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August 1, 2001

FedEx Chosen by KITA as International Air Express Transportation Partner

SEOUL, August 1, 2001 - FedEx Express ("FedEx"), the world's largest air express transportation company, today announced that FedEx became an International Air Express Transportation Partner of KITA (Korean International Trade Association).

The signing ceremony was held in KITA office on August 1, 2001 with 15 alliance partners. FedEx was exclusively chosen as its International Air Express Transportation partner because of its fast, reliable and time-definite International delivery solution. KITA members who enroll with FedEx for their import and export business will receive 25-35% special discount. (35% discount off FedEx Envelope and FedEx Pak services, and 25% discount off FedEx International Priority services)

KITA members are required to register with FedEx to enjoy the benefits that FedEx offers to them. To facilitate this process, an on-line registration system has been set up, which can be accessible by KITA members through the KITA Internet homepage: www.kotis.net or kitamember.kortis.net

"This alliance with such a trusted and respected business association underscores FedEx's commitment to providing the best possible service to Korean customers. Our shared goal is to help Korean companies increase their competitiveness in today's global business environment by utilizing our unparalleled transportation and information network that cover the world," said Charles Arena, Managing Director of FedEx Korea.

"We plan to focus on providing customers with world class reliability along with localized services to suit their needs so as to improve their competitive advantage, " he added

KITA established in 1945 has over 82,000 members and provides trading related consulting services to member companies. Recently KITA launched a "KITA Discount Club" through its Internet homepage for members that provides access to privileges offered by KITA alliance companies. KITA has selected one partner for each of the 15 industries related to exporting/importing business such as International air express transportation, domestic courier service, packing and business convenient service at the airport and so forth.

FedEx Express, a $15 billion subsidiary of FedEx Corp., connects areas that generate 90% of the world's gross domestic product in 24-48 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 3.3 million items to 210 countries each working day. FedEx has around 149,000 employees and over 46,000 drop-off locations, 640 aircraft and 49,000 vehicles in its integrated global network.

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