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Annual Shareholders Meeting 26 October 2006

Annual Shareholders Meeting 26 October 2006. Wayne Boyd, Chairman. Agenda. Chairman’s introduction Managing Director’s review and trading update Resolutions. General Highlights. Subsidiaries have performed well in a challenging operating environment

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Annual Shareholders Meeting 26 October 2006

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

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

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

  14. Information Management - Australia 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

  15. Information Management – Australia (cont.) 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

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

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

  22. Current Financial Performance

  23. Outlook

  24. Outlook • 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

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