The BGSA Supply Chain Index tracks a basket of publicly-traded companies in transportation, logistics, and the supply chain arena. This presentation shows performance as of August 1, 2019.

1. Copyright © 2019 by BG Strategic Advisors
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means —
electronic, mechanical, photocopying, recording, or otherwise — without the permission of BG Strategic Advisors.
The BGSA Supply Chain Index
August 2019

2. 2
Recent Performance and Key Takeaways
▪ The BGSA Supply Chain Index as a whole is currently trading at an average EV / EBITDA
multiple of 11.6x, up from 11.1x in June
- Supply Chain Technology, Global Logistics/Parcel, and Railroads are currently
outperforming the broader index, trading at 26.3x, 13.1x and 11.8x, respectively
▪ The BGSA Supply Chain Index ended the month of July up 2.7%, while the S&P 500 was
up 0.5%
▪ Over the last 12 months, the BGSA Supply Chain Index was up 1.7%, while the S&P 500
was up 5.0%
- The highest performing segments were Supply Chain Technology, up 51.2%;
Technology Distribution, up 17.2%; Energy Logistics, up 10.1%; and Railroads / Rail
Services, up 9.8%
▪ On July 1, Jeff Curry, Keith Avery and Brad Kelley acquired Premium Transportation
Logistics from Magnate Worldwide
▪ On July 1, A group of investors entered an agreement to acquire Genesee & Wyoming
from current shareholders
▪ On July 11, Cowan Systems acquired Carlisle Carrier Corporation
▪ On July 22, Outwest Express acquired Logicorp Enterprises
▪ On July 29, TFI International announced the acquisition of Piston Tank Corporation
▪ On July 31, Turvo, the leading collaborative logistics platform, announced the
acquisition of AI-enabled visibility platform ODYN
BG Strategic Advisors
The BGSA Supply Chain Index
The BGSA Supply Chain Index tracks nine
segments within our core coverage area of
supply chain and logistics:
▪ Logistics
▪ Global Parcel / Logistics
▪ Truckload
▪ Less Than Truckload
▪ Railroads / Rail Services
▪ Supply Chain Technology and Software
▪ Technology Distribution
▪ Healthcare Distribution
▪ Energy Transportation and Logistics
The following pages highlight current public
valuation trends throughout each of these
industry segments, including EV / LTM EBITDA
and one year stock performance, among
others
Introduction to BG Strategic Advisors (“BGSA”)
▪ BGSA is the leader in supply chain investment banking with a unique set of
unmatched capabilities
▪ Due to our unique approach to strategy-led investment banking, BGSA has
become the leading advisor on premium sell-side deals, the first call for buy-
side acquisition strategy and execution, and a true thought leader with over 30
completed transactions in the supply chain sector
▪ BGSA completed over 50 transactions within supply chain, logistics, and
transportation

3. 3
26.3x
13.1x
11.8x
11.1x
9.6x 9.1x 9.1x
7.4x
6.8x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Supply Chain
Technology
and Software
Global
Parcel / Logistics
Railroads /
Rail Services
Logistics Energy
Transportation
and Logistics
Technology
Distribution
Healthcare
Distribution
Less Than
Truckload
Truckload
EV / LTM EBITDA
The BGSA Supply Chain Index
EV / LTM EBITDA
The BGSA Index Average: 11.6x
Source: Capital IQ, as of July 31, 2019

4. 4
(25.0%)
(20.0%)
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
BGSA Index S&P 500
(3.0%)
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
4.0%
Jul 1 Jul 5 Jul 9 Jul 13 Jul 17 Jul 21 Jul 25 Jul 29
BGSA Index S&P 500
The BGSA Supply Chain Index
Stock Performance
2.7%
0.5%1.7%
5.0%
One Year Stock Performance One Month Stock Performance
Source: Capital IQ, as of July 31, 2019

5. 5
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
20%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
20%
25%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(15%)
(10%)
(5%)
0%
5%
10%
15%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19
The BGSA Supply Chain Index by Segment
One Year Stock Performance by Segment
Energy Transportation & LogisticsTechnology Distribution
TruckloadLogistics
Healthcare Distribution
Global Parcel / Logistics
Supply Chain Technology & SoftwareLess-Than-Truckload Railroads / Rail Services
(7.1%)
17.2%
(12.3%) (10.2%)
9.8% 51.2%4.1%
4.1% 10.1%
Source: Capital IQ, as of July 31, 2019

