FedEx Appoints New Sales and Personnel Leaders.

MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 28, 1999--

Federal Express Corp. today announced the appointment of two company executives to senior vice president positions leading its Sales and Personnel divisions.

Daniel J. Mullally, 52, currently vice president, Global Sales and Freight Services, will become senior vice president, Worldwide Sales. R. Larry Brown, 53, currently vice president, Legal, will become senior vice president and chief personnel officer.

"Dan and Larry have successfully managed increasingly complex and strategic responsibilities in their careers with Federal Express," said Chief Executive Officer-Elect David J. Bronczek. "Dan has leveraged our unparalleled global network to strengthen our relationships with multinational customers that have been at the heart of our strong international performance. Larry has been instrumental in protecting the company's most valuable asset, our people, in directing and maintaining the integrity of our highly progressive People-Service-Profit philosophy. We have great confidence and the highest expectations for each of them in their new roles."

Brown will succeed James A. Perkins, 56, who will retire after 25 years of service to the company. Mullally will succeed William G. Fraine, 41, who leaves the company after 20 years of service to pursue outside interests.

"We deeply appreciate Jim and Bill's many years of service and their many contributions to Federal Express," said Bronczek. "In the 20 years Jim has led the Personnel division, Federal Express has been recognized consistently by outside experts and by our employees as a great place to work. Bill played an important role in leading our Sales organization as we built the FedEx brand and global network."

Mullally joined Federal Express in 1995 as managing director, Sales Planning for the Air-Ground, Freight System (AGFS) division. He was promoted in 1998 to vice president, AGFS Marketing and Sales. He assumed his current responsibilities in 1999. Prior to Federal Express, Mullally held management positions with ANR Freight System, Associated Truck Lines and Consolidated Freightways. Mullally, a native of St. Louis, Mo., graduated from St. Louis University with a BA degree.

Brown has had an active role in overseeing the company's progressive employee policies and procedures that are at the heart of its reputation as a good place to work. Among his current responsibilities, Brown leads the company's Labor and Employment Law organization which ensures that FedEx managers and employees comply with labor regulations at the local, state and Federal level. Brown, a native of Jackson, Tenn., earned a B. A. from Lane College and a J. D. from the University of Memphis School of Law. Prior to joining FedEx in 1987, he was Assistant U.S. Attorney and a Supervisory Trial Attorney for the Equal Employment Opportunity Commission (EEOC).

Federal Express, the world's leader in express transportation, a subsidiary of FDX 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 3.1 million items to 210 countries each working day. FedEx employs more than 148,000 employees and has more than 44,400 drop-off locations, 643 aircraft and 43,500 vehicles in its integrated global network. The company maintains electronic connections with more than 1.9 million customers via FedEx Powership(R), FedEx Ship(R) and FedEx interNetShip(R). Federal Express reported revenues of $14.0 billion for its fiscal year ended May 31, 1999.