----

| CON-WAY INC.                     |
|----------------------------------|
| FORM 10-Q                        |
| Quarter Ended September 30, 2009 |
|                             |   |   |   |   |   |
|                             |   |   |   |   |   |
| Table of Contents                |
|                             |   |   |   |   |   |
|                             |   |   |   |   | Page |
| PART I. FINANCIAL INFORMATION    |   |
|                             |   |   |   |   |   |
|                             | Item 1. | Financial Statements |   |
|                             |   |   |   |   |   |
|                             |   |   | Consolidated Balance Sheets - |   |
|                             |   |   |   | September 30, 2009 and December 31, 2008 | 3 |
|                             |   |   |   |   |   |
|                             |   |   | Statements of Consolidated Operations - |   |
|                             |   |   |   | Three and Nine Months Ended September 30, 2009 and 2008 | 5 |
|                             |   |   |   |   |   |
|                             |   |   | Statements of Consolidated Cash Flows - |   |
|                             |   |   |   | Nine Months Ended September 30, 2009 and 2008 | 6 |
|                             |   |   |   |   |   |
|                             |   |   | Notes to Consolidated Financial Statements | 7 |
|                             |   |   |   |   |   |
|                             | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 20 |
|                             |   |   |   |   |   |
|                             | Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 32 |
|                             |   |   |   |   |   |
|                             | Item 4. | Controls and Procedures | 34 |
|                             |   |   |   |   |   |
| PART II. OTHER INFORMATION       |   |
|                             |   |   |   |   |   |
|                             | Item 1. | Legal Proceedings | 35 |
|                             |   |   |   |   |   |
|                             | Item 1A. | Risk Factors | 35 |
|                             |   |   |   |   |   |
|                             | Item 6. | Exhibits | 36 |
|                             |   |   |   |   |   |
|                             | Signatures | 37 |
|                             |   |   |   |   |   |
|                             |   |   |   |   |   |
|                             |   |   |   |   |   |

----

| PART I. FINANCIAL INFORMATION                                    |   |
|------------------------------------------------------------------|--------|
|                                                             |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
| ITEM 1.  FINANCIAL STATEMENTS                          |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
| CON-WAY INC.                                                     |   |
| CONSOLIDATED BALANCE SHEETS                                      |   |
| (Dollars in thousands)                                           |   |
|                                                             |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |
|                                                             |   | September 30, |   |   | December 31, |   |
| ASSETS                                                           |   | 2009 |   |   | 2008 |   |
|                                                             |   | (Unaudited) |   |   |   |   |
| Current Assets                                                   |   |   |   |   |   |   |
| Cash and cash equivalents                                        |   | $ | 417,145 |   |   | $ | 278,253 |   |
| Marketable securities                                            |   |   | 20,407 |   |   |   | - |   |
| Trade accounts receivable, net                                   |   |   | 534,685 |   |   |   | 516,910 |   |
| Other accounts receivable                                        |   |   | 36,046 |   |   |   | 51,576 |   |
| Operating supplies, at lower of average cost or market           |   |   | 20,387 |   |   |   | 24,102 |   |
| Prepaid expenses and other assets                                |   |   | 34,867 |   |   |   | 42,278 |   |
| Deferred income taxes                                            |   |   | 33,931 |   |   |   | 37,963 |   |
|                                                             |   |   | 1,097,468 |   |   |   | 951,082 |   |
|                                                             |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |
| Property, Plant and Equipment                                    |   |   |   |   |   |   |   |   |
|   Land                                                      |   |   | 194,963 |   |   |   | 194,330 |   |
| Buildings and leasehold improvements                             |   |   | 807,966 |   |   |   | 803,511 |   |
| Revenue equipment                                                |   |   | 1,335,955 |   |   |   | 1,350,514 |   |
| Other equipment                                                  |   |   | 286,886 |   |   |   | 292,761 |   |
|                                                             |   |   | 2,625,770 |   |   |   | 2,641,116 |   |
| Accumulated depreciation and amortization                        |   |   | (1,260,198 | ) |   |   | (1,169,160 | ) |
|                                                             |   |   | 1,365,572 |   |   |   | 1,471,956 |   |
|                                                             |   |   |   |   |   |   |   |   |
| Other Assets                                                     |   |   |   |   |   |   |   |   |
| Deferred charges and other assets                                |   |   | 39,228 |   |   |   | 43,012 |   |
| Capitalized software, net                                        |   |   | 23,610 |   |   |   | 29,345 |   |
| Marketable securities                                            |   |   | 7,045 |   |   |   | 6,712 |   |
| Intangible assets, net                                           |   |   | 24,119 |   |   |   | 27,336 |   |
| Goodwill                                                         |   |   | 353,449 |   |   |   | 487,956 |   |
| Deferred income taxes                                            |   |   | - |   |   |   | 54,308 |   |
|                                                             |   |   | 447,451 |   |   |   | 648,669 |   |
|                                                             |   |   |   |   |   |   |   |   |
| Total Assets                                                     |   | $ | 2,910,491 |   |   | $ | 3,071,707 |   |
|                                                             |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements. |   |

----

| CON-WAY INC.                                                          |   |
|-----------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                           |   |
| (Dollars in thousands except per share amounts)                       |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   | September 30, |   |   | December 31, |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                  |   | 2009 |   |   | 2008 |   |
|                                                                  |   | (Unaudited) |   |   |   |   |
| Current Liabilities                                                   |   |   |   |   |   |   |
| Accounts payable                                                      |   | $ | 290,278 |   |   | $ | 273,784 |   |
| Accrued liabilities                                                   |   |   | 234,674 |   |   |   | 258,350 |   |
| Self-insurance accruals                                               |   |   | 89,399 |   |   |   | 94,663 |   |
| Short-term borrowings                                                 |   |   | 10,599 |   |   |   | 7,480 |   |
| Current maturities of long-term debt                                  |   |   | 204,767 |   |   |   | 23,800 |   |
| Total Current Liabilities                                             |   |   | 829,717 |   |   |   | 658,077 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Long-Term Liabilities                                                 |   |   |   |   |   |   |   |   |
| Long-term debt and guarantees                                         |   |   | 718,074 |   |   |   | 926,224 |   |
| Self-insurance accruals                                               |   |   | 158,151 |   |   |   | 152,435 |   |
| Employee benefits                                                     |   |   | 351,309 |   |   |   | 659,508 |   |
| Other liabilities and deferred credits                                |   |   | 46,578 |   |   |   | 49,871 |   |
| Deferred income taxes                                                 |   |   | 72,321 |   |   |   | - |   |
| Total Liabilities                                                     |   |   | 2,176,150 |   |   |   | 2,446,115 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Commitments and Contingencies (Note 11)                               |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Shareholders' Equity                                                  |   |   |   |   |   |   |   |   |
| Preferred stock, no par value; authorized 5,000,000 shares:           |   |   |   |   |   |   |   |   |
| Series B, 8.5% cumulative, convertible, $.01 stated value; designated |   |   |   |   |   |   |   |   |
| 1,100,000 shares; issued zero and 523,911 shares, respectively        |   |   | - |   |   |   | 5 |   |
| Additional paid-in capital, preferred stock                           |   |   | - |   |   |   | 79,681 |   |
| Deferred compensation, defined contribution retirement plan           |   |   | - |   |   |   | (10,435 | ) |
| Total Preferred Shareholders' Equity                                  |   |   | - |   |   |   | 69,251 |   |
| Common stock, $.625 par value; authorized 100,000,000 shares;         |   |   |   |   |   |   |   |   |
| issued 62,512,456 and 62,379,868 shares, respectively                 |   |   | 38,971 |   |   |   | 38,851 |   |
| Additional paid-in capital, common stock                              |   |   | 565,516 |   |   |   | 584,229 |   |
| Retained earnings                                                     |   |   | 892,845 |   |   |   | 1,020,930 |   |
| Cost of repurchased common stock                                      |   |   |   |   |   |   |   |   |
| (13,411,080 and 16,522,563 shares, respectively)                      |   |   | (580,475 | ) |   |   | (713,095 | ) |
| Total Common Shareholders' Equity                                     |   |   | 916,857 |   |   |   | 930,915 |   |
| Accumulated Other Comprehensive Income (Loss)                         |   |   | (182,516 | ) |   |   | (374,574 | ) |
| Total Shareholders' Equity                                            |   |   | 734,341 |   |   |   | 625,592 |   |
| Total Liabilities and Shareholders' Equity                            |   | $ | 2,910,491 |   |   | $ | 3,071,707 |   |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements.      |   |