6. 6
Public Trading Information
The BGSA Supply Chain Index by Segment
Logistics
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Agility 2.63$ 4,383.3$ 774.5$ 5,344.6$ 5,116.2$ 480.1$ 364.2$ 9.4% 7.1% 1.0x 11.1x 14.7x 1.6x 14.9x
CH Robinson 83.73 11,434.4 1,169.2 12,603.5 16,089.9 1,036.8 953.6 6.4% 5.9% 0.8x 12.2x 13.2x 1.1x 17.3x
DSV 96.13 17,076.6 2,280.8 19,296.9 12,386.4 975.2 900.5 7.9% 7.3% 1.6x 19.8x 21.4x 2.3x 25.5x
Echo Global Logistics 21.06 574.6 176.2 750.8 2,319.7 73.8 50.8 3.2% 2.2% 0.3x 10.2x 14.8x 2.4x 13.7x
Expeditors International 76.35 13,131.9 (841.2) 12,291.8 8,304.2 844.8 791.3 10.2% 9.5% 1.5x 14.5x 15.5x (1.0x) 20.9x
Forward Air 63.00 1,783.7 192.9 1,976.6 1,355.2 160.3 119.6 11.8% 8.8% 1.5x 12.3x 16.5x 1.2x 18.4x
Hub Group 45.35 1,565.4 188.1 1,753.5 3,805.7 260.8 158.2 6.9% 4.2% 0.5x 6.7x 11.1x 0.7x 12.8x
Kuehne + Nagel 148.21 17,745.7 2,085.5 19,846.3 21,836.4 1,217.5 975.6 5.6% 4.5% 0.9x 16.3x 20.3x 1.7x 21.4x
Landstar System 111.27 4,409.6 (134.0) 4,272.6 4,467.0 377.8 333.7 8.5% 7.5% 1.0x 11.3x 12.8x (0.4x) 17.6x
Panalpina 227.03 5,391.1 119.6 5,513.8 6,233.7 144.0 118.9 2.3% 1.9% 0.9x NM NM 0.8x NM
Ryder System 53.26 2,840.6 7,789.1 10,629.7 8,840.4 2,166.7 712.8 24.5% 8.1% 1.2x 4.9x 14.9x 3.6x 8.7x
Universal Truckload 19.69 567.8 348.3 916.1 1,521.3 171.0 108.2 11.2% 7.1% 0.6x 5.4x 8.5x 2.0x 7.7x
XPO Logistics 67.48 6,205.1 7,128.0 13,823.1 17,082.0 1,573.0 845.0 9.2% 4.9% 0.8x 8.8x 16.4x 4.5x 16.9x
Min 567.8$ (841.2)$ 750.8$ 1,355.2$ 73.8$ 50.8$ 2.3% 1.9% 0.3x 4.9x 8.5x (1.0x) 7.7x
Mean 6,700.7$ 1,636.7$ 8,386.1$ 8,412.1$ 729.4$ 494.8$ 9.0% 6.1% 1.0x 11.1x 15.0x 1.6x 16.3x
Median 4,409.6$ 348.3$ 5,513.8$ 6,233.7$ 480.1$ 364.2$ 8.5% 7.1% 0.9x 11.2x 14.8x 1.6x 17.1x
Max 17,745.7$ 7,789.1$ 19,846.3$ 21,836.4$ 2,166.7$ 975.6$ 24.5% 9.5% 1.6x 19.8x 21.4x 4.5x 25.5x
EV as a multiple of
Margins
($ in US millions, except per share amounts)

