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USF Corporation – Company Profile

Status: Public (Nasdaq: USFC) Headquarters: Chicago, IL
Website: www.usfc.com Employees: 21,000

Company Overview Management and Board of Directors

 Provides comprehensive supply chain management services in four Name Position and Affiliation
business segments: Thomas E. Bergmann Interim CEO, CFO
 “Less-than-truckload” segment, carriers provide regional and inter- Steven Caddy President and CEO, USF Holland
regional delivery throughout the United States Edward R. Fitzgerald President and CEO, USF Reddaway
 “Truckload” segment offers premium regional and national truckload Douglas R. Waggoner President and CEO, USF Bestway
services
Paul J. Liska Chairman of the Board
 “Logistics” segment provides dedicated fleet, cross-dock operations,
Morley Koffman Director
supply chain management, contractual warehousing, domestic ocean
freight forwarding and reverse logistics services Stephen W. Lilienthal Director
 “Information Technology” segment provides support activities including Anthony J. Paoni Director
corporate sales and various financial management functions Glenn R. Richter Director
 USF provide services to a wide variety of customers, with no single Neil A. Springer Director
customer accounting for more than 3.3% of revenue Michael L. Thompson Director
Source: Company filings and Capital IQ. Source: Company filings and FactSet.

Recent News Ownership

 1/28/2005: USF Corporation reported fourth quarter and full
HOLDERS SHARES % OF TOTAL
year 2004 results, missed Wall Street earnings
Citigroup Inc. 2,595,871 9.9%
 12/13/2004: Announced opening of two new terminals serving Fidelity Management & Research 2,410,515 9.2%
the Southern Minnesota and Decatur, Alabama areas Dimensional Fd Advisors, Inc. 1,831,607 7.0%
 11/2/2004: Richard P. DiStasio stepped down as CEO, Paul Barclays Bank 1,567,377 6.0%
Allianz Dresdner Asset Mgmt. 1,234,140 4.7%
Liska was named interim CEO
Top 5 Institutions 9,639,510 36.8%
 10/22/2004: Reported third quarter 2004 results, missed Wall Other Institutions 15,892,218 60.7%
Street earnings Total Institutions 25,531,728 97.4%
 9/9/2004: USF Holland announced the opening of eight (8) Insiders 473,040 1.8%
Northeast terminals, service city includes: Baltimore, MD Other 196,072 0.7%
Albany, NY, Allentown, PA, Harrisburg, PA, Philadelphia, PA, Total 26,200,840 100.0%
Wilkes Barre, PA, Syracuse, NY, and Richmond, VA
Source: Company filings, and website. Source: Company filings and ShareWorld.

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USF Corporation (Cont’d)

Stock Price Performance Market and Trading Data

$40 2,000

$37 Stock Price (2/4/05) $32.44

1,500

$34
% of 52-Week High 83.6%
1,000 52-Week High / Low $38.80 / $27.51
$31
Diluted Shares 28.2
500
$28
Equity Market Value 916.0
$25 0 (+) Debt 250.1
2/4/04 4/5/04 6/5/04 8/5/04 10/5/04 12/5/04 2/4/05
USF Corp. Volume USF Corp. Stock Price (–) Cash & Equivalents 150.8
Enterprise Value $1,015.3
Enterprise Value to:
Financial Overview 2004E Revenue $2,516.9 / 0.4x
($ in millions)
December 31, 2005E Revenue $2,658.8 / 0.4x
2004A 2005E 2006E 2004E EBITDA $169.2 / 6.0x
Revenues $2,394.6 $2,516.9 $2,658.8
% Growth 4.5% 5.1% 5.6% 2005E EBITDA $253.7 / 4.0x
EBIT $112.1 $130.0 $150.1 EPS Estimates / P/E Ratio
% Margin 4.7% 5.2% 5.6%
EBITDA $169.2 $253.7 $273.1 2004E EPS $0.85 / 38.2x
% Margin 7.1% 10.1% 10.3% 2005E EPS $2.48 / 13.1x
Net Income $55.8 $66.5 $78.8
% Margin 2.3% 2.6% 3.0%
EPS $0.85 $2.48 $2.82
Capex 145.0 185.0 190.0
Source: Company filings and Wall Street equity research. Source: Company filings and Wall Street equity research.
Note: EPS projections based on I/B/E/S consensus.

