Swift Transportation Co., Inc. Announces Settlement of Litigation

    PHOENIX--Feb. 24, 2003--Swift Transportation Co., Inc. announced today the settlement of a personal injury action arising out of a motor vehicle accident involving one of its trucks.
    The accident occurred during a brief period when Swift was in a dispute with its excess carrier and its policy limits were lower than historical and current levels. The settlement, which was reached on Friday, February 21, exceeds the company's coverage for this limited period by $6.25 million. The company has requested that its insurance broker contribute to the shortfall in coverage in connection with this matter. Any unresolved exposure to Swift will be reflected in its results for the 4th quarter of 2002 as a subsequent event, and will result in an adjustment to its previously announced financial results. However, the company does not believe any ultimate payout in this matter or any other claims that arose in this insurance period will have a material adverse effect on its financial position.

    This news release includes statements that may constitute forward-looking statements, usually containing the words "anticipate," "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements and includes the possibility that claims will exceed insurance and reserve levels. Factors that would cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Annual Report on Form 10-K and in the Company's other Securities and Exchange Commission filings. The Company 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 the Company, nor any undertaking to update or comment upon analysts' expectations in the future.

    Swift is the holding company for Swift Transportation Co., Inc. a truckload carrier headquartered in Phoenix, Arizona. Swift is the largest publicly-held national truckload carrier in the United States with regional operations throughout the continental United States.