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2003 Press Releases

October 24, 2003

FedEx Announces Plans for Expansion in China

Creates a New China Region within Asia Pacific Division

HONG KONG, October 23, 2003 - As part of its continued expansion in Asia, FedEx Express, a subsidiary of FedEx Corporation (NYSE:FDX), announced plans to create a separate, China-specific region in Shanghai. The new regional structure will enable the company to be more focused and responsive to the needs of its customers in China.

"We recognize that in order to continue to lead the market we must be able to provide the best possible solutions for the increased needs of our customers across China. The establishment of this new structure will give FedEx Express the ability to respond more quickly and with much greater focus on the issues that are really affecting our customers and, in turn, create enhanced service offerings that will be unique to this complex market," said David L. Cunningham, Jr., president Asia Pacific Division for FedEx.

Since entering the China market in 1984, FedEx has expanded its service to 220 cities in China, with plans to increase that number by 100 over the next five years. The company serves the region with 11 flights weekly through three major gateways: Beijing, Shanghai and Shenzhen and provides access to cities throughout Asia via the FedEx AsiaOne® network.

The company made the decision to enact this structural change because of the combination of its long-term commitment to the China market and because of the governmental, commercial and legal complexities that make it the most unique market in the world.

The new China structure, that will be part of the company's overall Asia Pacific Division, is scheduled to begin operations on December 1, 2003.

The Company will retain its Asia Pacific Headquarters in Hong Kong and has stressed that its Hong Kong and Taiwan local market operations will not be impacted by the changes. In fact, FedEx has recently expanded service offerings in both locations and is more committed than ever to expanding its capabilities in both markets.

Hong Kong will play an increasingly important role as a vital link in the Company's Asia to Europe and intra-Asia service offerings, with the addition of six additional frequencies from Hong Kong to Europe commencing on October 28, 2003. In addition, the Company was recently awarded seven additional frequencies to its Asia Pacific Hub in Subic Bay, Philippines.

About FedEx Corp
With annual revenues of $23 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world's largest express transportation company; FedEx Ground, North America's second largest provider of small-package ground delivery service; FedEx Freight, the largest U.S. provider of regional less-than-truckload freight services; FedEx Custom Critical, North America's largest provider of expedited time-critical shipments; and FedEx Trade Networks, North America's largest customs broker and a provider of international freight forwarding and trade facilitation services. FedEx ranked highest in the J.D. Power and Associates 2002 Small Package Delivery Service Business Customer Satisfaction StudySM in the categories of air, ground and international delivery services.

About FedEx Express
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. 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 139,000 employees and has more than 50,000 drop-off locations, 643 aircraft and more than 43,000 vehicles in its integrated global network.

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