7. 7
The BGSA Supply Chain Index by Segment
Global Parcel / Logistics
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Deutsche Post 32.84$ 40,479.7$ 14,267.1$ 54,981.7$ 70,005.6$ 4,973.1$ 3,405.2$ 7.1% 4.9% 0.8x 11.1x 16.1x 2.9x 13.3x
FedEx 170.53 44,475.7 15,262.0 59,737.7 69,693.0 4,934.0 1,581.0 7.1% 2.3% 0.9x 12.1x 37.8x 3.1x 11.1x
United Parcel Service 119.47 102,589.5 21,105.0 123,712.5 72,500.0 7,609.0 5,397.0 10.5% 7.4% 1.7x 16.3x 22.9x 2.8x 14.9x
Min 40,479.7$ 14,267.1$ 54,981.7$ 69,693.0$ 4,934.0$ 1,581.0$ 7.1% 2.3% 0.8x 11.1x 16.1x 2.8x 11.1x
Mean 62,515.0$ 16,878.0$ 79,477.3$ 70,732.9$ 5,838.7$ 3,461.1$ 8.2% 4.9% 1.1x 13.1x 25.6x 2.9x 13.1x
Median 44,475.7$ 15,262.0$ 59,737.7$ 70,005.6$ 4,973.1$ 3,405.2$ 7.1% 4.9% 0.9x 12.1x 22.9x 2.9x 13.3x
Max 102,589.5$ 21,105.0$ 123,712.5$ 72,500.0$ 7,609.0$ 5,397.0$ 10.5% 7.4% 1.7x 16.3x 37.8x 3.1x 14.9x
Margins
EV as a multiple of($ in US millions, except per share amounts)

8. 8
The BGSA Supply Chain Index by Segment
Truckload
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Celadon Group 1.29$ 35.8$ 374.3$ -$ 1,054.6$ 83.5$ 8.5$ 7.9% 0.8% NM NM NM 4.5x NM
Covenant Transportation 16.85 309.5 278.1 587.6 954.1 133.3 54.6 14.0% 5.7% 0.6x 4.4x 10.8x 2.1x 11.4x
Daseke 3.70$ 238.9$ 731.6$ 1,035.5$ 1,718.5$ 169.3$ 27.5$ 9.9% 1.6% 0.6x 6.1x 37.6x 4.3x NM
Heartland Express 19.84 1,626.2 (205.6) 1,420.6 580.0 172.0 76.5 29.7% 13.2% 2.4x 8.3x 18.6x (1.2x) 20.3x
JB Hunt 102.37$ 10,929.9$ 1,488.7$ 12,418.5$ 8,878.9$ 1,145.1$ 678.3$ 12.9% 7.6% 1.4x 10.8x 18.3x 1.3x 17.5x
Knight-Swift 35.84 6,204.6 1,077.6 7,284.2 5,187.9 1,004.9 560.4 19.4% 10.8% 1.4x 7.2x 13.0x 1.1x 14.7x
Marten Transport 20.07$ 1,096.5$ (82.3)$ 1,014.1$ 814.7$ 159.2$ 69.6$ 19.5% 8.5% 1.2x 6.4x 14.6x (0.5x) 17.0x
P.A.M. Transportation 58.41 347.5 198.8 533.0 540.2 101.4 49.6 18.8% 9.2% 1.0x 5.3x 10.7x 2.0x 10.8x
Werner Enterprises 33.15$ 2,293.8$ 343.6$ 2,637.4$ 2,499.8$ 474.7$ 235.1$ 19.0% 9.4% 1.1x 5.6x 11.2x 0.7x 13.6x
Min 35.8$ (205.6)$ -$ 540.2$ 83.5$ 8.5$ 7.9% 0.8% 0.6x 4.4x 10.7x (1.2x) 10.8x
Mean 2,564.7$ 467.2$ 2,992.3$ 2,469.8$ 382.6$ 195.6$ 16.8% 7.4% 1.2x 6.8x 16.8x 1.6x 15.1x
Median 1,096.5$ 343.6$ 1,035.5$ 1,054.6$ 169.3$ 69.6$ 18.8% 8.5% 1.1x 6.2x 13.8x 1.3x 14.7x
Max 10,929.9$ 1,488.7$ 12,418.5$ 8,878.9$ 1,145.1$ 678.3$ 29.7% 13.2% 2.4x 10.8x 37.6x 4.5x 20.3x
EV as a multiple of
Margins
($ in US millions, except per share amounts)

