Swift Prices Public Offering and Announces Approval of Merger

    PHOENIX--June 22, 2001--Swift Transportation Co. Inc. Friday announced that it has priced a public offering of 1.2 million shares of its common stock at $16.00 per share before underwriting discounts.
    Swift has granted the underwriters a 30-day option to purchase up to 120,000 shares of common stock to cover over-allotments.
    The purpose of the offering is to satisfy one of the conditions for pooling-of-interests accounting treatment of Swift's pending acquisition of M.S. Carriers Inc. At meetings held on June 15, 2001, the stockholders of M.S. Carriers and Swift approved the merger and the issuance of Swift common stock to M.S. Carriers stockholders pursuant to the merger.
    Swift stockholders also approved a proposal to authorize the issuance of 2 million additional shares of common stock under Swift's 1999 Stock Option Plan and elected Jerry Moyes, Alphonse E. Frei, Michael S. Starnes and Edward A. Labry, III to the company's board of directors.
    The election of Starnes and Labry will not become effective unless and until the merger with M.S. Carriers is completed, which Swift expects will occur on or before June 29, 2001.