Annual Shareholders Meeting

25 November 2004

Wayne Boyd, Chairman

Agenda

Chairman’s introduction

Managing Director’s review and trading update

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

Actual IPO Forecast$000 $000

Operating revenue 214,498 207,297

EBITA 40,714 36,118

Cash generated from operations 48,183 39,074

Capital expenditure 4,475 4,988

NPAT 16,137 13,533

Total dividend 15,800 14,000

Cash dividend per share 12.75 cents 11.3 cents

Dean Bracewell, Managing Director

Review and Trading Update

Managing Director’s Presentation

Industry overview and business description

Business strategy

Trading update

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

Price

Service

Three major brands:

– Differentiated by price and service

– Captures growth across entire market

– Provides defence against competitive threats

Freightways’ Network Courier Brands

Information Management and Business Mail Industry Overview and

Business Description

• Total information management solution

• Records management growth opportunity

• Integrated with Freightways express package operations

Information Management

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

• 10% revenue growth in 2004

• 5 year compound average revenue growth of 7%

Operating Revenue

-

50

100

150

200

250

Jun99 Jun00 Jun01 Jun02 Jun03 Jun04

Year Ended

$M 2nd Half

1st Half

EBITA

• 27% EBITA growth in 2004

• 5 year compound average EBITA growth of 18%

-

5

10

15

20

25

30

35

40

45

Jun99 Jun00 Jun01 Jun02 Jun03 Jun04

Year Ended

$M 2nd Half

1st Half

Current Financial Performance

Oct. 2004 Oct. 2003 variance

$000 $000 %

Operating revenue 74,788 67,105 11%

EBITDA 16,977 13,390 27%

EBITA 15,517 11,736 32%

NPAT 6,496 4,579 42%

NB: October YTD numbers are drawn from management accounts

and are unaudited

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

Strong successful business

Positioned to deliver continuing earnings growth

Delivering an attractive dividend yield

Resolutions

Re-election of Directors

Authority to fix Auditors’ remuneration

Adopt new constitution (special resolution)