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April 8, 1997

FedEx Service to China and Asia Further Strengthened By The Extension of China-us and China-Asia Flights to Four Weekly

HONG KONG, April 8, 1997 - Federal Express Corporation (FedEx) announces today the extension to four direct flights weekly in its existing US-China and China- Asia flight service. The direct, regularly scheduled all-cargo flights will link U.S. cities, and Beijing and Shanghai, directly with the company's extensive AsiaOne network. This extension of service further strengthens FedEx's express service to China, the US and Asia, enabling the air express company to increase its timely and reliable service.

The service with a FedEx DC-10 aircraft and crew was launched in March 1996. It directly connects China to FedEx's Asia Pacific Hub in Subic Bay, Philippines, linking China into the extensive AsiaOne network which now connects 13 major cities in Asia for overnight deliveries. The extension of flight service further enhances the exceptional connectivity for China importers and exporters from China to Subic Bay, from Asia into and out of China, and between China and the U.S.

"The announcement of today's extension of flights to China and Asia marks another significant milestone in our continual effort to bring our best and most reliable service to our customers in the region. With four direct flights operating per week, customers can benefit from more reliable, time-certain, door-to-door express delivery service in the region and around the world," John Quinn, vice president for China and Mid- Pacific region, says.

"We also have aggressive expansion plans for China to add new service destinations. In September 1996, we served 60 cities for pick-up and delivery. Today, that number has gone up to 73, and we continue to pursue our plan to aggressively expand the scope of our service over the next five years. We are proud of our achievement so far and will strive to attain even higher service levels and standards in the future," Mr Quinn added.

FedEx was issued all necessary permits and licenses in 1995 from the Civil Aviation Administration of China (CAAC) and the U.S. Department of Transportation (DOT) to operate all-cargo route purchased from Evergreen International Airlines, Inc.

FedEx currently serves the Asia Pacific market with over4,100 employees in more than 30 countries and territories. The company provides the most extensive trans- Pacific cargo lift with MD-11, DC-10, and A310 aircraft flying daily, linking its AsiaOne network to 13 major commercial and financial centers in nine countries throughout Asia. Federal Express is the world's largest express transportation company, providing fast and reliable services for more than 2.8 million items in 211 countries each working day. The company has 41,000 drop-off locations, employs approximately 127,000 people and operates more than 575 aircraft, 38,000 vehicles, and 550,000 PowerShip^® and FedEx Ship^TM automated systems in its integrated global network. Federal Express reported revenues of US$10.3 billion for its fiscal year ended May 31, 1996.