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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549


Form 10-K


|                                           |  |                                                                                             
|------------------------------------------ |  | --------------------------------------------------------------------------------------------
|þ                                          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|                                          
|For the fiscal year ended January 31, 2005
|                                          
|or                                        
|                                          
|o                                          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|                                          
|                                           |  | For the transition period
    from           to                                             

000-31869


(Commission File Number)


UTi Worldwide Inc.


(Exact Name of Registrant as Specified in its Charter)


|                                                                                         |  |                                                                                           
|---------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------
|British Virgin Islands(State or Other Jurisdiction of Incorporation or
    Organization) |  | N/A(IRS Employer Identification Number)                                                   
|                                                                                        
|9 Columbus Centre, Pelican Drive
    Road Town, Tortola
    British Virgin Islands       |  | c/o UTi, Services, Inc.
    19500 Rancho Way, Suite 116
    Rancho Dominguez, CA 90220 USA
|(Addresses of Principal Executive Offices and Zip Code)                                 

310.604.3311


(Registrants Telephone Number, Including Area
Code)


Securities registered pursuant to Section 12(b) of the
Act:


None


Securities registered pursuant to Section 12(g) of the
Act:


Ordinary shares, no par value


þ o


þ


þ o






DOCUMENTS INCORPORATED BY REFERENCE












---










UTi WORLDWIDE INC.


ANNUAL REPORT ON FORM 10-K


FOR THE YEAR ENDED JANUARY 31, 2005


TABLE OF CONTENTS


|                           |  |                                                                                                                      |    |      |    | 
|-------------------------- |  | -------------------------------------------------------------------------------------------------------------------- | -- | ---- | -- | 
|                           |  |                                                                                                                      |    | Page |   
|                           |  |                                                                                                                      |    |      |   
|Forward-Looking Statements |  |                                                                                                                      | 1  |     
|PART I                    
|Item 1.                    |  | Business                                                                                                             |    |      | 1  | 
|Item 2.                    |  | Properties                                                                                                           |    |      | 10 | 
|Item 3.                    |  | Legal Proceedings                                                                                                    |    |      | 11 | 
|Item 4.                    |  | Submission of Matters to a Vote of Security
    Holders                                                              |    |      | 12 | 
|PART II                   
|Item 5.                    |  | Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities |    |      | 12 | 
|Item 6.                    |  | Selected Financial Data                                                                                              |    |      | 17 | 
|Item 7.                    |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                            |    |      | 18 | 
|Item 7A.                   |  | Quantitative and Qualitative Disclosures
    about Market Risk                                                       |    |      | 45 | 
|Item 8.                    |  | Financial Statements and Supplementary
    Data                                                                      |    |      | 46 | 
|Item 9.                    |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                             |    |      | 46 | 
|Item 9A.                   |  | Controls and Procedures                                                                                              |    |      | 46 | 
|Item 9B.                   |  | Other Information                                                                                                    |    |      | 48 | 
|PART III                  
|Item 10.                   |  | Directors and Executive Officers of the
    Registrant                                                               |    |      | 48 | 
|Item 11.                   |  | Executive Compensation                                                                                               |    |      | 49 | 
|Item 12.                   |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                   |    |      | 49 | 
|Item 13.                   |  | Certain Relationships and Related
    Transactions                                                                   |    |      | 50 | 
|Item 14.                   |  | Principal Accountant Fees and Services                                                                               |    |      | 50 | 
|PART IV                   
|Item 15.                   |  | Exhibits and Financial Statement
    Schedules                                                                       |    |      | 50 | 
|Signatures                 |  |                                                                                                                      | 54 |     
|Certifications             |  |                                                                                                                      |    |     
|EXHIBIT 10.27             
|EXHIBIT 10.28             
|EXHIBIT 10.29             
|EXHIBIT 21                
|EXHIBIT 23                
|EXHIBIT 31.1              
|EXHIBIT 31.2              
|EXHIBIT 32.1              
|EXHIBIT 32.2              





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Forward-Looking Statements









PART I







|        |         
|------- | --------
|ITEM 1. | Business

History and Development of the Company






1



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Industry






Acquisitions










Organizational Structure




Business Overview




2



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Air and Ocean Freight Forwarding. As a freight forwarder,
    we conduct business as an indirect carrier for our customers or
    occasionally as an authorized agent for an airline or ocean
    carrier. We typically act as an indirect carrier with respect to
    shipments of freight unless the volume of freight to be shipped
    over a particular route is not large enough to warrant
    consolidating such freight with other shipments. In such
    situations, we usually forward the freight as an agent of the
    direct carrier. Except for a domestic delivery service which
    includes forwarding shipments by air or expedited ground
    transportation within South Africa, we primarily handle
    international shipments and do not provide for domestic
    shipments unless they occur as part of an international
    shipment. We consider our domestic delivery service within South
    Africa part of our airfreight services.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We do not own or operate aircraft or vessels and, consequently,
    contract with commercial carriers to arrange for the shipment of
    cargo. We arrange for, and in many cases provide, pick-up and
    delivery service between the carrier and the location of the
    shipper or recipient. Our domestic delivery service in South
    Africa uses predominantly outsourced resources to provide
    pick-up and delivery services between the location of the
    shipper or recipient and the local distribution center.                                                                                             
|
| | When we act as an authorized agent for an airline or ocean
    carrier, we arrange for the transportation of individual
    shipments to the airline or ocean carrier. As compensation for
    arranging for the shipments, the airline or ocean carrier pays
    us a commission. If we provide the customer with ancillary
    services, such as the preparation of export documentation, we
    receive an additional fee.                                                                                                                                                                                                
|
| | Air freight forwarding services accounted for approximately 33%,
    33% and 39% of the companys fiscal 2005, 2004 and 2003
    consolidated net revenues, respectively, and approximately 45%,
    48% and 53% of the companys fiscal 2005, 2004 and 2003
    consolidated gross revenues, respectively. Ocean freight
    forwarding services accounted for approximately 13%, 13% and 16%
    of the companys fiscal 2005, 2004 and 2003 consolidated
    net revenues, respectively, and approximately 30%, 24% and 24%
    of the companys fiscal 2005, 2004 and 2003 consolidated
    gross revenues, respectively.



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Contract Logistics. Our contract logistics services
    primarily relate to the value-added warehousing and distribution
    of goods and materials in order to meet customers
    inventory needs and production or distribution schedules. Our
    distribution services include receiving, deconsolidation and
    decontainerization, sorting, put away, consolidation, assembly,
    cargo loading and unloading, assembly of freight and protective
    packaging, storage and distribution. Our outsourced services
    include inspection services, quality centers and manufacturing
    support.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In June 2004, we acquired IHD, a contract logistics operation
    located in South Africa, which provides logistics and
    warehousing support and distribution services of pharmaceutical
    products throughout southern Africa directly to end dispensers
    such as doctors, clinics, pharmacists and hospitals, as well as
    wholesalers. In October 2004, we acquired Unigistix, which
    operates three contract logistics centers located near Toronto,
    Ontario, Canada, which increased our contracts logistics
    capabilities and customer base in Canada.
|
| | Contract logistics services accounted for approximately 33%, 32%
    and 20% percent of the companys fiscal 2005, 2004 and 2003
    consolidated net revenues, respectively, and approximately 14%,
    15% and 9% of the companys fiscal 2005, 2004 and 2003
    consolidated gross revenues, respectively.                                                                                                                                                                                                                                                                  



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Customs Brokerage. As part of our integrated logistics
    services, we provide customs brokerage services in the United
    States and most of the countries in which we operate. Within
    each country, the rules and regulations vary, along with the
    level of expertise that is required to perform the customs
    brokerage services. We provide customs brokerage services in
    connection with a majority of the shipments which we handle as
    both an airfreight and ocean freight forwarder. We also provide
    customs brokerage services in connection with shipments
    forwarded by our competitors. In addition, other

3



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| |  |                                                                                                        
| |  | -------------------------------------------------------------------------------------------------------
| |  | companies may provide customs brokerage services in connection
    with the shipments which we forward.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As part of our customs brokerage services, we prepare and file
    formal documentation required for clearance through customs
    agencies, obtain customs bonds, facilitate the payment of import
    duties on behalf of the importer, arrange for payment of collect
    freight charges, assist with determining and obtaining the best
    commodity classifications for shipments and perform other
    related services. We determine our fees for our customs
    brokerage services based on the volume of business transactions
    for a particular customer, and the type, number and complexity
    of services provided.
|
| | Customs brokerage services accounted for approximately 10%, 11%
    and 15% of the companys fiscal 2005, 2004 and 2003
    consolidated net revenues, respectively, and approximately 3%,
    5% and 6% percent of the companys fiscal 2005, 2004 and
    2003 consolidated gross revenues, respectively.                                                                                                                                                                                                                                                                                                                            



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Other Supply Chain Management Services. We also provide a
    range of other supply chain management services, such as road
    transportation, warehousing services, consulting, order
    management, planning and optimization services, outsourced
    management services, developing specialized customer-specific
    supply chain solutions, and customized distribution and
    inventory management services. We receive fees for other supply
    chain management services that we perform.



| |                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Other supply chain management services accounted for
    approximately 11%, 11% and 10% of the companys fiscal
    2005, 2004 and 2003 consolidated net revenues, respectively, and
    approximately 8%, 8% and 8% of the companys fiscal 2005,
    2004 and 2003 consolidated gross revenues, respectively.

Financial Information about Services and Geographic
Segments








Seasonality




Sales and Marketing




4



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Competition






5



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Information Technology Systems






| |   |                                                                                                                                                                                                                                                                          
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | uOp 2000, which is used by our agents and offices as the local
    operating system for customs brokerage, air and ocean import and
    export documentation and accounting functions that feed shipment
    and other customer data into our global information systems;
|
| |  | uOrder, which assists our customers with order management;                                                                                                                                                                                                               
|
| |  | uTrac, which provides our customers with supply chain
    visibility, enabling them to track shipments of goods and
    materials, is a warehouse management system package provided by
    SSA Global Technologies and integrated into eMpower;                         
|
| |  | uWarehouse, which enables our customers to track the location
    and status of goods and materials;                                                                                                                                                                     
|
| |  | uClear, which assists our customers with customs clearance;                                                                                                                                                                                                              
|
| |  | uAnalyze, which assists us and our customers with isolating the
    factors causing variability in transit times;                                                                                                                                                        
|
| |  | uReport, which provides customers with customized reports;                                                                                                                                                                                                               
|
| |  | uConnect, which enables the electronic transfer of data between
    our systems and those of our customers (EDI) with our
    customers systems and also integrates our internal
    applications;                                                                      
|
| |  | uPlan, which is a suite of selected planning and optimization
    software developed by i2 Technologies; and                                                                                                                                                             
|
| |  | uDistribute, which enables tracking of goods and materials
    within domestic distribution networks.                                                                                                                                                                    

Intellectual Property




6



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Government Regulation


















7



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Employees




|             |       |  |       |        | 
|------------ | ----- |  | ----- | ------ | 
|Europe       |       |  | 2,074 |       
|Americas     |       |  | 4,244 |       
|Asia Pacific |       |  | 2,046 |       
|Africa       |       |  | 4,294 |       
|Corporate    |       |  | 137   |       
|             |       |  |      
|             | Total |  |       | 12,795 | 
|             |       |  |      



Executive Officers and Other Senior Managers of Registrant




|                    |  |     |    |  |          |                                                                                                                       
|------------------- |  | --- | -- |  | -------- | ----------------------------------------------------------------------------------------------------------------------
|Name                |  | Age |    |  | Position
|                    |  |     |    |  |         
|Roger I. MacFarlane |  |     | 60 |  |          | Chief Executive Officer and Director                                                                                  
|Matthys J. Wessels  |  |     | 59 |  |          | Vice Chairman of the Board of Directors, Chief Executive
    Officer  African Region and Director                    
|Alan C. Draper      |  |     | 52 |  |          | Executive Vice President, President  Asia Pacific
    Region and Director                                            
|John S. Hextall     |  |     | 48 |  |          | President  Europe, Middle East and North Africa
    Region and President  Americas Region for Freight
    Forwarding
|Lawrence R. Samuels |  |     | 48 |  |          | Senior Vice President  Finance, Chief Financial
    Officer and Secretary                                            
|Gene Ochi           |  |     | 55 |  |          | Senior Vice President  Marketing and Global Growth                                                                   
|Linda C. Bennett    |  |     | 54 |  |          | Senior Vice President and Chief Information Officer                                                                   
|Michael K. OToole  |  |     | 60 |  |          | Vice President  Global Forwarding Operations                                                                         

Roger I. MacFarlane


Matthys J. Wessels


8



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Alan C. Draper


John S. Hextall


Lawrence R. Samuels


Gene Ochi


Linda C. Bennett


Michael K. OToole


9



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|                        |  |     |    |  |          |                                                                                                                       
|----------------------- |  | --- | -- |  | -------- | ----------------------------------------------------------------------------------------------------------------------
|Name                    |  | Age |    |  | Position
|                        |  |     |    |  |         
|Gordon C. Abbey         |  |     | 52 |  |          | Executive Vice President; Managing Director UTi Africa
    International Region                                       
|David Cheng             |  |     | 60 |  |          | Vice President; Chairman of UTi Greater China                                                                         
|Brian R. J. Dangerfield |  |     | 46 |  |          | Vice President; Executive Vice President Northeast Asia and the
    Indian Subcontinent                               
|Carlos Escario Pascual  |  |     | 43 |  |          | Vice President; Managing Director, Grupo SLi                                                                          
|William T. Gates        |  |     | 57 |  |          | Vice President; Chief Executive Officer  UTi
    Integrated Logistics; Leader of UTis Contract Logistics
    Council
|Walter R. Mapham        |  |     | 57 |  |          | Vice President; Director Strategic Services, Africa Region                                                            
|Glenn Mills             |  |     | 52 |  |          | Vice President; Vice President  Sales &
    Marketing, Asia Pacific                                                  
|Graham Somerville       |  |     | 50 |  |          | Vice President; Managing Director UTi Africa Domestic Region                                                          
|Christopher Dale        |  |     | 45 |  |          | Chief Operating Officer  UTi, United States, Inc.                                                                    

Available Information


http://www.go2uti.com,







|        |           
|------- | ----------
|ITEM 2. | Properties





|             |       |            |   |    |           |  |     |         |  |  |       |    |  |  |     |     | 
|------------ | ----- | ---------- | - | -- | --------- |  | --- | ------- |  |  | ----- | -- |  |  | --- | --- | 
|             |       | Freight    |   |    |           |  |    
|             |       | Forwarding |   |    |           |  |    
|             |       | Facilities |   |    | Contract  |  |     |        
|             |       |            |   |    | Logistics |  |     |        
|             |       | Owned      |   |    | Leased    |  |     | Centers |  |  | Total |   
|             |       |            |   |    |           |  |     |         |  |  |       |   
|Europe       |       |            | 2 |    |           |  | 122 |         |  |  | 12    |    |  |  | 136 |    
|Americas     |       |            | 2 |    |           |  | 104 |         |  |  | 26    |    |  |  | 132 |    
|Asia Pacific |       |            |  |    |           |  | 101 |         |  |  | 8     |    |  |  | 109 |    
|Africa       |       |            | 9 |    |           |  | 105 |         |  |  | 13    |    |  |  | 127 |    
|             |       |            |   |    |           |  |     |         |  |  |       |   
|             | Total |            |   | 13 |           |  |     | 432     |  |  |       | 59 |  |  |     | 504 | 
|             |       |            |   |    |           |  |     |         |  |  |       |   



10



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|        |                  
|------- | -----------------
|ITEM 3. | Legal Proceedings













11



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Accounting for
Contingencies,







|        |                                                    
|------- | ---------------------------------------------------
|ITEM 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|ITEM 5. | Market for Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities

Price Range of our Ordinary Shares




|                                    |             |      |   |       |     |  |   |       | 
|----------------------------------- | ----------- | ---- | - | ----- | --- |  | - | ----- | 
|                                    |             | High |   |       | Low | 
|                                    |             |      |   |       |     | 
|Fiscal Year Ended January 31, 2005: |             |      |   |       |     |  |   |      
|                                    | 4th Quarter |      | $ | 72.98 |     |  | $ | 62.25 | 
|                                    | 3rd Quarter |      |   | 67.25 |     |  |   | 48.25 | 
|                                    | 2nd Quarter |      |   | 54.52 |     |  |   | 43.10 | 
|                                    | 1st Quarter |      |   | 48.21 |     |  |   | 40.17 | 
|Fiscal Year Ended January 31, 2004: |             |      |   |       |     |  |   |      
|                                    | 4th Quarter |      |   | 43.25 |     |  |   | 33.14 | 
|                                    | 3rd Quarter |      |   | 38.40 |     |  |   | 29.85 | 
|                                    | 2nd Quarter |      |   | 36.63 |     |  |   | 26.00 | 
|                                    | 1st Quarter |      |   | 31.34 |     |  |   | 23.11 | 



Dividend Policy






12



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Transfer Agent and Registrar




Exchange Controls






Taxation




| |                                              
| | ---------------------------------------------
| | United States Federal Income Tax Consequences



| |        
| | -------
| | General





| |   |                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a dealer in securities or currencies;                                                                                                                        
|
| |  | a trader in securities that elects to use a mark-to-market
    method of accounting for your securities holdings;                                            
|
| |  | a bank;                                                                                                                                                      
|
| |  | a life insurance company;                                                                                                                                    
|
| |  | a tax-exempt organization;                                                                                                                                   
|
| |  | a person that holds our ordinary shares as part of a straddle or
    a hedging, integrated, constructive sale or conversion
    transaction for tax purposes;
|
| |  | a person whose functional currency for tax purposes is not the
    U.S. dollar;                                                                              
|
| |  | a person liable for alternative minimum tax; or                                                                                                              
|
| |  | a person that owns, or is treated as owning, 10% or more of any
    class of our shares.                                                                     









| |   |                                                                                                                                       
| | - | --------------------------------------------------------------------------------------------------------------------------------------
| |  | an individual U.S. citizen or resident alien;                                                                                         
|
| |  | a corporation, or entity taxable as a corporation, that was
    created, or treated as created, under U.S. law (federal or
    state);

13



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| |   |                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an estate whose worldwide income is subject to U.S. federal
    income tax; or                                                                                                                            
|
| |  | a trust if (1) a U.S. court is able to exercise
    primary supervision over its administration and (2) one or
    more U.S. persons have authority to control all substantial
    decisions of the trust.







| |                                 
| | --------------------------------
| | Tax Consequences to U.S. Holders



| |              
| | -------------
| | Distributions





| |                                                 
| | ------------------------------------------------
| | Sale or Other Disposition of our Ordinary Shares





| |   |                                                                                                                                                                                                                                                                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | you will recognize a gain or loss equal to the difference (if
    any) between the U.S. dollar value of the amount realized
    on such sale or other taxable disposition, and your adjusted tax
    basis in such ordinary shares.                                                                                                                                    
|
| |  | any gain or loss will be capital gain or loss and will be
    long-term capital gain or loss if your holding period for our
    ordinary shares is more than one year at the time of such sale
    or other disposition.                                                                                                                                               
|
| |  | any gain or loss will be treated as having a United States
    source for U.S. foreign tax credit purposes and as a result
    of the foreign tax credit provisions of the Internal Revenue
    Code of 1986 you may be unable to claim a foreign tax credit for
    British Virgin Islands taxes, if any, imposed upon the sale or
    disposition of ordinary shares.
|
| |  | your ability to deduct capital losses is subject to limitations.                                                                                                                                                                                                                                                                                                       



| |                                   
| | ----------------------------------
| | Passive Foreign Investment Company





| |   |                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 75% or more of our gross income for the taxable year is passive
    income; or                                                                                                          
|
| |  | on average for the taxable year, 50% or more of our assets by
    value or under certain circumstances, by adjusted basis, produce
    or are held for the production of passive income.

