Forward-looking Statements

2

Today’s discussion may 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 Old Dominion Freight Line’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 Old Dominion Freight

Line’s filings with the Securities and Exchange Commission.

Talking Points & Thanks

Economic Landscape

Industry Points-of-Interest

Legislative Hurdles

Things to consider

OD Commercial

Thanks to: > Thom Albrechet- BB&T Capital

> Stifel

> Wolfe Research

> FOX Business

> ATA

Economic Outlook

Q-2 GDP increased at a 1.2 percent annual rate after rising by a downwardly

revised 0.8 percent pace in Q-1 (The Commerce Department Friday, 7-29-16)

> Forecast for GDP growth was 2.6 Q-2. => Miss!

Consumer spending responsible for almost all of the GDP growth in Q-2. – 4.2%> That rate of growth is probably unsustainable

> Economists say a tightening labor market, rising house prices and higher savings should underpin

spending for the rest of 2016

Inventory accumulation by businesses fell $8.1 billion Q-2, the first drop since

Q-3 2011, down from a $40.7 billion increase in the first quarter.

> Smaller inventory build is a good signal for growth in the coming quarters.=> Capacity?

Source: Fox Business.com 7/29/2016

Economic Outlook

Global Exports rose is Q-2> Despite the lingering effects of the dollar's rally and weak global demand helping to narrow the trade

deficit.

Business spending on equipment contracted > Third consecutive quarter, the longest stretch since the 2007-2009 recession - 3.5 percent rate after

declining at a 9.5 percent pace in the first quarter.

> Class 8 Trucks => July 2016 Class 8 orders declined 19% sequentially and 57% y/y vs. -36% and -31%

y/y the prior 2 months (Scott Group – Wolfe Research)

Business spending has been hurt by lower oil prices,

Source: Fox Business.com 7/29/16

-18%

What is the next hot item?

By 2025

How Do We Mange New Economy?

Overcome Capacity Hurdles

> Industry Equipment / Financial Hurdle

>People Hurdle

>Regulatory Hurdles

Source: ATA

35,000

At current trends, the shortage could balloon

to 240,000 – We are in big trouble if it gets

there.

The shortage is an OTR TL issue.

DRIVER SHORTAGE

Average Number of New Drivers Needed Per Year

Over the Next 10 Years: 96,178

Source: ATA Benchmarking Guide for Driver Recruitment & Retention

Industry Growth

36%

Retirements37%

Voluntary Non-Retirement Departures

11%

Non-Voluntary Departures

16%

Markets Do Work In Time!

Natural reaction is • Pay will go up to attract drivers -- we have seen that

• Consumer/shipper will have to compensate for that escalation

Life style adjustment will be made –• New generation will decided to accept the old life style of the truck driver

• Carriers may have to adjust to the new generation’s work style

• O/O will make move to carriers = cost, technology, business

requirements due to regulations, etc.

• Equipment MFGs will make more driver friendly equipment =

• Automatic Transmissions that serve the carrier’s needs operationally

• MPG

• Safety in City

Potential Upside!

Industry Image Improvement• Truck driver could potentially be seen as a viable option to college

• Good pay

• CDL => Cheap tuition

• Little to no education loans/debt

•ATA working to improve the image of the driver

position in the workplace and community

•As image improves, lifestyle improves and pay

evolves the supply of applicants should

increase

Potential Upside

Hours of Service

2003 – 34 Hour Restart Rule Initiated:> 60 hours in 7 days

> 70 hours in 8 days

2013 – Modified Restart Rule:

> Restart every 7 days

> Must be off 1:00 AM till 5:00 AM

> Two consecutive nights during the 34 hour Period

Dec. 2014 - Changed Again> Defunded 2013 Rule w/ “Comnibus Bill”

> Commissioned at VT Transportation Study:

> Rule had to demonstrate direct “Safety”

> correlation => did just the opposite.

Result• TL Capacity Tightened

• Some TL move to LTL

• FGT Rates went up

• Drivers got paid less

• OD=> Hired approx. 200 more drivers to

run the same schedules prior to

ruling. Cost went up 5-7% for the same

work in labor and equipment.

Results• Missing sentence in bill on how to operate after; Post 2003 or 2013

• Working under a “Undocumented Compromise”

• DOT likes 2013 Ruling but to date has not released study from VT

• ATA is pushing for definitive language via appropriations bill that

would re-instituted the 2003 rule with no compromises

• DOT would like to cap total hours at 73 in 8 days.

• Who knows where it will all end up and how it will affect capacity!

