| Document Date: 2013-03-29 14:57:52
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City Beijing / Washington / / Continent Asia / North America / Europe / Americas / Africa / / Country United States / China / / Currency USD / EUR / / Event Dividend Issuance / / IndustryTerm respective foreign subsidiaries / transportation services / foreign subsidiaries / logistics solutions / real estate development projects / cargo insurance / transportation / Direct carrier rate increases / customs brokerage / bank lines / retail industries / non-asset based carrier / airline / manufacturing production delays / lower travel / airfreight services / real estate development / unsecured bank lines / while also improving systems / retail goods / revenues less transportation expenses / insurance liabilities / stable worldwide network / transportation assets / time definite transportation volumes / carrier stability / oil prices / retail basis / purchase order management / excess carrier capacity / order management / customer specific infrastructure / multi-service networks / time definite transportation services / basic services / ocean services / technology consumer products / / NaturalFeature Europe ocean / North America ocean / / Organization European Commission / U.S. Treasury / / Position customs broker / manager / OPERATIONS Executive / outside legal counsel / internal candidate / / Region Middle East / Asia Pacific / /
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ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Summary Expeditors International of Washington, Inc. is engaged in the business of global logistics management,