14



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | any excess distributions (generally defined as the excess of the
    amount received with respect to the shares in any taxable year
    over 125% of the average received in the shorter of either the
    three previous years or your holding period before the taxable
    year) made by us during a taxable year must be allocated ratably
    to each day of your holding period. The amounts allocated to the
    current taxable year and to taxable years prior to the first
    year in which we were classified as a passive foreign investment
    company will be included as ordinary income in gross income for
    that year. The amount allocated to each prior taxable year will
    be taxed as ordinary income at the highest rate in effect for
    the U.S. holder in that prior year and the tax is subject
    to an interest charge at the rate applicable to deficiencies in
    income taxes; and
|
| |  | the entire amount of any gain realized upon the sale or other
    disposition of ordinary shares will be treated as an excess
    distribution made in the year of sale or other disposition and
    as a consequence will be treated as ordinary income and to the
    extent allocated to years prior to the year of sale or other
    disposition, will be subject to the interest charge described
    above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          







| |                                          
| | -----------------------------------------
| | Information Return and Backup Withholding





| |                                     
| | ------------------------------------
| | Tax Consequences to Non-U.S. Holders



| |              
| | -------------
| | Distributions





| |   |                                                          
| | - | ---------------------------------------------------------
| |  | you conduct a trade or business in the United States and,

15



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the dividends are effectively connected with the conduct of that
    trade or business (and, if an applicable income tax treaty so
    requires as a condition for you to be subject to
    U.S. federal income tax on a net income basis in respect of
    income from our ordinary shares, such dividends are attributable
    to a permanent establishment that you maintain in the United
    States).





| |                                                 
| | ------------------------------------------------
| | Sale or Other Disposition of our Ordinary Shares





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | your gain is effectively connected with a trade or business that
    you conduct in the United States (and, if an applicable income
    tax treaty so requires as a condition for you to be subject to
    U.S. federal income tax on a net income basis in respect of
    gain from the sale or other disposition of our ordinary shares,
    such gain is attributable to a permanent establishment
    maintained by you in the United States), or
|
| |  | you are an individual and are present in the United States for
    at least 183 days in the taxable year of the sale or other
    disposition, and either:                                                                                                                                                                                                                                                                                           
|
| |  | your gain is attributable to an office or other fixed place of
    business that you maintain in the United States, or                                                                                                                                                                                                                                                                                                                               
|
| |  | you have a tax home in the United States.                                                                                                                                                                                                                                                                                                                                                                                                            





| |                                             
| | --------------------------------------------
| | Backup Withholding and Information Reporting





| |   |                                                                                                                                                                                                                      
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | you are a corporation or other exempt recipient, or                                                                                                                                                                  
|
| |  | you provide a social security number (which, in the case of an
    individual, that is his or her taxpayer identification number)
    and certify that no loss of exemption from backup withholding
    has occurred.







| |                                
| | -------------------------------
| | British Virgin Islands Taxation



16



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|        |                        
|------- | -----------------------
|ITEM 6. | Selected Financial Data

Selected Financial Data






|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |         |         |         |   |         |         |         | 
|------------------------------------------ | ------------------------ | ---------------------------------------- | --------- | ------- | ------- | - | --------- | ------- | ------- | - | --------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                           |                          | Year Ended January 31,                   |          
|                                           |                          |                                          |          
|                                           |                          | 2005                                     |           |         | 2004    |   |           | 2003    |         |   | 2002      |         |         | 2001 |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|                                           |                          | (In thousands, except per share amounts) |          
|INCOME STATEMENT DATA:                     |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |         |         |         |   |         |        
|Gross revenue(1)(3)                        |                          | $                                        | 2,259,793 |         |         | $ | 1,502,875 |         |         | $ | 1,170,060 |         |         | $    | 889,786 |         |         | $ | 863,259 |        
|Freight consolidation costs(1)(2)          |                          |                                          | 1,486,012 |         |         |   | 906,734   |         |         |   | 765,270   |         |         |      | 585,227 |         |         |   | 561,413 |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|Net revenues(2):                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |         |         |         |   |         |        
|                                           | Airfreight forwarding    |                                          |           | 253,289 |         |   |           | 198,822 |         |   |           | 157,493 |         |      |         | 142,312 |         |   |         | 145,594 |        
|                                           | Ocean freight forwarding |                                          |           | 98,877  |         |   |           | 75,131  |         |   |           | 66,554  |         |      |         | 58,633  |         |   |         | 54,461  |        
|                                           | Customs brokerage        |                                          |           | 75,352  |         |   |           | 65,532  |         |   |           | 61,105  |         |      |         | 54,034  |         |   |         | 55,295  |        
|                                           | Contract logistics(3)    |                                          |           | 257,141 |         |   |           | 192,969 |         |   |           | 79,517  |         |      |         | 14,957  |         |   |         | 8,478   |        
|                                           | Other                    |                                          |           | 89,122  |         |   |           | 63,687  |         |   |           | 40,121  |         |      |         | 34,623  |         |   |         | 38,018  |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|                                           |                          | Total net revenues                       |           |         | 773,781 |   |           |         | 596,141 |   |           |         | 404,790 |      |         |         | 304,559 |   |         |         | 301,846 | 
|Staff costs                                |                          |                                          | 397,765   |         |         |   | 318,727   |         |         |   | 204,971   |         |         |      | 156,005 |         |         |   | 154,426 |        
|Depreciation and amortization              |                          |                                          | 19,453    |         |         |   | 14,806    |         |         |   | 11,174    |         |         |      | 9,411   |         |         |   | 9,060   |        
|Amortization of intangible assets(4)       |                          |                                          | 1,980     |         |         |   | 663       |         |         |   | 198       |         |         |      | 5,339   |         |         |   | 4,306   |        
|Other operating expenses                   |                          |                                          | 259,132   |         |         |   | 202,874   |         |         |   | 142,942   |         |         |      | 104,134 |         |         |   | 109,846 |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|Operating income(3)                        |                          |                                          | 95,451    |         |         |   | 59,071    |         |         |   | 45,505    |         |         |      | 29,670  |         |         |   | 24,208  |        
|Net income(4)                              |                          | $                                        | 67,529    |         |         | $ | 44,771    |         |         | $ | 29,294    |         |         | $    | 19,158  |         |         | $ | 18,453  |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|Basic earnings per ordinary share(4)(5)    |                          | $                                        | 2.20      |         |         | $ | 1.48      |         |         | $ | 1.13      |         |         | $    | 0.76    |         |         | $ | 0.95    |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|Diluted earnings per ordinary share(4)(5)  |                          | $                                        | 2.12      |         |         | $ | 1.42      |         |         | $ | 1.11      |         |         | $    | 0.75    |         |         | $ | 0.88    |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        
|Cash dividends declared per ordinary share |                          | $                                        | 0.115     |         |         | $ | 0.095     |         |         | $ | 0.075     |         |         | $    | 0.075   |         |         | $ | 0.15    |        
|                                           |                          |                                          |           |         |         |   |           |         |         |   |           |         |         |      |        

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|                                                                       |                   |                                          |           |        |      |  |         |        |  |  |         |        |  |      |         |        |  |  |         |        | 
|---------------------------------------------------------------------- | ----------------- | ---------------------------------------- | --------- | ------ | ---- |  | ------- | ------ |  |  | ------- | ------ |  | ---- | ------- | ------ |  |  | ------- | ------ | 
|                                                                       |                   | Year Ended January 31,                   |          
|                                                                       |                   |                                          |          
|                                                                       |                   | 2005                                     |           |        | 2004 |  |         | 2003   |  |  | 2002    |        |  | 2001 |        
|                                                                       |                   |                                          |           |        |      |  |         |        |  |  |         |        |  |      |        
|                                                                       |                   | (In thousands, except per share amounts) |          
|Number of weighted average shares used for per share
    calculations: |                   |                                          |           |        |      |  |         |        |  |  |         |        |  |      |         |        |  |  |         |       
|                                                                       | Basic shares(5)   |                                          |           | 30,734 |      |  |         | 30,292 |  |  |         | 25,932 |  |      |         | 25,233 |  |  |         | 19,345 | 
|                                                                       | Diluted shares(5) |                                          |           | 31,902 |      |  |         | 31,480 |  |  |         | 26,504 |  |      |         | 25,502 |  |  |         | 21,053 | 
|BALANCE SHEET DATA:                                                    |                   |                                          |           |        |      |  |         |        |  |  |         |        |  |      |         |        |  |  |         |       
|Total assets(5)                                                        |                   |                                          | 1,044,667 |        |      |  | 703,341 |        |  |  | 627,075 |        |  |      | 404,611 |        |  |  | 443,753 |       
|Long-term liabilities                                                  |                   |                                          | 36,000    |        |      |  | 12,530  |        |  |  | 9,969   |        |  |      | 9,177   |        |  |  | 14,890  |       






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Gross revenue represents billings on exports to customers, plus
    net revenue on imports, net of any billings for value added
    taxes, custom duties and freight insurance premiums whereby we
    also act as an agent. Gross revenue and freight consolidation
    costs for airfreight and ocean freight forwarding services,
    including commissions earned from our services as an authorized
    agent for airline and ocean carriers and third-party freight
    insurers, are recognized at the time the freight departs the
    terminal of origin, which is when the customer is billed. Gross
    customs brokerage revenue and contract logistics and other
    revenue are recognized when we bill the customer, which for
    customs brokerage revenue is when the necessary documentation
    for customs clearance has been completed, and for contract
    logistics and other revenue is when the service has been
    provided to third parties in the ordinary course of business.
|   
|(2) | Net revenue is determined by deducting freight consolidation
    costs from gross revenue. Freight consolidation costs are
    recognized at the time the freight departs the terminal of
    origin.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|(3) | We acquired Grupo SLi and Union, S.L., which we refer to as SLi,
    UTi Integrated Logistics (formerly Standard Corporation), IHD
    and Unigistix in January 2002, October 2002, June 2004 and
    October 2004, respectively. Because of these acquisitions, our
    contract logistics gross and net revenues have increased over
    our historical levels. Additional information regarding
    acquisitions and the impact of acquisitions is included in
    Part II, Item 7 of this report appearing under the
    caption, Managements Discussion and Analysis of
    Financial Condition and Results of Operations and in
    note 2, Acquisitions, in our consolidated
    financial statements included in this annual report.                                                                                                                                                                                                                                                            
|   
|(4) | Effective with fiscal 2003, operating income and net income, as
    well as basic and diluted earnings per share, exclude the effect
    of amortization of goodwill in accordance with the adoption of
    Statement of Financial Accounting Standards No. 142,
    Goodwill and Other Intangible Assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(5) | In December 2002, we completed a public offering of 4,600,000
    ordinary shares. Net proceeds totaled approximately
    $100.0 million (after underwriting discounts and
    commissions and related transaction expenses).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|ITEM 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

Introduction








| |   |                                
| | - | -------------------------------
| |  | Overview                       
|
| |  | Discussion of Operating Results
|
| |  | Liquidity and Capital Resources
|
| |  | Off-Balance Sheet Arrangements 
|
| |  | Impact of Inflation            

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| |   |                                                                           
| | - | --------------------------------------------------------------------------
| |  | Critical Accounting Policies and Use of Estimates                         
|
| |  | Factors That May Affect Future Results and Other Cautionary
    Statements

Overview








NextLeap NextLeap NextLeap NextLeap, NextLeap NextLeap, NextLeap,




| |                                                                    
| | -------------------------------------------------------------------
| | Effect of Foreign Currency Translation on Comparison of
    Results





| |                                                  
| | -------------------------------------------------
| | Description of Services & Revenue
    Recognition

Airfreight Forwarding.


19



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Ocean Freight Forwarding.






Customs Brokerage.




Contract Logistics.


20



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Other Services.




| |             
| | ------------
| | Acquisitions













21



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| |                                           
| | ------------------------------------------
| | Reorganization of South African Operations









Discussion of Operating Results




22



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| |                                     
| | ------------------------------------
| | Geographic Segment Operating Results





|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |   |         |         |  |   |         |        | 
|------------ | ----- | ---------------------- | ------- | --------- | ------- | - | ------- | --------- |  | - | ------- | ------ |  | ------- | ------- | --------- | --------- | - | ------- | ------- |  | - | ------- | ------ | 
|             |       | Year Ended January 31, |        
|             |       |                        |        
|             |       | 2005                   |         |           | 2004    |  
|             |       |                        |         |           |         |  
|             |       | Gross                  |         |           | Net     |   |         | Operating |  |   | Gross   |        |  | Net     |         |           | Operating |  
|             |       | Revenue                |         |           | Revenue |   |         | Income    |  |   | Revenue |        |  | Revenue |         |           | Income    |  
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  
|Europe       |       | $                      | 582,428 |           |         | $ | 176,425 |           |  | $ | 27,323  |        |  | $       | 424,457 |           |           | $ | 129,404 |         |  | $ | 11,050  |       
|Americas     |       |                        | 562,853 |           |         |   | 286,760 |           |  |   | 22,414  |        |  |         | 449,381 |           |           |   | 252,378 |         |  |   | 15,847  |       
|Asia Pacific |       |                        | 681,532 |           |         |   | 109,159 |           |  |   | 34,991  |        |  |         | 430,376 |           |           |   | 86,489  |         |  |   | 25,886  |       
|Africa       |       |                        | 432,980 |           |         |   | 201,437 |           |  |   | 30,020  |        |  |         | 198,661 |           |           |   | 127,870 |         |  |   | 17,782  |       
|Corporate    |       |                        |        |           |         |   |        |           |  |   | (19,297 | )      |  |         |        |           |           |   |        |         |  |   | (11,494 | )     
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  
|             | Total |                        | $       | 2,259,793 |         |   | $       | 773,781   |  |   | $       | 95,451 |  |         | $       | 1,502,875 |           |   | $       | 596,141 |  |   | $       | 59,071 | 
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  

|             |       |                                       |         |         |            |   |        |           |  |   |         |        |  |         |     |    |           |  |    |    |   |  |     |    |  
|------------ | ----- | ------------------------------------- | ------- | ------- | ---------- | - | ------ | --------- |  | - | ------- | ------ |  | ------- | --- | -- | --------- |  | -- | -- | - |  | --- | -- | -
|             |       | Change to Year Ended January 31, 2005 |        
|             |       | from Year Ended January 31, 2004      |        
|             |       |                                       |        
|             |       | Amount                                |         |         | Percentage |  
|             |       |                                       |         |         |            |  
|             |       | Gross                                 |         |         | Net        |   |        | Operating |  |   | Gross   |        |  | Net     |     |    | Operating | 
|             |       | Revenue                               |         |         | Revenue    |   |        | Income    |  |   | Revenue |        |  | Revenue |     |    | Income    | 
|             |       |                                       |         |         |            |   |        |           |  |   |         |        |  |         |     |    |           | 
|Europe       |       | $                                     | 157,971 |         |            | $ | 47,021 |           |  | $ | 16,273  |        |  |         | 37  | %  |           |  | 36 | %  |   |  | 147 | % 
|Americas     |       |                                       | 113,472 |         |            |   | 34,382 |           |  |   | 6,567   |        |  |         | 25  |    |           |  | 14 |    |   |  | 41  |   
|Asia Pacific |       |                                       | 251,156 |         |            |   | 22,670 |           |  |   | 9,105   |        |  |         | 58  |    |           |  | 26 |    |   |  | 35  |   
|Africa       |       |                                       | 234,319 |         |            |   | 73,567 |           |  |   | 12,238  |        |  |         | 118 |    |           |  | 58 |    |   |  | 69  |   
|Corporate    |       |                                       |        |         |            |   |       |           |  |   | (7,803  | )      |  |         |    |    |           |  |   |    |   |  | (68 | ) 
|             |       |                                       |         |         |            |   |        |           |  |   |         |        |  |         |     |    |           | 
|             | Total |                                       | $       | 756,918 |            |   | $      | 177,640   |  |   | $       | 36,380 |  |         |     | 50 | %         |  |    | 30 | % |  |     | 62 | %
|             |       |                                       |         |         |            |   |        |           |  |   |         |        |  |         |     |    |           | 

|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |   |         |         |  |   |        |        | 
|------------ | ----- | ---------------------- | ------- | --------- | ------- | - | ------- | --------- |  | - | ------- | ------ |  | ------- | ------- | --------- | --------- | - | ------- | ------- |  | - | ------ | ------ | 
|             |       | Year Ended January 31, |        
|             |       |                        |        
|             |       | 2004                   |         |           | 2003    |  
|             |       |                        |         |           |         |  
|             |       | Gross                  |         |           | Net     |   |         | Operating |  |   | Gross   |        |  | Net     |         |           | Operating |  
|             |       | Revenue                |         |           | Revenue |   |         | Income    |  |   | Revenue |        |  | Revenue |         |           | Income    |  
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  
|Europe       |       | $                      | 424,457 |           |         | $ | 129,404 |           |  | $ | 11,050  |        |  | $       | 372,515 |           |           | $ | 99,571  |         |  | $ | 10,573 |       
|Americas     |       |                        | 449,381 |           |         |   | 252,378 |           |  |   | 15,847  |        |  |         | 317,314 |           |           |   | 143,484 |         |  |   | 8,453  |       
|Asia Pacific |       |                        | 430,376 |           |         |   | 86,489  |           |  |   | 25,886  |        |  |         | 337,430 |           |           |   | 70,626  |         |  |   | 19,446 |       
|Africa       |       |                        | 198,661 |           |         |   | 127,870 |           |  |   | 17,782  |        |  |         | 142,801 |           |           |   | 91,109  |         |  |   | 16,169 |       
|Corporate    |       |                        |        |           |         |   |        |           |  |   | (11,494 | )      |  |         |        |           |           |   |        |         |  |   | (9,136 | )     
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  
|             | Total |                        | $       | 1,502,875 |         |   | $       | 596,141   |  |   | $       | 59,071 |  |         | $       | 1,170,060 |           |   | $       | 404,790 |  |   | $      | 45,505 | 
|             |       |                        |         |           |         |   |         |           |  |   |         |        |  |         |         |           |           |  

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|             |       |                                       |         |         |            |   |         |           |  |   |         |        |  |         |    |    |           |  |    |    |   |  |     |    |  
|------------ | ----- | ------------------------------------- | ------- | ------- | ---------- | - | ------- | --------- |  | - | ------- | ------ |  | ------- | -- | -- | --------- |  | -- | -- | - |  | --- | -- | -
|             |       | Change to Year Ended January 31, 2004 |        
|             |       | from Year Ended January 31, 2003      |        
|             |       |                                       |        
|             |       | Amount                                |         |         | Percentage |  
|             |       |                                       |         |         |            |  
|             |       | Gross                                 |         |         | Net        |   |         | Operating |  |   | Gross   |        |  | Net     |    |    | Operating | 
|             |       | Revenue                               |         |         | Revenue    |   |         | Income    |  |   | Revenue |        |  | Revenue |    |    | Income    | 
|             |       |                                       |         |         |            |   |         |           |  |   |         |        |  |         |    |    |           | 
|Europe       |       | $                                     | 51,942  |         |            | $ | 29,833  |           |  | $ | 477     |        |  |         | 14 | %  |           |  | 30 | %  |   |  | 5   | % 
|Americas     |       |                                       | 132,067 |         |            |   | 108,894 |           |  |   | 7,394   |        |  |         | 42 |    |           |  | 76 |    |   |  | 87  |   
|Asia Pacific |       |                                       | 92,946  |         |            |   | 15,863  |           |  |   | 6,440   |        |  |         | 28 |    |           |  | 22 |    |   |  | 33  |   
|Africa       |       |                                       | 55,860  |         |            |   | 36,761  |           |  |   | 1,613   |        |  |         | 39 |    |           |  | 40 |    |   |  | 10  |   
|Corporate    |       |                                       |        |         |            |   |        |           |  |   | (2,358  | )      |  |         |   |    |           |  |   |    |   |  | (26 | ) 
|             |       |                                       |         |         |            |   |         |           |  |   |         |        |  |         |    |    |           | 
|             | Total |                                       | $       | 332,815 |            |   | $       | 191,351   |  |   | $       | 13,566 |  |         |    | 28 | %         |  |    | 47 | % |  |     | 30 | %
|             |       |                                       |         |         |            |   |         |           |  |   |         |        |  |         |    |    |           | 













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|                                   |                                   |                        |     |    |      |  |     |      |   |  |     |    |  
|---------------------------------- | --------------------------------- | ---------------------- | --- | -- | ---- |  | --- | ---- | - |  | --- | -- | -
|                                   |                                   | Year Ended January 31, |    
|                                   |                                   |                        |    
|                                   |                                   | 2005                   |     |    | 2004 |  |     | 2003 |  
|                                   |                                   |                        |     |    |      |  |     |      |  
|Net revenues:                      |                                   |                        |     |    |      |  |     |      |   |  |     |   
|                                   | Airfreight forwarding             |                        |     | 33 | %    |  |     | 33   | % |  |     | 39 | %
|                                   | Ocean freight forwarding          |                        |     | 13 |      |  |     | 13   |   |  |     | 16 |  
|                                   | Customs brokerage                 |                        |     | 10 |      |  |     | 11   |   |  |     | 15 |  
|                                   | Contract logistics                |                        |     | 33 |      |  |     | 32   |   |  |     | 20 |  
|                                   | Other                             |                        |     | 11 |      |  |     | 11   |   |  |     | 10 |  
|                                   |                                   |                        |     |    |      |  |     |      |  
|Total net revenues                 |                                   |                        | 100 |    |      |  | 100 |      |   |  | 100 |   
|Operating expenses:                |                                   |                        |     |    |      |  |     |      |   |  |     |   
|                                   | Staff costs                       |                        |     | 51 |      |  |     | 53   |   |  |     | 51 |  
|                                   | Depreciation and amortization     |                        |     | 3  |      |  |     | 2    |   |  |     | 3  |  
|                                   | Amortization of intangible assets |                        |     | *  |      |  |     | *    |   |  |     | *  |  
|                                   | Other operating expenses          |                        |     | 33 |      |  |     | 34   |   |  |     | 35 |  
|                                   |                                   |                        |     |    |      |  |     |      |  
|Operating income                   |                                   |                        | 12  |    |      |  | 10  |      |   |  | 11  |   
|Interest income                    |                                   |                        | 1   |    |      |  | 1   |      |   |  | 1   |   
|Interest expense                   |                                   |                        | (1  | )  |      |  | (1  | )    |   |  | (1  | ) 
|Gains/(losses) on foreign exchange |                                   |                        | *   |    |      |  | *   |      |   |  | *   |   
|                                   |                                   |                        |     |    |      |  |     |      |  
|Pretax income                      |                                   |                        | 12  |    |      |  | 10  |      |   |  | 11  |   
|Provision for income taxes         |                                   |                        | 3   |    |      |  | 2   |      |   |  | 3   |   
|Minority interests                 |                                   |                        | *   |    |      |  | *   |      |   |  | *   |   
|                                   |                                   |                        |     |    |      |  |     |      |  
|Net income                         |                                   |                        | 9   | %  |      |  | 8   | %    |   |  | 7   | % 
|                                   |                                   |                        |     |    |      |  |     |      |  






|  |                       
|- | ----------------------
|* | Less than one percent.



| |                                                                        
| | -----------------------------------------------------------------------
| | Year Ended January 31, 2005 Compared to Year Ended
    January 31, 2004



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26



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| |                                                                        
| | -----------------------------------------------------------------------
| | Year Ended January 31, 2004 Compared to Year Ended
    January 31, 2003









27



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28



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Liquidity and Capital Resources
















| |                  
| | -----------------
| | Credit Facilities





29



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30



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| |                        
| | -----------------------
| | Contractual Obligations



|                                             |       |                        |         |           |        |   |        |         |  |     |        |        |       |         |        |        |  |   |        |        | 
|-------------------------------------------- | ----- | ---------------------- | ------- | --------- | ------ | - | ------ | ------- |  | --- | ------ | ------ | ----- | ------- | ------ | ------ |  | - | ------ | ------ | 
|                                             |       | Payments Due By Period |        
|                                             |       |                        |        
|                                             |       |                        |         | Less Than |        |   | 1-3    |         |  | 4-5 |        |        | After |        
|                                             |       | Total                  |         |           | 1 Year |   |        | Years   |  |     | Years  |        |       | 5 Years |       
|                                             |       |                        |         |           |        |   |        |         |  |     |        |        |       |         |       
|Bank and other long-term debt obligations(1) |       | $                      | 100,610 |           |        | $ | 95,505 |         |  | $   | 1,154  |        |       | $       | 580    |        |  | $ | 3,371  |       
|Capital lease obligations(2)                 |       |                        | 15,338  |           |        |   | 3,760  |         |  |     | 9,601  |        |       |         | 1,755  |        |  |   | 222    |       
|Operating lease obligations                  |       |                        | 188,470 |           |        |   | 50,474 |         |  |     | 73,265 |        |       |         | 42,516 |        |  |   | 22,215 |       
|Unconditional purchase obligations           |       |                        | 5,305   |           |        |   | 5,305  |         |  |     |       |        |       |         |       |        |  |   |       |       
|                                             |       |                        |         |           |        |   |        |         |  |     |        |        |       |         |       
|                                             | Total |                        | $       | 309,723   |        |   | $      | 155,044 |  |     | $      | 84,020 |       |         | $      | 44,851 |  |   | $      | 25,808 | 
|                                             |       |                        |         |           |        |   |        |         |  |     |        |        |       |         |       






|    |                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------
|(1) | Interest expense is not included due to the variable rate nature
    of interest rates on these obligations.
|   
|(2) | Includes interest expense due to the fixed nature of interest
    rates on these obligations.               





Off-Balance Sheet Arrangements




Impact of Inflation




Critical Accounting Policies and Use of Estimates






31



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| |                    
| | -------------------
| | Revenue Recognition





| |             
| | ------------
| | Income Taxes









| |                                   
| | ----------------------------------
| | Allowance for Doubtful Receivables





| |                                     
| | ------------------------------------
| | Goodwill and Other Intangible Assets

Goodwill and Other Intangible
Assets,


32



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| |              
| | -------------
| | Contingencies

Accounting for
Contingencies,




| |                     
| | --------------------
| | Currency Translation





Recent Accounting Pronouncements


Consolidation of
Variable Interest Entities Consolidated Financial
Statement, Consolidation of Variable Interest Entities


Employers Disclosures about Pensions
and Other Postretirement Benefits


33



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Share-Based Payment


Accounting and Disclosure Guidance
for the Foreign Earnings Repatriation Provision within the
American Jobs Creation Act of 2004 Accounting for Income
Taxes,


Share Based Payment.


