FEDEX CHAIRMAN/CEO, AS DELEGATE AT APEC-CEO SUMMIT 2001, PROVIDES UNIQUE PERSPECTIVE ON INTERNATIONAL TRADE

Bangkok--Oct 18--Francom Asia SHANGHAI PRC, October 18, 2001 - When Frederick W. Smith, Chairman, President and Chief Executive Officer of FedEx Corporation, founded Federal Express in 1971 the concept of a global economy was largely theoretical. But in less than 30 years all that has changed, thanks in large part to the profound impact that the air express industry has had on how business is conducted around the world. Today, Mr. Smith, along with other prominent world business and government leaders will participate in the APEC-CEO Summit 2001 to discuss and debate one of the most pressing issues of the day: globalization and its impact across the Asia Pacific. "Globalization and international trade are two issues in which FedEx has not only a deep interest, but we believe, a significant role to play as more and more companies depend on sourcing and selling across the globe," explained Smith. "In addition to being one of the most important meetings of its kind in the world, the APEC-CEO Summit provides government and business leaders with a forum to get to the very heart of the issues that are most profoundly impacting the economies of the Asia Pacific region and their trading partners." Macro-Economic Forces At Work According to Mr. Smith, despite the current, worldwide economic malaise, the four macro economic trends that have been shaping the world's economy will continue to drive the global market place. Outlined, these four influences include: - The manufacture of high-tech, high-value goods will continue to change the way that work is done throughout the world by enhancing productivity, employment and a need for specialized supplies; - Globalization will be the end result as these high-tech, high value companies stimulate international trade by looking for the most efficient suppliers and new customers; - As the economy has become increasingly global, it has become even faster paced and companies of all sizes are turning to fast cycle logistics to help compete more efficiently. - And finally, in this economy, businesses will continue to depend on the Internet and e-commerce to get the information that is required to support fast cycle logistics. The Role of the Air Express Industry When FedEx pioneered the "hub and spokes" model in 1973, the company gave birth to an industry: express transportation services. Today, the company and the industry that it established have a significant part to play in responding to these economic forces, especially that of globalization. "FedEx was the first company to connect the world-now more than 210 countries- in a way that is time-definite and reliable," said Mr. Smith. "That factor is critical now for high-tech, high-value companies. As globalization takes hold, factors that are synonymous with FedEx, such as speed, reliability and information transparency will be equally important for companies of all sizes if they hope to remain competitive." FedEx is one of the largest sponsors of the APEC-CEO Summit. As a key participant in the APEC-CEO Summit, Mr. Smith will have the honor of being the public respondent to Mr. Jiang Zemin, president of the People's Republic of China immediately following his keynote address at the Summit's Opening Dinner. In addition, Mr. Smith will also introduce H.E. Mr. Vladimir Putin, President of Russia, immediately prior to his presentation "Russia's Role in the Asia Pacific Region in the 21st Century" on Friday afternoon. With annual revenues of $20 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, a leading provider of regional less-than-truckload freight services; FedEx Custom Critical, the world's largest provider of expedited, time-critical shipments; and FedEx Trade Networks, a provider of customs brokerage, consulting, information technology and trade facilitation solutions. Note To Editors: FedEx Corp. press releases are available on the World Wide Web at www.fedex.com. FedEx Contact: Julia Khong Communications Advisor, FedEx APAC Phone: 852-2514 0207 E-mail: [email protected] Information for media: please contact: Khun Warunee Apiraksukhumal FedEx Press Information Service C/o Francom Asia Ltd. Tel: 0 2233 4329-30, 0 2233 4338-39 Fax: 0 2236 8030 E-mail: [email protected] End. -AN-

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