Introduction Home Yellow is Number One Three components. One company. One-Stop Shopping Shareholders' Letter Management's Discussion and Analysis Financial Summary Consolidated Balance Sheets Statements of Consolidated Operations Statements of Consolidated Cash Flows Statements of Shareholders' Equity Statements of Comprehensive Income Notes to Financial Statements Independent Auditors' Report Supplementary Information Glossary Officers Corporate Information Board of Directors Back Cover

Number One

Yellow is No. 1 in its industry according to the March 3, 2003, "America's Most Admired Companies" issue of FORTUNE® magazine.* * Data compiled by the Hay Group for FORTUNE® magazine.

Yellow is No. 1 according to the March 3, 2003, "America's Most Admired Companies" issue of FORTUNE® magazine. Overall Industry Rank Yellow 1 USFreightways 2    CNF 3    Roadway Express 4    Arkansas Best 5    Ryder System 6    Swift Transportation 7    J.B. Hunt Transport Services 8

Eight Key Attributes of Reputation "America's Most Admired Companies" FORTUNE® magazine March 3, 2003 Attribute Yellow Industry Rank Innovativeness 1 Employee talent 1 Use of corporate assets 1 Social responsibility 1 Quality of management 1 Financial soundness 1 Long-term investment value 1 Quality of products/services 1 Overall Industry Rank 1

Number One