Factors That May Affect Future Results and Other Cautionary
Statements






| |                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We conduct business throughout the world and our results
    of operations may be impacted by international trade volumes and
    by global, regional and local economic conditions.



34



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| |                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our international presence exposes us to potential
    difficulties and risks associated with distant operations and to
    various economic, regulatory, political and other uncertainties
    and risks.





| |   |                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | changes in economic, social and political conditions and in
    governmental policies,                                                                    
|
| |  | changes in international and domestic customs regulations,                                                                                                
|
| |  | wars, civil unrest, acts of terrorism and other conflicts,                                                                                                
|
| |  | natural disasters,                                                                                                                                        
|
| |  | changes in tariffs, trade restrictions, trade agreements and
    taxation,                                                                                
|
| |  | difficulties in staffing, managing or overseeing foreign
    operations,                                                                                  
|
| |  | expropriation of our international assets,                                                                                                                
|
| |  | limitations on the repatriation of assets, including cash,                                                                                                
|
| |  | different liability standards and less developed legal systems
    that may be less predictable than those in the United
    States, and                  
|
| |  | intellectual property laws of countries which do not protect our
    intellectual property rights to the same extent as the laws of
    the United States.





| |                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------
| | Restrictions and controls on investments and acquisitions
    outside of the United States may restrict our ability to operate
    in those countries.



35



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| |                                                                                              
| | ---------------------------------------------------------------------------------------------
| | We are dependent on our relationship with our agents and
    key employees in some countries.





| |                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Foreign currency fluctuations could result in currency
    translation exchange gains or losses or could increase or
    decrease the book value of our assets.





| |                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because our business is dependent on commercial airfreight
    carriers and air charter operators, ocean freight carriers and
    other transportation companies, changes in available cargo
    capacity and other changes affecting such carriers, as well as
    interruptions in service or work stoppages by such carriers, may
    negatively impact our business.





| |                                            
| | -------------------------------------------
| | Our business is subject to seasonal trends.



36



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| |                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Comparisons of our operating results from period to period
    are not necessarily meaningful and should not be relied upon as
    an indicator of future performance.





| |   |                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------
| |  | personnel costs,                                                                                                
|
| |  | fluctuations in currency exchange rates,                                                                        
|
| |  | costs relating to the expansion of operations,                                                                  
|
| |  | costs and revenue fluctuations due to acquisitions,                                                             
|
| |  | pricing and availability of cargo space on airlines, ships and
    trucks which we utilize to transport freight,
|
| |  | adjustments in inventory levels,                                                                                
|
| |  | fluctuations in fuel surcharges,                                                                                
|
| |  | pricing pressures from our competitors,                                                                         
|
| |  | changes in our customers requirements for contract
    logistics and outsourcing services,                     
|
| |  | customer discounts and credits, and                                                                             
|
| |  | timing and magnitude of capital expenditures.                                                                   





| |                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We have grown and plan to grow, in part, through
    acquisitions of other freight forwarders, customs brokers,
    contract logistics providers and supply chain management
    providers. Growth by acquisitions involves risks and we may not
    be able to identify or acquire companies consistent with our
    growth strategy or successfully integrate any acquired business
    into our operations.







| |   |                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------
| |  | identification of appropriate acquisition candidates or
    negotiation of acquisitions on favorable terms and valuations,
|
| |  | integration of acquired businesses and personnel,                                                                         
|
| |  | implementation of proper business and accounting controls,                                                                
|
| |  | ability to obtain financing, on favorable terms or at all,                                                                
|
| |  | diversion of management attention,                                                                                        
|
| |  | retention of employees and customers, and                                                                                 
|
| |  | unexpected costs, expenses and liabilities.                                                                               



37



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| |                                                                                                      
| | -----------------------------------------------------------------------------------------------------
| | Our growth and profitability may not continue, which may
    result in a decrease in our stock price.





| |                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------
| | We may not succeed with our NextLeap strategic operating
    plan, and as a result our revenue and profitability may not
    increase.

NextLeap, NextLeap, NextLeap




| |                                                                                                      
| | -----------------------------------------------------------------------------------------------------
| | Our effective income tax rate will impact our results of
    operations, cash flow and profitability.





| |                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------
| | We face intense competition in the freight forwarding,
    contract logistics and supply chain management industry.



38



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| |                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our industry is consolidating and if we cannot gain
    sufficient market presence in our industry, we may not be able
    to compete successfully against larger, global companies in our
    industry.





| |                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------
| | We are dependent on key management personnel and the loss
    of any such personnel could materially and adversely affect our
    business.





| |                                                                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because we are a holding company, we are financially
    dependent on receiving distributions from our subsidiaries and
    we could be harmed if such distributions could not be made in
    the future.





| |                                                                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because we manage our business on a localized basis in
    many countries around the world, our operations and internal
    controls may be materially adversely affected by inconsistent
    management practices.



39



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| |                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may need additional financing to fund our operations
    and finance our growth or we may need replacement financing, and
    we may not be able to obtain financing on terms acceptable to us
    or at all.





| |                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we fail to develop and integrate information technology
    systems or we fail to upgrade or replace our information
    technology systems to handle increased volumes and levels of
    complexity, meet the demands of our customers and protect
    against disruptions of our operations, we may lose inventory
    items, orders or customers, which could seriously harm our
    business.





| |                                                                                     
| | ------------------------------------------------------------------------------------
| | Our information technology systems are subject to risks
    which we cannot control.



40



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| |                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------
| | We may be adversely affected if we are unable to license
    the software necessary for our information technology
    system.





| |                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we fail to adequately protect our intellectual property
    rights, the value of such rights may diminish and our results of
    operations and financial condition may be materially adversely
    affected.





| |                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are not able to limit our liability for
    customers claims through contract terms and limit our
    exposure through the purchase of insurance, we could be required
    to pay large amounts to our customers as compensation for their
    claims and our results of operations could be materially
    adversely affected.







| |                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The failure of our policies and procedures which are
    designed to prevent the unlawful transportation or storage of
    hazardous, explosive or illegal materials could subject us to
    large fines, penalties or lawsuits.



41



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| |                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we fail to comply with applicable governmental
    regulations, we could be subject to substantial fines or
    revocation of our permits and licenses and we may experience
    increased costs as a result of governmental regulation.









42



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| |                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are not able to sell container space that we
    purchase from ocean shipping lines and capacity that we charter
    from our carriers, we will not be able to recover our
    out-of-pocket costs and our profitability may suffer.





| |                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we lose certain of our contract logistics customers or
    we cannot maintain adequate levels of utilization in our shared
    warehouses, then we may experience revenue losses and decreased
    profitability.







| |                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------
| | If we are not reimbursed for amounts which we advance for
    our customers, our net revenue and profitability may
    decrease.





| |                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our executive officers, directors and principal
    shareholders control a significant portion of our shares and
    their interests may be different than or conflict with
    yours.



43



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| |                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | It may be difficult for our shareholders to effect service
    of process and enforce judgments obtained in United States
    courts against us or our directors and executive officers who
    reside outside of the United States.





| |                                                                                                                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because we are incorporated under the laws of the British
    Virgin Islands, it may be more difficult for our shareholders to
    protect their rights than it would be for a shareholder of a
    corporation incorporated in another jurisdiction.





| |                                                                                                     
| | ----------------------------------------------------------------------------------------------------
| | Future issuances of preference shares could adversely
    affect the holders of our ordinary shares.





| |                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our Memorandum and Articles of Association contain
    anti-takeover provisions which may discourage attempts by others
    to acquire or merge with us and which could reduce the market
    value of our ordinary shares.





| |   |                                                                                                                                                                                                          
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the authorization of our board of directors to issue preference
    shares with such rights and preferences determined by the board,
    without the specific approval of the holders of ordinary shares;
|
| |  | our board of directors is divided into three classes each of
    which is elected in a different year;                                                                                                   
|
| |  | the prohibition of action by the written consent of the
    shareholders;                                                                                                                                
|
| |  | the establishment of advance notice requirements for director
    nominations and actions to be taken at shareholder
    meetings; and                                                                   

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| |   |                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the requirement that the holders of two-thirds of the
    outstanding shares entitled to vote at a meeting are required to
    approve changes to specific provisions of our Memorandum and
    Articles of Association including those provisions described
    above and others which are designed to discourage non-negotiated
    takeover attempts.








|         |                                                               
|-------- | --------------------------------------------------------------
|ITEM 7A. | Quantitative and Qualitative Disclosures about Market
    Risk

Quantitative Information about Market Risk




| |                                           
| | ------------------------------------------
| | Foreign Currency Exchange Rate Sensitivity







|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |      |     |  |   |      |      |  
|----------------------- | ----- | ------ | ------ | ------ | ----------- | -------- | ----- | ---------------------- | ----------- | - | ------ | ----------- |  | ------ | ---- | --- |  | - | ---- | ---- | -
|                        |       |        |        |        |             |          |       | Foreign Exchange       |            
|                        |       |        |        |        |             |          |       | Gain/(Loss)            |            
|                        |       |        |        |        |             |          |       | if Functional Currency |            
|                        |       |        |        |        |             | Net      |       |                        |             |  
|                        |       |        |        |        |             | Exposure |       |                        | Appreciates |   |        | Depreciates | 
|Non-Functional Currency |       | Assets |        |        | Liabilities |          |       | Long/(Short)           |             |   | by 10% |             |  | by 10% |     
|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |     
|At January 31, 2005:    |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |      |     |  |   |      |     
|U.S. dollars            |       | $      | 13,639 |        |             | $        | 9,306 |                        |             | $ | 4,333  |             |  | $      | 433  |     |  | $ | (433 | )   
|Euro                    |       |        | 1,404  |        |             |          | 3,050 |                        |             |   | (1,646 | )           |  |        | (165 | )   |  |   | 165  |     
|British pounds sterling |       |        | 2,863  |        |             |          | 2,154 |                        |             |   | 709    |             |  |        | 71   |     |  |   | (71  | )   
|Hong Kong dollars       |       |        | 78     |        |             |          | 1,091 |                        |             |   | (1,013 | )           |  |        | (101 | )   |  |   | 101  |     
|Other                   |       |        | 1,391  |        |             |          | 2,005 |                        |             |   | (614   | )           |  |        | (61  | )   |  |   | 61   |     
|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |     
|                        | Total |        | $      | 19,375 |             |          | $     | 17,606                 |             |   | $      | 1,769       |  |        | $    | 177 |  |   | $    | (177 | )
|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |     
|At January 31, 2004:    |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |      |     |  |   |      |     
|U.S. dollars            |       | $      | 10,970 |        |             | $        | 6,646 |                        |             | $ | 4,324  |             |  | $      | 432  |     |  | $ | (432 | )   
|Euro                    |       |        | 833    |        |             |          | 3,151 |                        |             |   | (2,318 | )           |  |        | (232 | )   |  |   | 232  |     
|British pounds sterling |       |        | 3,913  |        |             |          | 3,925 |                        |             |   | (12    | )           |  |        | (1   | )   |  |   | 1    |     
|Hong Kong dollars       |       |        | 32     |        |             |          | 357   |                        |             |   | (325   | )           |  |        | (33  | )   |  |   | 33   |     
|Other                   |       |        | 1,431  |        |             |          | 1,975 |                        |             |   | (544   | )           |  |        | (54  | )   |  |   | 54   |     
|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |     
|                        | Total |        | $      | 17,179 |             |          | $     | 16,054                 |             |   | $      | 1,125       |  |        | $    | 112 |  |   | $    | (112 | )
|                        |       |        |        |        |             |          |       |                        |             |   |        |             |  |        |     

45



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Qualitative Information about Market Risk




| |                      
| | ---------------------
| | Foreign Exchange Risk









| |                   
| | ------------------
| | Interest Rate Risk





| |                 
| | ----------------
| | Market Rate Risk








|        |                                            
|------- | -------------------------------------------
|ITEM 8. | Financial Statements and Supplementary Data

Consolidated Statements and Other Financial Information









|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|ITEM 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|ITEM 9A. | Controls and Procedures

Managements Evaluation of Disclosure Controls and
Procedures




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Managements Report on Internal Control over Financial
Reporting






Internal
Control  Integrated Framework.






Report of Independent Registered Public Accounting Firm on
Internal Control over Financial Reporting




Internal Control 
Integrated Framework






47



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##### Table of Contents







Internal
Control  Integrated Framework Internal Control  Integrated Framework










Changes in Internal Controls over Financial Reporting









|         |                  
|-------- | -----------------
|ITEM 9B. | Other Information






PART III







|         |                                                   
|-------- | --------------------------------------------------
|ITEM 10. | Directors and Executive Officers of the Registrant



48



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|         |                       
|-------- | ----------------------
|ITEM 11. | Executive Compensation








|         |                                                                                                   
|-------- | --------------------------------------------------------------------------------------------------
|ITEM 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters



Securities Authorized for Issuance under Equity Compensation
Plans




|                                                           |       |                   |           |           |                    |   |                      |                          |  |  |           |           | 
|---------------------------------------------------------- | ----- | ----------------- | --------- | --------- | ------------------ | - | -------------------- | ------------------------ |  |  | --------- | --------- | 
|                                                           |       | (a)               |           |           |                    |   | (c)                  |                         
|                                                           |       | Number of         |           |           |                    |   | Number of Securities |                         
|                                                           |       | Securities to be  |           |           | (b)                |   |                      | Remaining Available for  | 
|                                                           |       | Issued upon       |           |           | Weighted-average   |   |                      | Future Issuance under    | 
|                                                           |       | Exercise of       |           |           | Exercise Price of  |   |                      | Equity Compensation      | 
|                                                           |       | Outstanding       |           |           | Outstanding        |   |                      | Plans (Excluding         | 
|                                                           |       | Options, Warrants |           |           | Options, Warrants, |   |                      | Securities               | 
|                                                           |       | and Rights        |           |           | and Rights         |   |                      | Reflected in Column (a)) | 
|                                                           |       |                   |           |           |                    |   |                      |                          | 
|Plan category                                              |       |                   |           |           |                    |   |                      |                          |  |  |           |          
|Equity compensation plans approved by security holders     |       |                   | 2,374,090 | (1)       |                    | $ | 24.34                |                          |  |  | 2,347,859 | (2)      
|Equity compensation plans not approved by security holders |       |                   |          |           |                    |   |                     |                          |  |  |          |          
|                                                           |       |                   |           |           |                    |   |                      |                          | 
|                                                           | Total |                   |           | 2,374,090 |                    |   | $                    | 24.34                    |  |  |           | 2,347,859 | 
|                                                           |       |                   |           |           |                    |   |                      |                          | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Of these shares 4,022 are restricted share units outstanding
    under the 2004 Non-Employee Directors Share Incentive Plan. In
    addition, 62,894 are restricted share units granted as retention
    awards, which we refer to as the Retention Awards, and 74,464
    restricted share units were allocated as performance awards,
    which we refer to as the Performance Awards, under UTis
    2004 Long-Term Incentive Plan.                                                                                                                                                                                                                                           
|   
|(2) | The restricted share units identified in Footnote 1 are not
    included in column (c). Restricted share units granted under the
    2004 Non-Employee Directors Share Incentive Plan generally vest
    and become non-forfeitable on the date immediately proceeding
    the annual meeting of the shareholders which follows the grant
    date of the restricted share units, provided that the director
    receiving such restricted share units is then serving as a
    director on such date. Receipt of such shares may be deferred
    under the terms of the plan. The Retention Awards consist of
    restricted share units, which entitle the holder to have shares

49



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | issued to him or her upon the passage of time. Under the
    Retention Awards, 100% of the shares will vest at the end of the
    required retention period. The Performance Awards consist of
    restricted share units, which entitle the holder to have shares
    issued to him or her upon the satisfaction of certain
    performance criteria over a three year period with 100% of the
    shares vesting at the end of the performance period.








|         |                                               
|-------- | ----------------------------------------------
|ITEM 13. | Certain Relationships and Related Transactions








|         |                                       
|-------- | --------------------------------------
|ITEM 14. | Principal Accountant Fees and Services






PART IV







|         |                                           
|-------- | ------------------------------------------
|ITEM 15. | Exhibits and Financial Statement Schedules









|        |   |     |  |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------- | - | --- |  |  | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |   |     |  |  | Description
|        |   |     |  |  |            
|        | 2 | .1+ |  |  |             | Asset Purchase Agreement between Continental Air Express (HK)
    Limited, Continental Container Lines Limited, Union-Transport
    (HK) Limited, Cheng Kwan Kok David, Lai Kwok Fai, Lewis Billy
    Barnhill, Francis Raymond Bello, Albert Patrick Cataldo, Chan Ka
    Ming, Chan Kwan Hang, Chau Hak Cheong, Cheng Kwan Lung, Ng Chun
    Ka, Ng Sai Kuen and Registrant dated August 25, 2000
    (incorporated by reference to the companys Registration
    Statement on Form F-1, No. 333-47616, dated
    October 10, 2000)                                                                  
|       
|        | 2 | .2+ |  |  |             | Asset Purchase Agreement between Continental Container Line,
    Inc., Continental Cargo Logistics Inc. (New York corporation),
    Continental Cargo Logistics Inc. (California corporation),
    Union-Transport Corporation, Lai Kwok Fai, Ng Chun Ka, Cheng
    Kwan Kok David, Albert Patrick Cataldo, Lewis Billy Barnhill,
    Francis Raymond Bello, Chan Ka Ming, Chan Kwan Hang, Chau Hak
    Cheong, Cheng Kwan Lung and Ng Sai Kuen dated August 25,
    2000 (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)

50



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|        |    |      |  |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------- | -- | ---- |  |  | ----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |  |  | Description
|        |    |      |  |  |            
|       
|        | 2  | .3   |  |  |             | Amendment to Asset Purchase Agreement between Continental Air
    Express (HK) Limited, Continental Container Lines Limited,
    Union-Transport (HK) Limited, Cheng Kwan Kok David, Lai Kwok
    Fai, Lewis Billy Barnhill, Francis Raymond Bello, Albert Patrick
    Cataldo, Chan Ka Ming, Chan Kwan Hang, Chau Hak Cheong, Cheng
    Kwan Lung, Ng Chun Ka, Ng Sai Kuen and Registrant, dated
    October 3, 2000 (incorporated by reference to Amendment
    No. 1 to the companys Registration Statement on
    Form F-1, No. 333-47616, dated October 30, 2000)
|       
|        | 2  | .4+  |  |  |             | Stock Purchase Agreement among Samuel Clarke, Jr., Claude
    M. Walker, Jr., James H. Walker, Standard Corporation and
    Union Transport (U.S.) Holdings, Inc., dated as of
    October 11, 2002 (incorporated by reference to the
    companys Registration Statement on Form F-3,
    No. 333-101309, dated November 19, 2002)                                                                                                                                                                                                                                   
|       
|        | 2  | .5+  |  |  |             | Share Purchase Agreement, dated as of October 12, 2004,
    among UTi Worldwide Inc., 6289541 Canada Inc., and the other
    parties named therein (incorporated by reference to
    Exhibit 2.1 to the companys Current Report on Form
    8-K, dated October 15, 2004)                                                                                                                                                                                                                                                                                              
|       
|        | 3  | .1   |  |  |             | Memorandum of Association of the company (incorporated by
    reference to Exhibit 3.1 to Amendment No. 1 to the
    companys Registration Statement on Form F-1,
    No. 333-47616, dated October 30, 2000)                                                                                                                                                                                                                                                                                                                                                          
|       
|        | 3  | .2   |  |  |             | Articles of Association of the company, as amended (incorporated
    by reference to Exhibit 3.1 to the companys Current
    Report on Form 8-K, dated November 19, 2004)                                                                                                                                                                                                                                                                                                                                                                                             
|       
|        | 10 | .1*  |  |  |             | Form of Employment Agreement between Mr. Wessels and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | 10 | .2*  |  |  |             | Form of Employment Agreement between Mr. MacFarlane and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                 
|       
|        | 10 | .3*  |  |  |             | Form of Employment Agreement between Mr. Draper and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | 10 | .4*  |  |  |             | 2000 Employee Share Purchase Plan, as amended (incorporated by
    reference to the companys Registration Statement on
    Form S-8, No. 333-58832, dated April 12, 2001)                                                                                                                                                                                                                                                                                                                                                                                             
|       
|        | 10 | .5*  |  |  |             | Non-Employee Directors Stock Option Plan (incorporated by
    reference to the companys Registration Statement on
    Form F-1, No. 333-47616, dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | 10 | .6*  |  |  |             | Union-Transport Inc. Share Incentive Plan, as amended
    (incorporated by reference to the companys Annual Report
    on Form 20-F, dated May 8, 2002)                                                                                                                                                                                                                                                                                                                                                                                                               
|       
|        | 10 | .7*  |  |  |             | Union-Transport Executive Share Plan, as amended (incorporated
    by reference to the companys Annual Report on
    Form 20-F, dated May 8, 2002)                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | 10 | .8   |  |  |             | Credit Agreement between the company and Nedbank Limited, dated
    August 1, 2002 (incorporated by reference to
    Exhibit 99.2 to the companys Report on Form 6-K
    dated December 5, 2002)                                                                                                                                                                                                                                                                                                                                                                      
|       
|        | 10 | .9   |  |  |             | Amended and Restated Registration Rights Agreement between PTR
    Holdings, Inc., Union-Transport Holdings Inc. and the company
    (incorporated by reference to Amendment No. 2 to the
    companys Registration Statement on Form F-3,
    No. 333-101309, dated December 10, 2002)                                                                                                                                                                                                                                                                               
|       
|        | 10 | .10* |  |  |             | 2000 Stock Option Plan, as amended (incorporated by reference to
    the companys Registration Statement on Form S-8,
    No. 333-116896, dated June 25, 2004)                                                                                                                                                                                                                                                                                                                                                                                                        
|       
|        | 10 | .11* |  |  |             | 2004 Long-Term Incentive Plan, as amended (incorporated by
    reference to Exhibit 4.1 to the companys Registration
    Statement on Form S-8, No. 333-116894, dated
    June 25, 2004)                                                                                                                                                                                                                                                                                                                                                                              
|       
|        | 10 | .12* |  |  |             | 2004 Non-Employee Directors Share Incentive Plan, as amended
    (incorporated by reference to Exhibit 4.1 to the
    companys Registration Statement on Form S-8,
    No. 333-118055, dated August 9, 2004)                                                                                                                                                                                                                                                                                                                                                          
|       
|        | 10 | .13  |  |  |             | Credit Agreement between UTi, United States, Inc., UTi,
    Brokerage, Inc., Standard Corporation and UTi, (U.S.) Holdings,
    Inc. and LaSalle Bank National Association, as agent, and other
    lenders, dated August 5, 2004 (incorporated by reference to
    Exhibit 10.1 to the companys Quarterly Report on Form
    10-Q, dated September 9, 2004)                                                                                                                                                                                                          

