2013 BB&T Transportation Conference

February 2013 1

DISCLOSURE STATEMENT

This presentation and discussion includes 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 Covenant Transportation Group’s current plans and are not guarantees of future performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results and the company’s plans and objectives to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties are discussed further in Covenant Transportation Group’s reports and filings with the Securities and Exchange Commission.

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Attendees David R. Parker – Chairman & CEO Richard B. Cribbs – SVP & CFO

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• • • • • • •

Investment Summary

Truckload carrier focused on targeted markets offering just-in-time and other premium transportation and logistics services including team expedited long haul, refrigerated, regional and brokerage services Group operates about 2,900 tractors and 6,900 trailers Young average tractor age (12/31/12): 2.1 years (or 25 months) Utilize 8 full size terminals and 25+ drop yards Fiscal 2012 Revenue, including FSC: $674 Million Headquarters: Chattanooga, TN NASDAQ: CVTI 4

Who/What is CTG

CTG is a holding company:

• 3 Specialized Asset-Based Trucking Companies • Expedited (Covenant Transport - Chattanooga) • Regional (Star Transportation – Nashville) • Refrigerated (SRT - Texarkana) • 1 Non-Asset Based Brokerage & Logistics • Covenant Transport Solutions (Chattanooga) • 1 Equipment Sales & Leasing Company • Transport Enterprise Leasing (Chattanooga) For more information, please visit: www.ctgcompanies.com

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Revenue Breakdown

% of Total Revenue

Expedited (Team & Solo) *Includes Reefer Dedicated Temperature Control Trucks 1,140 360 1,500 1,050 2012 45% 11% 56% 30% 2013 est.

45% 8% 53% 32% Dedicated/Regional 350 Brokerage/Logistics 0 2,900 9% 5% 8% 7% 6

Expedited 41 %

Targeted Premium Markets

% of Total Revenue Brokerage 5% Regional 5% Dedicated 15% Temperature Control 34%

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$7.00 $6.00 $5.00

$5.85 Tangible BV

Tangible Book & Market Value/Share

$5.97 $6.01 $6.33 $4.60 $6.38 $5.53 $5.76 At 2/10/13 $3.74

$4.00 $3.00

$2.97 Market Value

$2.00

$3.20 At 2/10/13, Market Value trading at only ≈ 0.9 of Tangible Book Value vs. ≈ 1.3 – 1.4 industry average (A)

$1.00 $ Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

(A) Includes WERN, CGI, KNX, MRTN, PTSI, USAK, and CVTI 8

Truckload Industry Trends

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Industry Trends - Capacity

• • • • •

Capacity conclusions – Outlook for 2013

Fleets still cautious about capacity expansion (Large TL fleets up 1.3% since Dec 2011, Small TL fleets even since Dec 2011) Fleets need to replace a significant amount of aged tractors in the next few years to come, if they can afford them (average industry age is now 6.6 years vs. CTG at 2.1 years) Government regulations will further limit capacity (Electronic logs, HOS, CSA rules) Driver shortage remains biggest problem for the future “If economy were to surprise on the upside, there simply wouldn’t be enough trucks on the road today to handle all of the freight” – Bob Costello, ATA’s Chief Economist 10

Industry Trends - Pricing

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Many inflationary cost pressures to overcome including:

• • Driver wages Equipment (tractors and trailers) • Tires, vehicle replacement parts, maintenance • Casualty insurance • Regulations (CSA, EOBR, HOS, California CARB) •

Contract pricing began moving up in Q3-2010 and has not slowed

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Overall pricing for the large fleets should be up 2% to 4% in 2013 over 2012

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Q4-12 Highlights

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Where is our balance sheet?

Assets = $400 million Liabilities =$305 million Equity = $ 95 million

Available Borrowing Capacity ≈$52.7 million on ABL revolver @

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/31/12 Effective 12/31/12, amended Revolving Credit Facility to extend maturity date 3 years to September 2017, provide increased availability of $15 million, added springing provision to Fixed Charge Coverage Ratio covenant making it inoperative for the foreseeable future and eliminate the Leverage Ratio covenant, improve pricing grid by ≈ 75 bps on letters of credit and any outstanding loan balance.

