1. Annual Shareholders Meeting 25 November 2004

2. Wayne Boyd, Chairman

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

4. 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

5. Performance vs. IPO Forecast

6. Dean Bracewell, Managing Director Review and Trading Update

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

12. 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

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

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

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

16. Business Strategy

17. 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

18. Trading Update

19. 10% revenue growth in 2004 5 year compound average revenue growth of 7% Operating Revenue 2 nd Half 1st Half

20. EBITA 27% EBITA growth in 2004 5 year compound average EBITA growth of 18% 2 nd Half 1st Half

21. Current Financial Performance

22. Outlook

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

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

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