51



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##### Table of Contents



|        |    |      |  |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- | -- | ---- |  |  | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |  |  | Description
|        |    |      |  |  |            
|       
|        | 10 | .14  |  |  |             | Guaranty and Collateral Agreement between UTi, United States,
    Inc., UTi, Brokerage, Inc., Standard Corporation, UTi, (U.S.)
    Holdings, Inc. and UTi, Services, Inc. and LaSalle Bank National
    Association, as agent, and other lenders, dated August 5,
    2004 (incorporated by reference to Exhibit 10.2 to the
    companys Quarterly Report on Form 10-Q, dated
    September 9, 2004)                                         
|       
|        | 10 | .15* |  |  |             | Employment Agreement between the company and Peter Thorrington,
    dated September 7, 2004 (incorporated by reference to
    Exhibit 10.6 to the companys Quarterly Report on Form
    10-Q, dated September 9, 2004)                                                                                                                                                                                                                         
|       
|        | 10 | .16  |  |  |             | Registration Rights Agreement, dated as of November 23,
    2004, between UTi Worldwide Inc. and United Service Technologies
    Limited (incorporated by reference to Exhibit 10.1 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                                                                                                                             
|       
|        | 10 | .17  |  |  |             | Affiliated Lender Registration Rights Agreement, dated as of
    November 23, 2004, among UTi Worldwide Inc., PTR Holdings
    Inc., Union-Transport Holdings Inc., Wagontrails Investments
    N.V., and Alan C. Draper (incorporated by reference to
    Exhibit 10.2 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                             
|       
|        | 10 | .18  |  |  |             | Credit Agreement between UTi Logistics (Proprietary) Limited,
    Pyramid Freight (Proprietary) Limited, UTi South Africa
    (Proprietary) Limited, International Healthcare Distributors
    (Proprietary) Limited, Kite Logistics (Proprietary) Limited and
    NedBank Limited, entered into December 6, 2004
    (incorporated by reference to Exhibit 10.3 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)
|       
|        | 10 | .19  |  |  |             | Sale of Shares Agreement, entered into December 6, 2004,
    between Pyramid Freight (Proprietary) Limited and The Trustees
    For the Time Being of the UTi Empowerment Trust (incorporated by
    reference to Exhibit 10.4 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                      
|       
|        | 10 | .20  |  |  |             | Loan Agreement, entered into December 6, 2004, between
    Pyramid Freight (Proprietary) Limited and UTi South Africa
    (Proprietary) Limited (incorporated by reference to
    Exhibit 10.5 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                                                                                                      
|       
|        | 10 | .21  |  |  |             | Shareholders Agreement, entered into December 6,
    2004, among Pyramid Freight (Proprietary) Limited, the Trustees
    for the Time Being of the UTi Empowerment Trust and UTi South
    Africa (Proprietary) Limited (incorporated by reference to
    Exhibit 10.6 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                             
|       
|        | 10 | .22  |  |  |             | Sale of Business Agreement, entered into December 6, 2004,
    between Pyramid Freight (Proprietary) Limited and UTi South
    Africa (Proprietary) Limited (incorporated by reference to
    Exhibit 10.7 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                                                                                          
|       
|        | 10 | .23* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Stock Option Award Agreement (incorporated by
    reference to Exhibit 10.8 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                          
|       
|        | 10 | .24* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Performance Enhancement Award Agreement
    (incorporated by reference to Exhibit 10.9 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                                                                                                                                                           
|       
|        | 10 | .25* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Long-Term Award Agreement (incorporated by
    reference to Exhibit 10.10 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                            
|       
|        | 10 | .26* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Stock Option Award Agreement (incorporated by
    reference to Exhibit 10.8 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                          
|       
|        | 10 | .27* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Restricted Share Unit Award Agreement
    and Election Forms                                                                                                                                                                                                                                                                                                  
|       
|        | 10 | .28* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Deferral and Distribution Election
    Form for Restricted Share Units and Restricted Shares                                                                                                                                                                                                                                                                  
|       
|        | 10 | .29* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Combined Elective Grant and Deferral
    Election Agreement                                                                                                                                                                                                                                                                                                   

52



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##### Table of Contents



|        |    |      |  |  |             |                                                                                                                                                                                                                                                                                     
|------- | -- | ---- |  |  | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |  |  | Description
|        |    |      |  |  |            
|       
|        | 10 | .30* |  |  |             | Amended and Restated Senior Leadership Team (SLT) Annual Cash
    Bonus Plan (incorporated by reference to Exhibit 10.11 to
    the companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                            
|       
|        | 10 | .31  |  |  |             | Amendment No. 1 to Registration Rights Agreement, dated as
    of December 17, 2004, between UTi Worldwide Inc. and United
    Service Technologies Limited (incorporated by reference to
    Exhibit 10.1 to the companys Current Report on Form
    8-K, dated December 17, 2004)
|       
|        | 21 |      |  |  |             | Subsidiaries of the Company                                                                                                                                                                                                                                                         
|       
|        | 23 |      |  |  |             | Consent of Independent Registered Public Accounting Firm                                                                                                                                                                                                                            
|       
|        | 31 | .1   |  |  |             | Certification of Chief Executive Officer pursuant to Securities
    Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                             
|       
|        | 31 | .2   |  |  |             | Certification of Chief Financial Officer pursuant to Securities
    Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                             
|       
|        | 32 | .1   |  |  |             | Certification of Chief Executive Officer pursuant to
    Section 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   
|       
|        | 32 | .2   |  |  |             | Certification of Chief Financial Officer pursuant to
    Section 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   






|  |                                                                                                                                                                         
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|+ | Certain portions of the identified exhibit were omitted and
    filed separately with the Commission and have been granted
    confidential treatment by the Commission.



| |   |                                                 
| | - | ------------------------------------------------
| | * | Management contract or compensatory arrangement.

53



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##### Table of Contents






SIGNATURES






| |                   
| | ------------------
| | UTi Worldwide Inc.



| |     |                            
| | --- | ---------------------------
| | By: | /s/ Roger I.
    MacFarlane

| |                                     
| | ------------------------------------
| | Roger I. MacFarlane                 
| | Chief Executive Officer and Director







| |                   
| | ------------------
| | UTi Worldwide Inc.

|                     |  |                                                                                                                                                                                                          
|-------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Date: April 18, 2005 |  | By: /s/ Roger I.
    MacFarlaneRoger
    I. MacFarlaneChief Executive Officer and Director
     Principal Executive Officer                                                                              
|                    
|Date: April 18, 2005 |  | By: /s/ Lawrence R.
    SamuelsLawrence
    R. SamuelsSenior Vice President  Finance,
    Chief Financial Officer
    and Secretary
    Principal Financial Officer and
    Principal Accounting Officer
|                    
|Date: April 18, 2005 |  | By: /s/ J. Simon
    StubbingsJ.
    Simon StubbingsChairman of the Board of Directors                                                                                                                   
|                    
|Date: April 18, 2005 |  | By: /s/ Matthys J.
    WesselsMatthys
    J. WesselsVice Chairman of the Board of Directors and
    Chief Executive Officer  African Region                                                             
|                    
|Date: April 18, 2005 |  | By: /s/ Alan C.
    DraperAlan
    C. DraperExecutive Vice President and
    President  Asia Pacific Region and Director                                                                                

54



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##### Table of Contents



|                     |  |                                                                 
|-------------------- |  | ----------------------------------------------------------------
|                    
|Date: April 18, 2005 |  | By: /s/ C. John
    Langley, Jr.C.
    John Langley, Jr.Director
|                    
|Date: April 18, 2005 |  | By: /s/ Leon J.
    LevelLeon
    J. LevelDirector              
|                    
|Date: April 18, 2005 |  | By: /s/ Allan M.
    RosenzweigAllan
    M. RosenzweigDirector  

55



---










UTi WORLDWIDE INC.


INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


|                                                                                                                       |  |      |      | 
|---------------------------------------------------------------------------------------------------------------------- |  | ---- | ---- | 
|                                                                                                                       |  | Page |     
|                                                                                                                       |  |      |     
|Report of Independent Registered Public
    Accounting Firm                                                            |  |      | F-2  | 
|Consolidated Income Statements for the
    years ended January 31, 2005, 2004 and 2003                                 |  |      | F-3  | 
|Consolidated Balance Sheets as of
    January 31, 2005 and 2004                                                        |  |      | F-4  | 
|Consolidated Statements of Changes in
    Shareholders Equity for the years ended January 31,
    2005, 2004 and 2003 |  |      | F-5  | 
|Consolidated Statements of Cash Flows for
    the years ended January 31, 2005, 2004 and 2003                          |  |      | F-6  | 
|Notes to the Consolidated Financial
    Statements                                                                     |  |      | F-7  | 
|Financial Statement Schedule (Valuation and
    Qualifying Accounts)                                                   |  |      | F-39 | 



F-1



---



##### Table of Contents






REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM










Internal Control 
Integrated Framework


Deloitte &
Touche LLP






F-2



---



##### Table of Contents



UTi WORLDWIDE INC.





CONSOLIDATED INCOME STATEMENTS


For the Years Ended January 31, 2005, 2004 and 2003


|                                                                       |                |                                 |           |            |      |   |           |            |  |   |           |            | 
|---------------------------------------------------------------------- | -------------- | ------------------------------- | --------- | ---------- | ---- | - | --------- | ---------- |  | - | --------- | ---------- | 
|                                                                       |                | Year Ended January 31,          |          
|                                                                       |                |                                 |          
|                                                                       |                | 2005                            |           |            | 2004 |   |           | 2003       | 
|                                                                       |                |                                 |           |            |      |   |           |            | 
|                                                                       |                | (In thousands, except share and |          
|                                                                       |                | per share amounts)              |          
|Gross revenue                                                          |                | $                               | 2,259,793 |            |      | $ | 1,502,875 |            |  | $ | 1,170,060 |           
|Freight consolidation costs                                            |                |                                 | 1,486,012 |            |      |   | 906,734   |            |  |   | 765,270   |           
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Net revenue                                                            |                |                                 | 773,781   |            |      |   | 596,141   |            |  |   | 404,790   |           
|Staff costs                                                            |                |                                 | 397,765   |            |      |   | 318,727   |            |  |   | 204,971   |           
|Depreciation and amortization                                          |                |                                 | 19,453    |            |      |   | 14,806    |            |  |   | 11,174    |           
|Amortization of intangible assets                                      |                |                                 | 1,980     |            |      |   | 663       |            |  |   | 198       |           
|Other operating expenses                                               |                |                                 | 259,132   |            |      |   | 202,874   |            |  |   | 142,942   |           
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Operating income                                                       |                |                                 | 95,451    |            |      |   | 59,071    |            |  |   | 45,505    |           
|Interest income                                                        |                |                                 | 4,112     |            |      |   | 6,881     |            |  |   | 4,641     |           
|Interest expense                                                       |                |                                 | (4,586    | )          |      |   | (5,840    | )          |  |   | (5,127    | )         
|Gains/(losses) on foreign exchange                                     |                |                                 | 973       |            |      |   | (341      | )          |  |   | (1,725    | )         
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Pretax income                                                          |                |                                 | 95,950    |            |      |   | 59,771    |            |  |   | 43,294    |           
|Provision for income taxes                                             |                |                                 | 25,698    |            |      |   | 13,403    |            |  |   | 12,492    |           
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Income before minority interests                                       |                |                                 | 70,252    |            |      |   | 46,368    |            |  |   | 30,802    |           
|Minority interests                                                     |                |                                 | (2,723    | )          |      |   | (1,597    | )          |  |   | (1,508    | )         
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Net income                                                             |                | $                               | 67,529    |            |      | $ | 44,771    |            |  | $ | 29,294    |           
|                                                                       |                |                                 |           |            |      |   |           |            | 
|Basic earnings per share                                               |                | $                               | 2.20      |            |      | $ | 1.48      |            |  | $ | 1.13      |           
|Diluted earnings per share                                             |                | $                               | 2.12      |            |      | $ | 1.42      |            |  | $ | 1.11      |           
|Number of weighted average shares used for per share
    calculations: |                |                                 |           |            |      |   |           |            |  |   |           |           
|                                                                       | Basic shares   |                                 |           | 30,734,360 |      |   |           | 30,291,543 |  |   |           | 25,932,164 | 
|                                                                       | Diluted shares |                                 |           | 31,901,776 |      |   |           | 31,479,887 |  |   |           | 26,504,401 | 

See accompanying notes to the consolidated financial
statements.


F-3



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##### Table of Contents



UTi WORLDWIDE INC.





CONSOLIDATED BALANCE SHEETS


As of January 31, 2005 and 2004


|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |   |         |         |   | 
|------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------- | --------- | ------- | ---- | - | ------- | ------- | - | 
|                                                                                                                                           |                                                                                                                                                                                          | January 31,                                  |          
|                                                                                                                                           |                                                                                                                                                                                          |                                              |          
|                                                                                                                                           |                                                                                                                                                                                          | 2005                                         |           |         | 2004 |  
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|                                                                                                                                           |                                                                                                                                                                                          | (In thousands, except                        |          
|                                                                                                                                           |                                                                                                                                                                                          | share amounts)                               |          
|ASSETS                                                                                                                                    
|Cash and cash equivalents                                                                                                                  |                                                                                                                                                                                          | $                                            | 178,132   |         |      | $ | 156,687 |        
|Trade receivables (net of allowance for doubtful receivables of
    $16,687 and $14,300 as of January 31, 2005 and 2004,
    respectively) |                                                                                                                                                                                          |                                              | 435,223   |         |      |   | 280,044 |        
|Deferred income tax assets                                                                                                                 |                                                                                                                                                                                          |                                              | 10,027    |         |      |   | 6,534   |        
|Other current assets                                                                                                                       |                                                                                                                                                                                          |                                              | 44,509    |         |      |   | 33,420  |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|Total current assets                                                                                                                       |                                                                                                                                                                                          |                                              | 667,891   |         |      |   | 476,685 |        
|Property, plant and equipment, net                                                                                                         |                                                                                                                                                                                          |                                              | 71,190    |         |      |   | 54,421  |        
|Goodwill                                                                                                                                   |                                                                                                                                                                                          |                                              | 251,093   |         |      |   | 148,372 |        
|Other intangible assets, net                                                                                                               |                                                                                                                                                                                          |                                              | 42,682    |         |      |   | 10,195  |        
|Investments                                                                                                                                |                                                                                                                                                                                          |                                              | 587       |         |      |   | 1,117   |        
|Deferred income tax assets                                                                                                                 |                                                                                                                                                                                          |                                              | 1,104     |         |      |   | 2,384   |        
|Other non-current assets                                                                                                                   |                                                                                                                                                                                          |                                              | 10,120    |         |      |   | 10,167  |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|Total assets                                                                                                                               |                                                                                                                                                                                          | $                                            | 1,044,667 |         |      | $ | 703,341 |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|LIABILITIES & SHAREHOLDERS EQUITY                                                                                                        
|Bank lines of credit                                                                                                                       |                                                                                                                                                                                          | $                                            | 92,340    |         |      | $ | 18,180  |        
|Short-term borrowings                                                                                                                      |                                                                                                                                                                                          |                                              | 3,165     |         |      |   | 1,312   |        
|Current portion of capital lease obligations                                                                                               |                                                                                                                                                                                          |                                              | 3,465     |         |      |   | 2,408   |        
|Trade payables and other accrued liabilities                                                                                               |                                                                                                                                                                                          |                                              | 413,003   |         |      |   | 269,072 |        
|Income taxes payable                                                                                                                       |                                                                                                                                                                                          |                                              | 18,533    |         |      |   | 10,864  |        
|Deferred income tax liabilities                                                                                                            |                                                                                                                                                                                          |                                              | 678       |         |      |   | 256     |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|Total current liabilities                                                                                                                  |                                                                                                                                                                                          |                                              | 531,184   |         |      |   | 302,092 |        
|Long-term borrowings                                                                                                                       |                                                                                                                                                                                          |                                              | 5,105     |         |      |   | 93      |        
|Capital lease obligations                                                                                                                  |                                                                                                                                                                                          |                                              | 9,820     |         |      |   | 7,326   |        
|Deferred income tax liabilities                                                                                                            |                                                                                                                                                                                          |                                              | 19,607    |         |      |   | 3,860   |        
|Retirement fund obligations                                                                                                                |                                                                                                                                                                                          |                                              | 1,332     |         |      |   | 1,251   |        
|Other                                                                                                                                      |                                                                                                                                                                                          |                                              | 136       |         |      |   |        |        
|Minority interests                                                                                                                         |                                                                                                                                                                                          |                                              | 3,293     |         |      |   | 2,873   |        
|Commitments and contingencies                                                                                                              |                                                                                                                                                                                          |                                              |           |         |      |   |         |        
|Shareholders equity:                                                                                                                      |                                                                                                                                                                                          |                                              |           |         |      |   |         |        
|                                                                                                                                           | Non-voting variable rate participating cumulative convertible
    preference shares of no par value:                                                                                     |                                              |           |         |      |   |         |         |  
|                                                                                                                                           |                                                                                                                                                                                          | Class A  authorized 50,000,000; none issued |           |         |     |   |         |         |  | 
|                                                                                                                                           |                                                                                                                                                                                          | Class B  authorized 50,000,000; none issued |           |         |     |   |         |         |  | 
|                                                                                                                                           | Common stock  authorized 500,000,000 ordinary shares
    of no par value; issued and outstanding 30,976,603 and
    30,929,814 shares as of January 31, 2005 and 2004,
    respectively |                                              |           | 329,098 |      |   |         | 318,409 |  
|                                                                                                                                           | Deferred compensation related to restricted share units                                                                                                                                  |                                              |           | (3,193  | )    |   |         |        |  
|                                                                                                                                           | Retained earnings                                                                                                                                                                        |                                              |           | 169,821 |      |   |         | 105,855 |  
|                                                                                                                                           | Accumulated other comprehensive loss                                                                                                                                                     |                                              |           | (21,536 | )    |   |         | (38,418 | )
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|Total shareholders equity                                                                                                                 |                                                                                                                                                                                          |                                              | 474,190   |         |      |   | 385,846 |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  
|Total liabilities and shareholders equity                                                                                                 |                                                                                                                                                                                          | $                                            | 1,044,667 |         |      | $ | 703,341 |        
|                                                                                                                                           |                                                                                                                                                                                          |                                              |           |         |      |  



F-4



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##### Table of Contents



UTi WORLDWIDE INC.





CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS
EQUITY


For the Years Ended January 31, 2005, 2004 and 2003


|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |        |        | 
|-------------------------------------------------- | --------------------------------------- | --------------------------------- | ---------- | ------------ | ---------- | -------- | ------- | ----------- | ----------- | ------------- | ----------------- | - |  | ---- | ------- | ------ | ----- | - | ------- | ------ |  | - | ------- | ------ | ------ | 
|                                                   |                                         |                                   |            |              |            | Deferred |         |             |             |               |                   |   | 
|                                                   |                                         |                                   |            | Compensation |            |          |         |             | Accumulated |               |                   |  
|                                                   |                                         | Common Stock                      |            |              | Related to |          |         |             |             | Other         |                   |   | 
|                                                   |                                         |                                   |            |              | Restricted |          |         |             |             | Comprehensive |                   |   | 
|                                                   |                                         | Shares                            |            |              | Amount     |          |         | Share Units |             |               | Retained Earnings |   |  | Loss |         |        | Total |  
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|                                                   |                                         | (In thousands, except share data) |           
|Balance at January 31, 2002                        |                                         |                                   | 25,702,401 |              |            | $        | 207,143 |             |             | $             |                  |   |  | $    | 36,608  |        |       | $ | (63,897 | )      |  | $ | 179,854 |       
|Comprehensive income:                              |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |       
|                                                   | Net income                              |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         | 29,294 |       |   |         |       |  |   |         | 29,294 |       
|                                                   | Foreign currency translation adjustment |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         |       |       |   |         | 12,932 |  |   |         | 12,932 |       
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|                                                   |                                         | Total comprehensive income        |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |        | 42,226 | 
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Shares issued                                      |                                         |                                   | 4,799,416  |              |            |          | 103,175 |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 103,175 |       
|Stock options exercised                            |                                         |                                   | 49,307     |              |            |          | 661     |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 661     |       
|Stock compensation costs                           |                                         |                                   |           |              |            |          | 182     |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 182     |       
|Dividends                                          |                                         |                                   |           |              |            |          |        |             |             |               |                  |   |  |      | (1,929  | )      |       |   |        |        |  |   | (1,929  | )     
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Balance at January 31, 2003                        |                                         |                                   | 30,551,124 |              |            |          | 311,161 |             |             |               |                  |   |  |      | 63,973  |        |       |   | (50,965 | )      |  |   | 324,169 |       
|Comprehensive income:                              |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |       
|                                                   | Net income                              |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         | 44,771 |       |   |         |       |  |   |         | 44,771 |       
|                                                   | Foreign currency translation adjustment |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         |       |       |   |         | 12,547 |  |   |         | 12,547 |       
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|                                                   |                                         | Total comprehensive income        |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |        | 57,318 | 
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Shares issued                                      |                                         |                                   | 24,623     |              |            |          | 694     |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 694     |       
|Stock options exercised                            |                                         |                                   | 337,305    |              |            |          | 4,920   |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 4,920   |       
|Stock compensation costs                           |                                         |                                   | 16,762     |              |            |          | 798     |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 798     |       
|Tax benefit related to exercise of stock options   |                                         |                                   |           |              |            |          | 836     |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 836     |       
|Dividends                                          |                                         |                                   |           |              |            |          |        |             |             |               |                  |   |  |      | (2,889  | )      |       |   |        |        |  |   | (2,889  | )     
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Balance at January 31, 2004                        |                                         |                                   | 30,929,814 |              |            |          | 318,409 |             |             |               |                  |   |  |      | 105,855 |        |       |   | (38,418 | )      |  |   | 385,846 |       
|Comprehensive income:                              |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |       
|                                                   | Net income                              |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         | 67,529 |       |   |         |       |  |   |         | 67,529 |       
|                                                   | Foreign currency translation adjustment |                                   |            |             |            |          |         |            |             |               |                   |  |  |      |         |       |       |   |         | 16,882 |  |   |         | 16,882 |       
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|                                                   |                                         | Total comprehensive income        |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |   |         |        |  |   |         |        | 84,411 | 
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Shares issued                                      |                                         |                                   | 19,111     |              |            |          | 972     |             |             |               |                   |   |  |      |        |        |       |   |        |        |  |   | 972     |       
|Shares cancelled                                   |                                         |                                   | (246,329   | )            |            |          |        |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   |        |       
|Stock options exercised                            |                                         |                                   | 274,007    |              |            |          | 4,362   |             |             |               |                  |   |  |      |        |        |       |   |        |        |  |   | 4,362   |       
|Stock compensation costs                           |                                         |                                   |           |              |            |          | 131     |             |             |               | 445               |   |  |      |        |        |       |   |        |        |  |   | 576     |       
|Restricted share units issued, net of cancellation |                                         |                                   |           |              |            |          | 3,638   |             |             |               | (3,638            | ) |  |      |        |        |       |   |        |        |  |   |        |       
|Tax benefit related to exercise of stock options   |                                         |                                   |           |              |            |          | 1,586   |             |             |               |                   |   |  |      |        |        |       |   |        |        |  |   | 1,586   |       
|Dividends                                          |                                         |                                   |           |              |            |          |        |             |             |               |                  |   |  |      | (3,563  | )      |       |   |        |        |  |   | (3,563  | )     
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  
|Balance at January 31, 2005                        |                                         |                                   | 30,976,603 |              |            | $        | 329,098 |             |             | $             | (3,193            | ) |  | $    | 169,821 |        |       | $ | (21,536 | )      |  | $ | 474,190 |       
|                                                   |                                         |                                   |            |              |            |          |         |             |             |               |                   |   |  |      |         |        |       |  



F-5



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##### Table of Contents



UTi WORLDWIDE INC.