9. 9
The BGSA Supply Chain Index by Segment
Less-Than-Truckload
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
ArcBest Corporation 29.93$ 763.8$ 55.1$ 819.0$ 3,083.8$ 222.2$ 115.3$ 7.2% 3.7% 0.3x 3.7x 7.1x 0.2x 9.4x
Old Dominion Freight Line 166.98 13,516.5 (117.0) 13,399.5 4,136.6 1,106.9 860.1 26.8% 20.8% 3.2x 12.1x 15.6x (0.1x) 20.2x
Roadrunner Transportation 9.69 364.0 360.6 724.7 2,153.3 10.0 (40.1) 0.5% (1.9%) 0.3x NM NM 36.2x NM
Saia 76.30 1,957.9 252.3 2,210.2 1,707.1 261.8 152.0 15.3% 8.9% 1.3x 8.4x 14.5x 1.0x 15.7x
TFI International 31.76 2,652.8 1,713.8 4,358.4 3,958.2 554.9 347.9 14.0% 8.8% 1.1x 7.9x 12.5x 3.1x 9.7x
YRC Worldwide 3.26 112.7 1,094.5 1,207.2 5,059.8 248.8 98.8 4.9% 2.0% 0.2x 4.9x 12.2x 4.4x 16.9x
Min 112.7$ (117.0)$ 724.7$ 1,707.1$ 10.0$ (40.1)$ 0.5% (1.9%) 0.2x 3.7x 7.1x (0.1x) 9.4x
Mean 3,228.0$ 559.9$ 3,786.5$ 3,349.8$ 400.8$ 255.7$ 11.4% 7.1% 1.1x 7.4x 12.4x 7.5x 14.3x
Median 1,360.9$ 306.4$ 1,708.7$ 3,521.0$ 255.3$ 133.7$ 10.6% 6.3% 0.7x 7.9x 12.5x 2.0x 15.7x
Max 13,516.5$ 1,713.8$ 13,399.5$ 5,059.8$ 1,106.9$ 860.1$ 26.8% 20.8% 3.2x 12.1x 15.6x 36.2x 20.2x
Margins
EV as a multiple of($ in US millions, except per share amounts)

10. 10
The BGSA Supply Chain Index by Segment
Railroads / Rail Services
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Canadian National Railway 95.04 68,250.0 10,526.2 78,725.8 11,466.5 5,752.0 4,621.3 50.2% 40.3% 6.9x 13.7x 17.0x 1.8x 18.6x
Canadian Pacific Railway 239.74 33,222.8 6,780.2 39,970.6 5,846.8 3,107.6 2,612.2 53.2% 44.7% 6.8x 12.9x 15.3x 2.2x 17.1x
CSX 70.40 56,191.6 14,596.0 70,801.6 12,346.0 6,395.0 5,049.0 51.8% 40.9% 5.7x 11.1x 14.0x 2.3x 15.7x
Genesee & Wyoming 109.81 6,227.6 2,874.5 9,310.5 2,332.0 683.4 423.6 29.3% 18.2% 4.0x 13.6x 22.0x 4.2x 25.1x
Kansas City Southern 123.74 12,446.6 2,789.2 15,563.7 2,781.8 1,344.0 990.7 48.3% 35.6% 5.6x 11.6x 15.7x 2.1x 17.0x
Norfolk Southern 191.12 50,342.3 12,069.0 62,411.3 11,608.0 5,315.0 4,190.0 45.8% 36.1% 5.4x 11.7x 14.9x 2.3x 16.3x
The Greenbrier Companies 28.91 939.1 150.2 1,269.0 2,808.6 216.9 136.8 7.7% 4.9% 0.5x 5.9x 9.3x 0.7x 6.7x
Union Pacific 179.95 126,780.1 26,197.0 152,977.1 22,665.0 10,915.0 8,713.0 48.2% 38.4% 6.7x 14.0x 17.6x 2.4x 18.2x
Min 939.1$ 150.2$ 1,269.0$ 2,332.0$ 216.9$ 136.8$ 7.7% 4.9% 0.5x 5.9x 9.3x 0.7x 6.7x
Mean 44,300.0$ 9,497.8$ 53,878.7$ 8,981.8$ 4,216.1$ 3,342.1$ 41.8% 32.4% 5.2x 11.8x 15.7x 2.2x 16.8x
Median 41,782.6$ 8,653.2$ 51,190.9$ 8,656.6$ 4,211.3$ 3,401.1$ 48.2% 37.3% 5.7x 12.3x 15.5x 2.2x 17.1x
Max 126,780.1$ 26,197.0$ 152,977.1$ 22,665.0$ 10,915.0$ 8,713.0$ 53.2% 44.7% 6.9x 14.0x 22.0x 4.2x 25.1x
EV as a multiple of
Margins
($ in US millions, except per share amounts)