----

| CON-WAY INC.                                                     |   |
|------------------------------------------------------------------|--------|
| STATEMENTS OF CONSOLIDATED OPERATIONS                            |   |
| (Unaudited)                                                      |   |
| (Dollars in thousands except per share amounts)                  |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                             |   | September 30, |   |   | September 30, |   |
|                                                             |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                         |   | $ | 1,133,441 |   |   | $ | 1,370,169 |   |   | $ | 3,152,706 |   |   | $ | 3,911,435 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and Expenses                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries, wages and other employee benefits                      |   |   | 490,337 |   |   |   | 533,810 |   |   |   | 1,420,018 |   |   |   | 1,580,424 |   |
| Purchased transportation                                         |   |   | 271,842 |   |   |   | 348,899 |   |   |   | 717,892 |   |   |   | 921,996 |   |
| Fuel and fuel-related taxes                                      |   |   | 95,786 |   |   |   | 163,350 |   |   |   | 252,821 |   |   |   | 467,728 |   |
| Other operating expenses                                         |   |   | 111,517 |   |   |   | 115,576 |   |   |   | 312,443 |   |   |   | 330,572 |   |
| Depreciation and amortization                                    |   |   | 47,390 |   |   |   | 52,808 |   |   |   | 146,352 |   |   |   | 156,016 |   |
| Maintenance                                                      |   |   | 34,698 |   |   |   | 33,712 |   |   |   | 95,498 |   |   |   | 101,679 |   |
| Rents and leases                                                 |   |   | 24,497 |   |   |   | 24,477 |   |   |   | 70,451 |   |   |   | 71,007 |   |
| Purchased labor                                                  |   |   | 16,240 |   |   |   | 18,620 |   |   |   | 45,630 |   |   |   | 54,228 |   |
| Loss from impairment of goodwill                                 |   |   | - |   |   |   | - |   |   |   | 134,813 |   |   |   | - |   |
|                                                             |   |   | 1,092,307 |   |   |   | 1,291,252 |   |   |   | 3,195,918 |   |   |   | 3,683,650 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Income (Loss)                                          |   |   | 41,134 |   |   |   | 78,917 |   |   |   | (43,212 | ) |   |   | 227,785 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Income (Expense)                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment income                                                |   |   | 509 |   |   |   | 1,344 |   |   |   | 2,001 |   |   |   | 4,014 |   |
| Interest expense                                                 |   |   | (15,864 | ) |   |   | (15,646 | ) |   |   | (48,463 | ) |   |   | (47,789 | ) |
| Miscellaneous, net                                               |   |   | (755 | ) |   |   | (867 | ) |   |   | (1,742 | ) |   |   | 528 |   |
|                                                             |   |   | (16,110 | ) |   |   | (15,169 | ) |   |   | (48,204 | ) |   |   | (43,247 | ) |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) before Income Tax Provision                        |   |   | 25,024 |   |   |   | 63,748 |   |   |   | (91,416 | ) |   |   | 184,538 |   |
| Income Tax Provision                                             |   |   | 11,532 |   |   |   | 23,264 |   |   |   | 14,402 |   |   |   | 71,136 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from Continuing Operations                         |   |   | 13,492 |   |   |   | 40,484 |   |   |   | (105,818 | ) |   |   | 113,402 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued Operations, net of tax                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain from Disposal                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,609 |   |
|                                                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,609 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss)                                                |   |   | 13,492 |   |   |   | 40,484 |   |   |   | (105,818 | ) |   |   | 115,011 |   |
| Preferred Stock Dividends                                        |   |   | - |   |   |   | 1,655 |   |   |   | 3,189 |   |   |   | 5,028 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) Applicable to Common Shareholders              |   | $ | 13,492 |   |   | $ | 38,829 |   |   | $ | (109,007 | ) |   | $ | 109,983 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) From Continuing Operations                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Applicable to Common Shareholders                                |   | $ | 13,492 |   |   | $ | 38,829 |   |   | $ | (109,007 | ) |   | $ | 108,374 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-Average Common Shares Outstanding                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                            |   |   | 48,862,692 |   |   |   | 45,499,208 |   |   |   | 47,009,642 |   |   |   | 45,367,459 |   |
| Diluted                                                          |   |   | 49,497,740 |   |   |   | 48,336,200 |   |   |   | 47,009,642 |   |   |   | 48,256,429 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) per Common Share                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Net Income (Loss) from Continuing Operations         |   | $ | 0.28 |   |   | $ | 0.85 |   |   | $ | (2.32 | ) |   | $ | 2.39 |   |
|   Gain from Disposal                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.03 |   |
|   Net Income (Loss) Applicable to Common Shareholders  |   | $ | 0.28 |   |   | $ | 0.85 |   |   | $ | (2.32 | ) |   | $ | 2.42 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Net Income (Loss) from Continuing Operations         |   | $ | 0.27 |   |   | $ | 0.81 |   |   | $ | (2.32 | ) |   | $ | 2.26 |   |
|   Gain from Disposal                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.04 |   |
|   Net Income (Loss) Applicable to Common Shareholders  |   | $ | 0.27 |   |   | $ | 0.81 |   |   | $ | (2.32 | ) |   | $ | 2.30 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements. |   |

