SWIFT TRANSPORTATION COMPANY

WVB NO STATUS : : USA000031905 ACTIVE

COUNTRY : United States of America SIC CODE TRUCKING, EXCEPT LOCAL (4213) : ADDRESS : 2200 SOUTH 75TH AVENUE PHOENIX BANKER KPMG LLP SCORE AUDITOR

WVB Company Rating WVB Company Debt Score (long-term) WVB Company Debt Score (medium-term) WVB Company Debt Score (short-term) WVB Company of Default Probability WVB Predicted Business Risk Score
WVB score US Bond Equivalent Rating Comment

7.13512 AA3 AA3 AA3 0

7.13512 AA3

The company has a very strong capacity to pay interest and repayment of principal and difference only in a small degree from the higher rated companies .

Reporting Period
:: OTHER CREDIT SCORING MEASUREMENTS Z-Score Modified Z-Score Emerging Markets Z-Score Bathory Model Springate Model Logit Model Y Result Logit Probability of bankruptcy H-Factor Model

31-DEC-06

31-DEC-06

31-DEC-06

31-DEC-09

31-DEC-10

3.10147 4.82256 7.88175 438.83862 1.18932

3.10147 4.82256 7.88175 438.83862 1.18932

3.10147 4.82256 7.88175 438.83862 1.18932

0.62656 -0.01195 -2.69026 -361.0498 -0.16982 635.55192 1 0.96198 USD ('000)

1.0707 0.84446 -0.75143 -23.3688 -0.31271 -59.82575 0 0.99709 USD ('000)

-262.71262 -262.71262 -262.71262 0 11.01016 USD ('000) 0 11.01016 USD ('000) 0 11.01016 USD ('000)

Currency
:: PROFITABILITY EBITDA Margin (%) EBIT Margin (%) Operating Return on Sales (%) Pre-tax Return on Shareholders Equity (%) After-tax Return on Shareholders Equity (%) Return in Total Assets (%) Return on Investment Capital (%) ROIC (%) Cash Flow Return on Investment (%) Excess Cash Margin (%) Profit Volatility (%)

15.59473 7.71614 7.722 24.15672 13.90769 6.52 14.11 10.38735 51.00764 -2.85588 0.02673

15.59473 7.71614 7.722 24.15672 13.90769 6.52 14.11 10.38735 51.00764 -2.85588 0.02673

15.59473 7.71614 7.722 24.15672 13.90769 6.52 14.11 10.38735 51.00764 -2.85588 0.02673

15.83676 5.58492 3.48855 -10.35971 50.31222 -18.84 -7.91 -4.75513 -1.78953 0.47018 0.06932

16.20597 9.16506 2.76152 -97.15634 150.60464 -4.94 15.8 11.27162 21.77328 -17.7014 0.01954

