CNF Inc. Updates Third-Quarter Earnings Guidance.

Business Editors

PALO ALTO, Calif.--(BUSINESS WIRE)--Sept. 18, 2003

CNF Inc. (NYSE:CNF) is aware of unusually high volume in the trading of its stock today, and in response has decided to issue an update to its third-quarter earnings guidance. CNF today announced that its third-quarter earnings per share are expected to be in the range of 45 cents to 50 cents. The company is reviewing the possibility that earnings per share may be reduced for a one-time charge of up to 10 cents per share for resolution of a prior year claim.

"The improved performance is occurring across the board at all of our operating units, as a result of an improving economy in the quarter," said Gregory L. Quesnel, CNF president and chief executive officer.

Third-quarter financial results will be announced on October 20 after the close of stock market trading and will be discussed during a conference call the following day, October 21, at 11:00 a.m. Eastern Daylight Time. CNF will discuss its expectations for fourth-quarter 2003 earnings at that time. The call can be accessed by dialing [phone] or [phone] (for international callers only) and is expected to last approximately one hour. Callers are requested to dial in at least five minutes before the start of the call. The conference call will also be available through a live web cast at the investor relations section of the CNF web site at www.cnf.com and at www.streetevents.com. An audio replay will be available for one week following the call at [phone], access code 698160. The replay will also be available for one week on demand at the web sites providing access to the live call.

CNF (NYSE:CNF) is a $4.8 billion management company of global supply chain services with businesses in regional trucking, airfreight, ocean freight, customs brokerage, global logistics management and trailer manufacturing.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" and are subject to a number of risks and uncertainties and should not be relied upon as predictions of future events. All statements other than statements of historical fact are forward-looking statements, including any projections and objectives of management for future operations, any statements regarding contributions to pension plans, any statements as to the adequacy of reserves, any statements regarding the possible outcome of claims brought against CNF, any statements regarding future economic conditions or performance, any statements of estimates or belief and any statements or assumptions underlying the foregoing. Specific factors that could cause actual results and other matters to differ materially from those discussed in such forward-looking statements include: changes in general business and economic conditions, the creditworthiness of CNF's customers and their ability to pay for services rendered, increasing competition and pricing pressure, changes in fuel prices, the effects of the cessation of the air carrier operations of Emery Worldwide Airlines, the possibility of additional unusual charges and other costs and expenses related to Menlo's forwarding operations, the possibility that CNF may, from time to time, be required to record impairment charges for goodwill and other long-lived assets, the possibility of defaults under CNF's $385 million credit agreement and other debt instruments (including defaults resulting from additional unusual charges or from CNF's failure to perform in accordance with management's expectations), and the possibility that CNF may be required to pledge collateral to secure some of its indebtedness or to repay other indebtedness in the event that the ratings assigned to its long-term senior debt by credit rating agencies are reduced, labor matters, enforcement of and changes in governmental regulations, environmental and tax matters, the ongoing investigation relating to Emery Worldwide's handling of hazardous materials, the February 2000 crash of an EWA aircraft and related investigation and litigation, matters relating to CNF's 1996 spin-off of CFC, including the possibility that CFC's multi-employer pension plans may assert claims against CNF, and matters relating to CNF's defined benefit pension plans. The factors included herein and in Item 7 of our 2002 Annual Report on Form 10-K as well as other filings with the Securities and Exchange Commission could cause actual results and other matters to differ materially from those in such forward-looking statements. As a result, no assurance can be given as to future financial condition, cash flows, or results of operations.