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FedEx Archives: 2001 Press Releases

( BW)(TN-FEDEX)(FDX) FedEx Express Receives Compensation Under the Air Transportation Safety and System Stabilization Act

    Business Editors

    MEMPHIS, Tenn.--(BUSINESS WIRE)--Sept. 28, 2001--FedEx Express, a subsidiary of FedEx Corporation (NYSE:FDX), today received $101 million from the U.S. Government, under the Air Transportation Safety and System Stabilization Act. This payment compensates FedEx for a portion of its direct losses incurred beginning on September 11, 2001 resulting from the grounding of the FedEx Express aircraft fleet, as well as for related subsequent losses expected to be incurred through December 31, 2001. Additional payments are expected before the end of the calendar year.
    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.

    Certain statements in this press release may be considered forward-looking statements, such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, any impacts on the company's business resulting from the events that occurred on September 11, 2001, as well as general economic and competitive conditions in the markets we serve, the timing and amounts of any compensation the company may receive from the government under the Air Transportation Safety and System Stabilization Act, matching capacity to volume levels and other factors which can be found in FedEx Corp.'s and its subsidiaries' press releases and filings with the SEC.

    --30--DH/na*

    CONTACT: FedEx Express
             Media Contact: Greg Rossiter, 901/818-7303
             Investor Contact: Elizabeth Allen, 901/818-7153
             Worldwide Web Home Page: www.fedex.com

    KEYWORD: TENNESSEE
    INDUSTRY KEYWORD: TRANSPORTATION AIRLINES
    SOURCE: FedEx Corp.