1. Full Year Presentation 9 August 2004

2. This presentation relates to the Freightways Limited NZX announcement and media release of 9 August 2004. As such it should be read in conjunction with, and is subject to the explanations and views contained in, those releases.

3. Presentation  2004 highlights  Operating performance  Strategy and outlook

5. 2004 Highlights

6. General Highlights Successful transition to public listing All subsidiaries have performed very well Recent acquisition at expectation IPO forecast has been exceeded Growth underpinned by increasing demand for Freightways’ services

7. Financial Highlights

8. Performance vs. IPO Forecast

9. Operating Performance

10. 10% revenue growth in 2004 5-year compound average revenue growth of 7% Operating Revenue

11. Where Revenue Growth Has Come From

12. EBITA 27% EBITA growth in 2004 5-year compound average EBITA growth of 18%

13. Drivers of 2004 EBITA growth Disciplined margin focus relating to new business Favourable business mix Productivity gains Good cost control Operating leverage gained by adding revenue to established national infrastructure

14. Cash Flows

15. Balance Sheet

16. Dividend

17. Strategy and Outlook

18. 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

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

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