Growth The outstanding performance generated by Yellow Roadway in 2004 was the result of several factors. First and foremost was our 2003 acquisition of Roadway Corporation, which doubled the size of the corporation and provided significant operating leverage. Second, we expanded our		ability to deliver transportation solutions to business worldwide through our non-asset subsidiary Meridian IQ. Finally, we were well positioned to take advantage of a more favorable global macroeconomic environment.

In 2004,
every operating unit
of Yellow Roadway
Corporation reported
strong, profitable
growth.