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Initiation of Research Coverage: Echo Global Logistics, Inc.

CHICAGO, November 13, 2009 - William Blair & Company initiated research coverage of Echo Global Logistics, Inc. (ECHO $14.28), a non-asset-based transportation and logistics services company focused primarily on small and midsize shippers, with an Outperform rating and Aggressive Growth company profile.

Analyst Nathan Brochmann estimated the company would generate earnings of $0.45 per share in 2010 and $0.80 per share in 2011.

“In our view, Echo operates an attractive non-asset-based business model that should generate more-consistent earnings growth over the business cycle than asset-based carriers,” Brochmann said. “Combined with its broad carrier relationships and strong customer service, the company’s proprietary technology platform provides a significant competitive advantage over small logistic providers, enabling Echo to effectively add value and expertise in the procurement and execution of shippers’ freight transportation requirements across multiple transportation modes, in our opinion.”

Brochmann continued, “Echo’s organic growth strategy is aimed at leveraging healthy industry growth (2-3 times GDP) and its proprietary technology platform by attracting new clients and further penetrating existing customers. We are particularly enthusiastic regarding Echo’s prospects to expand its size and scale in underpenetrated regions and further develop newer service offerings. We believe management has built a strong track record in a short time. With significant market opportunities and a solid technology platform, execution is the key risk for this newer entrant into the third-party logistics space, in our opinion.”

William Blair & Company, L.L.C. is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company is based in Chicago, with office locations including Boston, London, New York, San Francisco, Shanghai, Tokyo, and Zurich. For more information, please visit www.williamblair.com.

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Current Ratings Distribution (as of 10/31/09)

Coverage Universe
Outperform (Buy): 64%
Market Perform (Hold): 36%
Underperform (Sell): 0%

Inv. Banking Relationships*
Outperform (Buy): 3%
Market Perform (Hold): 0%
Underperform (Sell): 0%

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