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April 27, 1998

FedEx Asian Air Freight Awards

HONG KONG, April 27, 1998 -- Federal Express Corp (FedEx) won top honors for Best Air Cargo Carrier (North America), Best All-Cargo Airline and Best Total Logistics Operator at a ceremony held recently in Singapore at the 12th Asian Freight Industry Awards (AFIA). The AFIA is held annually by Cargonews Asia, the leading freight industry trade magazine.

Votes to select AFIA winners annually are provided by customers and users within several industry categories. This is a unique award selection since other trade awards are frequently given as a result of decisions by a panel of judges.

More than 13,000 readers were individually balloted and asked to vote for their best service providers in 37 industry specific categories.

All returned nomination forms and final ballot forms were audited by international auditor Deloitte Touche Tohmatsu.

Receiving the awards on behalf of FedEx were David L. Cunningham, Jr., vice president, South Pacific Region and William L. Conley, vice president, FedEx Logistics & Electronic Commerce, Asia Pacific. Both are based in Singapore where the award ceremony was held this year.

"Winning these awards means a lot to FedEx since the voting gives users of the services the chance to voice their support for services provided, "Mr. Cunningham said. "We are grateful for their support and we will strive to do even better to provide the best service for our customers."

"FedEx's logistics division has been given this award for three consecutive years. This speaks volumes for our commitment to our customers", adds Mr. Conley.

FedEx currently serves more than 30 countries and territories in the Asia Pacific market with approximately 5,000 employees. The company provides the most extensive trans-Pacific airlift of any major competitor. Operating its own wide-bodied MD-11, DC-10 and A310 aircraft, FedEx offers over 260 flights per week to the following locations: Bangkok, Beijing, Cebu, Hong Kong, Jakarta, Kaohsiung, Kuala Lumpur, Manila, Osaka, Penang, Seoul, Shanghai, Singapore, Subic Bay, Taipei, and Tokyo, as well as destinations in the U.S.

Federal Express, a subsidiary of transportation powerhouse FDX Corporation, connects areas that generate 90 percent of the world's gross domestic product in 24 to 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 in 211 countries each working day. FedEx and has more than 141,000 employees, 43,500 drop-off locations, 610 aircraft and 40,500 vehicles in its integrated global network. The company maintains electronic connections with more than a million customers via FedEx PowerShip®, FedEx Ship®, and FedEx interNetShipSM. Federal Express reported revenues of US$11.5 billion for its fiscal year ended May 31, 1997.

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