USFreightways Makes Announcements

    CHICAGO--Aug. 12, 2002--USFreightways Corporation announced it has filed an amended Form10-Q for the first quarter 2002. The amended Form 10-Q reclassifies a $12,760,000 pre-tax charge for relinquishing the Company's interest in USF Asia Group, Ltd. from a Non-operating expense to an Operating expense. This restated Form 10-Q does not change the Company's reported revenue, net income, earnings per share or equity initially reported in the Company's first quarter 2002 Form 10-Q in the form approved by its previous auditors. This action was taken by the Company following consultation with its newly appointed auditors, Deloitte & Touche LLP.
    Samuel K. Skinner, Chairman, President and Chief Executive Officer of USFreightways and Christopher L. Ellis, Senior Vice President, Finance and Chief Financial Officer will file sworn statements with the Securities and Exchange Commission certifying USFreightways' SEC filings on or before August 14th in the form prescribed by the SEC.
    "The USFreightways Board of Directors, which has the responsibility to provide active oversight on behalf of our shareholders, fully supports the Sarbanes-Oxley Act of 2002 and the proposed Actions on Corporate Governance Reform as outlined by the Nasdaq Stock Market," said Mr. Skinner.

    USFreightways provides comprehensive supply chain management services, including high-value next-day, regional and national less-than-truckload (LTL) transportation, logistics, domestic and international freight forwarding and premium regional and national truckload transportation. For more information, contact the Company at www.usfreightways.com.