Annual Shareholders Meeting 25 November 2004

Wayne Boyd, Chairman

Agenda  Chairman’s introduction  Managing Director’s review and trading update  Resolutions

General Highlights Successful listing on NZX September 2003 Approximately 7,000 retail and institutional shareholders 90% of shares held in New Zealand All subsidiaries have performed very well

Performance vs. IPO Forecast

Dean Bracewell, Managing Director Review and Trading Update

Managing Director’s Presentation  Industry overview and business description  Business strategy  Trading update  Outlook

Express Package Industry Overview and Business Description

Express Package Industry Two segments to Express Package industry –Network couriers 90% of industry revenue –Point-to-point couriers 10% Services embedded in supply chains of businesses Consolidated industry structure Growth underpinned by demand for Just in Time supply

Business Description - Strengths Experienced people Network of independent contractors Operational excellence and profit culture Dedicated express package linehaul network Established multi-brand strategy

Multi-Brand Strategy Price Service Three major brands: –Differentiated by price and service – Captures growth across entire market – Provides defence against competitive threats Freightways’ Network Courier Brands

Information Management and Business Mail Industry Overview and Business Description

Total information management solution Records management growth opportunity Integrated with Freightways express package operations Information Management

Business Mail Niche player in deregulated postal services industry Growth opportunities in business mail segment Integrated with Freightways express package operations

Business Strategy

Strategy Continued development of growth opportunities in Freightways’ existing three core markets Positioning, People, Performance, Profit Explore incremental and complementary growth opportunities Invest in IT and infrastructure

Trading Update

10% revenue growth in year compound average revenue growth of 7% Operating Revenue 2 nd Half 1st Half

EBITA 27% EBITA growth in year compound average EBITA growth of 18% 2 nd Half 1st Half

Current Financial Performance

Outlook

Economy remains favourable from Freightways’ perspective No material change expected to Freightways’ operating environment Consistent application of proven market strategies Business as usual

Summary Strong successful business Positioned to deliver continuing earnings growth Delivering an attractive dividend yield

Resolutions  Re-election of Directors  Authority to fix Auditors’ remuneration  Adopt new constitution (special resolution)