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October 1, 1998

David J. Ross Named Vice President of North Pacific Region at FedEx

Tokyo, October 1, 1998 – Federal Express Corporation (FedEx) announced today that David J. Ross has been named Vice President of FedEx North Pacific, succeeding Robert. D. Ragsdale. Mr. Ross is responsible for planning, organizing and implementing all corporate strategies and operations in one of the company's most dynamic operating divisions. Ragsdale will move to Brazil as Vice President, FedEx South America.

"Mr. Ross has proven to be an outstanding leader in his own right," said Michael L. Ducker, President of FedEx Asia Pacific Region. "In his new role, Mr. Ross will be instrumental in further enhancing value-added services to customers in Japan and the North Pacific Region."

Mr. Ross started his career at FedEx at Sydney, Australia operations in 1992, managing the Ground Operations in Australia from 1992 through 1993. He was promoted to Managing Director of the Australian District in 1993, which covered all Federal Express Operations across the Pacific from Australia to Guam. Ross served as Managing Director for the Hong Kong & Macau District, based in Hong Kong during November of 1995 through August of 1998.

FedEx currently serves more than 30 countries and territories in the Asia Pacific market with approximately 5,000 employees serving. 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, Sydney, 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 with 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 3.1 million items in 211 countries each working day. FedEx has more than 142,000 employees, 44,700 drop-off locations, 615 aircraft and 40,900 vehicles in its integrated global network. The company maintains electronic connections with more than a million customers via FedEx PowerShip®, FedEx Ship® and FedEx interNetShip®. Federal Express reported revenues of US$13.3 billion for its fiscal year ended May 31, 1998.

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