CORRECTING and REPLACING FedEx Express Launches First Scheduled Flight into Kazakhstan; Flight Facilitates Growing Asia-European Trade Lane.

Business Editors

CORRECTION...by FedEx Corp.

MEMPHIS, Tenn.--(BUSINESS WIRE)--Nov. 11, 2003

In BW5409 issued Nov. 5, 2003: Third graph, second sentence of release should read: Customers in Hong Kong will also be able to drop off their heavy weight shipments six hours later, as the company will extend its scheduled departure time to 6:30 a.m. the next morning (sted: Customers in Hong Kong will also be able to drop off their shipments eight and a half hours later, as the company will move its scheduled departure from 10 p.m. to 6:30 a.m. the next morning).

The corrected release reads:

FEDEX EXPRESS LAUNCHES FIRST SCHEDULED FLIGHT INTO KAZAKHSTAN; FLIGHT FACILITATES GROWING ASIA-EUROPEAN TRADE LANE

FedEx Express, a subsidiary of FedEx Corp. (NYSE:FDX), became the first U.S. air carrier to operate a regularly scheduled flight into Kazakhstan, using the country's largest city and business hub, Almaty, as a refueling stop for its Hong Kong to Paris flight.

"Strategic landing stops like this significantly enhance our ability to facilitate the expanding trade relationship between Asia and Europe," said Michael Ducker, FedEx Express executive vice president, international. "Almaty's excellent airport infrastructure and strategic locale made it a clear choice for FedEx."

The refueling stop in Kazakhstan - which borders Russia, China, Turkmenistan, Uzbekistan and Kyrgyzstan - enables FedEx Express to increase its cargo capacity between Hong Kong and Paris by adding an additional 55,000 pounds to each flight. Customers in Hong Kong will also be able to drop off their heavy weight shipments six hours later, as the company will extend its scheduled departure time to 6:30 a.m. the next morning. This change will allow additional time for express freight to be trucked from major points in Southern China to Hong Kong for the morning departure.

According to the Boeing 2002-2003 World Air Cargo Forecast, Asia and Europe cargo traffic is projected in the long-term to grow 7.1 percent per year westbound and 6.8 percent eastbound. FedEx Express international business expansion has been led primarily by its Asia Pacific region, which experienced 9 percent export volume growth last quarter as a result of increased trade with Europe and North America.

A FedEx Express team of experts traveled to Kazakhstan earlier this year to assess the prospects for routing the new Hong Kong-Paris flight via Almaty. FedEx Express concluded Almaty would be an ideal location for a refueling stop because its airport features a 4,400-meter long runway, modern fuel supply facilities and highly professional technical support and services.

For the Hong Kong-Almaty-Paris flight, FedEx Express will utilize an existing MD-11 that served Dubai and Bombay from the company's Asia Pacific hub in Subic Bay, the Philippines, to its European hub at Charles DeGaulle Airport. The company will add an Airbus A310 that will operate round trip from Dubai to Bombay and connect four times a week to an existing Dubai-Paris flight.

In September, FedEx Express was awarded 13 additional frequencies in and out of Hong Kong by the United States Department of Transportation, reinforcing its position as the U.S. carrier with the greatest number of cargo flights in and out of Hong Kong. The 13 additional frequencies allow FedEx Express to enhance service in Asia Pacific and Europe. FedEx Express provides customers with better intra-Asia connectivity as a result of adding six flights to Subic Bay linking customers to the FedEx AsiaOne(R) network and the rest of the world.

About FedEx

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 Study(SM) in the categories of air, ground and international delivery services.

NOTE TO EDITORS: FedEx Express press releases are available on the World Wide Web at http://www.fedex.com