FedEx Announces Fivefold Increase in Daily Capacity between Vietnam and Global Markets

HONG KONG, September 24, 2008 – FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, today announced it had launched a new Airbus A310 flight service to Vietnam to meet the country’s increasing demand for reliable time-definite express services. The new service increases FedEx capacity into and out of the country fivefold, to more than 30,000kg a day.

As a result of the new service, customers also enjoy an improvement in transit times into and out of the capital, Hanoi , of one day, and can take advantage of the best delivery and cut-off times available in the city. Customer cut-off and transit times out of Ho Chi Minh City are unchanged.

“The transformation of Vietnam ’s economy over the last fifteen years has seen Vietnam emerge as a powerful economic force in this region,” said David L. Cunningham Jr., president, Asia Pacific, FedEx Express. “This service enhancement reinforces FedEx commitment to providing greater access for customers doing business in and with Vietnam . It also helps increase Vietnam ’s competitiveness throughout the region and around the world by delivering greater connectivity and convenience to our customers.”

Local businesses in Vietnam that ship internationally, and customers globally with commercial ties to Vietnam , will benefit from FedEx comprehensive portfolio of services in the country. The service enhancement applies to all FedEx International PriorityÒ and FedEx International EconomyÒ shipments that are destined for addresses in Asia, Europe and the U.S.

Since FedEx first established operations in Vietnam in 1994, the company has worked to support the country’s efforts to become a key export market. With a healthy economic growth rate of 8.5%[1], Vietnam ’s exports rose more than 20% to US$48 billion[2] in 2007. According to an estimate by the Ministry of Finance of Vietnam , the country will see an export turnover of US$58.6 billion in 2008, or a year-on-year increase of 22%.[3]

The upgraded Vietnam service also strengthens FedEx AsiaOneÒ Network, which connects 19 key Asia cities with more than 400 intra-Asia flights each week. The network is interconnected with FedEx global network – covering North and South America, the Middle East, Africa and Europe .

[1] The World Bank’s overview on Vietnam , June 2008.

[2] Vietnam ’s Ministry of Finance, May 2008.

[3] Vietnam ’s Ministry of Finance, May 2008.