This presentation and discussion will contain forward-looking statements within the meaning of the...

This presentation and discussion will contain forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these forward-looking statements. These statements are based on Marten’s current plans and expectations and involve risks and uncertainties that could cause future

activities and results of operations to be materially different from those set forth in the forward-looking statements. For further information, please refer to Marten’s reports and filings with the Securities and Exchange Commission.

Disclosure

2

“Perhaps the greatest challenge business leaders face today is how to stay competitive amid constant

turbulence and disruption.”“Accelerate!”

Harvard Business ReviewNovember 2012

By John P. KotterKonosuke Matsushita

Professor of Leadership, EmeritusHarvard Business School

“Managers may believe that industry structuresare ordained by the Good Lord, but they can – and often do –

change overnight.”

“The Discipline of Innovation”Harvard Business Review

May-June 1985By Peter F. Drucker

Marten’s CulturePeople Focused on Today’s Accelerated Business Environment

3

Marten’s Strategic Vision

Multifaceted Transportation Service Solutions• Truckload Business Platform – regional and OTR operating from 14 regional service centers

• Dedicated Business Platform – customized solutions tailored to individual customers’ requirements utilizing refrigerated trailers, dry vans and other specialized equipment

• Brokerage Business Platform – surge flexibility to service our customer needs beyond Marten’s assets

• MRTN de Mexico Business Platform - door-to-door Mexican business service with our Mexican partner carriers

• Intermodal Business Platform – refrigerated TOFC with extended dray service from Marten’s truck network

Continued business transition with strategic focus on regional, dedicated and MRTN de Mexico 4

Diverse, Dense and Efficient Freight Network

•Top five accounts – 27% of revenue in 2014 vs. 43% in 2009

•No current account more than 10% of revenue in 2014 - Wal-Mart increased primarily with additional dedicated freight – the percentage of other larger accounts (with none more than 6%) continues to decrease with growth in other existing and additional accounts

•Load count has increased 37% from 2009 to 2014

•Miles per tractor has increased 6% from 2009 to 2014

•Diverse, dense and efficient freight network critical to better driver jobs

5

$2,600

$2,800

$3,000

$3,200

$3,400

$3,600

20%

25%

30%

35%

40%

45%

2009 2010 2011 2012 2013 2014

Top 5 Customers' % of Revenue Rev/ Tractor/Wk

Diverse, Dense and Efficient Freight Network

Revenue per tractor has increased 27% from 2009 to 2014 with Q4 ’14 being our nineteenth consecutive quarterly year-over-year increase and with Oct’14 our best month at $3,747 6

Increasing Customer Diversity

0100200300400500600700800900

2007 2009 2011 2013 2014

7

Truckload and Dedicated Tractors

2,1402,1602,1802,2002,2202,2402,2602,2802,3002,3202,340

Dec 31, '13 Mar 31, '14 June 30, '14 Sept 30, '14 Dec 31, '14

The organic growth of 161 tractors, or 7.4%, in 2014 is a direct result of our continuing efforts to grow our dedicated operations and to compensate our drivers for their non-driving time like no other carrier in today’s electronic log era

2014 Organic Growth

8

0

100,000

200,000

300,000

400,000

500,000

2009 2010 2011 2012 2013 2014

Truckload and Dedicated Brokerage Intermodal

Load Growth

7.4%5.5

%

2.5%

7.4%

10.2%

9

Regional Operating Centers Growth

Tucker, GA

Indianapolis, IN

Desoto, TX

Laredo, TX

Phoenix, AZ

Mondovi, WI

Richmond, VA

Mondovi, WI Corporate Office

Tampa, FL

Kansas City, KS

Memphis, TN

Carlisle, PA

Mira Loma, CA

Wilsonville, OR

THE FOUNDATION of Marten’s service and growth

Our operating centers expanded and were paid for in challenging times

2007 Terminal Locations

Terminal Locations Added- Only Carlisle and Otay Mesa are leased

Otay Mesa, CA

10

0200400600800

1,0001,2001,4001,6001,8002,000

Dec '07 Dec '09 Dec '11 Dec '13 Dec '14

Regional Dedicated

Regional Truckload and Dedicated Operations Growth

# o

f T

ract

ors

Increased number of dedicated customers from 2 at Dec’11 to 11 at Dec’13 to 23 at Dec’14

