CNF Transportation Rated Among `America's Most Admired' Companies in Annual Survey by `Fortune' Magazine.

PALO ALTO, Calif.--(BUSINESS WIRE)--Feb. 17, 1999--

`FORTUNE' Survey Singles Out CNF's Trucking Services as

No. 1 in North America 

CNF Transportation Inc., a $5-billion company with diversified global operations in trucking, air freight, logistics and postal transportation/sortation, has been ranked as America's most admired trucking enterprise in an independent survey by FORTUNE magazine.

In its March 1 cover story, entitled, "America's Most Admired Companies," CNF was listed as the No. 1 most admired trucking company in North America, based on such measurements as quality of service, quality of management, financial performance, innovativeness and environmental sensitivity. It's the 17th year of the annual survey.

"This recognition honoring our full-service transportation company as 'best of class' is testament to our unrelenting commitment to customer service, which is exemplified by hiring the best people in our industry, equipping them with the most advanced technology and practices, and quickly meeting marketplace changes," said CNF President and Chief Executive Officer Gregory L. Quesnel.

"All of our operating companies provide premium ground transport services, but our principal trucking subsidiary, Con-Way Transportation Services, deserves special recognition for CNF earning this honor.

"CNF has been in business 70 years, and we've always grown with the times by meeting our customers' exacting demands. We've evolved into a global transportation enterprise serving more than 400,000 customers in more than 200 countries," said Quesnel. "Today, CNF is well positioned and uniquely capable of providing heavyweight as well as mail and package freight transportation, full logistics and mail sortation services, and by capitalizing on such trends as E-Commerce, outsourcing, integrated solutions and globalization. Our 35,000 employees are proud of our heritage and excited about our future."

Con-Way Transportation Services (CON-WAY) provides time-definite and day-definite freight delivery services through its family of regional less-than-truckload carriers Con-Way Central Express, Con-Way Southern Express and Con-Way Western Express; Con-Way Truckload Services, a multi-modal, full-truckload shipper; Con-Way NOW, an expedited carrier specializing in emergency shipments, and Con-Way Integrated Services, a contract supply chain execution service provider. CON-WAY, with 12 million combined shipments weighing 13 billion pounds annually, has been the most profitable trucking company in North America four years in a row, and consistently wins numerous safety awards from transportation associations.

Since its founding in 1983, CON-WAY has been a performance leader in the trucking and transportation industry, largely because of significant investments in personnel training, technology (including web-based E-Commerce sites tailored for customers) and service excellence programs. Last year, CON-WAY achieved an industry-leading 97.6 percent on-time service performance. CON-WAY also completed in 1998 the linkage of all three of its regional carriers to become an increasingly significant player in transcontinental LTL motor carriage, setting a new industry standard by moving shipments coast-to-coast across North America in just four days.

It also launched Con-Way Integrated Services, which uses a "shared network" approach in providing supply chain execution services through multi-client warehouses and a Chicago-based technology command center. In January, the trucking company announced CON-WAY Guaranteed!, which offers a new service option guaranteeing delivery by a certain transit time schedule or there will be no charge.

In 1998, nine CON-WAY drivers were among the top ten finishers in the 1998 National Truck Driving Championships and one of them was named to the American Trucking Associations' prestigious America's Road Team as a role model and spokesman on key issues for the industry.

Other wholly owned CNF subsidiaries include Emery Worldwide, a global air freight company with one of North America's largest air cargo fleets for heavyweight domestic freight, and that also serves as a significant international air freight forwarder with customs brokerage, logistics and ocean services; and, Menlo Logistics, a full-service contract logistics provider with international operations.

Emery Worldwide Airlines, another CNF subsidiary, draws on the resources of all the CNF companies to meet the requirements 6 of a massive $1.7-billion contract with the U.S. Postal Service to sort and transport Priority Mail. The 58-month, Phase 1 agreement, begun in April of 1997, is the largest contract in Postal and transportation industry history. All 10 new Priority Mail Processing Centers were fully operational by mid-1998, and productivity (pieces of mail sorted per hour) doubled in one year through improved practices and automation.

In its "Most Admired" article, FORTUNE explained that the survey, conducted by Clark Marture & Bartolomeo, surveyed more than 10,000 executives, directors and securities analysts, and relied on "insiders" to rank companies in their own industry on eight criteria. "The result, backed by 17 years of experience, is an industry-by-industry guide to corporate America's shiniest reputations," the article pointed out.

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