CNF Transportation Inc. Announces 1998 College Scholarship Winners; Over $1.2 Million in College Scholarships Awarded by CNF Since 1990.

PALO ALTO, Calif.--(BUSINESS WIRE)--Sept. 22, 1998--CNF Transportation Inc., a worldwide company with businesses in air cargo, trucking and contract logistics, has announced that it awarded 62 new college scholarships and 140 renewal scholarships to children of employees throughout the company and its subsidiaries.

The 1998-1999 annual scholarships awarded for academic achievement and strong extracurricular activities totaled $188, 250, including $128,250 for renewal awards.

The program this year granted new scholarships to 62 college or college-bound students in 32 states and Canada. Since the program began eight years ago, more than $1.2 million in first-time and renewal scholarships have been awarded to 559 students.

"The scholarship program is an opportunity in which CNF can play a pivotal role in helping to educate the leaders of tomorrow," said Gregory Quesnel, president and chief executive officer of CNF Transportation. "We started this program to reward students who excel academically and have demonstrated leadership and commitment through other activities, such as part-time employment, sports, music, scouting, and community volunteer work."

Recipients of the CNF Transportation Inc. awards are selected by the independent Citizens Scholarship Foundation of America, a national nonprofit student aid service organization. Nearly 25 percent of applicants for a CNF scholarship were successful. The new recipients are enrolled in four-year undergraduate and specialized technical school programs. This year's CNF scholarship winners have selected a wide variety of academic majors, including education, biology, biochemistry, english, political science, accounting, engineering, computer sciences and nursing.

Students who have a parent employed by a CNF company are eligible to apply after the parent's third year of continuous employment. Awards may be renewed up to three years until a bachelor's degree is earned.

CNF Transportation is a $4.8 billion diversified freight transportation company, based in Palo Alto, and with business activities in more than 200 countries. Principal operating companies are Con-Way Transportation Services, a national network of regional trucking companies; Emery Worldwide, a global air cargo company; and Menlo Logistics, a full-service contract logistics company.

Additional information and news about CNF Transportation Inc. can be obtained by visiting the company's website at http://www.cnf.com. The homepage also contains hyperlinks to CNF's main subsidiary and investor relations' sites.