1. Full Year Presentation 8 August 2005

2. This presentation relates to the Freightways Limited NZX announcement and media release of 8 August 2005. As such it should be read in conjunction with, and is subject to the explanations and views contained in, those releases.

3. Presentation  2005 highlights  Operating performance  Business strategy  Outlook

5. 2005 Highlights

6. General Highlights All subsidiaries have performed very well Strategies continue to realise profitable growth in both ‘Core’ Express Package and ‘Emerging’ Business Mail and Information Management markets Archive Security acquisition performed fully to expectation during first full year of ownership

7. Financial Highlights

8. Operating Performance

9. 9% revenue growth compared to 2004 5-year compound average annual revenue growth of 7% Operating Revenue 2 nd Half 1st Half

10. Where Revenue Growth Has Come From

11. EBITA 24% EBITA growth compared to 2004 5-year compound average annual EBITA growth of 19% 2 nd Half 1st Half

12. Drivers of EBITA Growth Good cost control Disciplined margin focus relating to new business Favourable business mix Leverage gained by adding revenue to established national infrastructure

13. Cash Flows Cash generated from operations of $55m reflects strong EBITDA result Capital expenditure at expectation of $8.6m Borrowings reduced by $4m during the year

14. Balance Sheet Continuation of strong negative working capital position Increase in fixed assets of $4m (net of depreciation) Reduction in bank borrowings of $4m Goodwill amortised over 20 years ($5m annual charge)

15. Dividends Key points: Increase of 26% compared to 2004 Fully Imputed Record date 16 September 2005 Payable 30 September 2005

16. Finance Facilities Refinancing completed November 2004 to replace subordinated debt with core bank debt Interest savings of approximately $500k p.a. flow from 1 July 2005 New finance facility provides $140m core debt and $15m acquisition facility Debt drawn to $127m at 30 June 2005

17. Business Strategy

18. Business 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

20. Capital expenditure 20062005 ForecastActual Capital expenditure$7.2m$8.6m Depreciation$5.3m$4.5m 2005/06 includes stepped investment in core IT infrastructure

21. Outlook A less buoyant economy is expected Investment in people and infrastructure Characteristics of competitive environment expected to remain unchanged Consistent application of proven market strategies All subsidiaries well positioned to accommodate growth Positive outlook for shareholders and all other stakeholders

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