Fleet Management

Simon Declines Moyes Offer

May 23, 2000

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Simon Transportation Services said yesterday that Richard D. Simon, chairman and chief executive officer, had rejected an offer made by Jerry Moyes to purchase shares of Simon Class A and Class B Common Stock at a price of $7.00 per share.

Simon also declined Moyes' request that Simon convert his Class B Common Stock into Class A Common Stock. However, the company said its Board of Directors would not stand in the way of Moyes' tender offer of $7.00 per share to the shareholders of the company for a period expiring August 31, 2000.

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