:: INTEREST COVERAGE (%) EBITDA/Total Interest EBIT/Total Interest Free Cash Flow/Total Interest EBITDA/Int Expense Plus Rents & Leases :: LEVERAGE (x) Total Debt/EBITDA Adjusted Debt/EBITDA Net Debt/EBITDA Secured Debt/EBITDA Bank Debt/EBITDA Free Cash Flow/Total Debt (%) :: CAPITALIZATION & DEBT-SERVICE CAPACITY Long-term Debt/ Total Liabilities Total Debt/ Total Assets Shareholders Equity/Total Liabilities Shareholders Equity/Total Debt Shareholders Equity/Total Assets Cashflow / Total Liabilities Cashflow / Total Debt :: LIQUIDITY Stock Turnover Collection Period Credit Period Current Ratio Liquidity Ratio Gross Cash Cycle :: BALANCE SHEET Current Assets Current Liabilities Working Capital Fixed Assets Debt & Other Fixed Worth Net Worth Contingent Liabilities Benefit Obligation End of Year :: INCOME STATEMENT Net Sales Operating Profit (EBITDA) EBIT ( '000) Depreciation & Amortization Bad Debts Income Taxes Net Profit/Loss Dividends/Drawings 3172790 494788 244817 -249971 6808 -80219 141055 0 3172790 494788 244817 -249971 6808 -80219 141055 0 3172790 494788 244817 -249971 6808 -80219 141055 0 2571353 407219 143608 -263611 4477 -326650 -435645 0 2929723 474790 268511 -226751 -491 43432 -125413 0 486856 483570 3286 1513592 612855 900737 -897451 0 0 486856 483570 3286 1513592 612855 900737 -897451 0 0 486856 483570 3286 1513592 612855 900737 -897451 0 0 353871 370393 -16522 1364545 3009364 -1644819 1628297 0 0 512316 326184 186132 1339638 2324984 -985346 1171478 0 0 10.52785 31.48 11.55 1.01 0.1 36.38567 10.52785 31.48 11.55 1.01 0.1 36.38567 10.52785 31.48 11.55 1.01 0.1 36.38567 29.5858 3.11 10.07 0.96 0.38 4.99507 25.33024 34.5 11.24 1.57 0.4 36.32571 0.18241 0.09476 0.92503 5.07112 0.48053 0.75542 4.14129 0.18241 0.09476 0.92503 5.07112 0.48053 0.75542 4.14129 0.18241 0.09476 0.92503 5.07112 0.48053 0.75542 4.14129 0.71608 0.98133 -0.2562 -0.351 -0.34444 -0.01144 -0.01567 0.64426 0.69088 -0.03141 -0.04694 -0.03243 0.16882 0.25228 2.21595 0 0.40421 0 0 75.54169 2.21595 0 0.40421 0 0 75.54169 2.21595 0 0.40421 0 0 75.54169 8.29961 0.11481 5.94319 2.23167 3.71152 -1.14369 5.58387 0.13916 3.59744 3.59744 0 16.88188 -19.22552 -9.51263 -32.18286 -6.45322 -19.22552 -9.51263 -32.18286 -6.45322 -19.22552 -9.51263 -32.18286 -6.45322 -2.0309 -0.71621 0.19278 -1.45273 -1.89062 -1.06922 -1.78222 -1.44917

Additions to Fixed Assets Interest Expenses Free Cash Flow ( '000)

-219666 -25736 828258 DIRECTORS

-219666 -25736 828258

-219666 -25736 828258

-71265 -200512 -38654

-164634 -251129 447567

Name
ROBERT W. CUNNINGHAM JOCK PATTON ROBERT W. CUNNINGHAM GLYNIS A. BRYAN

Effective from 01-NOV-2004 01-OCT-2005 01-OCT-2005 01-APR-2005 SUBSIDIARIES

Function PRES COB CEO CFO

Name
COMMON MARKET DISTRIBUTING CO. COMMON MARKET EQUIPMENT CO., I COOPER MOTOR LINES, INC. M.S. AIR, INC. M.S. CARRIERS LOGISTICS DE MEX M.S. CARRIERS WAREHOUSING & DI M.S. CARRIERS, INC. M.S. GLOBAL, INC. M.S. INTERNATIONAL, INC. QUALITY DRIVER SOURCES INC. SPARKS FINANCE CO., INC. SUN MERGER, INC. SWIFT LEASING CO., INC. SWIFT LOGISTICS CO., INC. SWIFT OF TEXAS CO., INC. SWIFT TRANSPORTATION CO. OF VI SWIFT TRANSPORTATION CO., INC. SWIFT TRANSPORTATION CORPORATI TRANSPORTATION OF PUERTO RICO, WORLD WIDE SOLUTIONS, INC. MAJOR SHAREHOLDERS

Percentage (%)

