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May 24, 1999

Federal Express Announces New Lower Rates

Revised rates are part of company's efforts to respond to customers' needs during economic recovery

Singapore, May 24, 1999 - Federal Express Corp. (FedEx), the world's largest express transportation company, has adjusted prices on its express transportation services as part of its efforts to provide better value, in the wake of the economic recovery in Singapore. The lower rates* will be effective from June 1, 1999.

These new rates allow customers to save up to 30 per cent on shipping costs for packages*. "The introduction of these rates represents our continuing commitment to listen and respond to our customers' needs to enhance their competitiveness in these difficult times," said Malcolm Sullivan, Managing Director for FedEx Marketing, South Pacific.

Mr. Sullivan continued, "The advantages of these new rates are not just in the savings, but also in the unsurpassed, reliable service that FedEx offers. Not only can customers continue to enjoy reliability through unique services such as the Super X flights, the only overnight shipping service from Singapore to all of the US by 10.30 am, but they can enjoy these services at an even lower price."

"Customers make shipping decisions based on value and FedEx delivers the best value for money every day through fast and reliable information intensive transport services. With these new lower rates, our Singapore customers can enjoy the same quality FedEx service at even greater value for money," said Mr. Sullivan.

Federal Express, a subsidiary of FDX Corp., connects areas that generate 90% of the world's gross domestic product in 24-48 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 more than 3 million items to 211 countries each working day.

* Not applicable for certain packages and to certain destinations.
** Some restrictions apply.

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