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

10. Where Revenue Growth Has Come From

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

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 nationalinfrastructure

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 2006 2005 Forecast Actual 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