1. Annual Shareholders Meeting 26 October 2006

2. Wayne Boyd, Chairman

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

4. General Highlights Subsidiaries have performed well in a challenging operating environment Strategies have realised sound growth in both ‘Core’ Express Package and ‘Emerging’ Business Mail and Information Management businesses Kiwi Express acquisition has performed fully to expectation Post balance date acquisition of DataBank Approximately 7,000 shareholders

5. Financial Highlights

6. Dividends Key points: Increase of 8% compared to 2005 Fully Imputed Was paid 30 September 2006

7. Dean Bracewell, Managing Director Review and Trading Update

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

9. Express Package Industry Overview and Business Description

10. 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

11. Multi-Brand Strategy Major brands: – Differentiated by price and service – Capture growth across entire market Freightways’ Courier Brands Price Service

12. Information Management and Business Mail Industry Overview and Business Description

13. Total information management solution An emerging growth opportunity Integrated with Freightways express package operations Information Management - NZ

14. Features of the DataBank acquisition No.2 operator in data storage niche of Information Management market Experienced and capable management team Similar service-oriented operating culture to FRE Earn-out purchase structure aligns vendors’ interests with those of FRE shareholders Information Management - Australia

15. Features of the DataBank acquisition (continued) Immediately EPS positive Diversifies FRE earnings geographically and deeper into the Information Management market Information management market is under-developed Catalyst for further growth Information Management – Australia (cont.)

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

17. Business Strategy

18. Business strategy Enhancing capability within core business - people, infrastructure and IT Continued development of growth opportunities in Freightways’ existing three markets Positioning, People, Performance, Profit Explore complementary acquisition and alliance opportunities in New Zealand & Australia

19. Trading Update

20. 10 % revenue growth compared to 2005 5-year compound average annual revenue growth of 8% Operating Revenue 2 nd Half 1st Half

21. EBITA 6% EBITA growth compared to 2005 5-year compound average annual EBITA growth of 17% 2 nd Half 1st Half

22. Current Financial Performance

23. Outlook

24. Near-term performance will be influenced by NZ economic conditions Investment in people, infrastructure and customer service initiatives (competitive advantage) will continue Characteristics of competitive environment expected to remain unchanged Consistent application of proven market strategies All subsidiaries well positioned to accommodate growth Recent Australian acquisition will assist FRE platform for growth and is immediately EPS positive

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

26. Questions

27. Resolutions  Re-election of Directors  Authority to fix Auditors remuneration

28. Annual Shareholders Meeting 26 October 2006