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TNT EXPRESS WORLDWIDE EXPANDS ITS EUROPEAN DELIVERY OPERATIONS FOLLOWING AGREEMENT WITH FEDERAL EXPRESS

 TNT EXPRESS WORLDWIDE EXPANDS ITS EUROPEAN DELIVERY OPERATIONS
 FOLLOWING AGREEMENT WITH FEDERAL EXPRESS
 GARDEN CITY, N.Y., March 17 /PRNewswire/ -- TNT Express Worldwide today announced the completion of an agreement with Federal Express Corporation (NYSE: FDX) under which TNT will handle Federal Express' deliveries in ten European countries.
 This follows Federal Express' announcement last night that the company is discontinuing all intra-European express services, as well as domestic services in the United Kingdom, France, Germany, and Italy. Federal Express' domestic French business Chronoservice has been sold to TNT Limited of Australia, and a separate announcement has been made by TNT Limited detailing this sale.
 The agreement between Federal Express and TNT Express Worldwide will become effective May 4, 1992, and involves TNT Express Worldwide acting as the appointed sub-contractor to Federal Express, handling inbound deliveries from the USA and the rest of the world in some ten European countries. In addition, TNT will also act as the delivery agent for all inbound intra-European services to Eastern European countries.
 This new initiative will bring additional volume for TNT Express Worldwide and further support its extensive European air and road networks, improving unit costs, increasing revenues, and strengthening the network Europe-wide.
 In return, TNT Express Worldwide will provide Federal Express with a reliable and high quality delivery system in the countries concerned, and will maintain the high levels of service quality and excellence.
 GD Net BV, which will shortly become TNT Limited's partner in the TNT Express Worldwide business, has expressed its positive support for the move. The joint venture agreement signed last year is now expected to be completed within a matter of days. GD Net is a consortium formed by the Post Offices of Germany, France, Sweden, Canada, and the Netherlands.
 John Mullen, chief executive of TNT Express Worldwide, commented: "We are delighted and very proud to be appointed by Federal Express to perform their express deliveries in these European countries.
 "Federal Express has an excellent reputation for service quality, and we are pleased that they have chosen TNT's European network as offering the highest level of service for their inbound deliveries."
 TNT Express Worldwide, the international delivery specialist, offers the widest selection of service options, and specializes in designing flexible international shipping programs for U.S. businesses.
 TNT Express Worldwide is the worldwide courier/express and postal division of TNT Ltd., the Australian transportation group. TNT Express Worldwide provides a highly reliable range of fast, secure services to 190 countries through an international network of 1,200 company-owned and staffed branches.
 TNT Mailfast, the international mail division of TNT Express Worldwide, is the world's largest privately operated international postal system. TNT Mailfast handles more than 10 million pieces of international mail each week and is ranked fifth in the world in overall international mail volume.
 -0- 3/17/92
 /CONTACT: Fern Goldstein of TNT Express Worldwide, 516-745-9000/
 (FDX) CO: TNT Express Worldwide, Federal Express Corporation ST: New York, Tennessee IN: TRN SU: TNM


PS -- NY005 -- 8641 03/17/92 09:01 EST
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Publication:PR Newswire
Date:Mar 17, 1992
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