Swift Transportation Announces Forward Sale 1.3 Million Shares by Moyes Children

    PHOENIX--May 15, 2001--Ronald Moyes, brother of Swift's chairman, president and chief executive officer, Jerry Moyes, as general partner of the Moyes Children's Limited Partnership, an enterprise owned for the benefit of six children of Jerry Moyes, Tuesday announced that the partnership divested approximately 1.3 million shares of Swift stock in order to pay down debt and diversify its investment portfolio.
    The partnership owns approximately 8.9 million shares, and the Jerry Moyes family owns approximately an additional 19.2 million shares.
    The partnership used a variable pre-paid forward contract that will enable it to share in future price appreciation in the stock for a period of up to three years.
    Ron Moyes stated, "I believe Swift is the premier truckload carrier in North America, and am confident in its ability to continue to grow. Because the partnership's assets consist of more than 97 percent of Swift stock, I thought it prudent to allocate some of the partnership's assets into additional categories of investment."
    Swift is the holding company for Swift Transportation Co. Inc. , a truckload carrier headquartered in Phoenix. Swift is the third largest publicly held national truckload carrier in the United States with regional operations throughout the continental United States.

    This news release contains statements that may constitute forward-looking statements, which are usually identified by words such as "anticipates," "believes," "estimates," "projects," "expects" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
    Such statements include, but are not limited to, an expectation of continued growth. Such statements are based upon the current beliefs and expectations of Swift's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
    As to Swift's business and financial performance generally, important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the following: (i) excess capacity in the trucking industry; (ii) significant increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, license and registration fees and insurance premiums, to the extent not offset by increases in freight rates or fuel surcharges; (iii) difficulty in attracting and retaining qualified drivers and owner operators, especially in light of the current shortage of qualified drivers and owner operators; (iv) recessionary economic cycles and downturns in customers' business cycles, particularly in market segments and industries (such as retail and manufacturing) in which the company has a significant concentration of customers; (v) seasonal factors such as harsh weather conditions that increase operating costs; (vi) increases in driver compensation to the extent not offset by increases in freight rates; (vii) the inability of the company to continue to secure acceptable financing arrangements; (viii) the ability of the company to continue to identify qualified acquisition candidates and to effect successful combinations; (ix) an unanticipated increase in the number of claims for which the company is self-insured; (x) a significant reduction in or termination of the company's trucking services by a key customer; (xi) the loss of key executives; (xii) new or more comprehensive regulations with respect to fuel emissions, hours in service or ergonomics; (xiii) a spill or other accident involving hazardous substances; and (xiv) the depressed market for used equipment, particularly tractors.

    A discussion of these and other factors that could cause Swift's results to differ materially from those described in the forward-looking statements can be found in Swift's most recent annual report on Form 10-K, filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's Internet site (http://www.sec.gov).
    Swift undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Further, nothing herein shall constitute adoption or approval of any analyst report regarding Swift, nor any undertaking to update or comment upon analysts' expectations in the future.