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August 12, 1997

FedEx Asia Pacific Volumes Surge During UPS Strike

Hong Kong, August 12, 1997 -- Federal Express Corporation (FedEx) has seen a significant increase in the volume of packages it handles through its Asia Pacific Division as a result of the UPS labor disruption in the US. The company's Asia Pacific employees have done a remarkable job of providing excellent service despite the increase in volumes.

FedEx's priority is to take care of its current Asia Pacific customers by providing the excellent service that they have come to expect both in the FedEx AsiaOne" network and worldwide. The company will handle additional volume from other customers as its system flexibility permits.

Mr. Michael L. Ducker, senior vice president for FedEx Asia Pacific Division, said, "For the last 25 years, we have been committed to providing the highest standard of service to our customers across our extensive global network. Our employees have been hired and trained to go above and beyond the call of duty every day for our customers and they continue to do so during this time."

The UPS labor situation has also affected FedEx's U.S. operations. The company's money-back guarantee has been suspended for all services except intra-Asia FedEx International Priority", intra-Europe FedEx International Priority", and domestic Canadian services until further notice.

FedEx currently services the Asia Pacific market with approximately 4,300 employees in more than 30 countries and territories. Operating its own wide-bodied MD-11, DC-10 and A310 aircraft, FedEx offers over 160 flights per week to the following locations: Beijing, Hong Kong, Kaohsiung, Kuala Lumpur, Manila, Osaka, Penang, Seoul, Shanghai, Singapore, Subic Bay, Taipei and Tokyo.

Federal Express is the world's largest express transportation company providing fast and reliable services to 212 countries each working day. The company employs approximately 130,000 people, has nearly 43,000 drop-off locations, and operates more than 580 aircraft and 38,000 vehicles in its integrated global network.FedEx maintains electronic connections with more than 650,000 users via FedEx PowerShip^®, FedEx Ship^®, and FedEx interNetShip^SM. Federal Express reported revenues of U.S.$11.5 billion for its fiscal year ended May 31, 1997.