Annual Shareholders Meeting 26 October 2006

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