----

| CON-WAY INC.                                                       |   |
|--------------------------------------------------------------------|--------|
| STATEMENTS OF CONSOLIDATED CASH FLOWS                              |   |
| (Unaudited)                                                        |   |
| (Dollars in thousands)                                             |   |
|                                                               |   |   |   |   |   |   |
|                                                               |   | Nine Months Ended |   |
|                                                               |   | September 30, |   |
|                                                               |   | 2009 |   |   | 2008 |   |
|                                                               |   |   |   |   |   |   |
| Cash and Cash Equivalents, Beginning of Period                     |   | $ | 278,253 |   |   | $ | 176,298 |   |
|                                                               |   |   |   |   |   |   |   |   |
| Operating Activities                                               |   |   |   |   |   |   |   |   |
| Net income (Loss)                                                  |   |   | (105,818 | ) |   |   | 115,011 |   |
| Adjustments to reconcile net income (loss) to net cash provided    |   |   |   |   |   |   |   |   |
| by operating activities:                                           |   |   |   |   |   |   |   |   |
| Discontinued operations, net of tax                                |   |   | - |   |   |   | (1,609 | ) |
| Depreciation and amortization, net of accretion                    |   |   | 141,162 |   |   |   | 151,901 |   |
| Non-cash compensation and employee benefits                        |   |   | 30,965 |   |   |   | 16,022 |   |
| Increase in deferred income taxes                                  |   |   | 8,787 |   |   |   | 35,504 |   |
| Provision for uncollectible accounts                               |   |   | 5,593 |   |   |   | 4,769 |   |
| Loss from impairment of goodwill                                   |   |   | 134,813 |   |   |   | - |   |
| Loss from sales of property and equipment, net                     |   |   | 7,647 |   |   |   | 2,110 |   |
| Changes in assets and liabilities:                                 |   |   |   |   |   |   |   |   |
| Receivables                                                        |   |   | (27,958 | ) |   |   | (133,324 | ) |
| Prepaid expenses                                                   |   |   | 7,397 |   |   |   | 9,087 |   |
| Accounts payable                                                   |   |   | 15,080 |   |   |   | 10,582 |   |
| Accrued incentive compensation                                     |   |   | 1,358 |   |   |   | (867 | ) |
| Accrued liabilities, excluding accrued incentive compensation      |   |   |   |   |   |   |   |   |
|      and employee benefits                |   |   | (6,890 | ) |   |   | 55,478 |   |
| Self-insurance accruals                                            |   |   | 452 |   |   |   | 12,201 |   |
| Accrued income taxes                                               |   |   | 17,375 |   |   |   | (15,120 | ) |
| Employee benefits                                                  |   |   | (7,800 | ) |   |   | (20,242 | ) |
| Deferred charges and credits                                       |   |   | 3,814 |   |   |   | (7,021 | ) |
| Other                                                              |   |   | 3,719 |   |   |   | (10,652 | ) |
| Net Cash Provided by Operating Activities                          |   |   | 229,696 |   |   |   | 223,830 |   |
|                                                               |   |   |   |   |   |   |   |   |
| Investing Activities                                               |   |   |   |   |   |   |   |   |
| Capital expenditures                                               |   |   | (46,648 | ) |   |   | (197,079 | ) |
| Software expenditures                                              |   |   | (4,230 | ) |   |   | (8,334 | ) |
| Proceeds from sales of property and equipment                      |   |   | 13,491 |   |   |   | 6,554 |   |
| Proceeds from sale-leaseback transaction                           |   |   | - |   |   |   | 40,380 |   |
| Net decrease (increase) in marketable securities                   |   |   | (20,393 | ) |   |   | 22,501 |   |
| Net Cash Used in Investing Activities                              |   |   | (57,780 | ) |   |   | (135,978 | ) |
|                                                               |   |   |   |   |   |   |   |   |
| Financing Activities                                               |   |   |   |   |   |   |   |   |
| Repayment of debt and guarantees                                   |   |   | (22,700 | ) |   |   | (22,704 | ) |
| Net proceeds from (repayments of) short-term borrowings            |   |   | 3,107 |   |   |   | (3,802 | ) |
| Proceeds from exercise of stock options                            |   |   | 4,171 |   |   |   | 9,569 |   |
| Excess tax benefit from stock-option exercises                     |   |   | 165 |   |   |   | 755 |   |
| Payments of common dividends                                       |   |   | (14,157 | ) |   |   | (13,688 | ) |
| Payments of preferred dividends                                    |   |   | (3,507 | ) |   |   | (7,373 | ) |
| Net Cash Used in Financing Activities                              |   |   | (32,921 | ) |   |   | (37,243 | ) |
|                                                               |   |   |   |   |   |   |   |   |
| Net Cash Provided by Continuing Operations                         |   |   | 138,995 |   |   |   | 50,609 |   |
|                                                               |   |   |   |   |   |   |   |   |
| Discontinued Operations                                            |   |   |   |   |   |   |   |   |
| Net Cash Used in Operating Activities                              |   |   | (103 | ) |   |   | (1,204 | ) |
| Net Cash Used in Discontinued Operations                           |   |   | (103 | ) |   |   | (1,204 | ) |
|                                                               |   |   |   |   |   |   |   |   |
| Increase in Cash and Cash Equivalents                              |   |   | 138,892 |   |   |   | 49,405 |   |
| Cash and Cash Equivalents, End of Period                           |   | $ | 417,145 |   |   | $ | 225,703 |   |
|                                                               |   |   |   |   |   |   |   |   |
| Supplemental Disclosure                                            |   |   |   |   |   |   |   |   |
| Cash paid (refunded) for income taxes, net                         |   | $ | (8,865 | ) |   | $ | 48,381 |   |
| Cash paid for interest, net of amounts capitalized                 |   | $ | 50,303 |   |   | $ | 36,999 |   |
|                                                               |   |   |   |   |   |   |   |   |
| Non-cash Financing Activities                                      |   |   |   |   |   |   |   |   |
| Repurchased common stock issued under defined contribution plan    |   | $ | 18,671 |   |   | $ | - |   |
| Repurchased common stock issued for payment of preferred dividends |   | $ | 3,189 |   |   | $ | - |   |
|                                                               |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements.   |   |

