1. Ready to Run for You! 2011 Stephens Fall Investment Conference November 16, 2011

2. Ready to Run for You! 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. 2

3. Ready to Run for You! Attendees David R. Parker – Chairman & CEO Richard B. Cribbs – SVP & CFO 3

4. Ready to Run for You! 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 3,000 tractors and 7,300 trailers Young average tractor age (9/30/11): 1.6 years (or 19 mos) Utilize 11 full size terminals and 30+ drop yards Consumed with providing exceptional service to our customers Fiscal 2010 Revenue, including FSC: $650 Million Headquarters: Chattanooga, TN NASDAQ: CVTI 4

5. Ready to Run for You! 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  Covenant Transport Solutions – Chattanooga 1 Equipment Leasing / Sales Company  Transport Enterprise Leasing – Chattanooga Each of these are independently operated due to the expertise required and experience of their respective management teams 5

6. Ready to Run for You! Revenue Breakdown % of Total Revenue Trucks2011 estimate 2005 Expedited (Team & Solo) 1,10041%42% Regional 0%29% Dedicated 48014% 1,58055%85% Temperature Control 99029%15% Regional 43010%0% Brokerage 06%0% 3,000 6

7. Ready to Run for You! Targeted Premium Markets 10% 14% 29% 41 % Expedited Regional Temperature Control Dedicated Brokerage 6% % of Total Revenue 7

8. Ready to Run for You! 20102011 Estimate Interest Rates3.25% Crude Oil/DOE$78 per barrel$92 per barrel $2.96 per gallon$3.82 per gallon GDP3.0%1.5% to 2.0% Inventory/Sales1.341.33 Personal Saving Rate 5.3%5.1% Unemployment9.6%9.1% 8

9. Ready to Run for You! Tangible Book & Market Value/Share At 11/11/11, Market Value trading at only ≈ 0.5 of Tangible Book Value vs. ≈ 1.3 TTM 9

10. Ready to Run for You! Truckload Industry Trends 10

11. Ready to Run for You! Capacity conclusions – Outlook for 2012 Little capacity additions are coming on-line Government regulations have or will limit capacity (Electronic logs, HOS, CSA rules) Driver shortage will further limit capacity Barriers to entry, such as increased tractor prices and limited access to capital are rising and will continue to rise Rates should continue to increase… Why? because they have to rise Industry Trends - Capacity 11

12. Ready to Run for You! Many inflationary cost pressures to overcome including: Fuel Equipment (tractors and trailers) Driver wages Tires & repair parts Health insurance Casualty insurance Regulations (CSA, EOBR, HOS, California CARB) Spot pricing remains competitive Contract pricing began moving up in Q3-2010 and has not slowed Overall pricing for the large fleets will be up 3% to 6% in 2011 and should be up another 3% to 5+% in 2012 over 2011 Industry Trends - Pricing 12

13. Ready to Run for You! Q3-11 Highlights 13

14. Ready to Run for You! Where is our balance sheet? Assets = $430 million Liabilities = $342 million Equity = $ 88 million Available Borrowing Capacity ≈ $23 million on ABL revolver at 9/30/11 Effective 10/1/11, amended Revolving Credit Facility to provide increased cushion to Fixed Charge Coverage Ratio covenant and added a Leverage Ratio covenant for increased ability to meet the financial covenants 14

15. Ready to Run for You! Q3-11 Overview Net loss of $1.8 million or ($0.12)/share compared to net income of $1.9 million or $0.13/share in Q3-10 Operating ratio deteriorated by 450 basis points vs. year ago period to 98.6% Items above are exclusive of the after-tax non-cash goodwill impairment charge of $9.4 million (or -$0.64/share) that we recorded in Q3-11, resulting in no additional goodwill on CTG’s balance sheet Freight revenue per tractor decreased 5% vs. Q3-10 Average freight revenue per total mile increased 6% vs. Q3-10 Decreased utilization (miles/truck) by 9.7% vs. Q3-11, primarily attributable to Covenant system conversion and decrease in long- haul freight opportunities 15

16. Ready to Run for You! Q3-11 Overview Driver wages increased 2.6 cents per mile (“cpm”) through improved driver pay in order to seat trucks Fuel costs, net of surcharges, increased 1.5 cpm due to a $0.91/gallon increase in the average DOE cost of fuel vs. Q3-10, additional idling and deadhead Workers comp expense increased 1.4 cpm where new information increased settlements/reserves Maintenance exp increased 2.0 cpm from inflationary tire and parts costs, absorption of poor utilization Capital costs decreased by $1.4 million (even though gains were lower than p/y) primarily from our reduction of leased trailers 16

17. Ready to Run for You! CTG Asset-Based Rev/Truck/Week Q3-11 Rev/Truck decreased 5% from Q3-10, resulting from mi/truck decrease of 9.7% offset partially by rate/mi increase of +5.7%. 17

18. Ready to Run for You! CTG Asset-Based Operating Cost per Mile (Excludes Impairment Charges) Year-over-year quarterly increases for Q3-11 versus Q3-10 include spikes in group health and workers comp insurance, driver compensation, fuel, tire and vehicle maintenance expense partially due to the 9.7% reduced YOY utilization resulting in lower fixed cost absorption; partially offset by decreases in capital costs, and consulting fees 18

19. Ready to Run for You! 2012 Goals

20. Ready to Run for You! 2012 Goals Return to Profitability in a Mixed Economy How?  Continue rate/yield improvement initiative  Hold the line on cost discipline 2012 Revenue Trends (Year-over-year) Revenue per truck expected improvement from 5%-7%. Utilization expected to remain at 2011 modest levels with little change (-2% to +2%) Rates/total mile expected to improve +5% to +7% Fleet size approximately equal to 2011 20

21. Ready to Run for You! Cost Trends Targeted cost savings areas include:  Driver retention  Reduced accident severity  Terminal consolidation  Improved fuel economy  Reduced out-of-route miles Fuel cost, net of fuel surcharge trending down  Stabilized diesel fuel prices along with improved fuel surcharge recovery and better fuel mileage Higher driver wages and continued driver wage pressure 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 significantly reduced gains on disposal from fewer expected tractor sales and more expensive trucks, somewhat offset by reduced trailer count and reduced company-owned tractors 2012 Goals 21

22. Ready to Run for You! Long-Term Investments Efficiency gains through technology and human capital  TMW (fully integrated operations and financial system) Operational at Star and Solutions in 2010, Covenant went live July 2011, SRT expected July 2012  Latest Qualcomm On-Board Communications (including text-to-voice trucking GPS navigation) Essentially all trucks equipped by 12/31  Transport Enterprise Leasing investment completed in Q2-11 should grow and continue to contribute to earnings in 2012  Predictive Analytics software to be implemented Solutions Brokerage Subsidiary Return to growth strategy with additional service offerings & new special project assignments 2012 Goals 22

23. Ready to Run for You! With significant operating leverage, small changes in asset productivity can yield a significant impact 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. 23 Estimated Increase or Decrease in Freight Revenue and Operating Income Attributable To: (Dollars in thousands) 1% Change in Miles/Truck/Week One Cent Change in Rate Per Total Mile 100 Basis Point Change in Operating Ratio Freight revenue$5,050$3,600N/A Operating income$1,475$3,600$5,000

24. Ready to Run for You! Questions? 24