CONSOLIDATED STATEMENTS OF CASH FLOWS


For the Years Ended January 31, 2005, 2004 and 2003


|                                                                            |                                                          |                                       |          |          |          |   |         |         |        |   |         |         |         |  
|--------------------------------------------------------------------------- | -------------------------------------------------------- | ------------------------------------- | -------- | -------- | -------- | - | ------- | ------- | ------ | - | ------- | ------- | ------- | -
|                                                                            |                                                          | Year Ended January 31,                |         
|                                                                            |                                                          |                                       |         
|                                                                            |                                                          | 2005                                  |          |          | 2004     |   |         | 2003    |       
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|                                                                            |                                                          | (In thousands)                        |         
|OPERATING ACTIVITIES:                                                       |                                                          |                                       |          |          |          |   |         |         |        |   |         |        
|Net income                                                                  |                                                          | $                                     | 67,529   |          |          | $ | 44,771  |         |        | $ | 29,294  |        
|Adjustments to reconcile net income to net cash provided by
    operations: |                                                          |                                       |          |          |          |   |         |         |        |   |         |        
|                                                                            | Stock compensation costs                                 |                                       |          | 576      |          |   |         | 798     |        |   |         | 182     |        
|                                                                            | Depreciation and amortization                            |                                       |          | 19,453   |          |   |         | 14,806  |        |   |         | 11,174  |        
|                                                                            | Amortization of intangible assets                        |                                       |          | 1,980    |          |   |         | 663     |        |   |         | 198     |        
|                                                                            | Deferred income taxes                                    |                                       |          | 1,440    |          |   |         | 847     |        |   |         | 423     |        
|                                                                            | Tax benefit relating to exercise of stock options        |                                       |          | 1,586    |          |   |         | 836     |        |   |         |        |        
|                                                                            | (Gain)/loss on disposal of property, plant and equipment |                                       |          | (177     | )        |   |         | 171     |        |   |         | 110     |        
|                                                                            | Other                                                    |                                       |          | 2,481    |          |   |         | 1,395   |        |   |         | 1,329   |        
|                                                                            | Changes in operating assets and liabilities:             |                                       |          |          |          |   |         |         |        |   |         |         |        
|                                                                            |                                                          | Increase in trade receivables         |          |          | (124,733 | ) |         |         | (7,582 | ) |         |         | (18,367 | )
|                                                                            |                                                          | Increase in other current assets      |          |          | (2,383   | ) |         |         | (2,590 | ) |         |         | (5,197  | )
|                                                                            |                                                          | Increase in trade payables            |          |          | 79,061   |   |         |         | 10,713 |   |         |         | 23,029  |  
|                                                                            |                                                          | Increase in other current liabilities |          |          | 24,586   |   |         |         | 1,030  |   |         |         | 7,427   |  
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|                                                                            | Net cash provided by operating activities                |                                       |          | 71,399   |          |   |         | 65,858  |        |   |         | 49,602  |        
|INVESTING ACTIVITIES:                                                       |                                                          |                                       |          |          |          |   |         |         |        |   |         |        
|Purchases of property, plant and equipment                                  |                                                          |                                       | (20,870  | )        |          |   | (18,720 | )       |        |   | (13,572 | )      
|Proceeds from disposal of property, plant and equipment                     |                                                          |                                       | 2,698    |          |          |   | 889     |         |        |   | 430     |        
|Increase in other non-current assets                                        |                                                          |                                       | (888     | )        |          |   | (1,674  | )       |        |   |        |        
|Acquisitions and contingent earn-out payments                               |                                                          |                                       | (118,179 | )        |          |   | (30,288 | )       |        |   | (62,944 | )      
|Other                                                                       |                                                          |                                       | 773      |          |          |   | (587    | )       |        |   | (599    | )      
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|                                                                            | Net cash used in investing activities                    |                                       |          | (136,466 | )        |   |         | (50,380 | )      |   |         | (76,685 | )      
|FINANCING ACTIVITIES:                                                       |                                                          |                                       |          |          |          |   |         |         |        |   |         |        
|Increase/(decrease) in bank lines of credit                                 |                                                          |                                       | 74,160   |          |          |   | (15,278 | )       |        |   | 12,396  |        
|Increase/(decrease) in short-term borrowings                                |                                                          |                                       | 4,063    |          |          |   | (7,421  | )       |        |   | (3,727  | )      
|Long-term borrowings  advanced                                             |                                                          |                                       | 1,946    |          |          |   |        |         |        |   |        |        
|Long-term borrowings  repaid                                               |                                                          |                                       | (316     | )        |          |   | (146    | )       |        |   | (204    | )      
|Repayments of capital lease obligations                                     |                                                          |                                       | (4,612   | )        |          |   | (3,444  | )       |        |   | (3,068  | )      
|Decrease in minority interests                                              |                                                          |                                       | (713     | )        |          |   | (1,296  | )       |        |   | (1,028  | )      
|Net proceeds from the issuance of ordinary shares                           |                                                          |                                       | 5,334    |          |          |   | 5,614   |         |        |   | 100,836 |        
|Dividends paid                                                              |                                                          |                                       | (3,563   | )        |          |   | (2,889  | )       |        |   | (1,929  | )      
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|                                                                            | Net cash provided by/(used in) financing activities      |                                       |          | 76,299   |          |   |         | (24,860 | )      |   |         | 103,276 |        
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|Net increase/(decrease) in cash and cash equivalents                        |                                                          |                                       | 11,232   |          |          |   | (9,382  | )       |        |   | 76,193  |        
|Cash and cash equivalents at beginning of year                              |                                                          |                                       | 156,687  |          |          |   | 168,125 |         |        |   | 87,594  |        
|Effect of foreign exchange rate changes on cash                             |                                                          |                                       | 10,213   |          |          |   | (2,056  | )       |        |   | 4,338   |        
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       
|Cash and cash equivalents at end of the year                                |                                                          | $                                     | 178,132  |          |          | $ | 156,687 |         |        | $ | 168,125 |        
|                                                                            |                                                          |                                       |          |          |          |   |         |         |       



F-6



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##### Table of Contents



UTi WORLDWIDE INC.





NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the Years Ended January 31, 2005, 2004 and 2003




|   |                                           
|-- | ------------------------------------------
|1. | Summary of Significant Accounting Policies



| |                      
| | ---------------------
| | Basis of Presentation











| |                     
| | --------------------
| | Currency Translation





| |                    
| | -------------------
| | Revenue Recognition





| |             
| | ------------
| | Income Taxes



F-7



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003










| |              
| | -------------
| | Stock Options

Accounting for Stock
Issued to Employees, Accounting for Stock-Based
Compensation  Transition and Disclosure 
an amendment of FASB Statement No. 123 Accounting for
Stock-Based Compensation,


|                                 |                                                                                                                    |                        |        |       |      |   |        |       |  |   |        |       | 
|-------------------------------- | ------------------------------------------------------------------------------------------------------------------ | ---------------------- | ------ | ----- | ---- | - | ------ | ----- |  | - | ------ | ----- | 
|                                 |                                                                                                                    | Year Ended January 31, |       
|                                 |                                                                                                                    |                        |       
|                                 |                                                                                                                    | 2005                   |        |       | 2004 |   |        | 2003  | 
|                                 |                                                                                                                    |                        |        |       |      |   |        |       | 
|Net income as reported           |                                                                                                                    | $                      | 67,529 |       |      | $ | 44,771 |       |  | $ | 29,294 |      
|                                 | Add: Stock-based employee compensation expense included in
    reported net income, net of income taxes            |                        |        | 576   |      |   |        | 173   |  |   |        | 182   | 
|                                 | Less: Total stock-based compensation expense determined under
    the fair value based method, net of income taxes |                        |        | 5,422 |      |   |        | 4,815 |  |   |        | 3,733 | 
|                                 |                                                                                                                    |                        |        |       |      |   |        |       | 
|Pro forma net income             |                                                                                                                    | $                      | 62,683 |       |      | $ | 40,129 |       |  | $ | 25,743 |      
|                                 |                                                                                                                    |                        |        |       |      |   |        |       | 
|Earnings per share, as reported: |                                                                                                                    |                        |        |       |      |   |        |       |  |   |        |      
|                                 | Basic earnings per share                                                                                           |                        | $      | 2.20  |      |   | $      | 1.48  |  |   | $      | 1.13  | 
|                                 | Diluted earnings per share                                                                                         |                        |        | 2.12  |      |   |        | 1.42  |  |   |        | 1.11  | 
|Earnings per share, pro forma:   |                                                                                                                    |                        |        |       |      |   |        |       |  |   |        |      
|                                 | Basic earnings per share                                                                                           |                        |        | 2.04  |      |   |        | 1.32  |  |   |        | 0.99  | 
|                                 | Diluted earnings per share                                                                                         |                        |        | 1.98  |      |   |        | 1.30  |  |   |        | 1.00  | 

F-8



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                                 |  |                        |          |  |      |  |          |      |  |  |          | 
|-------------------------------- |  | ---------------------- | -------- |  | ---- |  | -------- | ---- |  |  | -------- | 
|                                 |  | Year Ended January 31, |         
|                                 |  |                        |         
|                                 |  | 2005                   |          |  | 2004 |  |          | 2003 | 
|                                 |  |                        |          |  |      |  |          |      | 
|Risk free rate of return, annual |  |                        | 3%       |  |      |  | 3%       |      |  |  | 4%       | 
|Expected life                    |  |                        | 8  years |  |      |  | 8  years |      |  |  | 7  years | 
|Expected volatility              |  |                        | 42%      |  |      |  | 45%      |      |  |  | 49%      | 
|Dividend yield                   |  |                        | 0.3%     |  |      |  | 0.4%     |      |  |  | 0.4%     | 



| |                          
| | -------------------------
| | Cash and Cash Equivalents





| |                  
| | -----------------
| | Trade Receivables





| |                                   
| | ----------------------------------
| | Allowance for Doubtful Receivables





| |                              
| | -----------------------------
| | Property, Plant and Equipment



|                                 |  |           
|-------------------------------- |  | ----------
|Computer equipment/software      |  | 20% - 33% 
|Fixtures, fittings and equipment |  | 10% - 33% 
|Motor vehicles                   |  | 10% - 33% 
|Buildings                        |  | 2.5% - 10%

Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use.






| |                                     
| | ------------------------------------
| | Goodwill and Other Intangible Assets

Goodwill and Other
Intangible Assets


F-9



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






| |            
| | -----------
| | Investments





| |                         
| | ------------------------
| | Retirement Benefit Costs









| |                                     
| | ------------------------------------
| | Fair Values of Financial Instruments









| |                
| | ---------------
| | Risk Management



F-10



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003








| |              
| | -------------
| | Contingencies

Accounting for Contingencies,




| |                                 
| | --------------------------------
| | Recent Accounting Pronouncements

Consolidation of
Variable Interest Entities Consolidated Financial
Statements, Consolidation of Variable Interest Entities


Employers Disclosures about Pensions
and Other Postretirement Benefits


Share-Based Payment


Accounting and Disclosure Guidance
for the Foreign Earnings Repatriation Provision within the
American Jobs Creation Act of 2004


F-11



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003


Accounting for Income
Taxes,


Share
Based Payment




|   |             
|-- | ------------
|2. | Acquisitions





| |                                    
| | -----------------------------------
| | For the Year Ended January 31, 2005





F-12



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                                     |                       |   |         |        | 
|------------------------------------ | --------------------- | - | ------- | ------ | 
|Current assets                       |                       | $ | 21,341  |       
|Property, plant and equipment        |                       |   | 2,242   |       
|Customer contracts and relationships |                       |   | 4,941   |       
|Trademarks                           |                       |   | 6,350   |       
|Goodwill                             |                       |   | 29,277  |       
|                                     |                       |   |        
|                                     | Total assets acquired |   |         | 64,151 | 
|Liabilities assumed                  |                       |   | (21,380 | )     
|Deferred income taxes                |                       |   | (4,155  | )     
|                                     |                       |   |        
|                                     | Net assets acquired   |   | $       | 38,616 | 
|                                     |                       |   |        



|                                     |                       |   |        |        | 
|------------------------------------ | --------------------- | - | ------ | ------ | 
|Current assets                       |                       | $ | 9,265  |       
|Property, plant and equipment        |                       |   | 5,341  |       
|Customer contracts and relationships |                       |   | 21,205 |       
|Non-compete agreements               |                       |   | 1,787  |       
|Goodwill                             |                       |   | 51,038 |       
|                                     |                       |   |       
|                                     | Total assets acquired |   |        | 88,636 | 
|Liabilities assumed                  |                       |   | (2,987 | )     
|Deferred income taxes                |                       |   | (9,089 | )     
|                                     |                       |   |       
|                                     | Net assets acquired   |   | $      | 76,560 | 
|                                     |                       |   |       





| |                                    
| | -----------------------------------
| | For the Year Ended January 31, 2004



F-13



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






| |                                    
| | -----------------------------------
| | For the Year Ended January 31, 2003



|                                   |                       |   |        |        | 
|---------------------------------- | --------------------- | - | ------ | ------ | 
|Current assets                     |                       | $ | 23,316 |       
|Deferred taxes valuation allowance |                       |   | 4,711  |       
|Property, plant and equipment      |                       |   | 4,068  |       
|Intangible assets                  |                       |   | 9,195  |       
|Goodwill                           |                       |   | 25,617 |       
|                                   |                       |   |       
|                                   | Total assets acquired |   |        | 66,907 | 
|Liabilities assumed                |                       |   | (9,880 | )     
|                                   |                       |   |       
|                                   | Net assets acquired   |   | $      | 57,027 | 
|                                   |                       |   |       



F-14



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|      |              |                               |   |           |           |  |   |            |        |  |   |      |      | 
|----- | ------------ | ----------------------------- | - | --------- | --------- |  | - | ---------- | ------ |  | - | ---- | ---- | 
|      |              | (Unaudited)                   |  
|      |              | Fiscal Year Ended January 31, |  
|      |              |                               |  
|      |              |                               |   | Diluted   |          
|      |              | Gross                         |   |           | Net       |  |   | Earnings   |       
|      |              | Revenue                       |   |           | Income    |  |   | per Share* |       
|      |              |                               |   |           |           |  |   |            |       
|2005: |              |                               |   |           |           |  |   |            |        |  |   |     
|      | As reported  |                               | $ | 2,259,793 |           |  | $ | 67,529     |        |  | $ | 2.12 |     
|      | Acquisitions |                               |   | 30,587    |           |  |   | 4,071      |        |  |   | 0.13 |     
|      |              |                               |   |           |           |  |   |            |       
|      |              | Total                         |   | $         | 2,290,380 |  |   | $          | 71,600 |  |   |      | 2.24 | 
|      |              |                               |   |           |           |  |   |            |       
|2004: |              |                               |   |           |           |  |   |            |        |  |   |     
|      | As reported  |                               | $ | 1,502,875 |           |  | $ | 44,771     |        |  | $ | 1.42 |     
|      | Acquisitions |                               |   | 73,775    |           |  |   | 4,522      |        |  |   | 0.14 |     
|      |              |                               |   |           |           |  |   |            |       
|      |              | Total                         |   | $         | 1,576,650 |  |   | $          | 49,293 |  |   |      | 1.57 | 
|      |              |                               |   |           |           |  |   |            |       






|  |                                                                                                                                                                                                                                                                                                                                                                      
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | Earnings per share calculated based on 31,901,776 and 31,479,887
    diluted ordinary shares for the years ended January 31,
    2005 and 2004, respectively. The diluted earnings per share
    amounts as reported plus acquisitions for the year ended
    January 31, 2005 and 2004 do not add to the total pro forma
    amounts due to the effects of rounding.



|                                                                                                             |  |                               |         |   |      |   |        |      |  |   |        |  
|------------------------------------------------------------------------------------------------------------ |  | ----------------------------- | ------- | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                                                                             |  | Fiscal Year Ended January 31, |        
|                                                                                                             |  |                               |        
|                                                                                                             |  | 2005                          |         |   | 2004 |   |        | 2003 | 
|                                                                                                             |  |                               |         |   |      |   |        |      | 
|Cash consideration                                                                                           |  | $                             | 132,491 |   |      | $ | 30,856 |      |  | $ | 61,754 |  
|Cash at bank acquired                                                                                        |  |                               | (14,312 | ) |      |   | (568   | )    |  |   | (10    | )
|Bank overdrafts acquired                                                                                     |  |                               |        |   |      |   |       |      |  |   | 1,200  |  
|                                                                                                             |  |                               |         |   |      |   |        |      | 
|Net outflow of cash and cash equivalents in respect of the
    acquisitions and contingent earn-out payments |  | $                             | 118,179 |   |      | $ | 30,288 |      |  | $ | 62,944 |  
|                                                                                                             |  |                               |         |   |      |   |        |      | 



| |                                           
| | ------------------------------------------
| | Reorganization of South African Operations





F-15



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|   |             
|-- | ------------
|3. | Income Taxes



|                             |          |         |       |       |       |   |       |         |  |   |        |        |   |   |        |        | 
|---------------------------- | -------- | ------- | ----- | ----- | ----- | - | ----- | ------- |  | - | ------ | ------ | - | - | ------ | ------ | 
|                             |          | Federal |       |       | State |   |       | Foreign |  |   | Total  |       
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|Year ended January 31, 2005: |          |         |       |       |       |   |       |         |  |   |        |        |   |   |        |       
|                             | Current  |         | $     | 2,027 |       |   | $     | 810     |  |   | $      | 21,421 |   |   | $      | 24,258 | 
|                             | Deferred |         |       | 2,085 |       |   |       | 361     |  |   |        | (1,006 | ) |   |        | 1,440  | 
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|                             |          | $       | 4,112 |       |       | $ | 1,171 |         |  | $ | 20,415 |        |   | $ | 25,698 |       
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|Year ended January 31, 2004: |          |         |       |       |       |   |       |         |  |   |        |        |   |   |        |       
|                             | Current  |         | $     | 849   |       |   | $     | 471     |  |   | $      | 10,786 |   |   | $      | 12,106 | 
|                             | Deferred |         |       | 1,205 |       |   |       | 417     |  |   |        | (325   | ) |   |        | 1,297  | 
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|                             |          | $       | 2,054 |       |       | $ | 888   |         |  | $ | 10,461 |        |   | $ | 13,403 |       
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|Year ended January 31, 2003: |          |         |       |       |       |   |       |         |  |   |        |        |   |   |        |       
|                             | Current  |         | $     | 12    |       |   | $     | 278     |  |   | $      | 11,929 |   |   | $      | 12,219 | 
|                             | Deferred |         |       |      |       |   |       |        |  |   |        | 273    |   |   |        | 273    | 
|                             |          |         |       |       |       |   |       |         |  |   |        |       
|                             |          | $       | 12    |       |       | $ | 278   |         |  | $ | 12,202 |        |   | $ | 12,492 |       
|                             |          |         |       |       |       |   |       |         |  |   |        |       



|                                             |                                         |             |      |      |      |  |      |      |   |  |      |      | 
|-------------------------------------------- | --------------------------------------- | ----------- | ---- | ---- | ---- |  | ---- | ---- | - |  | ---- | ---- | 
|                                             |                                         | Year Ended  |     
|                                             |                                         | January 31, |     
|                                             |                                         |             |     
|                                             |                                         | 2005        |      |      | 2004 |  |      | 2003 |  
|                                             |                                         |             |      |      |      |  |      |      |  
|Statutory income tax rate for the Company(1) |                                         |             |     | %    |      |  |     | %    |   |  |     | %   
|Increase/(decrease) in rate resulting from:  |                                         |             |      |      |      |  |      |      |   |  |      |     
|                                             | Foreign income tax differential         |             |      | 24.0 |      |  |      | 20.8 |   |  |      | 21.0 | 
|                                             | Non-deductible expenses                 |             |      | 2.5  |      |  |      | 2.4  |   |  |      | 2.5  | 
|                                             | (Decrease)/increase in income tax rates |             |      |     |      |  |      | (0.2 | ) |  |      | 2.1  | 
|                                             | Change in valuation allowance           |             |      | 0.5  |      |  |      | (0.7 | ) |  |      | 1.9  | 
|                                             | Other                                   |             |      | (0.2 | )    |  |      | 0.1  |   |  |      | 1.4  | 
|                                             |                                         |             |      |      |      |  |      |      |  
|Effective income tax rate                    |                                         |             | 26.8 | %    |      |  | 22.4 | %    |   |  | 28.9 | %   
|                                             |                                         |             |      |      |      |  |      |      |  






|    |                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------
|(1) | The statutory income tax rate in the British Virgin Islands,
    where the Company is incorporated, is nil.

F-16



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                                            |                                   |                   |         |         |      |   |        |        |  
|------------------------------------------- | --------------------------------- | ----------------- | ------- | ------- | ---- | - | ------ | ------ | -
|                                            |                                   | As of January 31, |        
|                                            |                                   |                   |        
|                                            |                                   | 2005              |         |         | 2004 |  
|                                            |                                   |                   |         |         |      |  
|Gross deferred income tax assets:           |                                   |                   |         |         |      |   |        |       
|                                            | Allowance for doubtful accounts   |                   | $       | 3,320   |      |   | $      | 2,828  |  
|                                            | Accruals not currently deductible |                   |         | 6,005   |      |   |        | 4,025  |  
|                                            | Property, plant and equipment     |                   |         | 131     |      |   |        | 266    |  
|                                            | Goodwill                          |                   |         | 1,134   |      |   |        | 513    |  
|                                            | Net operating loss carryforwards  |                   |         | 2,688   |      |   |        | 2,905  |  
|                                            | Other                             |                   |         | 1,033   |      |   |        | 368    |  
|                                            |                                   |                   |         |         |      |  
|Total gross deferred income tax assets      |                                   |                   | 14,311  |         |      |   | 10,905 |       
|Gross deferred income tax liabilities:      |                                   |                   |         |         |      |   |        |       
|                                            | Property, plant and equipment     |                   |         | (2,942  | )    |   |        | (267   | )
|                                            | Retirement benefit obligations    |                   |         | (1,687  | )    |   |        | (1,538 | )
|                                            | Goodwill and intangible assets    |                   |         | (14,999 | )    |   |        | (1,944 | )
|                                            | Other                             |                   |         | (706    | )    |   |        | (1,555 | )
|                                            |                                   |                   |         |         |      |  
|Total gross deferred income tax liabilities |                                   |                   | (20,334 | )       |      |   | (5,304 | )     
|Valuation allowance                         |                                   |                   | (3,131  | )       |      |   | (799   | )     
|                                            |                                   |                   |         |         |      |  
|Net deferred income tax (liability)/asset   |                                   | $                 | (9,154  | )       |      | $ | 4,802  |       
|                                            |                                   |                   |         |         |      |  



Accounting for
Income Taxes.


