CNF Inc. Provides Updated Fourth-Quarter Earnings Guidance.

Business Editors/High-Tech Writers

PALO ALTO, Calif.--(BUSINESS WIRE)--Dec. 20, 2000

Following the adoption by the SEC of Regulation FD (fair disclosure), CNF Inc. (NYSE:CNF) has implemented a policy of providing updated guidance on its earnings expectations following the close of its books for the second month of each quarter.

Consistent with that policy, CNF announced today it expects its diluted earnings per share to be in the range of approximately 63 cents to 67 cents for the fourth quarter of 2000, which will end December 31. In line with previous guidance, the company said domestic volumes at Emery Worldwide were down from last year, reflecting a slowdown of shipments, particularly in the automotive and technology sectors. International volume growth remains relatively strong. Volumes at Con-Way Transportation Services have been affected by a deepening slowdown of shipments by U.S. companies. In addition, severe weather in the Midwest and South is affecting revenues and costs. The pricing environment at both companies remains firm, however. Results for Menlo Logistics are expected to be in-line with previous expectations.

The company plans to announce its full financial results for the fourth quarter and year 2000 on January 29 after the close of the market, and will hold a conference call for investors on January 30 at 11:00 a.m. Eastern time (8:00 a.m. Pacific). The call can be accessed by dialing 1 [phone] and is expected to last approximately one hour. Callers are requested to dial in at least five minutes before the call starts. The call will also be available through live web cast at www.streetevents.com.

An audio replay will be made available for 48 hours following the call at [phone], confirmation No. 559997. The replay will also be available on demand at the same webcast site providing access to the live call.

This news release contains forward-looking statements, including statements regarding estimated earnings and other anticipated results of operations, which are subject to a number of risks and uncertainties. Forward-looking statements as predictions of future events should not be relied on. In addition to the factors discussed above, factors that could cause actual earnings, results of operations and other matters to differ materially from those discussed in such forward-looking statements include; changes in general business and economic conditions, increasing competition and pricing pressure, changes in fuel prices, uncertainties regarding Emery Worldwide Airline's Priority Mail contract with the United States Postal Service, labor matters, changes in governmental regulation, environmental and tax matters (including claims made by the Internal Revenue Service with respect to aircraft maintenance tax matters), the Department of Transportation investigation relating to Emery Worldwide's handling of hazardous materials, the February 2000 crash of an EWA aircraft, and matters relating to the 1996 spin-off of Consolidated Freightways Corporation. These and other risk factors are discussed in CNF's 1999 Annual Report on Form 10-K or in other filings with the Securities and Exchange Commission. As a result, no assurance can be given as to future results of operations or financial condition.

CNF Inc. is a $6-billion management company of global supply chain services with businesses in trucking, air freight, logistics, ocean services and customs brokerage.