FedEx To Fly Into Central Japan International Airport; Linking the Chubu Region to the 215-country FedEx Global Network.

TOKYO -- FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX), will begin operating regular flights with its own aircraft into Central Japan International Airport when the facility opens in February 2005 as part of its overall plan to enhance services in Japan. The move will connect the Chubu region with 215 countries through FedEx's global distribution network. It will be the third Japanese airport FedEx flies to, following Narita International Airport  and Kansai International Airport.

The Chubu region is a major center for manufacturing, especially the automobile and IT industries, with a high demand for overseas shipments. With products that have short lifecycles such as IT-related items, speed to market is a particularly crucial to maintaining competitiveness. FedEx made the decision to begin flights into Central Japan International Airport because of the increasing demand for access to superior express transportation services.

"As the third largest economic area following Tokyo and Osaka, the Chubu region will grow in importance," said David J. Ross, vice president, North Pacific Region. "These regular flights into Central Japan International Airport will provide our customers in the Chubu region with even better access to our services and connectivity to the rest of our network."

Also, at Central Japan International Airport, FedEx plans to operate in the International Airline Warehouse No.2, with a total floor space of 5,600 square meters (warehouse: 3,500 square meters and Canopy: 2,100 square meters) built by the Central Japan International Airport Co., Ltd. for handling and customs clearance of both import and export shipments.

And in keeping with our forecast of growth in cargo traffic in the region, FedEx will be considering service improvements including flight increases and later pick-up times.

FedEx will make the best possible use of Central Japan International Airport's 24-hour customs operations, facilities and ease of access to provide even higher quality services and thereby expand its business in the Chubu region. By improving the convenience of international air cargo services in the Nagoya area, FedEx also hope to contribute to business activity in Chubu.

FedEx was quick to offer express services in the Chubu area, establishing offices in Nagoya and Toyokawa in 1988 and 1997, respectively. It currently handles regional import and export shipments through Kansai International Airport.

FedEx has been strengthening its operations in Japan. FedEx expanded its facilities at Narita in October 2003 and upgraded its customs system to expand same-day delivery service to Tokyo's 23 wards, and opening its 19th ground operating locations with a new station in the city of Shizuoka. Moving ahead, FedEx will actively continue to improve its services and increase its nationwide presence by expanding the areas covered by its own delivery services, extending package collection cut-off times, shortening transit time spent en route and in customs.

FedEx Corp. provides customers and businesses worldwide with the broadest portfolio of transportation, e-commerce and business services. With annual revenues of $25 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brands. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 240,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.