6 15.1 15.6 16.0 Third Party 2007E Dollar Accretion / Dilution ³ All cash @ 5.0% cost of debt $ 79.8 $ 76.4 $ 73.1 $ 69.7 $ 66.3 $ 62.9 All cash @ 6.0% cost of debt 66.3 62.4 58.6 54.7 50.9 47.0 All cash @ 7.0% cost of debt 52.8 48.4 44.1 39.8 35.4 31.1 All cash @ 8.0% cost of debt 39.3 34.5 29.6 24.8 20.0 15.2 All cash @ 9.0% cost of debt 25.8 20.5 15.2 9.9 4.6 (0.7) All cash @ 10.0% cost of debt 12.3 6.5 0.7 (5.1) (10.9) (16.6) Source: Silver projections as per Silver Management Financial Plan (1) Assumes 74.9 million basic shares outstanding as of 31 December 2006. Assumes exercise of 3.8 million options outstanding with a weighted average strike price of $19.45. (2) Assumes net debt of $ 342.9 million as of 31 December 2006 as per Silver Management. (3) Assumes 20.0% of the excess purchase price is allocated to intangibles and amortized over 10 years; assumes a marginal tax rate for the acquiror of 38.8%.

Analysis of Potential Third Party Strategic & Financial Buyer Interest 27

Highly Confidential – Preliminary Draft

Preliminary Analysis of a Third Party LBO Assumes $29 Per Share (US$ in millions) Sources of Funds Uses of Funds Cost of 2006E ¹ Sources Amount Debt % of Total EBITDA Uses Amount

Existing Cash $ 22 0.8% Price Per Share $29.00

First Lien 1,248 8.1% 46.1% 2.5 x Equity Purchased $2,207

Sr. / Sub. Debt 499 11.6% 18.4% 3.5 x Existing Debt Retired 365

Total Debt 1,747 64.5% 3.5 x Purchase Price $2,572

Sponsor Equity 939 34.7% 5.4 x Multiple of 2006E EBITDA 5.2 x Multiple of 2007E EBITDA 5.0 x Change In Control Payments 20

Fees & Expenses 94

Minimum Cash 22

Total Sources $2,708 100.0% Total Uses $2,708 Summary Cash Flow & Credit Statistics Illustrative IRR Sensitivity Analysis ² Fiscal Year Ending December Trailing 12 Months Exit EV/EBITDA Multiples 2007E 2008E 2009E 2010E 4.0 x 4.5 x 5.0 x 5.5 x 6.0 x

FCF Available for Debt ($ 22) $ 33 $ 11 $ 56 Sponsor 2009E 1.3% 11.7% 20.5% 28.2% 35.1% Total Senior Debt 1,270 1,237 1,226 1,170 Exit Year 2010E 11.4% 18.2% 24.0% 29.0% 33.6% Total Debt 1,769 1,736 1,725 1,669 2011E 16.8% 21.5% 25.6% 29.2% 32.5% Credit Statistics

EBITDA / Tot. Int. Exp. 3.1 x 3.6 x 4.1 x 4.8 x Illustrative IRR Sensitivity Analysis ³ EBITDA-Capex / Tot. Int. Exp. 1.1 x 1.6 x 1.5 x 2.0 x Initial Purchase Price Per Silver Share Total Senior Debt / EBITDA 2.5 x 2.1 x 1.8 x 1.5 x $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 Total Debt / EBITDA 3.5 x 2.9 x 2.6 x 2.2 x 3.0 x 22.6% 21.1% 19.6% 18.3% 17.0% 15.8% Adj. Total Debt / EBITDAR 3.7 x 3.1 x 2.8 x 2.4 x Initial Leverage 3.5 x 25.6% 23.6% 21.8% 20.1% 18.5% 17.1% Total Debt / Total Cap 64.1% 61.6% 58.9% 54.7% 4.0 x 30.1% 27.3% 24.9% 22.7% 20.7% 18.9% Adj. Total Debt / Total Cap 67.6% 64.4% 62.5% 58.3% FCF/TD (1.2%) 1.9% 0.6% 3.4%