----

----

| (Dollars in thousands except per share data) |   | Three Months EndedSeptember 30, |       |   | Nine Months EndedSeptember 30, |   |
|----------------------------------------------|--------|---------------------------------|------------|--------|--------------------------------|--------|
|                                         |   | 2009                            |       |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Numerator:                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |
| Continuing operations (after preferred stock |   |                            |       |   |                           |   |   |   |   |   |   |   |
| dividends), as reported                      |   | $                               | 13,492     |   |                           | $      | 38,829 |   |   | $ | (109,007 | ) |   | $ | 108,374 |   |
| Add-backs:                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Dividends on Series B preferred stock, net   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| of replacement funding                       |   |                            | --         |   |                           |   | 256 |   |   |   | -- |   |   |   | 780 |   |
| Continuing operations                        |   |                            | 13,492     |   |                           |   | 39,085 |   |   |   | (109,007 | ) |   |   | 109,154 |   |
| Discontinued operations                      |   |                            | --         |   |                           |   | -- |   |   |   | -- |   |   |   | 1,609 |   |
| Applicable to common shareholders            |   | $                               | 13,492     |   |                           | $      | 39,085 |   |   | $ | (109,007 | ) |   | $ | 110,763 |   |
|                                         |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                 |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares outstanding   |   |                            | 48,862,692 |   |                           |   | 45,499,208 |   |   |   | 47,009,642 |   |   |   | 45,367,459 |   |
| Stock options and nonvested stock            |   |                            | 635,048    |   |                           |   | 322,040 |   |   |   | -- |   |   |   | 374,018 |   |
| Series B preferred stock                     |   |                            | --         |   |                           |   | 2,514,952 |   |   |   | -- |   |   |   | 2,514,952 |   |
|                                         |   |                            | 49,497,740 |   |                           |   | 48,336,200 |   |   |   | 47,009,642 |   |   |   | 48,256,429 |   |
|                                         |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Anti-dilutive securities not included in     |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| denominator                                  |   |                            | 1,588,526  |   |                           |   | 871,330 |   |   |   | 5,025,354 |   |   |   | 871,330 |   |
|                                         |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) per Diluted Share:           |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Continuing operations                        |   | $                               | 0.27       |   |                           | $      | 0.81 |   |   | $ | (2.32 | ) |   | $ | 2.26 |   |
| Discontinued operations                      |   |                            | --         |   |                           |   | -- |   |   |   | -- |   |   |   | 0.04 |   |
| Applicable to common shareholders            |   | $                               | 0.27       |   |                           | $      | 0.81 |   |   | $ | (2.32 | ) |   | $ | 2.30 |   |

----

----

| (Dollars in thousands)                    |   | Logistics |    |   | Truckload |   |     | Other  |   |   | Total  |   |
|-------------------------------------------|--------|-----------|---------|--------|-----------|--------|----------|--------|--------|--------|--------|--------|
|                                      |   |      |    |   |      |   |     |   |   |   |   |   |
| Balances at December 31, 2007             |   | $         | 55,146  |   |      | $      | 471,573  |   |   | $      | 727    |   |   | $ | 527,446 |   |
| Adjustments to fair value                 |   |      | (11,020 | )      |      |   | (8,814   | )      |   |   | --     |   |   |   | (19,834 | ) |
| Liabilities assumed                       |   |      | 7,537   |   |      |   | --       |   |   |   | --     |   |   |   | 7,537 |   |
| Adjustments to deferred taxes             |   |      | 2,755   |   |      |   | 1,839    |   |   |   | --     |   |   |   | 4,594 |   |
| Impairment charge                         |   |      | (31,822 | )      |      |   | --       |   |   |   | --     |   |   |   | (31,822 | ) |
| Direct transition costs                   |   |      | 282     |   |      |   | --       |   |   |   | --     |   |   |   | 282 |   |
| Change in foreign-currency exchange rates |   |      | (247    | )      |      |   | --       |   |   |   | --     |   |   |   | (247 | ) |
| Balances at December 31, 2008             |   | $         | 22,631  |   |      | $      | 464,598  |   |   | $      | 727    |   |   | $ | 487,956 |   |
| Impairment charge                         |   |      | --      |   |      |   | (134,813 | )      |   |   | --     |   |   |   | (134,813 | ) |
| Change in foreign-currency exchange rates |   |      | 306     |   |      |   | --       |   |   |   | --     |   |   |   | 306 |   |
| Balances at September 30, 2009            |   | $         | 22,937  |   |      | $      | 329,785  |   |   | $      | 727    |   |   | $ | 353,449 |   |

|                   |   |                          |   |   | September 30, 2009    |   |   | December 31, 2008        |   |
|------------------------|--------|-------------------------------|--------|--------|-----------------------|--------|--------|--------------------------|--------|
| (Dollars in thousands) |   | Weighted-Average Life (Years) |   |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |
|                   |   |                          |   |   |                  |   |   |                     |   |   |   |   |   |   |   |
| Customer relationships |   |                          | 9.4    |   |                  | $      | 31,343 |                     |   | $ | 7,406 |   |   | $ | 31,152 |   |   | $ | 4,714 |   |
| Trademarks             |   |                          | 2.0    |   |                  |   | 2,550  |                     |   |   | 2,368 |   |   |   | 2,550 |   |   |   | 1,652 |   |
|                   |   |                          |   |   |                  | $      | 33,893 |                     |   | $ | 9,774 |   |   | $ | 33,702 |   |   | $ | 6,366 |   |

| (Dollars in thousands)         |   |   |   |
|--------------------------------|--------|--------|--------|
|                           |   |   |   |
| Year ending December 31:       |   |   |   |
| Remaining three months of 2009 |   | $      | 1,000  |   |
| 2010                           |   |   | 3,500  |   |
| 2011                           |   |   | 3,500  |   |
| 2012                           |   |   | 3,100  |   |
| 2013                           |   |   | 2,700  |   |
| 2014                           |   |   | 2,700  |   |

----

| (Dollars in thousands)                   |   | Employee-Separation Costs |   |   | Facility and Lease- Termination Costs |   |   | Asset-Impairment Charges |   |   | Other  |   |   | Total  |   |
|------------------------------------------|--------|---------------------------|--------|--------|---------------------------------------|--------|--------|--------------------------|--------|--------|--------|--------|--------|--------|--------|
| Balance at December 31, 2008             |   | $                         | --     |   |                                  | $      | 3,162  |                     |   | $      | --     |   |   | $      | 40     |   |   | $ | 3,202 |   |
| Cash payments                            |   |                      | --     |   |                                  |   | (793   | )                        |   |   | --     |   |   |   | (40    | ) |   |   | (833 | ) |
| Balance at September  30, 2009 |   | $                         | --     |   |                                  | $      | 2,369  |                     |   | $      | --     |   |   | $      | --     |   |   | $ | 2,369 |   |
|                                     |   |                      |   |   |                                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expense recognized to date         |   | $                         | 7,119  |   |                                  | $      | 4,336  |                     |   | $      | 2,401  |   |   | $      | 2,786  |   |   | $ | 16,642 |   |

| (Dollars in thousands)                         |   | Employee-Separation Costs |   |   | Facility and Lease- Termination Costs |   |   | Asset-Impairment Charges |   |   | Total  |   |
|------------------------------------------------|--------|---------------------------|--------|--------|---------------------------------------|--------|--------|--------------------------|--------|--------|--------|--------|
| Balance at December 31, 2008                   |   | $                         | 259    |   |                                  | $      | 7,213  |                     |   | $      | --     |   |   | $ | 7,472 |   |
| 2009 restructuring charges and net adjustments |   |                      | 324    |   |                                  |   | (1,967 | )                        |   |   | 22     |   |   |   | (1,621 | ) |
| Cash payments                                  |   |                      | (583   | )      |                                  |   | (2,076 | )                        |   |   | --     |   |   |   | (2,659 | ) |
| Write-offs                                     |   |                      | --     |   |                                  |   | --     |                     |   |   | (22    | )      |   |   | (22 | ) |
| Balance at September 30, 2009                  |   | $                         | --     |   |                                  | $      | 3,170  |                     |   | $      | --     |   |   | $ | 3,170 |   |
|                                           |   |                      |   |   |                                  |   |   |                     |   |   |   |   |   |   |   |   |
| Total expense recognized to date               |   | $                         | 5,968  |   |                                  | $      | 5,781  |                     |   | $      | 1,656  |   |   | $ | 13,405 |   |