F-17



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|   |                   
|-- | ------------------
|4. | Earnings per Share



|                                                                                                                       |  |                        |            |  |      |   |            |      |  |   |            | 
|---------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---- | - | ---------- | ---- |  | - | ---------- | 
|                                                                                                                       |  | Year Ended January 31, |           
|                                                                                                                       |  |                        |           
|                                                                                                                       |  | 2005                   |            |  | 2004 |   |            | 2003 | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Basic earnings per share:                                                                                              |  |                        |            |  |      |   |            |      |  |   |            | 
|Net income                                                                                                             |  | $                      | 67,529     |  |      | $ | 44,771     |      |  | $ | 29,294     | 
|Weighted average number of ordinary shares                                                                             |  |                        | 30,734,360 |  |      |   | 30,291,543 |      |  |   | 25,932,164 | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Basic earnings per share                                                                                               |  | $                      | 2.20       |  |      | $ | 1.48       |      |  | $ | 1.13       | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Diluted earnings per share:                                                                                            |  |                        |            |  |      |   |            |      |  |   |            | 
|Net income                                                                                                             |  | $                      | 67,529     |  |      | $ | 44,771     |      |  | $ | 29,294     | 
|Weighted average number of ordinary shares                                                                             |  |                        | 30,734,360 |  |      |   | 30,291,543 |      |  |   | 25,932,164 | 
|Incremental shares required for diluted earnings per share
    related to employee stock options and restricted shares |  |                        | 1,167,416  |  |      |   | 1,188,344  |      |  |   | 572,237    | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Diluted weighted average number of shares                                                                              |  |                        | 31,901,776 |  |      |   | 31,479,887 |      |  |   | 26,504,401 | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Diluted earnings per share                                                                                             |  | $                      | 2.12       |  |      | $ | 1.42       |      |  | $ | 1.11       | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 
|Cash dividends paid per share                                                                                          |  | $                      | 0.115      |  |      | $ | 0.095      |      |  | $ | 0.075      | 
|                                                                                                                       |  |                        |            |  |      |   |            |      | 







|   |                              
|-- | -----------------------------
|5. | Property, Plant and Equipment



|                                          |  |             |         |   |      |   |         |  
|----------------------------------------- |  | ----------- | ------- | - | ---- | - | ------- | -
|                                          |  | January 31, |        
|                                          |  |             |        
|                                          |  | 2005        |         |   | 2004 |  
|                                          |  |             |         |   |      |  
|Land                                      |  | $           | 3,243   |   |      | $ | 2,992   |  
|Buildings and leasehold improvements      |  |             | 29,411  |   |      |   | 22,164  |  
|Furniture, fixtures and equipment         |  |             | 112,148 |   |      |   | 77,916  |  
|Vehicles                                  |  |             | 17,253  |   |      |   | 12,840  |  
|                                          |  |             |         |   |      |  
|Property, plant and equipment, gross      |  |             | 162,055 |   |      |   | 115,912 |  
|Accumulated depreciation and amortization |  |             | (90,865 | ) |      |   | (61,491 | )
|                                          |  |             |         |   |      |  
|Property, plant and equipment, net        |  | $           | 71,190  |   |      | $ | 54,421  |  
|                                          |  |             |         |   |      |  

F-18



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|   |                                     
|-- | ------------------------------------
|6. | Goodwill and Other Intangible Assets



|                                                                       |  |        |        |  |          |      |        |         |  |   |        |  |  |       |        |  |  |   |         |  
|---------------------------------------------------------------------- |  | ------ | ------ |  | -------- | ---- | ------ | ------- |  | - | ------ |  |  | ----- | ------ |  |  | - | ------- | -
|                                                                       |  |        |        |  |          | Asia |        |         |  |   |       
|                                                                       |  | Europe |        |  | Americas |      |        | Pacific |  |   | Africa |  |  | Total |       
|                                                                       |  |        |        |  |          |      |        |         |  |   |        |  |  |       |       
|Balance as of February 1, 2003                                         |  | $      | 23,827 |  |          | $    | 34,908 |         |  | $ | 43,732 |  |  | $     | 14,177 |  |  | $ | 116,644 |  
|Contingent earn-out payments made                                      |  |        | 5,998  |  |          |      | 3,216  |         |  |   | 11,010 |  |  |       | 3,569  |  |  |   | 23,793  |  
|Acquisitions                                                           |  |        | 263    |  |          |      | 271    |         |  |   | 482    |  |  |       | 3,148  |  |  |   | 4,164   |  
|Reduction due to reversal of valuation allowance on deferred
    taxes |  |        |       |  |          |      | (4,711 | )       |  |   |       |  |  |       |       |  |  |   | (4,711  | )
|Foreign currency translation and other adjustments                     |  |        | 2,138  |  |          |      | 1,147  |         |  |   | 3,925  |  |  |       | 1,272  |  |  |   | 8,482   |  
|                                                                       |  |        |        |  |          |      |        |         |  |   |        |  |  |       |       
|Balance as of January 31, 2004                                         |  |        | 32,226 |  |          |      | 34,831 |         |  |   | 59,149 |  |  |       | 22,166 |  |  |   | 148,372 |  
|Contingent earn-out payments made                                      |  |        | 4,800  |  |          |      | 2,573  |         |  |   | 8,811  |  |  |       | 2,537  |  |  |   | 18,721  |  
|Acquisitions                                                           |  |        |       |  |          |      | 51,038 |         |  |   |       |  |  |       | 27,121 |  |  |   | 78,159  |  
|Foreign currency translation and other adjustments                     |  |        | 1,056  |  |          |      | (232   | )       |  |   | 1,939  |  |  |       | 3,078  |  |  |   | 5,841   |  
|                                                                       |  |        |        |  |          |      |        |         |  |   |        |  |  |       |       
|Balance as of January 31, 2005                                         |  | $      | 38,082 |  |          | $    | 88,210 |         |  | $ | 69,899 |  |  | $     | 54,902 |  |  | $ | 251,093 |  
|                                                                       |  |        |        |  |          |      |        |         |  |   |        |  |  |       |       





|                                     |       |             |        |        |              |   |        |             |   |   |              |        |  |  |      |  | 
|------------------------------------ | ----- | ----------- | ------ | ------ | ------------ | - | ------ | ----------- | - | - | ------------ | ------ |  |  | ---- |  | 
|                                     |       |             |        |        |              |   |        | Weighted    |  
|                                     |       | Gross       |        |        | Accumulated  |   |        | Net         |   |   | Average Life |       
|                                     |       | Carry Value |        |        | Amortization |   |        | Carry Value |   |   | (Years)      |       
|                                     |       |             |        |        |              |   |        |             |   |   |              |       
|As of January 31, 2005:              |       |             |        |        |              |   |        |             |   |   |              |        |  |  |      | 
|Customer contracts and relationships |       | $           | 37,011 |        |              | $ | (2,421 | )           |   | $ | 34,590       |        |  |  | 11.2 | 
|Non-compete agreements               |       |             | 2,162  |        |              |   | (420   | )           |   |   | 1,742        |        |  |  | 2.5  | 
|                                     |       |             |        |        |              |   |        |             |   |   |              |       
|                                     | Total |             |        | 39,173 |              |   |        | (2,841      | ) |   |              | 36,332 |  |  |      |  | 
|As of January 31, 2004:              |       |             |        |        |              |   |        |             |   |   |              |        |  |  |      | 
|Customer contracts and relationships |       | $           | 10,681 |        |              | $ | (761   | )           |   | $ | 9,920        |        |  |  | 17.0 | 
|Non-compete agreements               |       |             | 375    |        |              |   | (100   | )           |   |   | 275          |        |  |  | 5.0  | 
|                                     |       |             |        |        |              |   |        |             |   |   |              |       
|                                     | Total |             |        | 11,056 |              |   |        | (861        | ) |   |              | 10,195 |  |  |      |  | 



|     |  |   |       | 
|---- |  | - | ----- | 
|2006 |  | $ | 4,556 | 
|2007 |  |   | 4,311 | 
|2008 |  |   | 3,653 | 
|2009 |  |   | 3,603 | 
|2010 |  |   | 3,603 | 

F-19



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|   |                                             
|-- | --------------------------------------------
|7. | Trade Payables and Other Accrued Liabilities



|                                                   |                      |             |         |         |      |   |         |         | 
|-------------------------------------------------- | -------------------- | ----------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                                   |                      | January 31, |        
|                                                   |                      |             |        
|                                                   |                      | 2005        |         |         | 2004 |  
|                                                   |                      |             |         |         |      |  
|Trade payables:                                    |                      |             |         |         |      |   |         |        
|                                                   | Due to agents        |             | $       | 3,351   |      |   | $       | 3,331   | 
|                                                   | Other trade payables |             |         | 327,557 |      |   |         | 206,369 | 
|                                                   |                      |             |         |         |      |  
|Trade payables                                     |                      |             | 330,908 |         |      |   | 209,700 |        
|Interest payable                                   |                      |             | 592     |         |      |   | 23      |        
|Other payables and accruals                        |                      |             | 81,503  |         |      |   | 59,349  |        
|                                                   |                      |             |         |         |      |  
|Total trade payables and other accrued liabilities |                      | $           | 413,003 |         |      | $ | 269,072 |        
|                                                   |                      |             |         |         |      |  



|   |           
|-- | ----------
|8. | Borrowings



|                          |  |                   |         |  |      |   |        | 
|------------------------- |  | ----------------- | ------- |  | ---- | - | ------ | 
|                          |  | As of January 31, |        
|                          |  |                   |        
|                          |  | 2005              |         |  | 2004 |  
|                          |  |                   |         |  |      |  
|Bank lines of credit      |  | $                 | 92,340  |  |      | $ | 18,180 | 
|Short-term borrowings     |  |                   | 3,165   |  |      |   | 1,312  | 
|Long-term bank borrowings |  |                   | 5,105   |  |      |   | 93     | 
|                          |  |                   |         |  |      |  
|                          |  | $                 | 100,610 |  |      | $ | 19,585 | 
|                          |  |                   |         |  |      |  



|                    |  |   |         | 
|------------------- |  | - | ------- | 
|2006                |  | $ | 95,505  | 
|2007                |  |   | 584     | 
|2008                |  |   | 570     | 
|2009                |  |   | 438     | 
|2010                |  |   | 142     | 
|2011 and thereafter |  |   | 3,371   | 
|                    |  |   |        
|                    |  | $ | 100,610 | 
|                    |  |   |        

F-20



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                        |  |     |        |  |     |   |        |      |  |   |       |  |  |       |     |  |       |   |       |  |  |   |        | 
|----------------------- |  | --- | ------ |  | --- | - | ------ | ---- |  | - | ----- |  |  | ----- | --- |  | ----- | - | ----- |  |  | - | ------ | 
|                        |  | US$ |        |  | AUD |   |        | Euro |  |   | GBP   |  |  | Other |     |  | Total |  
|                        |  |     |        |  |     |   |        |      |  |   |       |  |  |       |     |  |       |  
|As of January 31, 2005: |  |     |        |  |     |   |        |      |  |   |       |  |  |       |     |  |       |   |       |  |  |   |        | 
|Bank lines of credit    |  | $   | 68,000 |  |     | $ | 10,841 |      |  | $ | 5,750 |  |  | $     | 946 |  |       | $ | 6,803 |  |  | $ | 92,340 | 
|Short-term borrowings   |  |     |       |  |     |   |       |      |  |   | 616   |  |  |       |    |  |       |   | 2,549 |  |  |   | 3,165  | 
|Long-term bank loans    |  |     |       |  |     |   |       |      |  |   |      |  |  |       |    |  |       |   | 5,105 |  |  |   | 5,105  | 
|As of January 31, 2004: |  |     |        |  |     |   |        |      |  |   |       |  |  |       |     |  |       |   |       |  |  |   |        | 
|Bank lines of credit    |  | $   |       |  |     | $ | 5,367  |      |  | $ | 4,194 |  |  | $     | 57  |  |       | $ | 8,562 |  |  | $ | 18,180 | 
|Short-term borrowings   |  |     |       |  |     |   |       |      |  |   | 345   |  |  |       |    |  |       |   | 967   |  |  |   | 1,312  | 
|Long-term bank loans    |  |     |       |  |     |   |       |      |  |   |      |  |  |       |    |  |       |   | 93    |  |  |   | 93     | 



|                        |  |     |          |   |     |  |     |      |  |  |           |   |  |       |     |   |  |  |           |  
|----------------------- |  | --- | -------- | - | --- |  | --- | ---- |  |  | --------- | - |  | ----- | --- | - |  |  | --------- | -
|                        |  | US$ |          |   | AUD |  |     | Euro |  |  | GBP       |   |  | Other |    
|                        |  |     |          |   |     |  |     |      |  |  |           |   |  |       |    
|As of January 31, 2005: |  |     |          |   |     |  |     |      |  |  |           |   |  |       |     |   |  |  |           |  
|Bank lines of credit    |  |     | 3.2- 5.0 | % |     |  | 9.0 | %    |  |  | 2.5- 8.8  | % |  |       | 5.3 | % |  |  | 0.6- 16.8 | %
|Short-term borrowings   |  |     |         |   |     |  |    |      |  |  | 1.7-2.3   |   |  |       |    |   |  |  | 0.6       |  
|Long-term bank loans    |  |     |         |   |     |  |    |      |  |  |          |   |  |       |    |   |  |  | 8.3-14.5  |  
|As of January 31, 2004: |  |     |          |   |     |  |     |      |  |  |           |   |  |       |     |   |  |  |           |  
|Bank lines of credit    |  |     |         | % |     |  | 9.0 | %    |  |  | 2.4- 10.1 | % |  |       | 5.3 | % |  |  | 0.5- 16.8 | %
|Short-term borrowings   |  |     |         |   |     |  |    |      |  |  | 3.3-3.5   |   |  |       |    |   |  |  | 0.6-5.0   |  
|Long-term bank loans    |  |     |         |   |     |  |    |      |  |  |          |   |  |       |    |   |  |  | 6.3-17.8  |  







|   |                                   
|-- | ----------------------------------
|9. | Supplemental Financial Information



| |                         
| | ------------------------
| | Other Operating Expenses



F-21



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




| |                                   
| | ----------------------------------
| | Supplemental Cash Flow Information

|                                                     |              |                        |       |        |      |  |       |        |   |  |       |       | 
|---------------------------------------------------- | ------------ | ---------------------- | ----- | ------ | ---- |  | ----- | ------ | - |  | ----- | ----- | 
|                                                     |              | Year Ended January 31, |      
|                                                     |              |                        |      
|                                                     |              | 2005                   |       |        | 2004 |  |       | 2003   |  
|                                                     |              |                        |       |        |      |  |       |        |  
|Net cash (received)/paid for:                        |              |                        |       |        |      |  |       |        |   |  |       |      
|                                                     | Interest     |                        | $     | (88    | )    |  | $     | (950   | ) |  | $     | 432   | 
|                                                     | Income taxes |                        |       | 18,787 |      |  |       | 10,090 |   |  |       | 9,152 | 
|Capital lease obligations incurred to acquire assets |              |                        | 6,566 |        |      |  | 2,049 |        |   |  | 2,472 |      



|    |                         
|--- | ------------------------
|10. | Retirement Benefit Plans



| |                           
| | --------------------------
| | Defined Contribution Plans





| |                      
| | ---------------------
| | Defined Benefit Plans







|                                                  |                                              |                        |        |        |      |   |        |        |  |   |       |        | 
|------------------------------------------------- | -------------------------------------------- | ---------------------- | ------ | ------ | ---- | - | ------ | ------ |  | - | ----- | ------ | 
|                                                  |                                              | Year Ended January 31, |       
|                                                  |                                              |                        |       
|                                                  |                                              | 2005                   |        |        | 2004 |   |        | 2003   | 
|                                                  |                                              |                        |        |        |      |   |        |        | 
|Change in projected benefit obligations:          |                                              |                        |        |        |      |   |        |        |  |   |       |       
|Projected benefit obligation at beginning of year |                                              | $                      | 20,587 |        |      | $ | 14,942 |        |  | $ | 9,945 |       
|Service cost                                      |                                              |                        | 1,290  |        |      |   | 1,049  |        |  |   | 641   |       
|Plan participants contributions                  |                                              |                        | 403    |        |      |   | 328    |        |  |   | 179   |       
|Interest cost                                     |                                              |                        | 2,302  |        |      |   | 1,697  |        |  |   | 1,168 |       
|Actuarial gains                                   |                                              |                        | (8     | )      |      |   | (36    | )      |  |   | (159  | )     
|Benefits paid                                     |                                              |                        | (1,566 | )      |      |   | (548   | )      |  |   | (401  | )     
|Foreign exchange translation adjustment           |                                              |                        | 3,844  |        |      |   | 3,155  |        |  |   | 3,569 |       
|                                                  |                                              |                        |        |        |      |   |        |        | 
|                                                  | Projected benefit obligations at end of year |                        | $      | 26,852 |      |   | $      | 20,587 |  |   | $     | 14,942 | 
|                                                  |                                              |                        |        |        |      |   |        |        | 

F-22



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003


|                                                                                                               |                              |                                      |        |        |       |   |        |        |       |   |        |        |       | 
|-------------------------------------------------------------------------------------------------------------- | ---------------------------- | ------------------------------------ | ------ | ------ | ----- | - | ------ | ------ | ----- | - | ------ | ------ | ----- | 
|                                                                                                               |                              | Year Ended January 31,               |       
|                                                                                                               |                              |                                      |       
|                                                                                                               |                              | 2005                                 |        |        | 2004  |   |        | 2003   |      
|                                                                                                               |                              |                                      |        |        |       |   |        |        |      
|Change in plan assets:                                                                                         |                              |                                      |        |        |       |   |        |        |       |   |        |       
|Fair value of plan assets at beginning of year                                                                 |                              | $                                    | 18,864 |        |       | $ | 13,584 |        |       | $ | 10,598 |       
|Realized gains/(losses) on assets                                                                              |                              |                                      | 1,355  |        |       |   | 1,816  |        |       |   | (688   | )     
|Employer contributions                                                                                         |                              |                                      | 1,021  |        |       |   | 762    |        |       |   | 417    |       
|Benefits paid                                                                                                  |                              |                                      | (1,566 | )      |       |   | (548   | )      |       |   | (401   | )     
|Plan participants contribution                                                                                |                              |                                      | 403    |        |       |   | 328    |        |       |   | 179    |       
|Foreign exchange translation adjustment                                                                        |                              |                                      | 4,122  |        |       |   | 2,922  |        |       |   | 3,479  |       
|                                                                                                               |                              |                                      |        |        |       |   |        |        |      
|Fair value of plan assets at end of year                                                                       |                              | $                                    | 24,199 |        |       | $ | 18,864 |        |       | $ | 13,584 |       
|                                                                                                               |                              |                                      |        |        |       |   |        |        |      
|Reconciliation of funded status and net amount recognized in
    the accompanying consolidated balance sheets: |                              |                                      |        |        |       |   |        |        |       |   |        |       
|                                                                                                               | Funded status at end of year |                                      | $      | (2,653 | )     |   | $      | (1,723 | )     |   | $      | (1,358 | )    
|                                                                                                               | Unrecognized net loss        |                                      |        | 6,916  |       |   |        | 5,571  |       |   |        | 4,967  |      
|                                                                                                               |                              |                                      |        |        |       |   |        |        |      
|                                                                                                               |                              | Net amount recognized at end of year |        | $      | 4,263 |   |        | $      | 3,848 |   |        | $      | 3,609 | 
|                                                                                                               |                              |                                      |        |        |       |   |        |        |      
|Weighted average assumptions used to determine benefit
    obligations at end of year:                         |                              |                                      |        |        |       |   |        |        |       |   |        |       
|Discount rate                                                                                                  |                              |                                      | 11     | %      |       |   | 11     | %      |       |   | 11     | %     
|Rate of increase in future compensation levels                                                                 |                              |                                      | 9      | %      |       |   | 9      | %      |       |   | 9      | %     
|Expected long-term rate of return on assets                                                                    |                              |                                      | 9      | %      |       |   | 14     | %      |       |   | 14     | %     
|Weighted average assumptions used to determine net periodic
    benefit expense at end of year:                |                              |                                      |        |        |       |   |        |        |       |   |        |       
|Discount rate                                                                                                  |                              |                                      | 11     | %      |       |   | 11     | %      |       |   | 11     | %     
|Rate of increase in future compensation levels                                                                 |                              |                                      | 9      | %      |       |   | 9      | %      |       |   | 9      | %     
|Expected long-term rate of return on assets                                                                    |                              |                                      | 9      | %      |       |   | 14     | %      |       |   | 14     | %     





|                                      |                              |                        |        |       |      |   |        |       |  |   |        |     | 
|------------------------------------- | ---------------------------- | ---------------------- | ------ | ----- | ---- | - | ------ | ----- |  | - | ------ | --- | 
|                                      |                              | Year Ended January 31, |       
|                                      |                              |                        |       
|                                      |                              | 2005                   |        |       | 2004 |   |        | 2003  | 
|                                      |                              |                        |        |       |      |   |        |       | 
|Service cost component                |                              | $                      | 1,290  |       |      | $ | 1,049  |       |  | $ | 641    |    
|Plan participants contributions      |                              |                        | 403    |       |      |   | 328    |       |  |   | 179    |    
|Interest cost component               |                              |                        | 2,302  |       |      |   | 1,697  |       |  |   | 1,168  |    
|Expected return on assets             |                              |                        | (2,995 | )     |      |   | (2,235 | )     |  |   | (1,671 | )  
|Amortization of unrecognized net loss |                              |                        | 345    |       |      |   | 352    |       |  |   | 49     |    
|                                      |                              |                        |        |       |      |   |        |       | 
|                                      | Net periodic pension expense |                        | $      | 1,345 |      |   | $      | 1,191 |  |   | $      | 366 | 
|                                      |                              |                        |        |       |      |   |        |       | 

F-23



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                             |  |                   |        |   |      |   |        |      |  |   |        |  
|---------------------------- |  | ----------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | -
|                             |  | As of January 31, |       
|                             |  |                   |       
|                             |  | 2005              |        |   | 2004 |   |        | 2003 | 
|                             |  |                   |        |   |      |   |        |      | 
|Prepaid benefit expenses     |  | $                 | 5,595  |   |      | $ | 5,099  |      |  | $ | 4,625  |  
|Accrued benefit expenses     |  |                   | (1,332 | ) |      |   | (1,251 | )    |  |   | (1,016 | )
|                             |  |                   |        |   |      |   |        |      | 
|Net prepaid benefit expenses |  | $                 | 4,263  |   |      | $ | 3,848  |      |  | $ | 3,609  |  
|                             |  |                   |        |   |      |   |        |      | 



|                  |  |             |     |   |        |  |     |            |  |  |       |  
|----------------- |  | ----------- | --- | - | ------ |  | --- | ---------- |  |  | ----- | -
|                  |  | As of       |     |   |       
|                  |  | January 31, |     |   |       
|                  |  |             |     |   | Target | 
|                  |  | 2005        |     |   | 2004   |  |     | Allocation | 
|                  |  |             |     |   |        |  |     |            | 
|Equity securities |  |             | 58  | % |        |  | 58  | %          |  |  | 45-55 | %
|Debt securities   |  |             | 34  |   |        |  | 35  |            |  |  | 25-35 |  
|Real estate       |  |             | 6   |   |        |  | 6   |            |  |  | 0-10  |  
|Other             |  |             | 2   |   |        |  | 1   |            |  |  | 10-20 |  
|                  |  |             |     |   |        |  |     |            | 
|Total             |  |             | 100 | % |        |  | 100 | %          |  |  |       |  
|                  |  |             |     |   |        |  |     |            | 