Source: Silver projections as per Silver Management Financial Plan; Capital Structure as per Goldman Sachs’ preliminary leverage assumptions

¹ Assumes 2006E EBITDA of $499mm. ² Assumes transaction initial leverage of 3.5x. ³ Assumes sale at 5.0x trailing 12 month EBITDA and exit in 2011E. Analysis of Potential Third Party Strategic & Financial Buyer Interest 28

Highly Confidential – Preliminary Draft

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

Sources of Funds Uses of Funds

Total Outstanding Purchase Price/ Amount ( $) Equity Purchased as of 30-Sep-06 Exercise Price Amou $) nt ( Funded Term Debt: Basic Shares 54.6 $29.00 $ $1,582

1st Lien $ 1,390 Stock Options 3.8 19.45 36

2nd Lien 485 $ $1,619

Total Funded Term Debt 1,875 JM Shares Rollover Encumbered³ 14.1 $29.00 $ 410

JM Shares Rollover Unencumbered² 6.2 29.00 179

Minimum Cash Required (estimated)¹ 22 Total Equity Purchased $ $2,207

Equity: Total Debt Retired (06 mgmt estimate; includes securitized AR) 365

JM Equity Rollover (Unencumbered)² 179

JM Equity Rollover (Encumbered)³ 410 Cash on Balance Sheet 22

Additional Equity Required⁴ 236

Total Contributed Equity $ 825 Estimated Fees:

Change of Control Payments⁵ 20

Advisory Fees (estimated)⁶ 50

Financing Fees (estimated @ 2.5%) 57

Total Fees (estimated) $ 127

Total Sources of Funds $ 2,722 Total Uses of Funds $ $2,722

Note: Balance Sheet figures are expected as of December 31, 2006 as per Silver Management Financial Plan.

¹ Assumes that a minimum amount of cash is required to operate the business post-acquisition. In this case, the amount assumed to be retained equals current cash balance as of 30-Sep-2006.

²Represents Silver shares personally held by JM and not used as collateral in connection with the Shareholder loan to be made by MS. 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.
³Assumes JM has pledged $410 million worth of stock as collateral. Therefore, JM will borrow the maximum amount of MS shareholder loan. The shareholder loan will be secured by Silver shares currently held by JM, which in the case of maximum drawdown equals 14.1 million shares of Silver (at the current offer price of $29).

⁴ Represents the additional equity required to finance the acquisition of 100% of the company. Under the current proposal of $29/share this amounts to 9,827,586 shares of Silver. The shares currently held by the Moyes Children’s

Limited Partnership equals 9,018,353 shares and the shares held by an irrevocable trust for the children of Jerry and Vickie Moyes equals 360,000 shares.

⁵ 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.

⁶Assumes aggregate fees, which includes both sellside and buyside advisory fees.

Supporting Materials 30

Highly Confidential – Preliminary Draft

Analysis of Morgan Stanley (“MS”) Capital Structure

Pro Forma Capital Structure Credit Views Multiple of 2006E EBITDA¹ Mgmt Truckload sector typically viewed as less stable than Less- Amount % of Total Estimate MS Estimate Than-Truckload; however Silver presents certain strengths — Prospect for improved margins as compared to fiscal Unfunded Revolver — — — - 2005

Senior Secured 1st Lien $ $1,800 57% 3.8 x 3.4 x — Strong stable blue chip customer base Senior Secured 2nd Lien $485 15% 1.0 x 0.9 x Ratings agencies focused on EBITDA growth/margins and Total Debt $ $2,285 72% 4.8 x 4.3 x ability to generate sufficient free cash flow Total Equity $874 28% 1.8 x 1.7 x — Though recently improved, Silver’s EBITDA margins have historically lagged those of truckload peers Total Capitalization $ $3,159 100% 6.6 x 6.0 x — High investments in capital expenditures impacts free MS $529.1millionoftrailingtwelve cash flow projections estimate based on months EBITDA condition included in MS Commitment Letter ^rd (assumed to include IEL) — Cyclical concerns dated November 3

