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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE17.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch15February2018U.S.Transportation,Economics,&RetailTrucking&Retail:LaborAnalysis==>DriverConstraints&HigherPricesLikelytoPersistDriverConstraintisthekeyfactorsupportingtightTLcapacity&higherratesThetruckloadmarkethasbecomemuchtightersinceSeptemberwithspotratesup20%-25%y/ythroughearlyDecember.FollowingimplementationoftheElectronicLoggingDeviceRuleonDec18,spotratesroseevenfurther.GivenstrengthinClass8tracto