F-24



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|            |  |   |        | 
|----------- |  | - | ------ | 
|2006        |  | $ | 1,313  | 
|2007        |  |   | 1,404  | 
|2008        |  |   | 1,503  | 
|2009        |  |   | 1,608  | 
|2010        |  |   | 1,721  | 
|2011 - 2015 |  |   | 10,587 | 



|    |                     
|--- | --------------------
|11. | Shareholders Equity







|    |                               
|--- | ------------------------------
|12. | Share-Based Compensation Plans





| |                                                    
| | ---------------------------------------------------
| | Summary of the Union-Transport Share Incentive Plan









F-25



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003








|                                                  |                                           |                        |         |        |      |  |         |         |  |  |         |         | 
|------------------------------------------------- | ----------------------------------------- | ---------------------- | ------- | ------ | ---- |  | ------- | ------- |  |  | ------- | ------- | 
|                                                  |                                           | Year Ended January 31, |        
|                                                  |                                           |                        |        
|                                                  |                                           | 2005                   |         |        | 2004 |  |         | 2003    | 
|                                                  |                                           |                        |         |        |      |  |         |         | 
|Unvested shares at beginning of year              |                                           |                        | 89,400  |        |      |  | 108,978 |         |  |  | 116,848 |        
|Shares granted                                    |                                           |                        |        |        |      |  |        |         |  |  |        |        
|Shares exercised                                  |                                           |                        | (69,238 | )      |      |  | (16,483 | )       |  |  | (5,904  | )      
|Shares returned                                   |                                           |                        | (5,736  | )      |      |  | (3,095  | )       |  |  | (1,966  | )      
|                                                  |                                           |                        |         |        |      |  |         |         | 
|Unvested shares at end of year                    |                                           |                        | 14,426  |        |      |  | 89,400  |         |  |  | 108,978 |        
|Shares available for future grants at end of year |                                           |                        | 10,548  |        |      |  | 17,145  |         |  |  | 14,050  |        
|                                                  |                                           |                        |         |        |      |  |         |         | 
|                                                  | Total shares held in Trust at end of year |                        |         | 24,974 |      |  |         | 106,545 |  |  |         | 123,028 | 
|                                                  |                                           |                        |         |        |      |  |         |         | 



| |                                    
| | -----------------------------------
| | Summary of the Executive Share Plan











F-26



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                                                                  |                             |                                                |        |          |          |   |      |      |  | 
|----------------------------------------------------------------- | --------------------------- | ---------------------------------------------- | ------ | -------- | -------- | - | ---- | ---- |  | 
|                                                                  |                             | Executive Share Plan                           |       
|                                                                  |                             |                                                |       
|                                                                  |                             |                                                |        | Weighted |         
|                                                                  |                             |                                                |        | Average  |         
|                                                                  |                             | Options                                        |        |          | Exercise |  
|                                                                  |                             | Outstanding                                    |        |          | Price    |  
|                                                                  |                             |                                                |        |          |          |  
|Balance at January 31, 2002                                       |                             |                                                | 94,235 |          |          | $ | 3.05 |     
|                                                                  | Options granted             |                                                |        |         |          |   |      |      | 
|                                                                  | Options exercised           |                                                |        | (39,469  | )        |   |      | 2.53 | 
|                                                                  | Options cancelled/forfeited |                                                |        |         |          |   |      |      | 
|                                                                  |                             |                                                |        |          |          |  
|Balance at January 31, 2003                                       |                             |                                                | 54,766 |          |          |   | 3.42 |     
|                                                                  | Options granted             |                                                |        |         |          |   |      |      | 
|                                                                  | Options exercised           |                                                |        | (50,890  | )        |   |      | 3.54 | 
|                                                                  | Options cancelled/forfeited |                                                |        |         |          |   |      |      | 
|                                                                  |                             |                                                |        |          |          |  
|Balance at January 31, 2004                                       |                             |                                                | 3,876  |          |          |   | 3.87 |     
|                                                                  | Options granted             |                                                |        |         |          |   |      |      | 
|                                                                  | Options exercised           |                                                |        | (3,876   | )        |   |      | 3.87 | 
|                                                                  | Options cancelled/forfeited |                                                |        |         |          |   |      |      | 
|                                                                  |                             |                                                |        |          |          |  
|Balance at January 31, 2005                                       |                             |                                                |       |          |          |   |      |     
|Shares available for future option grants at January 31,
    2005 |                             |                                                |       |          |          |   |      |     
|                                                                  |                             |                                                |        |          |          |  
|                                                                  |                             | Total shares held in trust at January 31, 2005 |        |          |         |   |      |      |  | 
|                                                                  |                             |                                                |        |          |          |  



| |                                      
| | -------------------------------------
| | Summary of the 2000 Stock Option Plan







F-27



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




|                            |                             |                        |           |          |          |  |       |       | 
|--------------------------- | --------------------------- | ---------------------- | --------- | -------- | -------- |  | ----- | ----- | 
|                            |                             | 2000 Stock Option Plan |          
|                            |                             |                        |          
|                            |                             |                        |           | Weighted |         
|                            |                             |                        |           | Average  |         
|                            |                             | Options                |           |          | Exercise | 
|                            |                             | Outstanding            |           |          | Price    | 
|                            |                             |                        |           |          |          | 
|Balance at January 31, 2002 |                             |                        | 1,457,761 |          |          |  | 13.80 |      
|                            | Options granted             |                        |           | 734,500  |          |  |       | 19.13 | 
|                            | Options exercised           |                        |           | (49,307  | )        |  |       | 13.37 | 
|                            | Options cancelled/forfeited |                        |           | (55,946  | )        |  |       | 13.81 | 
|                            |                             |                        |           |          |          | 
|Balance at January 31, 2003 |                             |                        | 2,087,008 |          |          |  | 15.68 |      
|                            | Options granted             |                        |           | 426,000  |          |  |       | 28.51 | 
|                            | Options exercised           |                        |           | (319,305 | )        |  |       | 14.48 | 
|                            | Options cancelled/forfeited |                        |           | (27,734  | )        |  |       | 13.90 | 
|                            |                             |                        |           |          |          | 
|Balance at January 31, 2004 |                             |                        | 2,165,969 |          |          |  | 18.39 |      
|                            | Options granted             |                        |           |         |          |  |       |       | 
|                            | Options exercised           |                        |           | (255,352 | )        |  |       | 15.87 | 
|                            | Options cancelled/forfeited |                        |           | (4,523   | )        |  |       | 20.11 | 
|                            |                             |                        |           |          |          | 
|Balance at January 31, 2005 |                             |                        | 1,906,094 |          |          |  | 18.71 |      
|                            |                             |                        |           |          |          | 



|                         |  |                     |         |          |                     |  |          |          |  |   |             |          |  |          |         |  |  |   |       | 
|------------------------ |  | ------------------- | ------- | -------- | ------------------- |  | -------- | -------- |  | - | ----------- | -------- |  | -------- | ------- |  |  | - | ----- | 
|                         |  | Options Outstanding |         |          | Options Exercisable | 
|                         |  |                     |         |          |                     | 
|                         |  |                     |         | Weighted |                     |  | Weighted |          |  |   |             | Weighted | 
|                         |  |                     |         | Average  |                     |  | Average  |          |  |   |             | Average  | 
|                         |  | Number              |         |          | Remaining           |  |          | Exercise |  |   | Number      |          |  | Exercise |        
|Range of Exercise Prices |  | Outstanding         |         |          | Life (Years)        |  |          | Price    |  |   | Exercisable |          |  | Price    |        
|                         |  |                     |         |          |                     |  |          |          |  |   |             |          |  |          |        
|$12.49 - $15.00          |  |                     | 740,725 |          |                     |  | 5.3      |          |  | $ | 13.52       |          |  |          | 730,725 |  |  | $ | 13.53 | 
|$16.00 - $18.53          |  |                     | 245,519 |          |                     |  | 6.4      |          |  |   | 16.83       |          |  |          | 177,719 |  |  |   | 16.63 | 
|$19.00 - $24.78          |  |                     | 723,775 |          |                     |  | 7.6      |          |  |   | 20.86       |          |  |          | 252,725 |  |  |   | 20.03 | 
|$30.53 - $33.71          |  |                     | 196,075 |          |                     |  | 8.6      |          |  |   | 32.76       |          |  |          | 45,925  |  |  |   | 32.91 | 





| |                                                            
| | -----------------------------------------------------------
| | Summary of the Non-Employee Directors Stock Option
    Plan



F-28



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|                            |                             |                       |        |          |          |   |       |       | 
|--------------------------- | --------------------------- | --------------------- | ------ | -------- | -------- | - | ----- | ----- | 
|                            |                             | Directors Option Plan |       
|                            |                             |                       |       
|                            |                             |                       |        | Weighted |         
|                            |                             |                       |        | Average  |         
|                            |                             | Options               |        |          | Exercise |  
|                            |                             | Outstanding           |        |          | Price    |  
|                            |                             |                       |        |          |          |  
|Balance at January 31, 2002 |                             |                       | 54,000 |          |          | $ | 16.45 |      
|                            | Options granted             |                       |        | 12,000   |          |   |       | 19.70 | 
|                            | Options exercised           |                       |        |         |          |   |       |       | 
|                            | Options cancelled/forfeited |                       |        |         |          |   |       |       | 
|                            |                             |                       |        |          |          |  
|Balance at January 31, 2003 |                             |                       | 66,000 |          |          |   | 17.04 |      
|                            | Options granted             |                       |        | 27,000   |          |   |       | 33.59 | 
|                            | Options exercised           |                       |        | (18,000  | )        |   |       | 16.53 | 
|                            | Options cancelled/forfeited |                       |        |         |          |   |       |       | 
|                            |                             |                       |        |          |          |  
|Balance at January 31, 2004 |                             |                       | 75,000 |          |          |   | 23.12 |      
|                            | Options granted             |                       |        |         |          |   |       |       | 
|                            | Options exercised           |                       |        | (18,000  | )        |   |       | 17.17 | 
|                            | Options cancelled/forfeited |                       |        | (3,000   | )        |   |       | 27.13 | 
|                            |                             |                       |        |          |          |  
|Balance at January 31, 2005 |                             |                       | 54,000 |          |          |   | 24.88 |      
|                            |                             |                       |        |          |          |  



|                         |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |        |  |  |   |       | 
|------------------------ |  | ------------------- | ------ | -------- | ------------------- |  | -------- | -------- |  | - | ----------- | -------- |  | -------- | ------ |  |  | - | ----- | 
|                         |  | Options Outstanding |        |          | Options Exercisable | 
|                         |  |                     |        |          |                     | 
|                         |  |                     |        | Weighted |                     |  | Weighted |          |  |   |             | Weighted | 
|                         |  |                     |        | Average  |                     |  | Average  |          |  |   |             | Average  | 
|                         |  | Number              |        |          | Remaining           |  |          | Exercise |  |   | Number      |          |  | Exercise |       
|Range of Exercise Prices |  | Outstanding         |        |          | Life (Years)        |  |          | Price    |  |   | Exercisable |          |  | Price    |       
|                         |  |                     |        |          |                     |  |          |          |  |   |             |          |  |          |       
|$15.92 - 19.70           |  |                     | 30,000 |          |                     |  | 6.4      |          |  | $ | 17.64       |          |  |          | 27,000 |  |  | $ | 17.41 | 
|$30.85 - 35.78           |  |                     | 24,000 |          |                     |  | 8.7      |          |  |   | 33.93       |          |  |          | 8,000  |  |  |   | 33.93 | 





| |                              
| | -----------------------------
| | 2004 Long-Term Incentive Plan



F-29



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003










|                            |                             |             |         |          |          |  |       |       | 
|--------------------------- | --------------------------- | ----------- | ------- | -------- | -------- |  | ----- | ----- | 
|                            |                             | 2004 LTIP   |        
|                            |                             |             |        
|                            |                             |             |         | Weighted |         
|                            |                             |             |         | Average  |         
|                            |                             | Options     |         |          | Exercise | 
|                            |                             | Outstanding |         |          | Price    | 
|                            |                             |             |         |          |          | 
|Balance at January 31, 2004 |                             |             |        |          |          |  |       |      
|                            | Options granted             |             |         | 347,080  |          |  | $     | 49.41 | 
|                            | Options exercised           |             |         |         |          |  |       |       | 
|                            | Options cancelled/forfeited |             |         |         |          |  |       |       | 
|                            |                             |             |         |          |          | 
|Balance at January 31, 2005 |                             |             | 347,080 |          |          |  | 49.41 |      
|                            |                             |             |         |          |          | 



|                         |  |                     |         |          |                     |  |          |          |  |   |             |          |  |          |   |  |  |  |   | 
|------------------------ |  | ------------------- | ------- | -------- | ------------------- |  | -------- | -------- |  | - | ----------- | -------- |  | -------- | - |  |  |  | - | 
|                         |  | Options Outstanding |         |          | Options Exercisable | 
|                         |  |                     |         |          |                     | 
|                         |  |                     |         | Weighted |                     |  | Weighted |          |  |   |             | Weighted | 
|                         |  |                     |         | Average  |                     |  | Average  |          |  |   |             | Average  | 
|                         |  | Number              |         |          | Remaining           |  |          | Exercise |  |   | Number      |          |  | Exercise |  
|Range of Exercise Prices |  | Outstanding         |         |          | Life (Years)        |  |          | Price    |  |   | Exercisable |          |  | Price    |  
|                         |  |                     |         |          |                     |  |          |          |  |   |             |          |  |          |  
|$45.03 - $49.93          |  |                     | 285,900 |          |                     |  | 9.4      |          |  | $ | 47.31       |          |  |          |  |  |  |  |  | 
|$54.39 - $60.77          |  |                     | 61,180  |          |                     |  | 9.7      |          |  |   | 59.21       |          |  |          |  |  |  |  |  | 



F-30



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|                            |                                            |             |        |        |             |  |       |       | 
|--------------------------- | ------------------------------------------ | ----------- | ------ | ------ | ----------- |  | ----- | ----- | 
|                            |                                            | 2004 LTIP   |       
|                            |                                            |             |       
|                            |                                            | Number of   |        |        | Weighted    | 
|                            |                                            | Restricted  |        |        | Average     | 
|                            |                                            | Share Units |        |        | Grant Price | 
|                            |                                            |             |        |        |             | 
|Balance at January 31, 2004 |                                            |             |       |        |             |  |      |      
|                            | Restricted share units granted             |             |        | 62,894 |             |  | $     | 54.57 | 
|                            | Restricted share units vested              |             |        |       |             |  |       |      | 
|                            | Restricted share units cancelled/forfeited |             |        |       |             |  |       |      | 
|                            |                                            |             |        |        |             | 
|Balance at January 31, 2005 |                                            |             | 62,894 |        |             |  | 54.57 |      
|                            |                                            |             |        |        |             | 





| |                                                 
| | ------------------------------------------------
| | 2004 Non-Employee Directors Share Incentive Plan







|                            |                                            |                |       |        |             |  |       |       | 
|--------------------------- | ------------------------------------------ | -------------- | ----- | ------ | ----------- |  | ----- | ----- | 
|                            |                                            | 2004 Directors |      
|                            |                                            | Incentive Plan |      
|                            |                                            |                |      
|                            |                                            | Number of      |       |        | Weighted    | 
|                            |                                            | Restricted     |       |        | Average     | 
|                            |                                            | Share Units    |       |        | Grant Price | 
|                            |                                            |                |       |        |             | 
|Balance at January 31, 2004 |                                            |                |      |        |             |  |      |      
|                            | Restricted share units granted             |                |       | 5,285  |             |  | $     | 51.45 | 
|                            | Restricted share units vested              |                |       |       |             |  |       |      | 
|                            | Restricted share units cancelled/forfeited |                |       | (1,263 | )           |  |       | 51.45 | 
|                            |                                            |                |       |        |             | 
|Balance at January 31, 2005 |                                            |                | 4,022 |        |             |  | 51.45 |      
|                            |                                            |                |       |        |             | 

F-31



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003




| |                                             
| | --------------------------------------------
| | Shares Held in Employer Stock Benefit Trusts





| |                                                 
| | ------------------------------------------------
| | Summary of the 2000 Employee Share Purchase Plan







|    |                                 
|--- | --------------------------------
|13. | Derivative Financial Instruments







|    |            
|--- | -----------
|14. | Commitments



|                                                   |  |         |        |   |           |   |         | 
|-------------------------------------------------- |  | ------- | ------ | - | --------- | - | ------- | 
|                                                   |  | Capital |        |   | Operating |  
|                                                   |  | Leases  |        |   | Leases    |  
|                                                   |  |         |        |   |           |  
|2006                                               |  | $       | 3,760  |   |           | $ | 50,474  | 
|2007                                               |  |         | 1,627  |   |           |   | 41,081  | 
|2008                                               |  |         | 7,974  |   |           |   | 32,184  | 
|2009                                               |  |         | 1,288  |   |           |   | 24,068  | 
|2010                                               |  |         | 467    |   |           |   | 18,448  | 
|2011 and thereafter                                |  |         | 222    |   |           |   | 22,215  | 
|                                                   |  |         |        |   |           |  
|Total payments                                     |  |         | 15,338 |   |           | $ | 188,470 | 
|                                                   |  |         |        |   |           |  
|Less amounts representing interest                 |  |         | (2,053 | ) |           |   |         | 
|                                                   |  |         |        |   |           |  
|Present value of minimum capital lease obligations |  | $       | 13,285 |   |           |   |         | 
|                                                   |  |         |        |   |           |  

F-32



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003










|    |              
|--- | -------------
|15. | Contingencies











F-33



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






Accounting for
Contingencies,




|    |                           
|--- | --------------------------
|16. | Related Party Transactions











F-34



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|    |                  
|--- | -----------------
|17. | Segment Reporting







|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   |           |  
|------------------------------------- |  | --------------------------- | ------- | ---- | -------- | - | ------- | ------- |  | - | ------- |  |  | --------- | ------- |  | ----- | - | ------- | - |  | - | --------- | -
|                                      |  | Year Ended January 31, 2005 |        
|                                      |  |                             |        
|                                      |  |                             |         | Asia |          |   |        
|                                      |  | Europe                      |         |      | Americas |   |         | Pacific |  |   | Africa  |  |  | Corporate |         |  | Total |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Gross revenue from external customers |  | $                           | 582,428 |      |          | $ | 562,853 |         |  | $ | 681,532 |  |  | $         | 432,980 |  |       | $ |        |   |  | $ | 2,259,793 |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Net revenue                           |  | $                           | 176,425 |      |          | $ | 286,760 |         |  | $ | 109,159 |  |  | $         | 201,437 |  |       | $ |        |   |  | $ | 773,781   |  
|Staff costs                           |  |                             | 94,202  |      |          |   | 164,615 |         |  |   | 44,587  |  |  |           | 87,110  |  |       |   | 7,251   |   |  |   | 397,765   |  
|Depreciation and amortization         |  |                             | 5,413   |      |          |   | 3,674   |         |  |   | 2,476   |  |  |           | 6,069   |  |       |   | 1,821   |   |  |   | 19,453    |  
|Amortization of intangible assets     |  |                             |        |      |          |   | 1,477   |         |  |   |        |  |  |           | 503     |  |       |   |        |   |  |   | 1,980     |  
|Other operating expenses              |  |                             | 49,487  |      |          |   | 94,580  |         |  |   | 27,105  |  |  |           | 77,735  |  |       |   | 10,225  |   |  |   | 259,132   |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Operating income/(loss)               |  | $                           | 27,323  |      |          | $ | 22,414  |         |  | $ | 34,991  |  |  | $         | 30,020  |  |       | $ | (19,297 | ) |  |   | 95,451    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Interest income                       |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 4,112     |  
|Interest expense                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | (4,586    | )
|Gains on foreign exchange             |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 973       |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Pretax income                         |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 95,950    |  
|Provision for income taxes            |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 25,698    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Income before minority interests      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  | $ | 70,252    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Capital expenditures                  |  | $                           | 7,615   |      |          | $ | 6,378   |         |  | $ | 3,293   |  |  | $         | 10,126  |  |       | $ | 24      |   |  | $ | 27,436    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Segment assets at year-end            |  | $                           | 210,617 |      |          | $ | 304,955 |         |  | $ | 197,294 |  |  | $         | 305,784 |  |       | $ | 26,017  |   |  | $ | 1,044,667 |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  