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Comparable Company Analysis

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Selected Precedent Transactions

($ in millions)

ENTERPRISE
EQUITY ENTERPRISE VALUE/ TARGET
DATE TARGET TARGET DESCRIPTION ACQUIROR VALUE VALUE
(1)
EBITDA
(2) UNIONIZED
Jul-03 Roadway Corporation LTL carrier providing freight services on major Yellow Corporation $966 $1231 6.7x NA
(US) city-to-city routes in North America
Nov-01 Motor Cargo Industries Provides regional less-than truckload services Union Pacific Corp. 83 78 4.0 No
in the western U.S.
Nov-01 Arnold Industries Provides regional less-than-truckload services Roadway Corp. 558 510 5.7 Yes
in northeastern states and also provides
truckload and logistics services
Aug-01 Arnold Industries (US) N/A Roadway Corporation 539 510 5.4 No
Aug-01 G.I. Trucking Company Provides regional less-than-truckload services Investor Group (Estes) 40 40 5.0 No
in western and southwestern states
Nov-00 American Freightways Operates as a scheduled common and FedEx Corp. 934 1,196 6.3 No
Corporation contract carrier transporting primarily less-
than-truckload shipments of general
commodities.
Jun-99 Jevic Transportation Provides regional and interregional Yellow Corp. 158 197 5.9 No
Inc. transportation of general commodity freight
Jun-98 Preston Trucking Provides les-than-truckload transportation of Management Group NM NA NA Yes
general commodity freight
Oct-97 Caliber Provides transportation, logistics and related FedEx Corp. 2,489 2,681 10.3 No
System, Inc. information services through its five
subsidiaries
Jul-95 Worldway Corp. Transporter of freight throughout United Arkansas Best Corp. 82 153 9.0 Yes
States; also provides truckload services and
driver leasing services through its subsidiaries
Nov-92 Central Freight Lines Carrier of intrastate and foreign commerce Roadway Services Inc. 102 148 6.8 No
Inc. within Texas, Arizona, and New Mexico
Nov-92 Preston Trucking Provides less-than-truckload transportation of Yellow Freight Systems 24 146 5.8 Yes
general commodity freight
Jul-88 Viking Freight Inc. Provides regional carrier services in California Roadway Services Inc. 135 172 7.8 No
and 9 other Western States
Jun-88 Arkansas Best Corp. LTL and TL carriage, furniture manufacturing Kelso & Co. 317 472 6.2 Yes
and tire retreading
Median 6.1x
Average 6.5x
High 10.3x
Low 4.0x

Source: Securities Data Corporation, public filings and news reports.

(1) Enterprise Value = Value of Common + Total Debt – Cash.
(2) EBITDA, EBIT and Net Income exclude extraordinary items and accounting changes.

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WACC Schedule
Industry Statistics
(in millions)
Total Mkt Debt / Tax Levering Unlevered
Company Beta (1) Debt Equity Mkt Equity Rate (2) Factor (3) Beta (4) Assumptions
Arkansas Best Corp 0.83 15 1,069 1.4% 40.1% 1.01 0.82 Target Marginal Tax Rate 38.0%
Cnf Inc 0.89 714 2,457 29.1% 41.0% 1.17 0.76 Risk Free Rate (5) 4.330%
Old Dominion Freight 0.62 81 885 9.2% 39.1% 1.06 0.59 Equity Risk Premium (6) 7.20%
Overnite Corp 0.95 127 850 14.9% 40.0% 1.09 0.87 Size Premia ("Sp") (7) 1.59%
Scs Transportation Inc 0.63 123 354 34.7% 37.6% 1.22 0.52
Yellow Roadway Corp 1.00 728 2,769 26.3% 39.1% 1.16 0.86

Mean 0.82 19.3% 39.5% 1.12 0.74

Median 0.86 20.6% 39.6% 1.12 0.79

Schedule A (Sensitivity of Capital Structure)

Weighted Average Cost of Capital (10)
Debt / Debt / Average Levering Levered Cost of Pre-tax Cost of Debt
Capital Mkt Equity Unlev'd Beta Factor Beta (8) Equity (9) 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

0.0% 0.0% 0.74 1.00 0.74 11% 11.2% 11.2% 11.2% 11.2% 11.2% 11.2%
10.0% 11.1% 0.74 1.07 0.79 12% 10.7% 10.8% 10.9% 10.9% 11.0% 11.1%
20.0% 25.0% 0.74 1.16 0.85 12% 10.3% 10.4% 10.5% 10.6% 10.8% 10.9%
30.0% 42.9% 0.74 1.27 0.93 13% 9.8% 10.0% 10.1% 10.3% 10.5% 10.7%
40.0% 66.7% 0.74 1.41 1.04 13% 9.3% 9.5% 9.8% 10.0% 10.3% 10.5%
50.0% 100.0% 0.74 1.62 1.19 15% 8.8% 9.1% 9.4% 9.7% 10.0% 10.4%

Schedule B (Sensitivity of Unlevered Beta)

Weighted Average Cost of Capital (10)
Debt / Debt / Levering Unlevered Pre-tax Cost of Debt
Capital Mkt Equity Factor Beta 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

