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Freightways Trading Update

25 November 2004

Trading Update

An update on unaudited trading performance for the four months ended 31 October 2004 is provided below.

For the first four months of the current financial year, Freightways trading has again been consistently strong. Volumes in all businesses are ahead of last year. These volume increases have arisen from higher activity from existing customers and increased market share. There has also been some small pricing and margin improvement compared to the previous year. In addition, the small acquisition Freightways made of an information management business in March of 2004 has contributed positively and to expectation.

For the four months ended 31 October 2004 Freightways revenue totalled $74.8 million and Earnings Before Interest, Tax and Amortisation (EBITA) amounted to $15.5 million. This performance represents an increase in revenue and earnings of 11% and 32%, respectively, over the prior corresponding period. Net profit after tax was $6.5 million for the four months, an increase of 42% over the prior corresponding period.

Results for the four (4) months ended 31 October (unaudited):
Four months ended: 31 October 2004 31 October 2003 % variance
$000 $000

Revenue 74,788 67,105 11%

EBITA 15,517 11,736 32%

Net profit after tax 6,496 4,579 42%
This result continues the strong historic performance of Freightways as shown on the following graphs in relation to the last five years financial performance. (NB: Historic EBITA amounts for the years ended 30 June 1999 to 2003 have been presented on a pro-forma basis consistent with the Freightways Statement and Prospectus issued in August 2003.)

Freightways Operating Revenue

Freightways EBITA

Outlook

From Freightways’ viewpoint the domestic economy remains favourable and we are not aware of any material changes to our operating environment that may negatively impact on Freightways’ performance. At this stage of our annual business cycle, and subject to economic and business factors beyond our control, the outlook for Freightways, its shareholders and all other stakeholders remains very positive.

ENDS

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