11080

569

671,392

109227

1,448 1,462

421

11

Door-to-door cost saving solutions

Revenue Growth(including fuel surcharge)In millions

Mexico Growth

85% increase in revenue Q4’14 vs. Q4’13

$0$5

$10$15$20$25$30$35$40$45$50$55$60$65

2009 2010 2011 2012 2013 2014

84%

60% 24%

28%

•Expanded into Western Mexico with Otay Mesa facility in Sept ’13•Moved into new, larger company-owned Laredo facility in Dec ’13•Opening another entry facility location in ’15

64%

12

Brokerage Growth

Load Growth

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009 2010 2011 2012 2013 2014 Q4'13 Q4'14$0

$10

$20

$30

$40

$50

$60

2009 2010 2011 2012 2013 2014 Q4'13 Q4'14

41%

63%

Revenue Growth(including fuel surcharge)

In millions

16%

18%16%

17%

Initiated in 2005 to provide surge capability for our customers

28%10%8% -1%

Gross margin improved from 13.6% in 2013 to 14.2% in 2014

24% 32%

Decentralization of brokerage operations and rate increases drove improved results in 2014

4% 8%

13

Intermodal Growth

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2009 2010 2011 2012 2013 2014

Yearly Load Growth

57%

$0

$10

$20

$30

$40

$50

$60

$70

$80

2009 2010 2011 2012 2013 2014

Yearly Revenue Growth(excluding fuel surcharge)

In millions

29%

Initiated temperature-controlled TOFC in ’05

We are the largest truckload intermodal temperature-controlled carrier with BNSF

Expanded intermodal growth with longer drayage supported by our regional business platform

11%8%

21%29%13%

10%

39% 30%

16%5%

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Intermodal Results – Reflecting Rail Service Issues – Q4 ’14 Start of

Turnaround• Rail service improved somewhat in Q4’14

• Increased our rates during Q4 ’14 to recover

costs for rail service delays

• Continuously decreasing refueling costs on

the rail

• Rail service is expected to improve in last half

of ’15 with $11.5 billion capital expenditures

planned for BNSF for ’14 and ’15

• We expect our intermodal operations to benefit from the market’s continuing

tight capacity

as rail service improves. Our intermodal operations are planned to be a key

business

platform in a continuously tightening-capacity driver market with the rail

infrastructure build

and no highway infrastructure build

($150)

$50

$250

$450

$650

$850

$1,050

$1,250

$1,450

Q1'13 Q1'14 Q2'13 Q2'14 Q3'13 Q3'14 Q4'13 Q4'14

In thousandsOperating Income (Loss)

15

Recognition for Efficiency, Innovation and Integrity

• Forbes’ Top 100 Most Trustworthy Companies – one of only 4 companies named for the 4th time in the last 5 years surveyed Recognized U.S. exchange-listed companies displaying the highest

corporate integrity, clear financial reporting and transparent corporate governance

• McDonald’s/Armada Global Best of Green 2012 Award

• SmartWay Excellence Award

• Thermo King Energy Efficiency Leader Award

• Commercial Carrier Journal’s Innovator of the Year

16

In millions

Net Capital Expenditures

$81.2

$48.4

$88.1$72.8

$118.6$110

$0

$20

$40

$60

$80

$100

$120

2010 2011 2012 2013 2014 2015

Estimate17

Average Monthly Depreciation

Increasing Revenue Equipment Costs

Tractors

• The monthly depreciation of tractors and trailers added in 2014 was 19% and 18% higher than the depreciation of tractors and trailers traded in 2014

• 1,156 new 2013 CARB-required refrigeration units in service as of Dec 31, 2014

Trailers

$1,185$1,219

$1,266

$1,349

$1,413

$1,462

$1,000$1,050$1,100$1,150$1,200$1,250$1,300$1,350$1,400$1,450$1,500

Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14

$339

$355

$368$372

$382$387

$300

$310$320$330$340$350$360$370$380$390$400

Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14

18

Increasing Driver Pay

$0.40

$0.42

$0.44

$0.46

$0.48

$0.50

$0.52

2009 2010 2011 2012 2013 2014

Annual driver pay increases not sacrificed for continuous margin

improvement

• Built a driver pay package unique to the electronic log era

• Industry leader to compensate drivers after one hour of detention, for inclement weather, and road service delays

Cen

ts p

er M

ile

19

Operating Statistics Comparison

Truckload and Dedicated:Q4’14Q4’14 vs. vs.