----

| (Dollars in thousands)           |   | Employee-Separation Costs |   |
|----------------------------------|--------|---------------------------|--------|
| Balance at December 31, 2008     |   | $                         | 1,742  |   |
| 2009 restructuring charges       |   |                      | 1,114  |   |
| Cash payments                    |   |                      | (2,856 | ) |
| Balance at September 30, 2009    |   | $                         | --     |   |
|                             |   |                      |   |   |
| Total expense recognized to date |   | $                         | 6,567  |   |

|   | · | Freight. The Freight segment consists of the operating results of the Con-way Freight business unit, which provides regional, inter-regional and transcontinental less-than-truckload freight services throughout North America. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Logistics. The Logistics segment consists of the operating results of the Menlo Worldwide Logistics business unit, which develops contract-logistics solutions, including the management of complex distribution networks and supply-chain engineering and consulting, and also provides multimodal freight brokerage services. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Truckload. The Truckload segment consists of the operating results of the Con-way Truckload business unit, which provides asset-based full-truckload freight services throughout North America. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Other. The Other reporting segment consists of the operating results of Road Systems, a trailer manufacturer, and certain corporate activities for which the related income or expense has not been allocated to other reporting segments. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (Dollars in thousands)                     |   | Three Months EndedSeptember 30, |      |   | Nine Months EndedSeptember 30, |   |
|--------------------------------------------|--------|---------------------------------|-----------|--------|--------------------------------|--------|
|                                       |   | 2009                            |      |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Revenues from External Customers           |   |                            |      |   |                           |   |   |   |   |   |   |   |
| Freight                                    |   | $                               | 692,750   |   |                           | $      | 808,326 |   |   | $ | 1,890,434 |   |   | $ | 2,375,654 |   |
| Logistics                                  |   |                            | 344,361   |   |                           |   | 419,896 |   |   |   | 987,793 |   |   |   | 1,138,494 |   |
| Truckload                                  |   |                            | 95,681    |   |                           |   | 140,932 |   |   |   | 271,490 |   |   |   | 394,264 |   |
| Other                                      |   |                            | 649       |   |                           |   | 1,015 |   |   |   | 2,989 |   |   |   | 3,023 |   |
|                                       |   | $                               | 1,133,441 |   |                           | $      | 1,370,169 |   |   | $ | 3,152,706 |   |   | $ | 3,911,435 |   |
|                                       |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Inter-segment Revenues                     |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Freight                                    |   | $                               | 11,709    |   |                           | $      | 16,622 |   |   | $ | 37,189 |   |   | $ | 41,161 |   |
| Logistics                                  |   |                            | 1,991     |   |                           |   | 332 |   |   |   | 2,658 |   |   |   | 355 |   |
| Truckload                                  |   |                            | 50,570    |   |                           |   | 42,730 |   |   |   | 152,842 |   |   |   | 122,073 |   |
| Other                                      |   |                            | 3,209     |   |                           |   | 11,573 |   |   |   | 11,395 |   |   |   | 35,120 |   |
|                                       |   | $                               | 67,479    |   |                           | $      | 71,257 |   |   | $ | 204,084 |   |   | $ | 198,709 |   |
|                                       |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Revenues before Inter-segment Eliminations |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Freight                                    |   | $                               | 704,459   |   |                           | $      | 824,948 |   |   | $ | 1,927,623 |   |   | $ | 2,416,815 |   |
| Logistics                                  |   |                            | 346,352   |   |                           |   | 420,228 |   |   |   | 990,451 |   |   |   | 1,138,849 |   |
| Truckload                                  |   |                            | 146,251   |   |                           |   | 183,662 |   |   |   | 424,332 |   |   |   | 516,337 |   |
| Other                                      |   |                            | 3,858     |   |                           |   | 12,588 |   |   |   | 14,384 |   |   |   | 38,143 |   |
| Inter-segment Revenue Eliminations         |   |                            | (67,479   | )      |                           |   | (71,257 | ) |   |   | (204,084 | ) |   |   | (198,709 | ) |
|                                       |   | $                               | 1,133,441 |   |                           | $      | 1,370,169 |   |   | $ | 3,152,706 |   |   | $ | 3,911,435 |   |
| Operating Income (Loss)                    |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Freight                                    |   | $                               | 22,816    |   |                           | $      | 61,107 |   |   | $ | 48,423 |   |   | $ | 174,559 |   |
| Logistics                                  |   |                            | 9,532     |   |                           |   | 3,678 |   |   |   | 22,305 |   |   |   | 14,895 |   |
| Truckload                                  |   |                            | 10,620    |   |                           |   | 15,195 |   |   |   | (115,179 | ) |   |   | 37,907 |   |
| Other                                      |   |                            | (1,834    | )      |                           |   | (1,063 | ) |   |   | 1,239 |   |   |   | 424 |   |
|                                       |   | $                               | 41,134    |   |                           | $      | 78,917 |   |   | $ | (43,212 | ) |   | $ | 227,785 |   |
|                                       |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |

| (Dollars in thousands) |   | September 30, |      |   | December 31, |   |
|------------------------|--------|---------------|-----------|--------|--------------|--------|
|                   |   | 2009          |      |   | 2008         |   |
| Assets                 |   |          |      |   |         |   |
| Freight                |   | $             | 1,275,257 |   |         | $      | 1,297,197 |   |
| Logistics              |   |          | 306,770   |   |         |   | 331,419 |   |
| Truckload              |   |          | 726,430   |   |         |   | 911,835 |   |
| Other                  |   |          | 602,034   |   |         |   | 531,256 |   |
|                   |   | $             | 2,910,491 |   |         | $      | 3,071,707 |   |

