Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based measure Morgan Stanley said this week that global growth would expand by 2.8% in the fourth quarter, "the lowest rate since the financial crisis." the Cass Freight Index, which measures North American

Morgan Stanley’s Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. This seasonal deceleration is not unusual, as July and August tend to be weaker. The Morgan Stanley TFLI is a broad-based measure of incremental truckload demand versus incremental truckload supply. In its recent Truckload Freight Index covering the period to September 4th, Morgan Stanley reported continued “sequential improvement.” The Truckload Freight Index measures incremental truckload demand vs. incremental supply. The recent report noted these are the highest level for the year, even on a seasonally adjusted basis. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4

15 Aug 2019 The Morgan Stanley Truckload Sentiment Survey confirms a lot of what shippers have been saying in recent conversations with JOC.com.

Freight Rates. DAT RateView™ 159 million load and truck posts in 2018. More than 623,000 load posts per business day. More than 1.3 million load searches per business day. 122 million are posted first on DAT or nowhere else. More than 511 million searches per year. $68 billion in annualized freight payments. Find out more. Yes, You Can Be a Tech Innovator at Morgan Stanley Nov 8, 2019. Banking tech can offer opportunities for innovation that match those found at big tech companies and startups, while delivering the sort of variety, mobility, autonomy and resources other companies don’t. Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4 Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based measure Morgan Stanley said this week that global growth would expand by 2.8% in the fourth quarter, "the lowest rate since the financial crisis." the Cass Freight Index, which measures North American

Yes, You Can Be a Tech Innovator at Morgan Stanley Nov 8, 2019. Banking tech can offer opportunities for innovation that match those found at big tech companies and startups, while delivering the sort of variety, mobility, autonomy and resources other companies don’t.

In its recent Truckload Freight Index covering the period to September 4th, Morgan Stanley reported continued “sequential improvement.” The Truckload Freight Index measures incremental truckload demand vs. incremental supply. The recent report noted these are the highest level for the year, even on a seasonally adjusted basis. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4 The last reading, in June 2017, was 7.4. Morgan Stanley notes that the reading is still the second-highest on record, though. The survey found that shippers remain bullish on truckload volume and pricing with expectations of volume and pricing increases continuing. Read our monthly report for analysis and commentary on the Cass Truckload Linehaul Index, Cass Intermodal Price Index, and the Cass Freight Index. Note: All historical data for the truckload and intermodal indexes was restated in November 2019, with an extremely high correlation to the previous data. About The Cass Freight Indexes. Since 1995, the Cass Freight Index ® has been a trusted measure of North American freight volumes and expenditures. Our monthly Cass Freight Index Report is the source of insight into freight trends and how they relate to other supply chain indicators and the wider economy.

Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4

Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4 Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based measure Morgan Stanley said this week that global growth would expand by 2.8% in the fourth quarter, "the lowest rate since the financial crisis." the Cass Freight Index, which measures North American The firm's "Truckload Freight Index," which is published every two weeks—the last time being five days ago—and which serves as a proxy for spot-market conditions, has shown a "materially larger" decline versus the historical average from the just-prior cycle, according to Alexander Vecchio, Morgan Stanley's transportation analyst.

What does this all mean from the perspective of freight rates? Looking at the results of the most recent Morgan Stanley Truckload Sentiment Survey, only 14% of 

About The Cass Freight Indexes. Since 1995, the Cass Freight Index ® has been a trusted measure of North American freight volumes and expenditures. Our monthly Cass Freight Index Report is the source of insight into freight trends and how they relate to other supply chain indicators and the wider economy. Freight Rates. DAT RateView™ 159 million load and truck posts in 2018. More than 623,000 load posts per business day. More than 1.3 million load searches per business day. 122 million are posted first on DAT or nowhere else. More than 511 million searches per year. $68 billion in annualized freight payments. Find out more. Yes, You Can Be a Tech Innovator at Morgan Stanley Nov 8, 2019. Banking tech can offer opportunities for innovation that match those found at big tech companies and startups, while delivering the sort of variety, mobility, autonomy and resources other companies don’t. Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4

Yes, You Can Be a Tech Innovator at Morgan Stanley Nov 8, 2019. Banking tech can offer opportunities for innovation that match those found at big tech companies and startups, while delivering the sort of variety, mobility, autonomy and resources other companies don’t. Exhibit 7:Morgan Stanley Reefer Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 Exhibit 8:Morgan Stanley Flatbed Truckload Freight Index Source: Morgan Stanley Research; *2006-2016 average trend line excludes financial crisis years of 2008 and 2009 4 Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based Morgan Stanley’s Truckload Freight Index is a broad-based measure of incremental TL demand (numerator) versus incremental TL supply (denominator). LeanCor views the Morgan Stanley index as the single most accurate indicator of truckload capacity available. Morgan Stanley (NYSE: MS) Truckload Freight Index has decreased over the last two weeks and has now underperformed seasonality two updates in a row. The Morgan Stanley TFLI is a broad-based measure