0.0% 0.0% 1.00 0.65 10.6% 10.6% 10.6% 10.6% 10.6% 10.6%
10.0% 11.1% 1.07 0.70 10.5% 10.5% 10.6% 10.7% 10.7% 10.8%
20.0% 25.0% 1.16 0.75 10.3% 10.5% 10.6% 10.7% 10.8% 11.0%
30.0% 42.9% 1.27 0.80 10.2% 10.4% 10.5% 10.7% 10.9% 11.1%
40.0% 66.7% 1.41 0.85 10.0% 10.2% 10.5% 10.7% 11.0% 11.2%
50.0% 100.0% 1.62 0.90 9.8% 10.1% 10.4% 10.7% 11.0% 11.3%

(1) Barra US equity Book predictions (7) Cost of equity premia based on equity market capitalization.
(2) Based on marginal tax rate low-cap ($797mm - $1,167mm) = 1.59%. Amounts per 2004 Ibbotson.
(3) Levering Factor: 1 + [ ( 1 - Tax Rate ) * ( Debt / Equity ratio ) ] (8) Levered Beta: (Beta * Levering Factor)
(4) Unlevered Beta: ( Beta / Levering Factor ) (9) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp, or the risk-free rate plus the beta * the eq
(5) Yield on Interpolated 20-Year US treasury Bonds which corresponds to Ibbotson's long-term equity (10) WACC: Rd = Return on Debt; Re = Return on Equity
risk premium (as of 2/04/05). Source: Bloomberg. [ Rd * (1 - tax rate) * (D / (D + E) ) ] + [ Re * (E / (D + E) ) ]
(6) The average historic period between the return on stocks and L-T bonds (2004 Ibbotson Associates).

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Discounted Cash Flow Analysis

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Potential Merger Assumptions

Key Assumptions
Projections USF
 Corporation and Yellow Roadway projections based on Wall Street equity research;
estimated marginal tax rate of 38%
Prospective
 acquiror net income based on Wall Street equity research

Financing 50%
 Stock – 50% Cash Consideration assumed; financed by 100% bank debt at 3-Months
LIBOR plus 100 basis points

Purchase Price Range

 of $1,015 – $1,410 mm, corresponding to 4.0x – 5.6x 2005E EBITDA

FMV Adjustments Fair

 market value adjustment estimated at 12% of book value; depreciated over 20 years

Goodwill Goodwill
 not amortized

Timing Assumed
 to gain full 2005 earnings

Fees M&A
 Fees of 0.5% of transaction value
Financing fees of 2.5% of debt raised


Synergies None
 assumed; pre-tax synergies required to achieve acquiror break-even EPS inferred

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Merger Consequences Analysis

Yellow Roadway Acquisition of USF Corporation
($ in millions)
50% Cash / 50% Stock Consideration
Premium to Share Price – 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Price Per Share $32.44 $34.06 $35.68 $37.31 $38.93 $40.55 $42.17 $43.79 $45.42

Equity Value $918 $966 $1,014 $1,062 $1,111 $1,160 $1,210 $1,259 $1,309
Net Debt (1) 99 99 99 99 99 99 99 99 99
Enterprise Value 1,017 1,065 1,114 1,162 1,210 1,259 1,309 1,358 1,408

Enterprise Value / 2005E EBITDA 4.1x 4.2x 4.4x 4.6x 4.8x 5.0x 5.2x 5.4x 5.6x
Enterprise Value / 2006E EBITDA 3.7x 3.8x 4.0x 4.2x 4.3x 4.5x 4.7x 4.9x 5.1x

Equity Value / 2005E Net Income 13.3x 14.0x 14.7x 15.4x 16.1x 16.9x 17.6x 18.3x 19.0x
Equity Value / 2006E Net Income 11.4x 12.0x 12.6x 13.2x 13.8x 14.4x 15.0x 15.6x 16.2x

2005E Stand Alone Diluted EPS $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25 $5.25
2005E Pro Forma Diluted EPS 5.59 5.53 5.48 5.43 5.38 5.33 5.28 5.24 5.19

2005E Accretion / (Dilution)

Acc / (Dil) – $ $0.34 $0.28 $0.23 $0.18 $0.13 $0.08 $0.03 ($0.01) ($0.06)
Acc / (Dil) – % 6.4% 5.4% 4.4% 3.5% 2.6% 1.6% 0.7% (0.3%) (1.2%)
Pre-Tax Breakeven Synergies – – – – – – – $1.3 $6.1

(2)
Pro-Forma Debt / LTM EBITDA 1.6x 1.7x 1.7x 1.7x 1.8x 1.8x 1.8x 1.9x 1.9x
Debt-to-Capitalization (at closing) 45.28% 45.36% 45.45% 45.53% 45.61% 45.69% 45.76% 45.83% 45.91%

% Shares issued as currency 14.2% 14.9% 15.5% 16.1% 16.7% 17.3% 17.9% 18.5% 19.1%
ProForma Ownership% 85.8% 85.1% 84.5% 83.9% 83.3% 82.7% 82.1% 81.5% 80.9%
Source: Wall Street Projections, Credit Suisse Estimates.
(1) Net Debt numbers as of 12/31/04.
(2) Based on LTM EBITDA of $697mm.

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