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NEWS RELEASE                                           [CALIBER LOGO]

Investor Contact:         Investor Relations           CALIBER SYSTEM, INC.
                          (330) 665-8814               3925 Embassy Parkway
                                                       P.O. Box 5459 
                                                       Akron, OH  44334-0459
Media Contact:            Dina Gruey                   (330)665-5646
                          (330) 665-8849               http://www.calibersys.com

FOR IMMEDIATE RELEASE
MAY 28, 1997


                    CALIBER SYSTEM SIGNS DEFINITIVE AGREEMENT
                      TO SELL FORMER CENTRAL FREIGHT LINES

     AKRON, OHIO --Caliber System, Inc. (NYSE: CBB) has signed a definitive
agreement to sell the operations of Viking Freight's Southwestern Division --
the territory served by the former Central Freight Lines -- to senior Central
management and the Moyes Group of Swift Transportation. 

     Under the terms of the agreement, Caliber will receive $43 million in cash
and will retain 35 properties that the company will sell at a later date.
Additionally, the investor group, which intends to operate under the name
Central Freight Lines, Inc., will assume $22 million in liabilities. The total
value of the sale, including the anticipated proceeds from the retained
properties, is estimated at approximately $80 million.

     "We are pleased with the outcome of our negotiations with the future owners
of Central," said Daniel J. Sullivan, Chairman, President and CEO of Caliber
System. "After completing competitive bidding with several potential buyers,
we agreed on a final sale price which is substantially higher than the
liquidation value of the assets. More importantly, this sale has allowed us to
preserve the jobs of about 4,000 employees who will be retained as part of the
deal."

     Sullivan said that the transaction will strengthen Caliber's balance sheet
as the proceeds from the sale of Central will reduce outstanding debt. The
transaction, which is expected to close on or before June 30, will have no
impact on Caliber's future 1997 earnings.

     Central Freight Lines, which will operate 57 terminals in eight
southwestern states, will continue its close working relationship with Viking
Freight, Caliber's less-than-truckload carrier serving 12 western states, to
provide seamless service to customers in both regions.


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CALIBER SYSTEM, INC.
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     Caliber System is a leading provider of value-added transportation,
logistics and related information services. Its operating companies include RPS,
a business-to-business small-package carrier; Viking Freight, a supplier of
regional freight service in the West; Caliber Logistics, a contract logistics
provider; Roberts Express, a critical-shipment carrier; and Caliber Technology,
a producer of systemwide information services. By combining its operating units'
products and services, Caliber offers integrated, customized solutions that
meet customer demand for more comprehensive transportation and logistics
programs.

     This release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially. These risks and uncertainties are detailed from time to time in
reports filed by the Company with the Securities and Exchange Commission,
including Forms 8-K, 10-Q and 10-K.

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