Annual Shareholders Meeting 25 November 2004 Wayne Boyd

Annual Shareholders Meeting 25 November 2004

Wayne Boyd, Chairman

Agenda Ø Chairman’s introduction Ø Managing Director’s review and trading update Ø 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 Ø Industry overview and business description Ø Business strategy Ø Trading update Ø 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 Three major brands: Freightways’ Network Courier Brands Price – Differentiated by price and service – Captures growth across entire market – Provides defence against competitive threats Service

Information Management and Business Mail Industry Overview and Business Description

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

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

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

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

Current Financial Performance

Outlook

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

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