Swift Holdings (SWFT) $943mm IPO with a market cap of $1.8bb at the price range mid-point of $14 Scheduled for Wednesday, December 15, 2010

CONCLUSION

Very poor financials, stay away from SWFT at the price range mid-point of $14

. Consistently lost money over the past three years . Negative tangible net worth . Interest expenses about the same as operating income . Low operating profit margin compared to others mentioned in the SEC filing Trying to sell 53% of the company in the IPO

Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	Operating
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	Income %
Swift Holdings (SWFT)	$1,784	0.6	-17	178.4	-2.9	8%
Werner Enterprises (WERN)	$1,670	0.9	22	2.2	2.2	7%
Knight Transportation (KNX)	$1,650	2.3	28	3.0	3.0	13%
Heartland Express (HTLD)	$1,500	3.0	24	4.7	4.7	18%

BUSINESS

. Largest truckload carrier in North America. At March 31, 2010, operated 12,500 company-owned tractors, 3,700 owner-operator tractors, 49,400 trailers, and 4,300 intermodal containers from 35 major terminals and multiple other locations strategically positioned throughout the United States and Mexico.

. Top fifteen customers by revenue in 2009 included Coors, Costco, Dollar Tree, Georgia-Pacific, Home Depot, Kimberly-Clark, Lowes, Menlo Logistics, Procter & Gamble, Quaker Oats, Ryder Logistics, Sears, Target, and Wal-Mart.

. SWFT’s goals are to grow revenue in excess of 10% annually over the next several years and increase profitability.

RECYCLED VERY LEVERAGED BUYOUT

Founded by the CEO, Mr. Moyes, and his family in 1966. Swift Transportation became a public company in 1990, Its stock traded on the NASDAQ stock market under the symbol "SWFT" until May 10, 2007, when a company controlled by Mr. Moyes completed the 2007 Transactions, which resulted in its becoming a private company and was a "going private transaction" under applicable SEC rules

COMPETITION

Werner Enterprises, Inc. (WERN); Knight Transportation (KNX); Heartland Express, Inc. (HTLD)

USE OF PROCEEDS, $888mm

Repay debt

Swift Holdings (SWFT)	SWFT, C, 6					Post IPO shares: 127mm
Trucking
Phoenix AZ	2007	2008	2009	Sept9mos09	Sept9mos10	IPO Mkt
Revenues ($mm)	$3,255	$3,400	$2,571	$1,903	$2,149	Cap (mm)
Operating inc (loss) of rev	-6%	3%	5%	4%	8%	$1,784
Interest exp % of rev	6%	7%	8%	7%	9%	@$14
Derivative interest exp %	0.4%	1%	2%	2%	3%
Inc tax (benefit) exp % of rev	7.3%	0.3%	12.7%	0.3%	0.1%
Net income (loss)	-$126.0	-$146.0	-$435.0	-$79.0	-$77.0
Net income % of rev	-4%	-4%	-17%	-4%	-4%
Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
Swift Holdings (SWFT)	$1,784	0.6	-17	178.4	-2.9	53%
SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
1-5, 5 is high			Growth	mination	tary	rating
20 is perfect		1.5	1.5	2	1	6
Compare valuations
Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	Operating
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	Income %
Swift Holdings (SWFT)	$1,784	0.6	-17	178.4	-2.9	8%
Werner Enterprises (WERN)	$1,670	0.9	22	2.2	2.2	7%
Knight Transportation (KNX)	$1,650	2.3	28	3.0	3.0	13%
Heartland Express (HTLD)	$1,500	3.0	24	4.7	4.7	18%