NYSE: CGIwww.CeladonGroup.

com

2011 KeyBanc Capital Markets Industrial, Automotive, and Transportation ConferenceJune 2, 2011

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Forward-Looking Statement DisclaimerToday’s presentation and discussion will contain forwarding-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 Celadon Group’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 Celadon Group’s prospectus and other filings with the Securities and Exchange Commission.

About CeladonOverview• Established: 1985• NYSE Ticker: CGI• Shares Outstanding: 22.6M• Market Capitalization: $328M• Recent Price: $14.51 (5/23/11)• 52-week Range: $10.72 - $16.80• Bank Debt: $0 ($50M available)

Awards & Accomplishments• Wal-Mart – Diamond Carrier of the

Year • Ryder – National Truckload Carrier

of the Year• Phillips -Van Heusen – Truckload

Carrier of the year• First Carrier certified C-TPAT and

ACE for border crossings• ‘Highway 2 Health’ Wellness

Program (American Heart Association award)

• Voted ‘Best Fleets to Drive For’ and ‘Best Places to Work in Indiana’

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Segment Information (TTM)

Asset-Based: $507M• Truckload Operations

– 3,000 tractors (including 250 Canada and 225 Mexico)

– 8,400 trailers• Young Fleet

– 2.0 years at 3/31/11• Long Haul Focus• Intermodal Services• International Footprint

– 35% Mexico / 11% Canada

Asset-Light: $41M• Celadon Dedicated Services• Celadon Logistics Services

– LTL US/Mexico– Brokerage

• TruckersB2B– Over 20,000 fleet members

• Annualized growth rate 25%

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Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

$1.200

$1.250

$1.300

$1.350

$1.400

$1.450

$1.500

$1.550

$1.600

September 2002 to March 2011

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Rate Per Loaded Mile

Each 1¢ has an approximate annual impact of $2.7 million in pre-tax profit or $.07 EPS

Fiscal Year Results

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FY 03

FY 04

FY 05

FY 06

FY 07

FY 08

FY 09

FY 10

Q1-Q3

FY11

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$4.2$6.6

$12.6

$20.5$22.3

$6.5$2.6

$4.7

$9.2

Net Income

FY 03

FY 04

FY 05

FY 06

FY 07

FY 08

FY 09

FY 10

Est. FY11

$0.0$10.0$20.0$30.0$40.0$50.0$60.0$70.0

$26.6$32.8

$38.3$46.7

$62.0$52.1

$46.1 $43.0$52.0

EBITDA

FY 03

FY 04

FY 05

FY 06

FY 07

FY 08

FY 09

FY 10

Q1-Q3

FY11

0¢

20¢

40¢

60¢

80¢

100¢

20¢29¢

55¢

88¢ 94¢

29¢

12¢21¢

42¢

EPS

FY 2006 FY2007 FY 2008 FY 2009 FY 2010 FY 2011 $-

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.61

$0.73

$0.20 $0.12 $0.10

$0.42

EPS for the 9-Months Ending March 31

First 9-Months of FY Comparison

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RPLM $1.485 $1.536 $1.502 $1.484 $1.397 $1.479 Operating Ratio 92.2% 90.6% 96.1% 96.9% 98.0% 95.9%

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Financial Strength (millions)Mar 31, 2003 Mar 31, 2010 Mar 31, 2011

Cash On Hand $0.7 $9.4 $19.1

Bank Debt $26.9 $ - $ -

Balance Sheet Debt $42.7 $36.9 $12.8

Operating Leases (NPV) $111.0 $179.3 $127.0

Total Debt $180.6 $216.2 $139.8

Net Worth $56.0 $150.0 $167.6

Average Seated Tractors 2,333 2,694 2,653

Tractor Average Age 2.7 years 1.3 years 2.0 years

State of the Truckload IndustryLikely Severe Driver Shortage

– CSA is adversely impacting the number of available drivers in the industry

– ATA estimates CSA will result in a 5-7% reduction– CSA scores by fleet will allow shippers to review their

carriers and assess their risks– Possible reduction of 1 hour in daily driving hours will

reduce carrier capacity– EOBR requirement will hurt smaller fleets– Significant impact on long haul capacity

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2006 2007 2008 2009 20105.25.45.65.8

66.26.46.66.8

Avg Active Tractor Age

Exiting Truckload Capacity

102006 2007 2008 2009 2010

050

100150200250300350400

Class 8 Truck Builds

2006 2007 2008 2009 20101.851.901.952.002.052.102.152.202.252.30

1.99

Active Tractor Units (Mil-lions)

Diminished financing options

Source: Ward’s and A.C.T. Research

Celadon Statistics• 2006 Avg Tractor Age: 2.1 years• 2011 Avg Tractor Age: 2.0 years• 2006 Avg Seated Tractors: 2,162• 2011 Avg Seated Tractors: 2,653

Increased costs of new tractors

2006 Est. Cost: $95k

2010 Est. Cost: $120k

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CSA Statistics

Unsafe Driving

Fatigued Driving

Driver Fitness

Controlled Substance

Vehicle Maintenance

Celadon 48 47 63 37 51

Alert Status 60 60 75 75 75

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Of the 25 largest truckload carriers, Celadon and 10 others have no alerts

Proposed Changes to HOS

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PROVISION CURRENT RULES PROPOSED RULES

OFF DUTY 10 CONSECUTIVE HOURS NO CHANGE

DRIVING WINDOW 14 HOURS + UNLIMITED ON DUTY 14 HOURS, THEN RELEASED FROM DUTY MAX DRIVING TIME W/IN WINDOW 11 HOURS 10 OR 11 BEING CONSIDERED

LIMIT ON CONSECUTIVE HRS OF DRIVING NONE MUST BE W/IN 7 HRS OF LAST 30 MINUTE

BREAK

ON DUTY WINDOW 14 HOURS + ONE 16 HR SHIFT PER WK FOR REGIONAL

14 HOURS + TWO 16 HR SHIFTS PER WK FOR REGIONAL

MAX ON DUTY W/IN DRIVING WINDOW

14 HOURS + ONE 16 HR SHIFT PER WEEK 13 HOURS (MANDATORY 1 HR BREAK)

EOBR NOT REQUIRED REQUIRED

• ATA believes the proposal will reduce productivity and capacity

• Celadon is fully equipped with EOBRs and is in the implementation phase

Celadon in Mexico

Opportunities• Improve service to customers

by simplifying border crossings• Reduce driver pay• Increase opportunity for

handling more domestic freight13

NAFTA Update

As of April 13, 2011, the DOT unveiled a three-year pilot program to end the ban on Mexican trucks crossing the border

Jaguar• Mexican subsidiary• Acquired in 1995• 225 tractors• 7 offices throughout Mexico• 2010 Wal-Mart Dry Van

Carrier of the Year

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– International footprint and long haul focus– Young tractor fleet– Strong driver culture– Diverse customer base– A leader in technology– Growing non-asset based businesses

• Well positioned to capitalize on industry supply / demand relationship

Summary