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FedEx Archives: 2002 Press Releases

( BW)(TN-FEDEX)(FDX) FedEx Express Doubles Capacity on Europe/Asia Lane Segment; Enhanced Service Provides More Extensive Connectivity for Asian Shippers

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Sept. 23, 2002--FedEx Express, a subsidiary of FedEx Corporation (NYSE:FDX), has increased its capacity for heavyweight shipments between Asia and Europe with an aircraft upgrade to an MD-11. The westbound flight directly connects the company's AsiaOne hub in Subic Bay, the Philippines to its EuroOne hub in Charles deGaulle (CDG) Paris, via Bombay and Dubai. In addition to increasing the company's capacity by 100,000 pounds, this change enables FedEx to offer later cut-off times for shipments to Western Europe, and earlier flight arrivals at CDG by four hours. The earlier flight arrival provides more extensive connectivity to various European destinations for Asian shippers.

"FedEx recorded a 7% growth rate in FedEx International Priority(R) volume during our most recent fiscal quarter, led by strengthening exports from Asia, where volume increased 26% year-over-year," said Michael L. Ducker, executive vice president of international for FedEx Express. "These service enhancements are an increment of the company's overall strategy for business development and market growth. FedEx Express is adding capacity and improving services between Europe and Asia because of the growth prospects that these regions represent. The needs of companies operating in, and doing business with Asia, are continuously evolving and we will continue to strengthen our global network to stay ahead of the demand curve," said Ducker.

This infrastructure improvement, which benefits multiple markets in both Asia and Europe, is the result of strategic re-engineering of FedEx Express flight schedules without adding aircraft to its fleet.

According to DRI World Economic Outlook (August 2002), exports in Asian and Europe account for US$4,390 billion of annual trade, which is almost 75 percent of total worldwide exports value.

About FedEx

With annual revenues of $21 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, the largest U.S. provider of regional less-than-truckload freight services; FedEx Custom Critical, North America's largest provider of expedited time-critical shipments; and FedEx Trade Networks, a provider of customs clearance, international freight forwarding and trade facilitation.

NOTE TO EDITORS: FedEx Express press releases are available on the World Wide Web at http://www.fedex.com

    --30--LS/na*

    CONTACT: FedEx Express, Memphis
             Sandra Munoz, 901/434-7781
             smunoz@fedex.com

    KEYWORD: TENNESSEE INTERNATIONAL EUROPE ASIA PACIFIC
    INDUSTRY KEYWORD: TRANSPORTATION AIRLINES AEROSPACE/DEFENSE
    SOURCE: FedEx