Yellow : Investor Presentation Fourth Quarter 2022

Yellow Corporation

Investor Presentation

Fourth Quarter 2022

Statements & Disclaimers

The information in this presentation is summary in nature and may not contain all information that is important to you. The Recipient acknowledges and agrees that (i) no representation or warranty regarding the material contained in this presentation is made by Yellow Corporation (the "Company" or "we") or any of its affiliates and (ii) that the Company and its affiliates have no obligation to update or supplement this presentation or otherwise provide additional information. This presentation is for discussion and reference purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or other property.

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or future performance of the Company and include statements about the Company's expectations or forecasts for future periods and events. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. We disclaim any obligation to update those statements, except as applicable law may require us to do so, and we caution you not to rely unduly on them. We have based those forward-looking statements on our current expectations and assumptions about future events, and while our management considers those expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those we discuss in the "Risk Factors" section of our Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission (the "SEC").

This presentation includes the presentation of Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles and may exclude items that are significant in understanding and assessing our financial results. Therefore, this measure should not be considered in isolation or as an alternative to net income from operations, cash flows from operations, earnings per fully-diluted share or other measures of profitability, liquidity or performance under generally accepted accounting principles. We believe our presentation of Adjusted EBITDA is useful to investors and other users as these measures represent key supplemental information our management uses to compare and evaluate our core underlying business results, particularly in light of our leverage position and the capital- intensive nature of our business. Additionally, Adjusted EBITDA helps investors to understand how the company is tracking against our financial covenants in our UST Credit Agreements and New Term Loan Agreement (collectively the "TL Agreements") as this measure is calculated as prescribed therein as Consolidated EBITDA and to determine certain incentive compensation. You should be aware that this presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. For additional information on Adjusted EBITDA and the TL Agreements, refer to our quarterly reports on Form 10-Q and other reports we file with the SEC. A reconciliation of this measure to the most comparable measures presented in accordance with generally accepted accounting principles has been included in this presentation.

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Yellow At a Glance

P R E M I U M L T L T R A N S P O R T A T I O N & L O G I S T I C S S E R V I C E S P R O V I D E R

2nd	5th	$5.1	17.2	~32,000	309	~14,200	~42,000
largest	largest	billion	million
LTL Network in	Trucking	2021 Revenue	2021 Shipments	Employees	Terminals	Tractors	Trailers
North America	Company in
	North America

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Enterprise Transformation

Roadmap to One Yellow

Simplify Sales Team

Streamline enterprise-wide sales team to provide customers a single point of contact for all brands

Realign Operational Leadership Structure

Operational realignment and reporting structure to create new efficiencies and operational areas to support the network

Holdco renamed Yellow Corporation

Formally changed the YRC Worldwide holding company name to Yellow Corporation in anticipation of a company-wide rebrand to Yellow

One Technology Platform

Transition operating companies to one technology platform

Network Optimization

Integration to one network, creating a common enterprise platform to strengthen asset and network efficiencies while enhancing service in the 1, 2 & 3-day lanes nationwide

Super-Regional Carrier

Go-to-market strategy as One Yellow. Provide customers with choice, simplicity, speed, visibility, reliability and value under one united brand

Pre-Transformation

Super-Regional Carrier

Integrated nationwide LTL service

Legend

YELLOW Service Centers

Border Gateway

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Network Optimization Phase One

• Integrated 89 legacy YRC Freight and Reddaway terminals

in the Western U.S. in phase one of the network optimization

• Phase one implemented in September and is expected to enhance service in more than 4,600 zip codes
• Will apply lessons learned during the rest of the transformation
• Phase two in the Northeast and Midwest and phase three in the Southeast and Central U.S.
• The transformation of the entire network expected to be completed around the end of

2022	•	YRC Freight Terminals
	•	Reddaway Terminals

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