Introduction Home Yellow is Number One Three components. One company. One-Stop Shopping Shareholders' Letter Management's Discussion and Analysis   Overview     Forward-Looking Statements   2002 Highlights     Equity Offering     Meridian IQ Acquisitions     Continued Consolidation Within...     Spin-Off of SCS Transportation, Inc.     Stronger Financial Position   Results of Operations     Consolidated Results     Yellow Transportation Results     Meridian IQ Results   Financial Condition     Liquidity     Capital Expenditures     Contractual Obligations and Other...     Market Risk Position   Critical Accounting Policies     Revenue Reserves     Claims and Insurance     Pension Cost     Property and Equipment   New Accounting Pronouncements     SFAS No. 143     SFAS No. 146     SFAS No. 148   Outlook     Economic Forecast     Labor Negotiations     Regulatory Changes 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

Management's Discussion and Analysis

Management's Discussion and Analysis of Financial Condition and Results of Operations Overview     Forward-Looking Statements 2002 Highlights     Equity Offering Meridian IQ Acquisitions Continued Consolidation Within the Industry Spin-Off of SCS Transportation, Inc. Stronger Financial Position Results of Operations     Consolidated Results Yellow Transportation Results Meridian IQ Results Financial Condition     Liquidity Capital Expenditures Contractual Obligations and Other Commercial Commitments Market Risk Position Critical Accounting Policies     Revenue Reserves Claims and Insurance Pension Cost Property and Equipment New Accounting Pronouncements     Statement of Financial Accounting Standards (SFAS) No. 143 SFAS No. 146 SFAS No. 148 Outlook     Economic Forecast Labor Negotiations Regulatory Changes

Management's Discussion and Analysis