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2004 Press Releases

May 31, 2004

FedEx Express Secures Flexibility on Asia-Pacific Hub Options

-- Extends Lease for Asia-Pacific Hub in Subic Bay Through 2010
-- Signs Agreement to Reserve Space for Potential Hub with Diosdado Macapagal International Airport

TAIPEI, May 31, 2004 FedEx Express, the world's largest express transportation company, has extended its lease for its Asia Pacific hub in Subic Bay, Philippines for three additional years to 2010 with an option to extend. FedEx also signed an option, which will permit FedEx to use land at the Diosdado Macapagal International Airport, formerly known as Clark Air Force Base, to be used for future expansion in the Philippines if the Company chooses.

FedEx has maintained its Asia Pacific hub at Subic Bay since 1995. The Subic Bay facility is the largest air express hub in the region and represents one of the company's most important investments.

FedEx is also considering expansion opportunities in China. Last December, FedEx signed a framework agreement with the Guangzhou Airport Authority to explore opportunities for growth in this dynamic part of the world.

"Our outstanding performance across the region and exceptional results in China indicate that our current operations at Subic Bay may not be able to support our projected growth," said David L. Cunningham Jr., President of FedEx Express, Asia Pacific Division. "Therefore we have signed an agreement with Diosdado Macapagal International Airport that reserved land through 2008. We also continue to hold discussions with the Baiyun Airport in Guangzhou, China as a potential future hub location."

"The airport facilities at Subic Bay, DMIA and the new Baiyun Airport at Guangzhou all have excellent facilities and the government of the Philippines and China are committed to building their economies and attracting foreign investments," said Cunningham. "These extensions and agreements do not commit FedEx to any long-term decisions but provide flexibility for future expansion."

FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX), connects areas that generate 90% of the world's gross domestic product in one to three business days 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 3.1 million items to 215 countries each working day. FedEx employs approximately 138,000 employees and has more than 50,000 drop-off locations, 643 aircraft and approximately 43,000 vehicles in its integrated global network.

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