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Expeditors Reports Fourth Quarter 2011 EPS Of $.43 Per Share 1

“Our third quarter 2011 earnings release highlighted our concerns about global trends for the remainder for 2011 and 2012. While 2011 was a record year, and we are generally optimistic about 2012, the underlying flow of goods both in the global economy and throughout our network in January still give us some cause to reiterate those concerns in the near term. That said, given the outstanding talents and abilities of our people and the support of both our customers and service providers, we remain very confident that we have the wherewithal to successfully address any near term challenges that may occur by staying true to our proven, long-term values and objectives,” concluded Rose.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and 64 satellite locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.

1 Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
4th Quarter 2011 Earnings Release, February 21, 2012
Financial Highlights for the Three months and Years ended December 31, 2011 and 2010 (Unaudited)

(in 000's of US dollars except share data)

      Three months ended            
December 31, Years ended December 31,
Increase %
2011 2010 (Decrease) 2011 2010 Increase
Revenues $ 1,501,914 $ 1,582,135 (5)% $ 6,150,498 $ 5,967,573 3%
Net revenues $ 476,155 $ 453,362 5% $ 1,896,477 $ 1,692,786 12%
Operating income $ 155,064 $ 148,572 4% $ 618,327 $ 547,230 13%
Net earnings attributable to shareholders $ 92,843 $ 96,502 (4)% $ 385,679 $ 344,172 12%
Diluted earnings attributable to shareholders $ .43 $ .45 (4)% $ 1.79 $ 1.59 13%
Basic earnings attributable to shareholders $ .44 $ .45 (2)% $ 1.82 $ 1.62 12%
Diluted weighted average shares outstanding 214,159,723 216,587,468 215,033,580 216,446,656
Basic weighted average shares outstanding 211,988,482 212,217,035 212,117,511 212,283,966
      Employee headcount as of
December 31,
2011     2010
North America 4,666 4,400
Asia Pacific 4,083 3,864
Europe and Africa 2,262 2,074
Middle East 1,250 1,169
South America 645 607
Information Systems 558 559
Corporate 228 197
Total 13,692 12,870
      Year-over-year percentage
increase (decrease) in:
    Ocean freight
Airfreight kilos FEU
October (14)% 2%
November (6)% 1%
December (9)% 7%
Quarter (10)% 3%

During the fourth quarter of 2011, the Company closed one satellite office in Detroit-Ambassador Bridge, United States.

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