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October 6, 1997

FedEx to Participate in the Suzuka Formula 1 Grand Prix with Benetton Renault Formula 1

"Speed, Reliability, Technology and Teamwork" and Increased Presence in the Japanese Market

TOKYO, October 6, 1997 - Federal Express Corporation (FedEx) today announced that it will participate in this weekend's Formula 1 race at Suzuka Circuit in Mie as one of the major sponsors of Benetton Renault Formula 1.

FedEx joined Benetton Renault Formula 1 as a sponsor this year as part of its global branding program. The company announced the sponsorship in July 1997 and it was initially limited to the races in Europe. However, since Japan is one of FedEx's top markets and the sponsorship was so successful, the company decided to expand its sponsorship role for the Japan round.

"The ingredients required to be a successful Formula 1 team are speed, reliability, innovative technology and outstanding teamwork. That same set of skills represents FedEx as the leading global express transportation company. Our alliance with Formula 1 racing and the Benetton team is a perfect fit," said Michael L. Ducker, senior vice president of the company's Asia Pacific Division.

"The extension of the sponsorship to the Japan round clearly addresses our commitment to the Japanese market. Formula 1 is a highly effective vehicle to deliver messages to broader audiences, and so we're looking forward to seeing our logo in Suzuka," added Mr. Ducker. Already, Benetton Renault Formula 1 with FedEx, driven by Gerhard Berger - one of the top Formula 1 racers in the circuit - crossed the finish line first in Germany at Hockenheim ring. After 15 races this year, Benetton Formula 1 ranks third in the constructor's championships, with (pls check proper name - ?Joan Alcsi) ranking third in the driver's championships.

FedEx currently serves the Asia Pacific market with approximately 4,300 employees serving more than 30 countries and territories. 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 is the world's largest express transportation company providing fast and reliable services for more than 2.9 million items in 212 countries each working day. The company employs approximately 137,000 people, has more than 42,500 drop-off locations, and operates more than 590 aircraft and 38,500 vehicles in its integrated global network. FedEx maintains electronic connections with more than 750,000 users 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.