11. 11
The BGSA Supply Chain Index by Segment
Supply Chain Technology and Software
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Absolute Software 5.64$ 234.3$ (35.5)$ 198.2$ 97.7$ 12.0$ 8.8$ 12.3% 9.0% 2.0x 16.5x 22.6x (2.9x) 45.6x
American Software 13.32 417.7 (86.0) 331.7 108.7 8.4 5.3 7.7% 4.9% 3.1x 39.6x 62.9x (10.3x) 47.8x
Descartes Systems 36.48 3,069.0 223.9 3,298.0 286.2 96.3 48.4 33.7% 16.9% 11.5x 34.2x 68.2x 2.3x 24.4x
Exlservice Holdings 68.79 2,350.9 104.0 2,454.9 949.1 128.1 76.4 13.5% 8.0% 2.6x 19.2x 32.1x 0.8x 22.1x
Manhattan Associates 84.99 5,467.0 (76.8) 5,390.2 589.5 134.2 126.2 22.8% 21.4% 9.1x 40.2x 42.7x (0.6x) 56.4x
PFSweb 3.68 71.4 65.4 136.8 257.5 16.5 5.4 6.4% 2.1% 0.5x 8.3x 25.4x 4.0x 22.3x
Wisetech Global 21.99 6,974.6 (8.2) 6,966.6 200.8 61.0 54.3 30.4% 27.0% NM NM NM (0.1x) NM
Min 71.4$ (86.0)$ 136.8$ 97.7$ 8.4$ 5.3$ 6.4% 2.1% 0.5x 8.3x 22.6x (10.3x) 22.1x
Mean 2,655.0$ 26.7$ 2,682.4$ 355.6$ 65.2$ 46.4$ 18.1% 12.8% 4.8x 26.3x 42.3x (1.0x) 36.4x
Median 2,350.9$ (8.2)$ 2,454.9$ 257.5$ 61.0$ 48.4$ 13.5% 9.0% 2.8x 26.7x 37.4x (0.1x) 35.0x
Max 6,974.6$ 223.9$ 6,966.6$ 949.1$ 134.2$ 126.2$ 33.7% 27.0% 11.5x 40.2x 68.2x 4.0x 56.4x
Margins
EV as a multiple of($ in US millions, except per share amounts)

12. 12
The BGSA Supply Chain Index by Segment
Technology Distribution
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Arrow Electronics 72.61$ 6,151.6$ 3,539.5$ 9,938.1$ 29,909.2$ 1,220.1$ 1,055.3$ 4.1% 3.5% 0.3x 8.1x 9.4x 2.9x 9.7x
Avnet 45.42 4,828.0 1,348.8 6,176.8 19,896.9 769.4 644.2 3.9% 3.2% 0.3x 8.0x 9.6x 1.8x 10.5x
CDW Corporation 118.16 17,099.5 3,708.9 20,808.4 17,035.8 1,308.9 1,046.9 7.7% 6.1% 1.2x 15.9x 19.9x 2.8x 19.2x
ScanSource 33.95 872.6 327.3 1,199.9 3,906.1 144.2 107.4 3.7% 2.7% 0.3x 8.3x 11.2x 2.3x 9.0x
SYNNEX 98.54 5,033.0 3,250.1 8,283.1 21,624.5 1,051.8 734.2 4.9% 3.4% 0.4x 7.9x 11.3x 3.1x 7.4x
Tech Data 101.34 3,697.4 829.3 4,526.8 37,097.1 732.2 609.8 2.0% 1.6% 0.1x 6.2x 7.4x 1.1x 7.6x
Min 872.6$ 327.3$ 1,199.9$ 3,906.1$ 144.2$ 107.4$ 2.0% 1.6% 0.1x 6.2x 7.4x 1.1x 7.4x
Mean 6,280.3$ 2,167.3$ 8,488.8$ 21,578.3$ 871.1$ 699.6$ 4.4% 3.4% 0.4x 9.1x 11.5x 2.3x 10.5x
Median 4,930.5$ 2,299.4$ 7,229.9$ 20,760.7$ 910.6$ 689.2$ 4.0% 3.3% 0.3x 8.1x 10.4x 2.6x 9.3x
Max 17,099.5$ 3,708.9$ 20,808.4$ 37,097.1$ 1,308.9$ 1,055.3$ 7.7% 6.1% 1.2x 15.9x 19.9x 3.1x 19.2x
EV as a multiple of
Margins
($ in US millions, except per share amounts)