Name

Number of Shares

Number of Votes

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Effective through

Business summary: The company engages in the provision of rail intermodal, freight brokerage, and third-party logistics services; and leasing of tractors. The Company was founded in 1965. The Company's a multi-faceted transportation services company and the largest truckload carrier in North America. At December 31, 2010, its operated a tractor fleet of approximately 16,100 units comprised of 12,200 tractors driven by company drivers and 3,900 owner-operator tractors, a fleet of 49,000 trailers, and 4,800 intermodal containers from 34 major terminals positioned near major freight centers and traffic lanes in the United States and Mexico. During 2010, our tractors covered 1.5 billion miles and we transported or arranged approximately three million loads for shippers throughout North America. It's asset-based operations include general truckload, dedicated truckload, and cross-border truckload services, each of which offer a combination of dry van, temperature controlled, flatbed, or other specialized equipment. Our complementary and more rapidly growing asset-light services include rail intermodal, freight brokerage, and third-party logistics operations. We use sophisticated technologies and systems that contribute to asset productivity, operating efficiency, customer satisfaction, and safety. We believe the depth of our fleet capacity, the breadth of our terminal network, the company's commitment to customer service, and our extensive suite of services provide its and our customers with significant advantages. The Comapny principally operate in short-to-medium-haul traffic lanes around our terminals, with an average

loaded length of haul of less than 500 miles. We concentrate on this length of haul because the majority of domestic truckload freight (as measured by revenue) moves in these lanes and our extensive terminal network affords us marketing, equipment control, supply chain, customer service, and driver retention advantages in local markets. It's relatively short average length of haul also helps reduce competition from railroads and trucking companies that lack a regional presence. Since 2006, the company's asset-light rail intermodal and freight brokerage and logistics services have grown rapidly, and the company expanded owner-operators from 16.5% of our total fleet at year-end 2006 to 24.0% of our total fleet at December 31, 2010. Going forward, we intend to continue to expand our revenue from these operations to improve our overall return on invested capital. History On May 20, 2010, in contemplation of the company's initial public offering, or IPO, Swift Corporation formed Swift Transportation Company (formerly Swift Holdings Corp.), a Delaware corporation. Swift Transportation Company did not engage in any business or other activities except in connection with its formation and the IPO and held no assets and had no subsidiaries prior to such offering. On December 2010, Swift Transportation Company completed its IPO of 73,300,000 shares of its Class A common stock at $11.00 per share and received proceeds of $766.0 million net of underwriting discounts and commissions and before expenses of such issuance. The proceeds were used, together with the $1.06 billion of proceeds from our new senior secured term loan and $490 million of proceeds from our private placement of new senior second priority secured notes, which debt issuances were completed substantially concurrently with the IPO, to (a) repay all amounts outstanding under our previous senior secured credit facility, (b) purchase an aggregate amount of $490.0 million of our existing senior secured fixed-rate notes and $192.6 million of our existing senior secured floating rate notes, (c) pay $66.4 million to our interest rate swap counterparties to terminate the interest rate swap agreements related to our existing floating rate debt, and (d) pay fees and expenses related to the debt issuance and stock offering. Further, in January 2011, Swift Transportation Company issued an additional 6,050,000 shares of its Class A common stock to the underwriters of our initial public offering at the initial public offering price of $11.00 per share, less the underwriters discount, and received proceeds of $63.2 million in cash pursuant to the overallotment option in the underwriting agreement. We used $60.0 million of these proceeds in January 2011 to pay down our new first lien term loan, and we used the remaining $3.2 million in February 2011 to pay down our accounts receivable securitization facility. Following this issuance, we have 79,350,000 shares of Class A common stock outstanding. Competition Since 2000, The company believe its industry has encountered three major economic cycles: (1) the period of industry over-capacity and depressed freight volumes from 2000 through 2001; (2) the economic expansion from 2002 through 2006; and (3) the freight slowdown, fuel price spike, economic recession, and credit crisis from 2007 through 2009. In the fourth quarter of 2009 and into 2010, industry freight data began to show strong positive trends. Although it is too early to be certain, we believe the trucking industry has entered a new economic cycle marked by a return to economic growth as well as a tighter supply of available tractors due to several years of below average truck builds and an increase in truckload fleet bankruptcies. The Comapany believe the following competitive strengths provide a solid platform for pursuing our goals and strategies: North American truckload leader with broad terminal network and a modern fleet. The company operate North Americas largest truckload fleet, have 34 major terminals and multiple other locations throughout the United States and Mexico, and offer customers one-stop-shopping for a broad spectrum of their truckload transportation needs. Its fleet size offers wide geographic coverage while maintaining the efficiencies associated with significant traffic density within its operating regions. The terminals are strategically located near key population centers, driver recruiting areas, and cross-border hubs, often in close proximity to our customers. This broad network offers benefits such as in-house maintenance, more frequent equipment inspections, localized driver recruiting, rapid customer response, and personalized marketing efforts. The Companys' size allows us to achieve substantial economies of scale in purchasing items such as tractors, trailers, containers, fuel, and tires where pricing is volume-sensitive. Its believe scale also offers additional benefits in brand awareness and access to capital. Additionally, modern company tractor fleet, with an average age of 3.2 years for our approximately 9,000 linehaul sleeper units, lowers maintenance and repair expense, aids in driver recruitment, and increases asset utilization as compared with an older fleet. High quality customer service and extensive suite of services. Its' intense focus on customer satisfaction contributed to 20 carrier of the year or similar awards in 2009 and 24 in 2010, and has helped us establish a strong platform for cross-selling our other services. its strong and diversified customer base, ranging from Fortune 500 companies to local shippers, has a wide variety of shipping needs, including general and specialized truckload, imports and exports, regional distribution, high-service dedicated operations, rail intermodal service, and surge capacity through fleet flexibility and brokerage and logistics operations. We believe customers continue to seek fewer transportation providers that offer a broader range of services to streamline their transportation management functions. The Company believe the breadth of our services helps diversify its customer base and provides the company with a competitive advantage, especially for customers with multiple needs and international shipments.

