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March 12, 1999

FedEx voted Best Global Air Cargo Carrier in 1998 by Asian freight industry

FedEx wins in five categories at the 13th Asian Freight Industry Awards

HONG KONG, March 12, 1999 - Federal Express (FedEx), the world's largest express transportation company, today has been awarded Best Global Air Cargo Carrier at the 13th Asian Freight Industry Awards (AFIA). In addition to the industry's highest recognition, FedEx has once again received top honors as the Best All Cargo Airline, Best Air Cargo Carrier: North America, and Best Total Logistics Operator. FedEx has also reclaimed the title of Best Warehouse Operator.

A total of five awards were presented to Michael L. Ducker, President, FedEx Asia Pacific; Donald Colleran, Vice President, Sales, FedEx Asia Pacific; and William L. Conley, Vice President, Electronic Commerce and Customer Service, FedEx Asia Pacific.

"These awards reflect the dedication and enthusiasm of the 5,000 FedEx employees in Asia Pacific, whose relentless hard work makes it possible for the company to deliver excellent service with the speed and reliability demanded by our customers," remarked Mr. Ducker at the awards presentation ceremony. "We are truly honored to receive such a commendation by the Asian freight industry."

The AFIA is held annually by Cargonews Asia, the leading freight industry trade publication in the region. More than 13,000 readers, which include customers and service users, were individually balloted and asked to vote for the best service providers in 37 industry-specific categories. The AFIA is the only awards event in which winners are selected by customers instead of a panel of judges. All returned nomination forms and final ballot forms are audited by international auditor Deloitte Touche Tohmatsu.

"Because this recognition comes from customers using the services, being voted the best in five AFIA categories is extremely exciting to FedEx," said Mr. Ducker. "We are grateful for the support and will continue to provide our customers with the quality service they have come to expect."

With the increased popularity of the Internet, technology is revolutionizing the air cargo and freight industries. Total solutions in supply chain management and logistics are crucial to the success of all businesses going global, as more companies are looking to streamline operations and increase efficiency. The Best Logistics Operator award for the fourth year in a row only reaffirms FedEx's leadership position in this industry.

"Asian companies are seeking more worldwide opportunities with the help of the Internet. With FedEx, customers can now think much farther and broader," added Mr. Ducker.

FedEx currently serves more than 30 countries and territories in the Asia Pacific market with over 5,000 employees. 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 260 flights per week to 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 US.

FedEx, a subsidiary of FDX Corp., 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 has more than 145,000 employees, 44,400 drop-off locations, 624 aircraft and 42,800 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®. FedEx reported revenues of US$13.3 billion for its fiscal year ended May 31, 1998.

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