F-35



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003


|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   |           |  
|------------------------------------- |  | --------------------------- | ------- | ---- | -------- | - | ------- | ------- |  | - | ------- |  |  | --------- | ------- |  | ----- | - | ------- | - |  | - | --------- | -
|                                      |  | Year Ended January 31, 2004 |        
|                                      |  |                             |        
|                                      |  |                             |         | Asia |          |   |        
|                                      |  | Europe                      |         |      | Americas |   |         | Pacific |  |   | Africa  |  |  | Corporate |         |  | Total |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Gross revenue from external customers |  | $                           | 424,457 |      |          | $ | 449,381 |         |  | $ | 430,376 |  |  | $         | 198,661 |  |       | $ |        |   |  | $ | 1,502,875 |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Net revenue                           |  | $                           | 129,404 |      |          | $ | 252,378 |         |  | $ | 86,489  |  |  | $         | 127,870 |  |       | $ |        |   |  | $ | 596,141   |  
|Staff costs                           |  |                             | 73,814  |      |          |   | 147,201 |         |  |   | 36,708  |  |  |           | 55,667  |  |       |   | 5,337   |   |  |   | 318,727   |  
|Depreciation and amortization         |  |                             | 4,415   |      |          |   | 3,976   |         |  |   | 2,140   |  |  |           | 3,088   |  |       |   | 1,187   |   |  |   | 14,806    |  
|Amortization of intangible assets     |  |                             |        |      |          |   | 594     |         |  |   |        |  |  |           | 69      |  |       |   |        |   |  |   | 663       |  
|Other operating expenses              |  |                             | 40,125  |      |          |   | 84,760  |         |  |   | 21,755  |  |  |           | 51,264  |  |       |   | 4,970   |   |  |   | 202,874   |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Operating income/(loss)               |  | $                           | 11,050  |      |          | $ | 15,847  |         |  | $ | 25,886  |  |  | $         | 17,782  |  |       | $ | (11,494 | ) |  |   | 59,071    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Interest income                       |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 6,881     |  
|Interest expense                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | (5,840    | )
|Losses on foreign exchange            |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | (341      | )
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Pretax income                         |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 59,771    |  
|Provision for income taxes            |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  |   | 13,403    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Income before minority interests      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |         |   |  | $ | 46,368    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Capital expenditures                  |  | $                           | 5,339   |      |          | $ | 6,710   |         |  | $ | 3,238   |  |  | $         | 4,959   |  |       | $ | 522     |   |  | $ | 20,768    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Segment assets at year-end            |  | $                           | 162,890 |      |          | $ | 170,609 |         |  | $ | 155,834 |  |  | $         | 158,302 |  |       | $ | 55,706  |   |  | $ | 703,341   |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  

|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   |           |  
|------------------------------------- |  | --------------------------- | ------- | ---- | -------- | - | ------- | ------- |  | - | ------- |  |  | --------- | ------- |  | ----- | - | ------ | - |  | - | --------- | -
|                                      |  | Year Ended January 31, 2003 |        
|                                      |  |                             |        
|                                      |  |                             |         | Asia |          |   |        
|                                      |  | Europe                      |         |      | Americas |   |         | Pacific |  |   | Africa  |  |  | Corporate |         |  | Total |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Gross revenue from external customers |  | $                           | 372,515 |      |          | $ | 317,314 |         |  | $ | 337,430 |  |  | $         | 142,801 |  |       | $ |       |   |  | $ | 1,170,060 |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Net revenue                           |  | $                           | 99,571  |      |          | $ | 143,484 |         |  | $ | 70,626  |  |  | $         | 91,109  |  |       | $ |       |   |  | $ | 404,790   |  
|Staff costs                           |  |                             | 54,864  |      |          |   | 81,603  |         |  |   | 29,237  |  |  |           | 35,263  |  |       |   | 4,004  |   |  |   | 204,971   |  
|Depreciation and amortization         |  |                             | 3,526   |      |          |   | 2,848   |         |  |   | 1,962   |  |  |           | 1,982   |  |       |   | 856    |   |  |   | 11,174    |  
|Amortization of intangible assets     |  |                             |        |      |          |   | 198     |         |  |   |        |  |  |           |        |  |       |   |       |   |  |   | 198       |  
|Other operating expenses              |  |                             | 30,608  |      |          |   | 50,382  |         |  |   | 19,981  |  |  |           | 37,695  |  |       |   | 4,276  |   |  |   | 142,942   |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Operating income/(loss)               |  | $                           | 10,573  |      |          | $ | 8,453   |         |  | $ | 19,446  |  |  | $         | 16,169  |  |       | $ | (9,136 | ) |  |   | 45,505    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Interest income                       |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   | 4,641     |  
|Interest expense                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   | (5,127    | )
|Losses on foreign exchange            |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   | (1,725    | )
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Pretax income                         |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   | 43,294    |  
|Provision for income taxes            |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  |   | 12,492    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Income before minority interests      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |   |        |   |  | $ | 30,802    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Capital expenditures                  |  | $                           | 5,974   |      |          | $ | 2,129   |         |  | $ | 2,223   |  |  | $         | 4,806   |  |       | $ | 912    |   |  | $ | 16,044    |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  
|Segment assets at year-end            |  | $                           | 146,052 |      |          | $ | 155,574 |         |  | $ | 112,815 |  |  | $         | 122,152 |  |       | $ | 90,482 |   |  | $ | 627,075   |  
|                                      |  |                             |         |      |          |   |         |         |  |   |         |  |  |           |         |  |       |  

F-36



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##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003






|                |                          |                        |           |           |      |   |           |         |  |   |           |         | 
|--------------- | ------------------------ | ---------------------- | --------- | --------- | ---- | - | --------- | ------- |  | - | --------- | ------- | 
|                |                          | Year Ended January 31, |          
|                |                          |                        |          
|                |                          | 2005                   |           |           | 2004 |   |           | 2003    | 
|                |                          |                        |           |           |      |   |           |         | 
|Gross revenues: |                          |                        |           |           |      |   |           |         |  |   |           |        
|                | Airfreight forwarding    |                        | $         | 1,017,560 |      |   | $         | 720,689 |  |   | $         | 621,905 | 
|                | Ocean freight forwarding |                        |           | 672,641   |      |   |           | 360,253 |  |   |           | 283,869 | 
|                | Customs brokerage        |                        |           | 77,568    |      |   |           | 67,859  |  |   |           | 64,221  | 
|                | Contract logistics       |                        |           | 312,289   |      |   |           | 229,709 |  |   |           | 101,294 | 
|                | Other                    |                        |           | 179,735   |      |   |           | 124,365 |  |   |           | 98,771  | 
|                |                          |                        |           |           |      |   |           |         | 
|                |                          | $                      | 2,259,793 |           |      | $ | 1,502,875 |         |  | $ | 1,170,060 |        
|                |                          |                        |           |           |      |   |           |         | 
|Net revenues:   |                          |                        |           |           |      |   |           |         |  |   |           |        
|                | Airfreight forwarding    |                        | $         | 253,289   |      |   | $         | 198,822 |  |   | $         | 157,493 | 
|                | Ocean freight forwarding |                        |           | 98,877    |      |   |           | 75,131  |  |   |           | 66,554  | 
|                | Customs brokerage        |                        |           | 75,352    |      |   |           | 65,532  |  |   |           | 61,105  | 
|                | Contract logistics       |                        |           | 257,141   |      |   |           | 192,969 |  |   |           | 79,517  | 
|                | Other                    |                        |           | 89,122    |      |   |           | 63,687  |  |   |           | 40,121  | 
|                |                          |                        |           |           |      |   |           |         | 
|                |                          | $                      | 773,781   |           |      | $ | 596,141   |         |  | $ | 404,790   |        
|                |                          |                        |           |           |      |   |           |         | 



|    |                                              
|--- | ---------------------------------------------
|18. | Selected Quarterly Financial Data (Unaudited)

|                               |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |           | 
|------------------------------ | ------- | ----- | - | ------- | ------ |  | - | ------- |  |  | ------ | ------- |  | ----- | - | ------- | - |  | - | --------- | 
|For the Year Ended January 31, |         | First |   |         | Second |  |   | Third   |  |  | Fourth |         |  | Total |  
|                               |         |       |   |         |        |  |   |         |  |  |        |         |  |       |  
|Gross revenue:                 |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005    |       | $ | 489,628 |        |  | $ | 540,359 |  |  | $      | 602,503 |  |       | $ | 627,303 |   |  | $ | 2,259,793 | 
|                               | 2004    |       |   | 326,788 |        |  |   | 362,025 |  |  |        | 398,726 |  |       |   | 415,336 |   |  |   | 1,502,875 | 
|Net revenue:                   |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005    |       |   | 169,989 |        |  |   | 186,503 |  |  |        | 202,019 |  |       |   | 215,270 |   |  |   | 773,781   | 
|                               | 2004    |       |   | 131,419 |        |  |   | 144,859 |  |  |        | 156,545 |  |       |   | 163,318 |   |  |   | 596,141   | 
|Operating income:              |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005    |       |   | 18,685  |        |  |   | 23,530  |  |  |        | 26,743  |  |       |   | 26,493  |   |  |   | 95,451    | 
|                               | 2004    |       |   | 11,093  |        |  |   | 15,038  |  |  |        | 17,973  |  |       |   | 14,967  |   |  |   | 59,071    | 
|Net income:                    |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005    |       |   | 12,793  |        |  |   | 16,214  |  |  |        | 19,910  |  |       |   | 18,612  |   |  |   | 67,529    | 
|                               | 2004    |       |   | 7,974   |        |  |   | 11,416  |  |  |        | 13,178  |  |       |   | 12,203  | * |  |   | 44,771    | 
|Basic earnings per share:      |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005    |       |   | 0.42    |        |  |   | 0.53    |  |  |        | 0.65    |  |       |   | 0.60    |   |  |   | 2.20      | 
|                               | 2004(1) |       |   | 0.26    |        |  |   | 0.38    |  |  |        | 0.43    |  |       |   | 0.40    | * |  |   | 1.48      | 
|Diluted earnings per share:    |         |       |   |         |        |  |   |         |  |  |        |         |  |       |   |         |   |  |   |          
|                               | 2005(2) |       |   | 0.40    |        |  |   | 0.51    |  |  |        | 0.62    |  |       |   | 0.58    |   |  |   | 2.12      | 
|                               | 2004    |       |   | 0.26    |        |  |   | 0.36    |  |  |        | 0.42    |  |       |   | 0.38    | * |  |   | 1.42      | 

F-37



---



##### Table of Contents



UTi WORLDWIDE INC.


NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For the Years Ended January 31, 2005, 2004 and 2003







|    |                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*   | The fiscal 2004 fourth quarter benefited by a change in the
    estimated effective tax rate for the fiscal year which resulted
    in an increase in net income of approximately 3 cents per
    diluted share.
|   
|(1) | The basic earnings per share amounts for the fiscal 2004
    quarters do not add to the total year ended January 31,
    2004 amount due to the effects of rounding.                                            
|   
|(2) | The diluted earnings per share amounts for the fiscal 2005
    quarters do not add to the total year ended January 31,
    2005 amount due to the effects of rounding.                                          

F-38



---



##### Table of Contents



UTi Worldwide Inc.


Schedule II





Valuation and Qualifying Accounts


(in thousands)


Allowance for Doubtful Accounts


|                       |  |            |        |  |                 |   |       |                 |  |   |         |   |          |             |     |            |             |   |       |  |  |   |        | 
|---------------------- |  | ---------- | ------ |  | --------------- | - | ----- | --------------- |  | - | ------- | - | -------- | ----------- | --- | ---------- | ----------- | - | ----- |  |  | - | ------ | 
|                       |  | Balance at |        |  |                 |   |       |                 |  |   | Foreign |   |          |            
|                       |  | Beginning  |        |  | Amounts Charged |   |       | Charges Against |  |   |         |   | Currency |             |     | Balance at |            
|Year Ended January 31, |  | Of Year    |        |  | to Expense      |   |       | the Allowance   |  |   | Other   |   |          | Translation |     |            | End of Year |  
|                       |  |            |        |  |                 |   |       |                 |  |   |         |   |          |             |     |            |             |  
|2005                   |  | $          | 14,300 |  |                 | $ | 7,658 |                 |  | $ | (6,519  | ) |          | $           |    |            |             | $ | 1,248 |  |  | $ | 16,687 | 
|2004                   |  |            | 11,943 |  |                 |   | 4,792 |                 |  |   | (3,876  | ) |          |             | 159 |            |             |   | 1,282 |  |  |   | 14,300 | 
|2003                   |  |            | 9,638  |  |                 |   | 6,471 |                 |  |   | (6,198  | ) |          |             | 268 |            |             |   | 1,764 |  |  |   | 11,943 | 



F-39



---



##### Table of Contents



INDEX TO EXHIBITS


|        |    |      |  |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------- | -- | ---- |  |  | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |  |  | Description
|        |    |      |  |  |            
|        | 2  | .1+  |  |  |             | Asset Purchase Agreement between Continental Air Express (HK)
    Limited, Continental Container Lines Limited, Union-Transport
    (HK) Limited, Cheng Kwan Kok David, Lai Kwok Fai, Lewis Billy
    Barnhill, Francis Raymond Bello, Albert Patrick Cataldo, Chan Ka
    Ming, Chan Kwan Hang, Chau Hak Cheong, Cheng Kwan Lung, Ng Chun
    Ka, Ng Sai Kuen and Registrant dated August 25, 2000
    (incorporated by reference to the companys Registration
    Statement on Form F-1, No. 333-47616, dated
    October 10, 2000)                                                                  
|       
|        | 2  | .2+  |  |  |             | Asset Purchase Agreement between Continental Container Line,
    Inc., Continental Cargo Logistics Inc. (New York corporation),
    Continental Cargo Logistics Inc. (California corporation),
    Union-Transport Corporation, Lai Kwok Fai, Ng Chun Ka, Cheng
    Kwan Kok David, Albert Patrick Cataldo, Lewis Billy Barnhill,
    Francis Raymond Bello, Chan Ka Ming, Chan Kwan Hang, Chau Hak
    Cheong, Cheng Kwan Lung and Ng Sai Kuen dated August 25,
    2000 (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)
|       
|        | 2  | .3   |  |  |             | Amendment to Asset Purchase Agreement between Continental Air
    Express (HK) Limited, Continental Container Lines Limited,
    Union-Transport (HK) Limited, Cheng Kwan Kok David, Lai Kwok
    Fai, Lewis Billy Barnhill, Francis Raymond Bello, Albert Patrick
    Cataldo, Chan Ka Ming, Chan Kwan Hang, Chau Hak Cheong, Cheng
    Kwan Lung, Ng Chun Ka, Ng Sai Kuen and Registrant, dated
    October 3, 2000 (incorporated by reference to Amendment
    No. 1 to the companys Registration Statement on
    Form F-1, No. 333-47616, dated October 30, 2000)                                 
|       
|        | 2  | .4+  |  |  |             | Stock Purchase Agreement among Samuel Clarke, Jr., Claude
    M. Walker, Jr., James H. Walker, Standard Corporation and
    Union Transport (U.S.) Holdings, Inc., dated as of
    October 11, 2002 (incorporated by reference to the
    companys Registration Statement on Form F-3,
    No. 333-101309, dated November 19, 2002)                                                                                                                                                                                                                                                                    
|       
|        | 2  | .5+  |  |  |             | Share Purchase Agreement, dated as of October 12, 2004,
    among UTi Worldwide Inc., 6289541 Canada Inc., and the other
    parties named therein (incorporated by reference to
    Exhibit 2.1 to the companys Current Report on Form
    8-K, dated October 15, 2004)                                                                                                                                                                                                                                                                                                                               
|       
|        | 3  | .1   |  |  |             | Memorandum of Association of the company (incorporated by
    reference to Exhibit 3.1 to Amendment No. 1 to the
    companys Registration Statement on Form F-1,
    No. 333-47616, dated October 30, 2000)                                                                                                                                                                                                                                                                                                                                                                                           
|       
|        | 3  | .2   |  |  |             | Articles of Association of the company, as amended (incorporated
    by reference to Exhibit 3.1 to the companys Current
    Report on Form 8-K, dated November 19, 2004)                                                                                                                                                                                                                                                                                                                                                                                                                              
|       
|        | 10 | .1*  |  |  |             | Form of Employment Agreement between Mr. Wessels and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | 10 | .2*  |  |  |             | Form of Employment Agreement between Mr. MacFarlane and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                                                  
|       
|        | 10 | .3*  |  |  |             | Form of Employment Agreement between Mr. Draper and the
    company (incorporated by reference to the companys
    Registration Statement on Form F-1, No. 333-47616,
    dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                                                      
|       
|        | 10 | .4*  |  |  |             | 2000 Employee Share Purchase Plan, as amended (incorporated by
    reference to the companys Registration Statement on
    Form S-8, No. 333-58832, dated April 12, 2001)                                                                                                                                                                                                                                                                                                                                                                                                                              
|       
|        | 10 | .5*  |  |  |             | Non-Employee Directors Stock Option Plan (incorporated by
    reference to the companys Registration Statement on
    Form F-1, No. 333-47616, dated October 10, 2000)                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       
|        | 10 | .6*  |  |  |             | Union-Transport Inc. Share Incentive Plan, as amended
    (incorporated by reference to the companys Annual Report
    on Form 20-F, dated May 8, 2002)                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       
|        | 10 | .7*  |  |  |             | Union-Transport Executive Share Plan, as amended (incorporated
    by reference to the companys Annual Report on
    Form 20-F, dated May 8, 2002)                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | 10 | .8   |  |  |             | Credit Agreement between the company and Nedbank Limited, dated
    August 1, 2002 (incorporated by reference to
    Exhibit 99.2 to the companys Report on Form 6-K
    dated December 5, 2002)                                                                                                                                                                                                                                                                                                                                                                                                       
|       
|        | 10 | .9   |  |  |             | Amended and Restated Registration Rights Agreement between PTR
    Holdings, Inc., Union-Transport Holdings Inc. and the company
    (incorporated by reference to Amendment No. 2 to the
    companys Registration Statement on Form F-3,
    No. 333-101309, dated December 10, 2002)                                                                                                                                                                                                                                                                                                                
|       
|        | 10 | .10* |  |  |             | 2000 Stock Option Plan, as amended (incorporated by reference to
    the companys Registration Statement on Form S-8,
    No. 333-116896, dated June 25, 2004)                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       
|        | 10 | .11* |  |  |             | 2004 Long-Term Incentive Plan, as amended (incorporated by
    reference to Exhibit 4.1 to the companys Registration
    Statement on Form S-8, No. 333-116894, dated
    June 25, 2004)                                                                                                                                                                                                                                                                                                                                                                                                               



---



##### Table of Contents



|        |    |      |  |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- | -- | ---- |  |  | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |  |  | Description
|        |    |      |  |  |            
|       
|        | 10 | .12* |  |  |             | 2004 Non-Employee Directors Share Incentive Plan, as amended
    (incorporated by reference to Exhibit 4.1 to the
    companys Registration Statement on Form S-8,
    No. 333-118055, dated August 9, 2004)                                                                                                                                                                                                                                   
|       
|        | 10 | .13  |  |  |             | Credit Agreement between UTi, United States, Inc., UTi,
    Brokerage, Inc., Standard Corporation and UTi, (U.S.) Holdings,
    Inc. and LaSalle Bank National Association, as agent, and other
    lenders, dated August 5, 2004 (incorporated by reference to
    Exhibit 10.1 to the companys Quarterly Report on Form
    10-Q, dated September 9, 2004)                                                                                   
|       
|        | 10 | .14  |  |  |             | Guaranty and Collateral Agreement between UTi, United States,
    Inc., UTi, Brokerage, Inc., Standard Corporation, UTi, (U.S.)
    Holdings, Inc. and UTi, Services, Inc. and LaSalle Bank National
    Association, as agent, and other lenders, dated August 5,
    2004 (incorporated by reference to Exhibit 10.2 to the
    companys Quarterly Report on Form 10-Q, dated
    September 9, 2004)                                         
|       
|        | 10 | .15* |  |  |             | Employment Agreement between the company and Peter Thorrington,
    dated September 7, 2004 (incorporated by reference to
    Exhibit 10.6 to the companys Quarterly Report on Form
    10-Q, dated September 9, 2004)                                                                                                                                                                                                                         
|       
|        | 10 | .16  |  |  |             | Registration Rights Agreement, dated as of November 23,
    2004, between UTi Worldwide Inc. and United Service Technologies
    Limited (incorporated by reference to Exhibit 10.1 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                                                                                                                             
|       
|        | 10 | .17  |  |  |             | Affiliated Lender Registration Rights Agreement, dated as of
    November 23, 2004, among UTi Worldwide Inc., PTR Holdings
    Inc., Union-Transport Holdings Inc., Wagontrails Investments
    N.V., and Alan C. Draper (incorporated by reference to
    Exhibit 10.2 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                             
|       
|        | 10 | .18  |  |  |             | Credit Agreement between UTi Logistics (Proprietary) Limited,
    Pyramid Freight (Proprietary) Limited, UTi South Africa
    (Proprietary) Limited, International Healthcare Distributors
    (Proprietary) Limited, Kite Logistics (Proprietary) Limited and
    NedBank Limited, entered into December 6, 2004
    (incorporated by reference to Exhibit 10.3 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)
|       
|        | 10 | .19  |  |  |             | Sale of Shares Agreement, entered into December 6, 2004,
    between Pyramid Freight (Proprietary) Limited and The Trustees
    For the Time Being of the UTi Empowerment Trust (incorporated by
    reference to Exhibit 10.4 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                      
|       
|        | 10 | .20  |  |  |             | Loan Agreement, entered into December 6, 2004, between
    Pyramid Freight (Proprietary) Limited and UTi South Africa
    (Proprietary) Limited (incorporated by reference to
    Exhibit 10.5 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                                                                                                      
|       
|        | 10 | .21  |  |  |             | Shareholders Agreement, entered into December 6,
    2004, among Pyramid Freight (Proprietary) Limited, the Trustees
    for the Time Being of the UTi Empowerment Trust and UTi South
    Africa (Proprietary) Limited (incorporated by reference to
    Exhibit 10.6 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                             
|       
|        | 10 | .22  |  |  |             | Sale of Business Agreement, entered into December 6, 2004,
    between Pyramid Freight (Proprietary) Limited and UTi South
    Africa (Proprietary) Limited (incorporated by reference to
    Exhibit 10.7 to the companys Quarterly Report on Form
    10-Q, dated December 8, 2004)                                                                                                                                                          
|       
|        | 10 | .23* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Stock Option Award Agreement (incorporated by
    reference to Exhibit 10.8 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                          
|       
|        | 10 | .24* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Performance Enhancement Award Agreement
    (incorporated by reference to Exhibit 10.9 to the
    companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                                                                                                                                                           
|       
|        | 10 | .25* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Long-Term Award Agreement (incorporated by
    reference to Exhibit 10.10 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                            
|       
|        | 10 | .26* |  |  |             | Form of UTi Worldwide Inc. 2004 Long-Term Incentive
    Plan  Stock Option Award Agreement (incorporated by
    reference to Exhibit 10.8 to the companys Quarterly
    Report on Form 10-Q, dated December 8, 2004)                                                                                                                                                                                                                          
|       
|        | 10 | .27* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Restricted Share Unit Award Agreement
    and Election Forms                                                                                                                                                                                                                                                                                                  
|       
|        | 10 | .28* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Deferral and Distribution Election
    Form for Restricted Share Units and Restricted Shares                                                                                                                                                                                                                                                                  
|       
|        | 10 | .29* |  |  |             | Form of UTi Worldwide Inc. 2004 Non-Employee Directors Share
    Incentive Plan  Combined Elective Grant and Deferral
    Election Agreement                                                                                                                                                                                                                                                                                                   
|       
|        | 10 | .30* |  |  |             | Amended and Restated Senior Leadership Team (SLT) Annual Cash
    Bonus Plan (incorporated by reference to Exhibit 10.11 to
    the companys Quarterly Report on Form 10-Q, dated
    December 8, 2004)                                                                                                                                                                                                                                        



---



##### Table of Contents



|        |    |     |  |  |             |                                                                                                                                                                                                                                                                                     
|------- | -- | --- |  |  | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |     |  |  | Description
|        |    |     |  |  |            
|       
|        | 10 | .31 |  |  |             | Amendment No. 1 to Registration Rights Agreement, dated as
    of December 17, 2004, between UTi Worldwide Inc. and United
    Service Technologies Limited (incorporated by reference to
    Exhibit 10.1 to the companys Current Report on Form
    8-K, dated December 17, 2004)
|       
|        | 21 |     |  |  |             | Subsidiaries of the Company                                                                                                                                                                                                                                                         
|       
|        | 23 |     |  |  |             | Consent of Independent Registered Public Accounting Firm                                                                                                                                                                                                                            
|       
|        | 31 | .1  |  |  |             | Certification of Chief Executive Officer pursuant to Securities
    Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                             
|       
|        | 31 | .2  |  |  |             | Certification of Chief Financial Officer pursuant to Securities
    Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted
    pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                             
|       
|        | 32 | .1  |  |  |             | Certification of Chief Executive Officer pursuant to
    Section 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   
|       
|        | 32 | .2  |  |  |             | Certification of Chief Financial Officer pursuant to
    Section 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                   






|  |                                                                                                                                                                         
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|+ | Certain portions of the identified exhibit were omitted and
    filed separately with the Commission and have been granted
    confidential treatment by the Commission.



| |   |                                                 
| | - | ------------------------------------------------
| | * | Management contract or compensatory arrangement.