----

|                          |   | September 30, 2009 |    |
|-------------------------------|--------|--------------------|---------|
| (Dollars in thousands)        |   | Total              |    |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|                          |   |               |    |   |   |   |   |   |   |   |   |   |
| Cash equivalents              |   | $                  | 396,953 |   |   | $ | 154,693 |   |   | $ | 242,260 |   |   | $ | -- |   |
| Current marketable securities |   |               | 20,407  |   |   |   | -- |   |   |   | 20,407 |   |   |   | -- |   |
| Other marketable securities   |   |               | 7,045   |   |   |   | -- |   |   |   | -- |   |   |   | 7,045 |   |

|                        |   | December 31, 2008 |    |
|-----------------------------|--------|-------------------|---------|
| (Dollars in thousands)      |   | Total             |    |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|                        |   |              |    |   |   |   |   |   |   |   |   |   |
| Cash equivalents            |   | $                 | 264,946 |   |   | $ | 125,160 |   |   | $ | 139,786 |   |   | $ | -- |   |
| Other marketable securities |   |              | 6,712   |   |   |   | -- |   |   |   | -- |   |   |   | 6,712 |   |

|                          |   |                  |   |
|-------------------------------|--------|-----------------------|--------|
| (Dollars in thousands)        |   | Auction-rate security |   |
|                          |   |                  |   |
| Balance at December 31, 2007  |   | $                     | --     |   |
| Transfer in from Level 2      |   |                  | 7,500  |   |
| Unrealized loss               |   |                  | (788   | ) |
| Balance at December 31, 2008  |   | $                     | 6,712  |   |
| Unrealized gain               |   |                  | 533    |   |
| Partial redemption            |   |                  | (200   | ) |
| Balance at September 30, 2009 |   | $                     | 7,045  |   |

----

|                                                   |   | Qualified Pension Plans         |    |
|--------------------------------------------------------|--------|---------------------------------|---------|
|                                                   |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
| (Dollars in thousands)                                 |   | 2009                            |    |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                   |   |                            |    |   |   |   |   |   |   |   |   |   |
| Service cost – benefits earned during the period |   | $                               | 22      |   |   | $ | 18 |   |   | $ | 67 |   |   | $ | 72 |   |
| Interest cost on benefit obligation                    |   |                            | 17,131  |   |   |   | 18,175 |   |   |   | 52,637 |   |   |   | 52,890 |   |
| Expected return on plan assets                         |   |                            | (14,938 | ) |   |   | (24,229 | ) |   |   | (45,588 | ) |   |   | (72,722 | ) |
| Net amortization and deferral                          |   |                            | 1,816   |   |   |   | (793 | ) |   |   | 15,419 |   |   |   | (2,380 | ) |
| Net periodic benefit expense (income)                  |   | $                               | 4,031   |   |   | $ | (6,829 | ) |   | $ | 22,535 |   |   | $ | (22,140 | ) |
|                                                   |   |                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                |   | Non-Qualified Pension Plans     |   |
|-------------------------------------|--------|---------------------------------|--------|
|                                |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
| (Dollars in thousands)              |   | 2009                            |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Interest cost on benefit obligation |   | $                               | 1,069  |   |   | $ | 1,148 |   |   | $ | 3,107 |   |   | $ | 3,070 |   |
| Net amortization and deferral       |   |                            | 18     |   |   |   | 670 |   |   |   | (2,395 | ) |   |   | 1,311 |   |
| Net periodic benefit expense        |   | $                               | 1,087  |   |   | $ | 1,818 |   |   | $ | 712 |   |   | $ | 4,381 |   |
|                                |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                   |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|--------------------------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
| (Dollars in thousands)                                 |   | 2009                            |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                                                   |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Service cost – benefits earned during the period |   | $                               | 374    |   |                           | $      | 571 |   |   | $ | 1,154 |   |   | $ | 1,712 |   |
| Interest cost on benefit obligation                    |   |                            | 1,406  |   |                           |   | 1,692 |   |   |   | 4,184 |   |   |   | 5,078 |   |
| Net amortization and deferral                          |   |                            | (306   | )      |                           |   | (12 | ) |   |   | (917 | ) |   |   | (36 | ) |
| Net periodic benefit expense                           |   | $                               | 1,474  |   |                           | $      | 2,251 |   |   | $ | 4,421 |   |   | $ | 6,754 |   |

----

----

| (Dollars in thousands)                          |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|-------------------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                            |   | 2009                            |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                                            |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Net income (loss)                               |   | $                               | 13,492 |   |                           | $      | 40,484 |   |   | $ | (105,818 | ) |   | $ | 115,011 |   |
|                                            |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss):              |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment         |   |                            | 260    |   |                           |   | (560 | ) |   |   | 1,430 |   |   |   | 1,134 |   |
| Unrealized gain on available-for-sale security, |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| net of deferred tax of $15 and $208,            |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| respectively                                    |   |                            | 23     |   |                           |   | -- |   |   |   | 325 |   |   |   | -- |   |
| Amortization of employee benefit plan           |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| amounts, net of deferred tax of $595 and        |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| $4,721, respectively                            |   |                            | 933    |   |                           |   | -- |   |   |   | 7,386 |   |   |   | -- |   |
| Employee benefit plan adjustments, net          |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| of deferred tax of $116,946                     |   |                            | --     |   |                           |   | -- |   |   |   | 182,917 |   |   |   | -- |   |
| Comprehensive income                            |   | $                               | 14,708 |   |                           | $      | 39,924 |   |   | $ | 86,240 |   |   | $ | 116,145 |   |

|                                                               |   |
|--------------------------------------------------------------------|--------|
|                                                               |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
| (Dollars in thousands)                                             |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries, wages and other employee benefits                        |   | $ | 2,801 |   |   | $ | 2,737 |   |   | $ | 8,422 |   |   | $ | 8,245 |   |
| Deferred income tax benefit                                        |   |   | (1,077 | ) |   |   | (1,058 | ) |   |   | (3,237 | ) |   |   | (3,178 | ) |
|      Net share-based compensation expense |   | $ | 1,724 |   |   | $ | 1,679 |   |   | $ | 5,185 |   |   | $ | 5,067 |   |

----

11. Commitments and Contingencies 

----

|   | · | Overview of Business |
|--------|--------|----------------------|

|   | · | Results of Operations |
|--------|--------|-----------------------|

|   | · | Liquidity and Capital Resources |
|--------|--------|---------------------------------|

|   | · | Critical Accounting Policies and Estimates |
|--------|--------|--------------------------------------------|

|   | · | New Accounting Standards |
|--------|--------|--------------------------|

|   | · | Forward-Looking Statements |
|--------|--------|----------------------------|

