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    Weak economy affecting CNF

    June 25, 2003
    CNF Inc. today announced that its second-quarter earnings per share are expected to be in the range of 26 to 31 cents. "The weak economy continues to affect all of our businesses, particularly North American operations at Menlo Worldwide Forwarding," said Gregory L. Quesnel, CNF president & CEO. Quesnel said that demand for next day delivery of heavy freight shipments is very weak in North America,
    CNF Inc. today announced that its second-quarter earnings per share are expected to be in the range of 26 to 31 cents.

    "The weak economy continues to affect all of our businesses, particularly North American operations at Menlo Worldwide Forwarding," said Gregory L. Quesnel, CNF president & CEO.

    Quesnel said that demand for next day delivery of heavy freight shipments is very weak in North America, although Menlo Worldwide Forwarding has seen its deferred business increased significantly.

    Menlo Worldwide's international revenue remains good, but the rate of growth has slowed from the first quarter, Quesnel said.

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