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February 5, 1998

Federal Express Praises Agreement on Japanese Bilateral Aviation Rights

Global Express Network Strengthened by Agreement

Hong Kong, February 5, 1998 -- Federal Express Corporation (FedEx) praised U.S. trade negotiators for their dedication and efforts in reaching a liberalized, general agreement with Japan on bilateral aviation rights.

"This new agreement represents a remarkable accomplishment by the U.S. delegation led by Alan Larson and Charles Hunnicutt," said Kenneth R. Masterson, executive vice president, general counsel and secretary of FDX Corporation, the parent company of FedEx. "The agreement fully resolves the long-standing dispute between the U.S. and Japanese governments over FedEx's authorities in Japan and also creates significant new and liberalized opportunities for FedEx and other U.S passenger and cargo operators. No greater progress toward an ultimate open skies regime could be imagined."

FedEx currently serves more than 30 countries and territories in the Asia Pacific market with approximately 4,500 employees. The company provides the most extensive trans-Pacific air lift of any major competitor. Operating its own wide-bodied MD-11, DC-10 and A310 aircraft, FedEx offers over 250 flights per week to the following locations: Bangkok, Beijing, Hong Kong, Kaohsiung, Kuala Lumpur, Manila, Osaka, Penang, Seoul, Shanghai, Singapore, Subic Bay, Taipei, and Tokyo, as well as destinations in the U.S.

Federal Express connects areas that generate 90 per cent of the world's gross domestic product in 24 to 48 hours with door-to-door, customs-cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of 3 million items in 211 countries each working day. FedEx employs approximately 140,000 people and has more than 43,000 drop-off locations, 600 aircraft and 39,500 vehicles in its integrated global network. The company maintains electronic connections with more than 850,000 customers via FedEx PowerShip^®, FedEx Ship^® and FedEx interNetShip^SM. Federal Express reported revenues of US$11.5 billion for its fiscal year ended May 31, 1997.