5

Arab International Logistics (ARAMEX) Co. (PJSC) and its subsidiaries Consolidated income statement for the period ended 31 December 2005 Period ended Note 31 December 2005 AED’000 Revenue 6 458,904 Cost of services 7 (239,558) ----------- Gross profit 219,346 Other operating expenses 8 (64,897) Selling expenses (23,672) General and administrative expenses 9 (87,044) ---------- Profit from operations 43,733 ---------- Other income Interest income - net 10 13,374 Other miscellaneous income 910 ------- 14,284 ------- Net profit before income tax 58,017 Income tax 11 (2,318) -------- Net profit after income tax 55,699 Minority interest (4,512) -------- Net profit for the period 51,187 ===== Basic earnings per share (AED) 26 0.055 ==== The notes on pages 9 to 29 form part of these consolidated financial statements. The report of the Auditors is set out on page 4.

6

Arab International Logistics (ARAMEX) Co. (PJSC) and its subsidiaries

Consolidated balance sheet as at 31 December 2005

Assets Note 31 December 2005 AED’000 Property, plant and equipment 12 78,116 Goodwill 13 628,343 Other intangible assets 14 4,022 Deferred tax assets 11 2,709 Other non current assets 15 5,578 ---------- Total non-current assets 718,768 ----------

Cash and cash equivalents 16 340,360 Trade receivables 17 149,550 Other current assets 18 29,581 ---------- Total current assets 519,491 ------------ Total assets 1,238,259 ======= Equity Share capital 19 1,000,000 Currency translation adjustment (618) Statutory reserve 20 1,199 Retained earnings 49,988 ------------ Total equity attributable to equity holders of the parent 1,050,569 ------------ Minority interest 15,353 ------------ Total equity 1,065,922 ------------ Liabilities Deferred tax liabilities 11 36 Long term debt 21 4,731 Employee end of service benefits 22 24,051 --------- Total non-current liabilities 28,818 --------- Due to banks 23 3 Current portion of long-term debt 21 5,505 Trade payables 71,356 Other current liabilities 24 66,655 --------- Current liabilities 143,519 ---------- Total liabilities 172,337 ------------ Total equity and liabilities 1,238,259 ======= The notes on pages 9 to 29 form part of these consolidated financial statements.

The Board of Directors approved these consolidated financial statements on 15 March 2006.

_________________ _______________ _______________ Abdullah Al Mazrui Fadi Ghandour Emad Shishtawi Chairman (Director, President & CEO) (Vice President Finance)

The report of the Auditors is set out on page 4.

7

Arab International Logistics (ARAMEX) Co. (PJSC) and its subsidiaries

Consolidated statement of cash flows for the period ended 31 December 2005 Period ended 31 December 2005 Operating activities AED’000

Net profit for the period before income tax and minority interest 58,017 Adjustments to reconcile net profit before tax and minority interest to net cash from operating activities Depreciation 8,753 Amortisation 427 Provision for doubtful debts 1,331 Provision for employee end of service benefits 4,514 Interest expense 732 Profit on sale of property, plant and equipment (180) ---------- Operating profit before working capital changes 73,594 Decrease in receivables 1,179 Decrease in other current assets 6,877 Increase in trade payables 2,157 Employee end of service benefits paid (1,478) Increase in other current liabilities 5,043 Decrease in due to a related party (6,978) --------------

Cash generated by operations 80,394 Income tax paid (1,262) --------------

Cash flows from operating activities 79,132 -------------

Investing activities Purchase of property, plant and equipment (39,366) Proceeds from sale of property, plant and equipment 360 Acquisition of Aramex International Limited, net of cash acquired (654,646) Acquisition of Info Fort Dubai & Cairo, net of cash acquired (46,339) Acquisition of Info Fort KSA, net of cash acquired (1,701) Acquisition of Priority Air Limited, net of cash acquired (4,965) Acquisition of other subsidiaries, net of cash acquired (2,271) Intangible assets acquired (1,229) Decrease in other non-current assets 9,124 ------------- Cash flows from investing activities (741,033) ------------ Financing activities Interest paid (732) Net movement in bank borrowings 3,810 Net movement in minority interest (231) Share capital issued 1,000,000 -------------------

Cash flows from financing activities 1,002,847 ------------------

Net increase in cash and cash equivalents 340,946 Cash and cash equivalents at beginning of the period - Effect of exchange rate changes on cash held (586) ----------------

Cash and cash equivalents at end of the period 340,360 ======= The notes on pages 9 to 29 form part of these consolidated financial statements. The report of the Auditors is set out on page 4.