Source: Arkansas Trucking Report Issue 2- 2016

Doing Business in California

Cal-Peculiarities 1. Environmental

2. Employment

• Pre-employment, termination, etc

3. Meals & Rest-Breaks

4. Computer Professionals Exemptions

5. White Collar Overtime Exemptions

6. Mandated Leaves

7. OT Premiums

8. Timely Paychecks & Wage Statements

9. Alternative Workweek Schedule

10. Vacation accrual & payment rules

11. Worker’s Compensation

12. Protected Disability Exceptions

13. Unique Harassment & Training

14. Noncompeting Agreements

15. Layoffs & Closings

“The main sources of challenge in California are the complexities of laws and how they differ from federal laws on the same subjects. Virtually every aspect of the

day-to-day employment relationship in California is codified or governed by administrative agency orders. Most California laws and regulations are more convoluted

than their federal counterparts, and California’s own legislative and judicial branches, as well as its administrative agencies, often interpret the same statute or

regulation inconsistently”

Doing Business in California

RJ Cervantes

Director of Legislative Affairs

California Trucking Association

4148 E Commerce Way,

Sacramento, CA 95834

(916) 373-3500

Going Forward

Think Strategic: Its about inventory and the end customer> Its not about Freight Rates! Inventory Carrying Cost is > Freight Spend!

> Understand the customer’s buying habits are crucial to Inventory Management; What-How-When-Where-

Why?

> Optimization/Planning is critical- requires good data & good long term partners!

> e-Commerce and younger buyers are having an effect!

> Stockouts at the store level drive customers online! (B-2-C world)

> Stockouts in the e-commerce world drive customers to another site or supplier! (B-2-C & B-2-B)

Data is a key “BUT”, data doesn’t always mean good data> Data can be “King” or “Kill”

> Who owns the data and how is it used?

> Who’s systems are talking to who/what systems?

> Is the data helping to drive effective solutions and strategies?

Does your partners know your strategies and can they deliver on

them?> Are your logistics partners involved in your strategic discussions or is it a simple price play?

> Do that have the capacity/scope to deliver long term?

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17,934 Full-Time

Employees

7,688 Tractors

30,204 Trailers

225 Service Centers in

48 States

Serving over 85,000

Customers

OD Commercial

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• Regional,

inter-regional

and long-haul

LTL from

single

platform

• Customizable,

on-demand

delivery services

• LTL

• Container Drayage

Full Menu of Services & Capacity

• Warehousing & Distribution

• Truckload Brokerage

OD SERVICES

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Single Integrated LTL Network –

That delivers in every US segment

Market Percent of 2015 Shipments

Overnight

2nd Day

3rd Day

4+ Days

34

Focus on Growing Markets

68%

87% 3rd Day or Less

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Superior On-Time Service

99% on-time service while standards consistently tighten

On-Time Deliveries as % of Total(2000 – 2015)

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

98.0%

99.0%

100.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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Exceptional Cargo Claims Ratio

Highly trained workforce and operational best practices result in positive

claims trends

Cargo Claims as % of Revenue(2000 – 2015)

0.00%

0.50%

1.00%

1.50%

2.00%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

An Eye On

Capacity

Significant real estate purchases from 2006-2015 of over $900 million to expand & improve network.

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ODFL Continued Investment in Infrastructure

Capital Expenditures(2002 – 2016P)

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

200220032004200520062007200820092010201120122013201420152016

(mill

ions

)

OtherIT SystemsReal EstateEquipment

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Service Center Capacity

Terminals Terminals Actual %

Public Carriers: 12/31/05 12/31/14 Change vs. 2005 Change

YRC 901 384 (517) -57.4%

FedEx 330 370 40 12.1%

Con-Way 340 297 (43) -12.6%

ARC Best 287 247 (40) -13.9%

UPS Freight 281 198 (83) -29.5%

SAIA 128 150 22 17.2%

TOTAL 2,267 1,646 (621) -27.4%

ODFL 154 222 68 44.2%

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Index Change in Tractors

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

2009 2010 2011 2012 2013 2014

Index No. ofTractors

ODFL SAIA YRCW CNW ABFS

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Index Change in Trailers

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

2009 2010 2011 2012 2013 2014

Index Trailers

ODFL SAIA YRCW CNW ABFS

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Consistent Financial Stability & Capacity

(1) Public LTL Sector includes ABFS, XPO/CNW, FDX (Freight segment), SAIA, RRTS (LTL segment), YRC National, and YRC

Regional. UPS excluded from analysis as operating ratio is not reported for LTL operations.

Operating Margin vs. Public LTL Sector

(1Q07 – 4Q15) 1

-15%

-10%

-5%

0%

5%

10%

15%

20%

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

Public LTL Sector ODFL

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Don’t just take our word for it!

Mastio Quality Award - #1 National Carrier for sixth

straight year

Forbes List of America’s 100 Most Trustworthy

Companies for second straight year

Fortune Magazine – Top 100 Fastest Growing

Companies

Forbes List of America’s Best Employers in 2015

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Logistics Has Never Been Easy!

Thank You!

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