Proposed Morgan Stanley structure and pricing appears to be designed to achieve a mid to high single B corporate credit rating

^NNote: These include our preliminary observations, final observations to be contingent upon continued diligence of the company, MS capital structure and company financials

Supporting Materials 31

Highly Confidential – Preliminary Draft

Weighted Average Cost of Capital Analysis

Comparable Peers (1) Company Asset Bloomberg Symbol Beta (2) Adj. Beta D/E (1-T) Assumptions JBHT 1.234 1.320 11.3% 61.5% Risk Premium (3) 5.50% WERN 1.235 1.240 0.7 60.8 Risk Free Rate (4) 4.62% HTLD 1.360 1.360 0.0 64.6 Tax Rate 38.8%

KNX 1.510 1.510 0.0 65.0

XPRSA 0.825 1.430 112.8 65.0

CVTI 0.756 1.220 94.4 65.0

Mean 1.153 36.5% 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% 1.153 100.0% 11.0% 0.0% 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0

5.0 1.191 95.0 11.2% Equity) 5.0 10.8 10.8 10.8 10.8 10.8 10.8 10.9 10.9 10.9

10.0 1.232 90.0 11.4% 10.0 10.6 10.6 10.6 10.7 10.7 10.7 10.7 10.8 10.8

15.0 1.278 85.0 11.6% 15.0 10.4 10.4 10.5 10.5 10.5 10.6 10.6 10.7 10.7

20.0 1.330 80.0 11.9% 20.0 10.2 10.2 10.3 10.3 10.4 10.5 10.5 10.6 10.6

25.0 1.389 75.0 12.3% 25.0 10.0 10.0 10.1 10.2 10.3 10.3 10.4 10.5 10.6

30.0 1.456 70.0 12.6% 30.0 9.8 9.8 9.9 10.0 10.1 10.2 10.3 10.4 10.5

35.0 1.533 65.0 13.1% 35.0 9.6 9.7 9.8 9.9 10.0 10.1 10.2 10.3 10.4

40.0 1.624 60.0 13.6% Debt / (Debt + 40.0 9.4 9.5 9.6 9.7 9.8 10.0 10.1 10.2 10.3

45.0 1.731 55.0 14.1% 45.0 9.2 9.3 9.4 9.6 9.7 9.8 10.0 10.1 10.3

50.0 1.859 50.0 14.8% 50.0 9.0 9.1 9.3 9.4 9.6 9.7 9.9 10.0 10.2

Source: Bloomberg and public filings (1) As of November 15, 2006. (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 rate as of November 15, 2006. (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 32

Highly Confidential – Preliminary Draft

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

Enterprise Closing % of 52 Equ Value Multiples (2) Calendarized 5-Year ity Price Week Mar Enterprise EBITDA P/E Multiples (2) EPS LTM Margins Dividend ket Company 20-Nov-2006 High Cap Val LTM 2006 2007 2006 2007 CAGR (2) EBITDA EBIT Yield

Silver at $29 Offer Price $ 29.00 86 % $ $2,207 $ $2,619 5.2 x 5.2 x 5.2 x 14.1 x 14.0 x 11.5 % 15.7 % 9.0 % 0.0 % Silver $ 27.49 82 % $ $2,090 $ $2,502 4.9 x 4.9 x 4.9 x 13.4 x 13.3 x 11.5 % 15.7 % 9.0 % 0.0 % Truckload

Covenant Transport 12.40 76 174 334 6.0 7.1 6.1 NM 29.2 9.0 8.2 2.5 0.0

Heartland Express 16.16 85 1,588 1,266 8.0 7.3 7.0 17.8 17.6 10.0 27.9 19.9 0.5

Hunt (JB) Transport 21.84 85 3,272 3,634 6.5 6.5 6.0 14.9 13.7 15.0 16.7 11.4 1.5