13. 13
The BGSA Supply Chain Index by Segment
Healthcare Distribution
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
AmerisourceBergen Corporation 87.15$ 18,316.9$ 1,506.5$ 20,201.2$ 177,248.5$ 2,282.0$ 1,769.7$ 1.3% 1.0% 0.1x 8.9x 11.4x 0.7x 12.2x
Cardinal Health, Inc. 45.73 13,630.3 5,642.0 19,274.3 143,530.0 2,775.0 1,763.0 1.9% 1.2% 0.1x 6.9x 10.9x 2.0x 9.3x
Henry Schein, Inc. 66.54 9,919.4 1,450.2 12,274.1 13,288.8 1,117.5 905.4 8.4% 6.8% 0.9x 11.0x 13.6x 1.3x 18.7x
McKesson Corporation 138.95 25,897.1 7,992.0 35,413.1 217,440.0 4,225.0 3,282.0 1.9% 1.5% 0.2x 8.4x 10.8x 1.9x 10.2x
Owens & Minor Inc. 2.71 170.6 1,873.5 2,044.0 9,927.5 217.4 117.4 2.2% 1.2% 0.2x 9.4x 17.4x 8.6x 3.9x
Patterson Companies, Inc. 19.80 1,850.8 656.9 2,510.9 5,574.5 256.4 173.6 4.6% 3.1% 0.5x 9.8x 14.5x 2.6x 14.0x
Min 170.6$ 656.9$ 2,044.0$ 5,574.5$ 217.4$ 117.4$ 1.3% 1.0% 0.1x 6.9x 10.8x 0.7x 3.9x
Mean 11,630.8$ 3,186.8$ 15,286.3$ 94,501.6$ 1,812.2$ 1,335.2$ 3.4% 2.5% 0.3x 9.1x 13.1x 2.8x 11.4x
Median 11,774.8$ 1,690.0$ 15,774.2$ 78,409.4$ 1,699.7$ 1,334.2$ 2.1% 1.4% 0.2x 9.1x 12.5x 2.0x 11.2x
Max 25,897.1$ 7,992.0$ 35,413.1$ 217,440.0$ 4,225.0$ 3,282.0$ 8.4% 6.8% 0.9x 11.0x 17.4x 8.6x 18.7x
Margins
EV as a multiple of($ in US millions, except per share amounts)

14. 14
The BGSA Supply Chain Index by Segment
Energy Transportation and Logistics
Public Trading Information
Source: Capital IQ, as of July 31, 2019
Stock Market Net Enterprise LTM LTM LTM LTM LTM LTM Net Debt/ Fwd. P/E
Company Name Price Cap Debt Value Revenue EBITDA EBIT EBITDA EBIT Revenue EBITDA EBIT EBITDA Ratio
Civeo Corporation 1.65$ 279.7$ 413.2$ 750.2$ 465.7$ 79.7$ (42.8)$ 17.1% (9.2%) 1.6x 9.4x NM 5.2x NM
Clean Harbors 77.81 4,346.6 1,508.2 5,854.9 3,350.9 500.5 199.9 14.9% 6.0% 1.7x 11.7x 29.3x 3.0x 37.8x
World Fuel 39.04 2,552.5 633.9 3,202.5 38,556.3 383.1 307.8 1.0% 0.8% 0.1x 8.4x 10.4x 1.7x 14.4x
Gibson Energy 17.40 2,529.2 934.3 3,479.3 5,168.2 329.1 215.1 6.4% 4.2% 0.7x 10.6x 16.2x 2.8x 33.9x
Mullen Group 7.68 804.7 407.9 1,210.7 1,002.7 150.3 80.8 15.0% 8.1% 1.2x 8.1x 15.0x 2.7x 15.4x
Min 279.7$ 407.9$ 750.2$ 465.7$ 79.7$ (42.8)$ 1.0% (9.2%) 0.1x 8.1x 10.4x 1.7x 14.4x
Mean 2,102.6$ 779.5$ 2,899.5$ 9,708.8$ 288.6$ 152.1$ 10.9% 2.0% 1.1x 9.6x 17.7x 3.1x 25.4x
Median 2,529.2$ 633.9$ 3,202.5$ 3,350.9$ 329.1$ 199.9$ 14.9% 4.2% 1.2x 9.4x 15.6x 2.8x 24.7x
Max 4,346.6$ 1,508.2$ 5,854.9$ 38,556.3$ 500.5$ 307.8$ 17.1% 8.1% 1.7x 11.7x 29.3x 5.2x 37.8x
EV as a multiple of
Margins
($ in US millions, except per share amounts)