Strong and growing owner-operator business. The Company supplement its company tractors with tractors provided by owner-operators, who operate their own tractors and are responsible for most ownership and operating expenses. Its' believe that owner-operators provide significant advantages that primarily arise from the entrepreneurial motivation of business ownership. Our owner-operators tend to be more experienced, have lower turnover, have fewer accidents per million miles, and produce higher weekly trucking revenue per tractor than its' average company drivers.

Leader in driver and owner-operator development. Driver recruiting and retention historically have been significant challenges for truckload carriers. To address these challenges, the company employ nationwide recruiting efforts through its' terminal network, operate five driver training schools, maintain an active and successful owner-operator development program, provide drivers modern tractors, and employ numerous driver satisfaction policies. Regional operating model. The Company's short- and medium-haul regional operating model contributes to higher revenue per mile and takes advantage of shipping trends toward regional distribution. It's also experience less competition in our short- and medium-haul regional business from railroads. In addition, its regional terminal network allows our drivers to be home more often, which we believe assists with driver retention. Experienced management aligned record of growth and cost control. measuring our progress through a own through equity option awards with corporate success. The Company's management team has a proven track Management focuses on disciplined execution and financial performance by combination of financial metrics. It's align managements priorities with our and an annual performance-based bonus plan.

The Companys' Class A common stock is traded on the NYSE under the symbol SWFT Date of Production: 28 Apr 2011 20:23:21 GMT

World'Vest Base, Inc.

2011

Under no circumstances this document is to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. This research report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person or institution, who may use this report. While information contained herein has been obtained from sources believed to be reliable, WVB does not represent that it is accurate or complete and it should not be relied upon as such. Opinions, even formulated as mathematical calculations, are opinions only and do not warranty any usefulness. Users should always look out for statistical black swans as past history is not a guarantee of continuation or reliability in the present or future. 1335 North Dearborn Parkway, Chicago, IL 60610 Tel +1-312-922-4201 Fax +1-312-922-3277 World Vest Base Sdn. Bhd. (707993-W) 1501 Wisma Hangsam, 1 Jln Hang Lekir, 50000 Kuala Lumpur. Tel: +603 2026 8186 Fax: +603 20268187

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