Fall Regulatory Summit

Internal Use Only

Topic #2:

1 st major challenge – supply chain imbalances

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Freight: Shipments & Rate (source: Cass Freight Index, Seasonally Adjusted)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

1.40

1.30

1.20

1.10

1.00

Shipments Rates

0.90

0.80

Jul-20

Jul-21

Jul-22

Jul-23

Jan-20

Jan-21

Jan-22

Jan-23

Oct-20

Oct-21

Oct-22

Apr-20

Apr-21

Apr-22

Apr-23

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023