CTG paid off $55 million of lease-adjusted debt during the 2012 fiscal year to reduce our overall indebtedness to $242 million from $297 million at the end of fiscal 2011.

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Q4-12 Overview

• Net income of $1.5 million or $0.10/share compared to net loss of $2.2 million or ($0.05)/share in Q4-11 • Operating ratio improved by 280 basis points vs. year ago period to 96.3% • Freight revenue per tractor increased 14% vs. Q4-11 • Average freight revenue per total mile increased 8% vs. Q4-11 • Improved utilization (miles/truck) by 6% vs. Q4-11 • 49% Transport Enterprise Leasing equity investment provided $650 thousand of pretax income to CTG vs. $200 thousand in Q4-11 14

Q4-12 Overview

• Driver wages increased 3.2 cents per mile (“cpm”) through • • • improved driver pay in order to seat trucks Workers comp expense increased 1.6 cpm Casualty insurance expense increased 0.9 cpm Owner-operator cost per total mile increased 3.3 cpm as our percentage of owner-op miles increased to 9.0% from 6.8% • Fuel costs, net of surcharges, decreased 3.4 cpm, even with a $0.15/gallon increase in the average DOE cost of fuel vs. Q4-11, as impacted by greater % of owner-op miles as well as improved fuel economy and maintained a disciplined fuel hedging strategy 15

2013 Goals

2013 Goals

• Sustain YOY Profitability in 1H’13 and Improve Profitability in 2H’13 • Continue rate/yield improvement initiative • Increase owner-operator % of fleet • Allocate capital to higher margin business units and reduce capital to under-performing business units • Improved full year results of previous years’ investments in new lanes and service offerings • • • •

2013 Revenue Trends (Year-over-year)

Average fleet size growth of 1%-3% Revenue per truck expected improvement from 5%-8%.

Utilization expected to improve 3%-5% Rates/total mile expected to improve modestly up 2%-3% 17

• Cost Trends •

2013 Goals

• • • Targeted cost savings areas include:  Driver retention  Improved safety (accident frequency reduction)  Reduced interest cost from amended credit facility  Fuel cost, net of fuel surcharge trending down  Better fuel surcharge recovery and improved fuel economy, as well as benefit of increased owner-op percentage Higher driver wages and continued driver wage pressure Higher casualty insurance expense with no estimated insurance commutation gain in fiscal 2013 and elevating medical costs Increased owner-operator expense from planned expansion of owner-operator truck count (and overall percentage of fleet) • Higher capital costs (depreciation and operating leases) related to reduced gains on disposal from equipment and headwind of $2.4 million gain on sale of terminal recorded in Q1-12, somewhat offset by reduced trailer count and reduced company-owned tractors 18

2013 Goals

• • Long-Term Investments • Efficiency gains through technology and human capital  TMW (fully integrated operations and financial system) Operational at Covenant subsidiary July 2011, SRT expected January 2014 – Now starting to see efficiency benefits in operations, driver analytics, back office consolidation   Transport Enterprise Leasing expected to grow and contribute additional earnings in 2013 Use of Franklin Covey’s 4 Disciplines of Execution (4DX) methodology to complete strategic initiatives Solutions Brokerage Subsidiary • Growth strategy with additional service offerings and maturing fiscal 2012 start-up operations 19

With significant operating leverage, small changes in asset productivity can yield a significant impact

Estimated Annual Increase or Decrease in Freight Revenue and Operating Income Attributable To:

(Dollars in thousands) Freight revenue 1% Change in Miles/Truck/Week $5,050 One Cent Change in Rate Per Total Mile $3,450 100 Basis Point Change in Operating Ratio N/A Operating income $1,500 $3,450 $5,020 Disclaimer> In general, our miles per truck, rate per mile, and operating ratio are affected by industry-wide freight volumes,

industry-wide trucking capacity, and the competitive environment, which factors are beyond our control. Estimates are not reflective of the current beliefs or expectations of our management as to future results and are inherently subject to risks and uncertainties.

Please see the "DISCLOSURE STATEMENT” attached hereto and refer to the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission.

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Questions?

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