Q4’13Q4’132014 vs. 2014 vs.

201320132014 vs. 2014 vs.

20092009

Average revenue, net of fuel surcharges, per tractor per week

3.3% 3.1% 26.6%

Miles per tractor 0.8% (0.3)% 6.1%

Loads 5.4% 1.0% 27.4%

Loads per tractor per week 1.2% 0.6% 35.0%

Intermodal loads (7.9)% 15.7% 145.1%

Brokerage loads 23.5% 4.5% 93.9%

20

2014 Segment Information(Dollars in Thousands) Q1Q1 Q2Q2 Q3Q3 Q4Q4 20142014

Operating revenue:

Truckload, net of fuel s/c revenue $86,802 $90,316 $89,515 $91,825 $358,458

Truckload fuel s/c revenue 23,712 23,699 21,821 20,583 89,815

Total Truckload revenue $110,514$114,01

5$111,336 $112,408 $448,273

Dedicated, net of fuel s/c revenue $10,728 $11,845 $15,756 $18,280 $56,609

Dedicated fuel s/c revenue 2,822 3,245 3,995 3,681 13,743

Total Dedicated revenue $13,550 $15,090 $19,751 $21,961 $70,352

Operating ratio:

Truckload 94.4% 90.9% 90.6% 88.9% 91.2%

Dedicated 90.2 90.5 89.6 89.4 89.9

Intermodal 98.0 98.2 100.6 95.9 98.2

Brokerage 94.4 95.4 95.5 95.9 95.4

Consolidated operating ratio 94.6% 92.3% 92.4% 90.6% 92.4%

Operating ratio, ex fuel s/c:

Truckload 92.9% 88.5% 88.3% 86.5% 89.0%

Dedicated 87.7 87.9 87.0 87.2 87.4

Intermodal 97.4 97.6 100.8 94.7 97.7

Brokerage 94.4 95.4 95.5 95.9 95.4

Consolidated operating ratio, ex fuel s/c

93.2% 90.5% 90.7% 88.7% 90.7%21

2013 Segment Information(Dollars in Thousands) Q1Q1 Q2Q2 Q3Q3 Q4Q4 20132013

Operating revenue:

Truckload, net of fuel s/c revenue $89,654 $91,178 $93,854 $92,112 $366,798

Truckload fuel s/c revenue $25,186 $24,647 $24,694 $23,634 $98,161

Total Truckload revenue $114,840$115,82

5$118,548 $115,746 $464,959

Dedicated, net of fuel s/c revenue $5,311 $8,818 $9,291 $10,106 $33,526

Dedicated fuel s/c revenue $1,583 $2,209 $2,441 $2,561 $8,794

Total Dedicated revenue $6,894 $11,027 $11,732 $12,667 $42,320

Operating ratio:

Truckload 92.0% 91.6% 91.0% 91.6% 91.5%

Dedicated 89.0% 85.4% 86.0% 87.7% 86.8%

Intermodal 93.9% 95.4% 96.8% 96.3% 95.7%

Brokerage 94.2% 94.2% 95.1% 95.8% 94.8%

Consolidated operating ratio 92.4% 91.9% 91.8% 92.4% 92.1%

Operating ratio, ex fuel s/c:

Truckload 89.7% 89.3% 88.7% 89.5% 89.3%

Dedicated 85.7% 81.7% 82.3% 84.6% 83.4%

Intermodal 92.1% 94.1% 95.9% 95.3% 94.4%

Brokerage 94.2% 94.2% 95.1% 95.8% 94.8%

Consolidated operating ratio, ex fuel s/c

90.6% 89.9% 89.9% 90.6% 90.2%22

2014 Segment Information

Q1Q1 Q2Q2 Q3Q3 Q4Q4 20142014

Truckload Segment:

Avg. revenue, net of fuel s/c revenue, per tractor per week

$3,507 $3,655 $3,611 $3,698 $3,618

Avg. tractors 1,925 1,901 1,886 1,890 1,900

Avg. miles per trip 683 676 674 696 682

Non- revenue miles percentage 9.3% 9.9% 9.6% 8.5% 9.3%

Total miles (in thousands) 49,503 50,589 49,067 50,009 199,168

Dedicated Segment:


