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March 8, 2000

Federal Express Meets with Agent To Discuss Plans for Local Market

BANGKOK, March 8 , 2000 - FedEx's Regional Vice President, Mr. Peter Yin, recently met with Khun Sathit Jintarasamee, President and CEO of Traffic Express International (TEI), to discuss the Thai company's on-going support of FedEx operations in areas outside of greater Bangkok, Chiangmai, Laem Chabang and Ayudhya.

"TEI has played a vital role in building our franchise in this growing market for 16 years, and we are pleased to have the continued support of a local company with such a solid reputation', Mr. Yin said.

"Our recent assumption of full ownership and management of our operations here is a recognition of the importance of the Thai market,' he continued. 'But TEI remains an integral part of our plans in Thailand. We need dependable support in those geographic areas which our own resources cannot cover, and TEI, with their in-depth knowledge and experience of the local market, provides us that support."

TEI was established in 1992 as the sole agent of FedEx in Thailand. The company has been responsible for the timely pickup and deliveries within Thailand.

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