Introduction Home Yellow is Number One Three components. One company. One-Stop Shopping Shareholders' Letter Management's Discussion and Analysis Financial Summary Consolidated Balance Sheets Statements of Consolidated Operations Statements of Consolidated Cash Flows Statements of Shareholders' Equity Statements of Comprehensive Income Notes to Financial Statements Independent Auditors' Report Supplementary Information Glossary Officers Corporate Information Board of Directors Back Cover

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One-Stop Shopping for Yellow Customers Comprehensive Domestic Coverage Standard Ground™ features extensive reach with direct delivery points throughout North America. Standard Ground™ Regional Advantage offers fast regional service in major metro-to-metro markets. Our growing NAFTA service provides dedicated capabilities for shipments to and from Mexico and Canada. Guaranteed Time-Definite Solutions Our Exact Express® service provides expedited, time-definite shipping using a seamless combination of air and ground transportation resources and a commitment to nothing less than 100 percent customer satisfaction-guaranteed.We also provide guaranteed on-time service at standard transit times with continuous shipment monitoring and proactive notification through our Definite Delivery® service. Specialized Services Yellow offers an array of focused services to meet specialized transportation needs including Exhibit Services, Chemical Services, Return Goods Management, Temperature-Controlled Shipping, and Multi- Modal and Specialized Equipment Capabilities. Global Transportation Services Yellow offers a complete range of global transportation management services for companies worldwide. From design and implementation to planning and execution of orders and shipments, Meridian IQ™ and Yellow Global® improve connectivity with suppliers and trade partners. Our experienced transportation management professionals coordinate the movement of shipments anywhere in the world, via any mode, at any time. Transportation Management Tools Yellow also provides a wealth of services designed to make the management of transportation more efficient and more effective. Our 24/7 Customer Service Centers use the latest technology to provide up-to-the-minute support. The Yellow web site, MyYellow®.com, is used by more than 100,000 customers to log in, order, and track shipments. PowerTMS, our web-native transportation management system delivered by Meridian IQ, handles everything from order management to compliance monitoring and provides enhanced visibility for the entire process. A Broad Portfolio of Service Offerings

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