|   | · | Freight. The Freight segment consists of the operating results of the Con-way Freight business unit, which provides regional, inter-regional and transcontinental less-than-truckload freight services throughout North America. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Logistics. The Logistics segment consists of the operating results of the Menlo Worldwide Logistics business unit, which develops contract-logistics solutions, including the management of complex distribution networks and supply-chain engineering and consulting, and also provides multimodal freight brokerage services. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Truckload. The Truckload segment consists of the operating results of the Con-way Truckload business unit, which provides asset-based full-truckload freight services throughout North America. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Other. The Other reporting segment consists of the operating results of Road Systems, a trailer manufacturer, and certain corporate activities for which the related income or expense has not been allocated to other reporting segments. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (Dollars in thousands except per share amounts) |   | Three Months EndedSeptember 30, |      |   | Nine Months EndedSeptember 30, |   |
|-------------------------------------------------|--------|---------------------------------|-----------|--------|--------------------------------|--------|
|                                            |   | 2009                            |      |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                                            |   |                            |      |   |                           |   |   |   |   |   |   |   |
| Revenues                                        |   | $                               | 1,133,441 |   |                           | $      | 1,370,169 |   |   | $ | 3,152,706 |   |   | $ | 3,911,435 |   |
| Costs and expenses                              |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss from impairment of goodwill                |   |                            | --        |   |                           |   | -- |   |   |   | 134,813 |   |   |   | -- |   |
| Other operating expenses                        |   |                            | 1,092,307 |   |                           |   | 1,291,252 |   |   |   | 3,061,105 |   |   |   | 3,683,650 |   |
|                                            |   |                            | 1,092,307 |   |                           |   | 1,291,252 |   |   |   | 3,195,918 |   |   |   | 3,683,650 |   |
| Operating income (loss)                         |   |                            | 41,134    |   |                           |   | 78,917 |   |   |   | (43,212 | ) |   |   | 227,785 |   |
| Other expense                                   |   |                            | 16,110    |   |                           |   | 15,169 |   |   |   | 48,204 |   |   |   | 43,247 |   |
| Income (loss) before income tax                 |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| provision                                       |   |                            | 25,024    |   |                           |   | 63,748 |   |   |   | (91,416 | ) |   |   | 184,538 |   |
| Income tax provision                            |   |                            | 11,532    |   |                           |   | 23,264 |   |   |   | 14,402 |   |   |   | 71,136 |   |
| Net income (loss)                               |   |                            | 13,492    |   |                           |   | 40,484 |   |   |   | (105,818 | ) |   |   | 113,402 |   |
| Preferred stock dividends                       |   |                            | --        |   |                           |   | 1,655 |   |   |   | 3,189 |   |   |   | 5,028 |   |
| Net income (loss) from continuing operations    |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| applicable to common shareholders               |   | $                               | 13,492    |   |                           | $      | 38,829 |   |   | $ | (109,007 | ) |   | $ | 108,374 |   |
|                                            |   |                            |      |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings (loss) per share               |   | $                               | 0.27      |   |                           | $      | 0.81 |   |   | $ | (2.32 | ) |   | $ | 2.26 |   |
| Effective tax rate                              |   |                            | 46.1      | %      |                           |   | 36.5 | % |   |   | (15.8 | %) |   |   | 38.5 | % |

Con-way’s consolidated revenue for the third quarter of 2009 decreased 17.3% from the third quarter of 2008 and, in the first nine months of 2009, decreased 19.4% from the same prior-year period, reflecting competitive industry pricing and difficult economic conditions. 

----

| (Dollars in thousands)                                      |   | Three Months EndedSeptember 30, |    |   | Nine Months EndedSeptember 30, |   |
|-------------------------------------------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                                                        |   | 2009                            |    |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Summary of Segment Operating Results                        |   |                            |    |   |                           |   |   |   |   |   |   |   |
|                                                        |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Revenues                                                    |   | $                               | 692,750 |   |                           | $      | 808,326 |   |   | $ | 1,890,434 |   |   | $ | 2,375,654 |   |
| Operating Income                                            |   |                            | 22,816  |   |                           |   | 61,107 |   |   |   | 48,423 |   |   |   | 174,559 |   |
| Operating Margin                                            |   |                            | 3.3     | %      |                           |   | 7.6 | % |   |   | 2.6 | % |   |   | 7.3 | % |
|                                                        |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   | 2009 vs. 2008                   |    |   |                           |   |   |   | 2009 vs. 2008 |   |   |   |   |   |
| Selected Operating Statistics                               |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Revenue per day                                             |   |                            | -15.2   | %      |                           |   |   |   |   |   | -20.3 | % |   |   |   |   |
| Weight per day                                              |   |                            | +5.1    | %      |                           |   |   |   |   |   | -4.5 | % |   |   |   |   |
| Revenue per hundredweight (“yield”)             |   |                            | -19.4   | %      |                           |   |   |   |   |   | -16.6 | % |   |   |   |   |
|     Shipments per day (“volume”) |   |                            | +4.5    | %      |                           |   |   |   |   |   | -4.4 | % |   |   |   |   |
| Weight per shipment                                         |   |                            | +0.7    | %      |                           |   |   |   |   |   | -0.1 | % |   |   |   |   |

----

----

| (Dollars in thousands)               |   | Three Months Ended September 30, |     |   | Nine Months Ended September 30, |   |
|--------------------------------------|--------|---------------------------------------|----------|--------|--------------------------------------|--------|
|                                 |   | 2009                                  |     |   | 2008                                 |   |   | 2009 |   |   | 2008 |   |
| Summary of Segment Operating Results |   |                                  |     |   |                                 |   |   |   |   |   |   |   |
|                                 |   |                                  |     |   |                                 |   |   |   |   |   |   |   |
| Revenue                              |   | $                                     | 344,361  |   |                                 | $      | 419,896 |   |   | $ | 987,793 |   |   | $ | 1,138,494 |   |
| Purchased transportation             |   |                                  | (215,048 | )      |                                 |   | (291,964 | ) |   |   | (606,544 | ) |   |   | (757,923 | ) |
| Net revenue                          |   |                                  | 129,313  |   |                                 |   | 127,932 |   |   |   | 381,249 |   |   |   | 380,571 |   |
|                                 |   |                                  |     |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                     |   |                                  | 9,532    |   |                                 |   | 3,678 |   |   |   | 22,305 |   |   |   | 14,895 |   |
| Operating margin on revenue          |   |                                  | 2.8      | %      |                                 |   | 0.9 | % |   |   | 2.3 | % |   |   | 1.3 | % |
| Operating margin on net revenue      |   |                                  | 7.4      | %      |                                 |   | 2.9 | % |   |   | 5.9 | % |   |   | 3.9 | % |

----

| (Dollars in thousands)                    |   | Three Months Ended September 30, |    |   | Nine Months Ended September 30, |   |
|-------------------------------------------|--------|---------------------------------------|---------|--------|--------------------------------------|--------|
|                                      |   | 2009                                  |    |   | 2008                                 |   |   | 2009 |   |   | 2008 |   |
| Summary of Segment Operating Results      |   |                                  |    |   |                                 |   |   |   |   |   |   |   |
|                                      |   |                                  |    |   |                                 |   |   |   |   |   |   |   |
| Freight revenue                           |   | $                                     | 122,801 |   |                                 | $      | 129,934 |   |   | $ | 369,651 |   |   | $ | 374,481 |   |
| Fuel-surcharge revenue                    |   |                                  | 17,986  |   |                                 |   | 50,664 |   |   |   | 43,672 |   |   |   | 131,709 |   |
| Other revenue                             |   |                                  | 5,464   |   |                                 |   | 3,064 |   |   |   | 11,009 |   |   |   | 10,147 |   |
| Revenue before inter-segment eliminations |   |                                  | 146,251 |   |                                 |   | 183,662 |   |   |   | 424,332 |   |   |   | 516,337 |   |
| Inter-segment eliminations                |   |                                  | (50,570 | )      |                                 |   | (42,730 | ) |   |   | (152,842 | ) |   |   | (122,073 | ) |
| Revenue from external customers           |   |                                  | 95,681  |   |                                 |   | 140,932 |   |   |   | 271,490 |   |   |   | 394,264 |   |
|                                      |   |                                  |    |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                   |   |                                  | 10,620  |   |                                 |   | 15,195 |   |   |   | (115,179 | ) |   |   | 37,907 |   |
| Loss from impairment of goodwill          |   |                                  | --      |   |                                 |   | -- |   |   |   | 134,813 |   |   |   | -- |   |
| Operating income excluding impairment     |   |                                  | 10,620  |   |                                 |   | 15,195 |   |   |   | 19,634 |   |   |   | 37,907 |   |
| Operating margin excluding impairment     |   |                                  | 11.1    | %      |                                 |   | 10.8 | % |   |   | 7.2 | % |   |   | 9.6 | % |
|                                      |   |                                  |    |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   | 2009 vs. 2008                         |    |   |                                 |   |   |   | 2009 vs. 2008 |   |   |   |   |   |
| Change in Selected Operating Statistics   |   |                                  |    |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Total Miles                               |   |                                  | -3.8    | %      |                                 |   |   |   |   |   | +0.6 | % |   |   |   |   |
| Freight Revenue per Total Mile            |   |                                  | -1.7    | %      |                                 |   |   |   |   |   | -1.9 | % |   |   |   |   |