Knight Transportation 18.17 82 1,590 1,572 8.9 8.6 7.3 21.4 18.2 20.0 27.0 17.9 0.4

Landstar 47.16 96 2,738 2,791 11.9 13.3 12.0 24.1 21.0 17.0 8.7 8.1 0.3

Quality Distribution 12.86 77 247 530 7.9 7.7 6.9 16.1 12.5 27.4 9.1 7.0 0.0

Celadon 20.30 91 489 499 9.7 9.1 7.3 19.8 16.0 33.3 10.5 7.7 0.0

Universal Truckload 25.81 71 416 402 11.0 10.1 8.6 19.3 16.3 14.6 5.9 5.2 0.0

U.S. Xpress Enterprises 18.71 67 290 619 5.3 5.2 4.5 13.6 11.2 26.0 8.3 4.0 0.0

Werner Enterprises 19.32 89 1,509 1,492 4.6 4.4 4.2 15.1 14.2 10.0 15.6 7.7 0.9

High 96 % $ $3,272 $ $3,634 11.9 x 13.3 x 12.0 x 24.1 x 29.2 x 33.3 % 27.9 % 19.9 % 1.5 % Mean 82 % $ $1,231 $ $1,314 8.0 x 7.9 x 7.0 x 18.0 x 17.0 x 18.2 % 13.8 % 9.1 % 0.4 % Median 83 % $ 999 $ 943 8.0 x 7.5 x 7.0 x 17.8 x 16.2 x 16.0 % 9.8 % 7.7 % 0.1 % Low 67 % $ 174 $ 334 4.6 x 4.4 x 4.2 x 13.6 x 11.2 x 9.0 % 5.9 % 2.5 % 0.0 % Less than Truckload

Arkansas Best (3) $ 39.67 78 % $ $1,004 $ 882 4.4 x 3.9 x 3.8 x 10.2 x 10.0 x 10.0 % 10.6 % 7.1 % 1.5 % Central Freight Lines (3) 2.23 100 41 78 NM NA NA NA NA 0.0 (3.7) (8.6) 0.0

Con-Way (3) 48.00 79 2,413 2,515 4.5 5.1 5.2 11.9 11.4 12.5 12.8 9.4 0.8

Forward Air 34.55 80 1,070 1,005 12.0 11.6 10.5 21.5 19.2 12.5 24.1 21.5 0.8

Old Dominion 28.31 73 1,056 1,247 6.6 6.4 5.7 14.9 13.2 15.0 15.1 9.9 0.0

Saia (4) 27.60 77 417 481 4.6 5.3 4.8 13.8 11.7 17.1 8.7 4.6 0.0

YRC Worldwide 41.08 82 2,616 3,784 4.3 4.3 4.2 7.5 7.1 7.7 8.8 6.0 0.0

High 100 % $ $2,616 $ $3,784 12.0 x 11.6 x 10.5 x 21.5 x 19.2 x 17.1 % 24.1 % 21.5 % 1.5 % Mean 81 % $ $1,231 $ $1,428 6.1 x 6.1 x 5.7 x 13.3 x 12.1 x 10.7 % 10.9 % 7.1 % 0.5 % Median 79 % $ $1,056 $ $1,005 4.5 x 5.2 x 5.0 x 12.8 x 11.6 x 12.5 % 10.6 % 7.1 % 0.0 % Low 73 % $ 41 $ 78 4.3 x 3.9 x 3.8 x 7.5 x 7.1 x 0.0 % (3.7)% (8.6)% 0.0 %

(1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding.
(2) Sources: LTM numbers are based upon the latest publicly available financial statements. Projected sales, EBITDA, EBIT, and EPS source: IBES median estimates. All projected estimates have been calendarized to December.

Supporting Materials 33