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FedEx Acquires UK Express Company ANC

Strategic Purchase Offers Customers Broader, More Seamless Range of Services

London - December 18, 2006 - FedEx Corporation (NYSE: FDX) today announced it has acquired ANC Holdings Limited, a United Kingdom domestic express transportation company for £120 million (GBP). This transaction will allow FedEx Express, an operating unit of FedEx Corp., to directly serve the entire UK domestic market, providing a broader range of shipping options and enhanced service under the trusted FedEx brand.

ANC offers a comprehensive range of distribution and logistics services with an established pick-up and delivery network across the UK.  Founded in 1981, ANC has annual revenues of more than £145 million and is known for its strong customer-service philosophy, its advanced, reliable delivery network and commitment to its employees. ANC currently operates with a network of approximately 4,500 people and a fleet of 2,200 vehicles from 80 locations.

UKbusinesses increasingly demand bundled transportation offerings in order to take advantage of global economic trends, such as the increasing percentage of high-tech, high-value manufactured goods, the growth of global trade, faster supply chains and logistics and the growth of the internet and e-commerce.

“As the UK market continues to evolve and expand, customers increasingly seek a single provider of solutions for their domestic and international shipping to more efficiently manage their global supply chains,” said Robert W. Elliott, president, Europe, Middle East,  Africa and Indian subcontinent, FedEx Express. “This acquisition gives our customers access to broader business and transportation services and supports the delivery of an outstanding customer experience each and every day.”

ANC management will remain in place and report directly to Elliott. As part of the transaction, ANC shareholder LDC – the private equity division of Lloyds TSB Group plc – will exit its investment.

“The acquisition of ANC by FedEx, a world-class company known for its premium service and dedication to its people, presents new opportunities for our customers and employees,” said Mark Gittins, chief executive officer of ANC. “Our two companies share similar values in providing an excellent customer experience, investing in our people and our commitment to being good corporate citizens.”

JPMorgan Cazenove acted as financial adviser to FedEx Corporation on the transaction. KPMG advised ANC Holdings Limited.

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About FedEx Express

FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.

About FedEx

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $33 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.

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