----

| (Dollars in thousands)          |   | Three Months EndedSeptember 30, |   |   | Nine Months EndedSeptember 30, |   |
|---------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                            |   | 2009                            |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                            |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Revenues                        |   |                            |   |   |                           |   |   |   |   |   |   |   |
| Road Systems                    |   | $                               | 649    |   |                           | $      | 1,015 |   |   | $ | 2,989 |   |   | $ | 3,023 |   |
|                            |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Operating Income (Loss)         |   |                            |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Road Systems                    |   | $                               | (371   | )      |                           | $      | (97 | ) |   | $ | (1,232 | ) |   | $ | 732 |   |
| Con-way re-insurance activities |   |                            | (1,374 | )      |                           |   | 376 |   |   |   | 2,641 |   |   |   | 2,347 |   |
| Con-way corporate properties    |   |                            | (85    | )      |                           |   | (183 | ) |   |   | (411 | ) |   |   | (490 | ) |
| Variable-executive compensation |   |                            | --     |   |                           |   | (964 | ) |   |   | -- |   |   |   | (2,105 | ) |
| Other                           |   |                            | (4     | )      |                           |   | (195 | ) |   |   | 241 |   |   |   | (60 | ) |
|                            |   | $                               | (1,834 | )      |                           | $      | (1,063 | ) |   | $ | 1,239 |   |   | $ | 424 |   |

----

|  (Dollars in thousands)                                                                                                                                 |   | Nine Months EndedSeptember 30, |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                                                                                         |   | 2009                           |     |   | 2008 |   |
| Operating Activities                                                                                                                                         |   |                           |     |   |   |   |
| Net income (loss)                                                                                                                                            |   | $                              | (105,818 | ) |   | $ | 115,011 |   |
| Non-cash adjustments                                                                                                                                         |   |                           |     |   |   |   |   |   |
|    Loss from impairment of goodwill                                                                                                           |   |                           | 134,813  |   |   |   | -- |   |
|    Other non-cash adjustments (1)                                                                                                             |   |                           | 194,154  |   |   |   | 208,697 |   |
| Net income before non-cash items                                                                                                                             |   |                           | 223,149  |   |   |   | 323,708 |   |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| Changes in assets and liabilities                                                                                                                            |   |                           | 6,547    |   |   |   | (99,878 | ) |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| Net Cash Provided by Operating Activities                                                                                                                    |   |                           | 229,696  |   |   |   | 223,830 |   |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| Net Cash Used in Investing Activities                                                                                                                        |   |                           | (57,780  | ) |   |   | (135,978 | ) |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| Net Cash Used in Financing Activities                                                                                                                        |   |                           | (32,921  | ) |   |   | (37,243 | ) |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| Net Cash Provided by Continuing Operations                                                                                                                   |   |                           | 138,995  |   |   |   | 50,609 |   |
| Net Cash Used in Discontinued Operations                                                                                                                     |   |                           | (103     | ) |   |   | (1,204 | ) |
| Increase in Cash and Cash Equivalents                                                                                                                        |   | $                              | 138,892  |   |   | $ | 49,405 |   |
|                                                                                                                                                         |   |                           |     |   |   |   |   |   |
| (1) “ Other non-cash adjustments” refer to depreciation, amortization, deferred income taxes,                                               |
|               provision for uncollectible accounts, and other non-cash income and expenses. |

----

----

----

|   | · | Defined Benefit Pension Plans |
|--------|--------|-------------------------------|

|   | · | Self-Insurance Accruals |
|--------|--------|-------------------------|

|   | · | Income Taxes |
|--------|--------|--------------|

|   | · | Revenue Recognition |
|--------|--------|---------------------|

|   | · | Property, Plant and Equipment and Other Long-Lived Assets |
|--------|--------|-----------------------------------------------------------|

|   | · | Goodwill |
|--------|--------|----------|

|   | · | Disposition and Restructuring Activities |
|--------|--------|------------------------------------------|

----

|   | · | any projections of earnings, revenues, weight, yield, volumes, income or other financial or operating items; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | any statements of the plans, strategies, expectations or objectives of Con-way’s management for future operations or other future items; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any statements concerning proposed new products or services; |
|--------|--------|--------------------------------------------------------------|

|   | · | any statements regarding Con-way’s estimated future contributions to pension plans; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | any statements as to the adequacy of reserves; |
|--------|--------|------------------------------------------------|

|   | · | any statements regarding the outcome of any legal and other claims and proceedings that may be brought against Con-way; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | any statements regarding future economic conditions or performance; |
|--------|--------|---------------------------------------------------------------------|

|   | · | any statements regarding strategic acquisitions; and |
|--------|--------|------------------------------------------------------|

|   | · | any statements of estimates or belief and any statements or assumptions underlying the foregoing. |
|--------|--------|---------------------------------------------------------------------------------------------------|

----

----

----

ITEM 4. CONTROLS AND PROCEDURES 

----

----

|  Exhibit No. |                                                                                |                                                   |
|-------------------|-------------------------------------------------------------------------------------|--------------------------------------------------------|
|              |                                                                                |
| (3)               | Articles of incorporation and by-laws:                                              |
|              |                                                                                |                                                   |
|              | 3.2                                                                                 | Con-way Inc. By-Laws, as amended September 20, 2009. * |
|              |                                                                                |
| (31)              | Certification of Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|              |                                                                                |                                                   |
| (32)              | Certification of Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|              |                                                                                |                                                   |

----

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

|             | Con-way Inc.                 |
|------------------|------------------------------|
|             | (Registrant)                 |
|             |                         |
| November 5, 2009 | /s/ Stephen L. Bruffett      |
|             | Stephen L. Bruffett          |
|             | Executive Vice President and |
|             | Chief Financial Officer      |

----