$3,447 $3,234 $3,267 $3,359 $3,322

Avg. tractors 242 282 367 414 327




23

2013 Segment Information

Q1Q1 Q2Q2 Q3Q3 Q4Q4 20132013

Truckload Segment:


$3,376 $3,461 $3,522 $3,528 $3,471

Avg. tractors 2,065 2,026 2,028 1,987 2,027




Dedicated Segment:


$3,240 $3,431 $3,384 $3,465 $3,396

Avg. tractors 128 198 209 222 189




24

Revenue per Tractor Growth

$2,500

$2,750

$3,000

$3,250

$3,500

$3,750

2009 2010 2011 2012 2013 2014 Q4'13 Q4'14

Average Revenue, Net of Fuel Surcharges, per Tractor per Week

6.5%

5.6%

3.8%

3.1%

5.2%

Revenue per tractor has increased 27% from 2009 to 2014 with Q4’14 being our nineteenth consecutive quarterly year-over-year increase

3.3%

25

Financial HighlightsQ4’14 net income and operating revenue were the highest in

Marten’s history

(All amounts in millions except per share amounts)

Since 2008 we have expended $75 million on buildings and land

Q4’14 Q4’13 2014 2013 2012 2011 2010 2009Operating revenue $173.5 $166.2 $672.9 $659.2 $638.5 $603.7 $516.9 $505.9Net income $9.0 $7.3 $29.8 $30.1 $27.3 $24.3 $19.7 $16.3Diluted EPS $0.27 $0.22 $0.89 $0.90 $0.82 $0.73 $0.60 $0.49Diluted EPS growth 22.7% (1.1)% 9.9% 12.3% 21.7% 22.4%

Dec. 31, 2014 Dec. 31, 2013Cash and cash equivalents $0.1 $13.7Total assets $579.7 $525.8Stockholders' equity $387.9 $359.1Long-term debt $24.4 $-

26

Marten People Drive Our Freight and Cost Efficiencies and

Profitable Growth• People Initiate and Implement Our Strategic Vision

and Key Strategic Initiatives

• “The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them.” –Sam Walton

• Marten’s culture: Visible costs and operating data to improve and add value daily

27

Marten People Drive Our Freight and Cost Efficiencies and

Profitable Growth• Sustainable Cost and Productivity Improvements Driven

by our People and Ongoing Development of our Systems and Processes Continuous Revenue per Tractor Growth Continuous Tractor and Trailer Miles Utilization Improvement Continuous Fuel MPG Improvement Continuous Increased Drivers’ Hours Continuous Customer Collaboration Continuous Improvement of our Diverse, Dense and Efficient

Freight Network Continuous Driver Pay Plan Improvement Built for Electronic Log

Era Continuous Driver Job Improvement

• Bottom Line – Revenue per tractor has increased 27% from 2009 to 2014 with Q4’14 being our nineteenth consecutive quarterly year- over-year increase

28

Continued Improvement Despite Challenging Industry Headwinds

Operating Ratio, Net of Fuel Surcharge

Ratio improved to 88.7% in Q4’14 from 90.6% in Q4’13

The ratio for Q4’14 was our best since Q4’04, when our operations were over 98% truckload

93.5%

92.0%

91.2%91.1%

90.2%

90.7%

90%

91%

92%

93%

94%

2009 2010 2011 2012 2013 2014

29

82% increase from 2009 to 2014

Continued Improvement Despite Challenging Industry Headwinds

Earnings – Cents Per Diluted Share

EPS improved 23% to $0.27 in Q4’14 from $0.22 in Q4’13

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

2009 2010 2011 2012 2013 2014

22%

22%

12%10% (1)%

30

Stephens Inc. EV/CYI5 EBITDAComparison

Source: Stephens Estimates and Company Filings

31

Marten’s Culture | Marten’s Vision

Marten’s People“Sufficient urgency around a strategically rational and emotionally exciting opportunity is the

bedrock upon which all else is built.”

“Accelerate!”

Harvard Business Review

November 2012

By John P. Kotter

Konosuke Matsushita

Professor of Leadership, Emeritus

Harvard Business School

Marten’s people have built a strong business platform based on our truckload operations in turbulent times and we envision a bright, profitable growth outlook over the next several

years

32

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