FedEx Hybrid-Electric Fleet Passes 3.2 Million Kilometers

Frankfurt am Main, April 29, 2008 – FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) announced that its hybrid truck fleet has surpassed 3.2 million kilometers, or more than two million miles of revenue service.

On average, the FedEx Express hybrid vehicles improve fuel economy by 42 percent, reduce greenhouse gas emissions by approximately 30 percent and cut particulate pollution by 96 percent.

FedEx was the first company to make a long-term commitment to introduce hybrid-electric delivery trucks into the market and continues to work with vehicle manufacturers to develop and trial hybrid technology in commercial settings.

With 10 new hybrid vehicles to be introduced into its European operations in June, FedEx Express is making strategic investments in projects that will help drive the development of new innovative technologies for the industry.

FedEx is committed to effective environmental management through investment in new technology and making its infrastructure and operations more efficient.

The FedEx Express hybrid vehicles are part of a broader sustainable transportation strategy, which includes the use of cleaner-technology vehicles, efficient-sized vehicles, optimized route restructuring and new fuel-efficient aircraft. In addition, FedEx Express is a founding member of CAREX, an association which promotes the development of a high-speed freight rail network within Europe, using existing rail links to deliver express cargo to Europe’s major trade points, thus reducing noise and carbon emissions.

“FedEx is committed to new technologies that provide a real option for businesses and consumers in today’s market and has been working with vehicle manufacturers since 2000 to test, develop and deploy hybrid technology for commercial use,” said David Slipper, vice president of Planning, Engineering and Operations for the FedEx Express EMEA region.

“We continue our work with manufacturers to bring hybrid-electric vehicles that are clean, affordable and widely available to market because the benefits will make sense for the environment and business,” said Mitch Jackson, director of Environmental Affairs and Sustainability, FedEx Corp.

“FedEx has been very happy with the operational and environmental performance of the FedEx hybrids. We continue to look for opportunities to introduce more fuel efficient vehicle models, including hybrids, into our fleet,” said John Formisano, vice president of Global Vehicles, FedEx Express.

About FedEx Express

FedEx Express is the world’s largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $37 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 290,000 employees and contractors to remain absolutely, positively focused on safety, the highest ethical and professional standards and the needs of their customers and communities.

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FedEx hybrid development history

In 2000, FedEx Express and the Environmental Defense Fund (EDF) began working together to develop the next-generation delivery vehicle. Three years later, the two organizations worked with Eaton Corporation and Freightliner Custom Chassis Corporation to introduce the first available commercial hybrid delivery truck into service. The project has been recognized by the Environmental Protection Agency, Harvard University and WestSTART-CALSTART for its role in spurring hybrid truck advancements.

Throughout this time, FedEx and EDF have worked together to encourage more companies to purchase and develop alternative-energy trucks. FedEx and EDF have also been advocates for additional government incentives at the national, state and local levels to offset the higher capital costs of cleaner vehicles while the market is developing.

The global FedEx hybrid fleet uses hybrid systems from four different manufacturers – Iveco, Eaton Corporation, Isuzu, and Azure Dynamics, demonstrating the growing diversity of suppliers among the hybrid truck market.

Additional FedEx Hybrid vehicles

·FedEx operates the largest fleet of commercial hybrid trucks in the United States, and is expanding its commitment to clean-vehicle technology by placing an additional 75 hybrid vehicles into service across Europe and the United States. With the additional vehicles, FedEx will operate more than 170 hybrid vehicles around the globe.

·Among the 75 new hybrids, 20 will use an Azure Dynamic hybrid system and a Ford gasoline engine and chassis, which will be one of the first gasoline hybrid-electric delivery trucks in commercial use.

FedEx efficiency on the ground and in the air

FedEx continuously seeks to improve efficiency in its vehicle and aircraft fleets to lessen its environmental impact and save energy.

During the past five years, FedEx has worked to optimize its delivery routes to ensure that the most efficient-sized vehicle is in use on each route. As a result of these efforts, more than one-fourth of the FedEx fleet has been converted to smaller, more fuel- efficient vehicles, saving more than 50 million gallons of fuel. The 3.2 million kilometers (or more than two million miles) helped to eliminate 950 tons of greenhouse gas emissions.

·FedEx Express has 38 Mercedes Sprinter vehicles operating on liquefied petroleum gas (LPG) in London and 2 Compressed Natural Gas (CNG) vehicles operating in Venice and Milan.

·FedEx Express has a total of more than 250 LPG and electric-powered ground support equipment in use at the CDG hub in Paris and other operational facilities across Europe. Another 70 are on order.

·FedEx Express is beginning an upgrade to its air fleet by replacing narrow-body aircraft with Boeing 757 planes that lessen the environmental impact — reducing fuel consumption up to 36 percent while providing 20 percent more capacity.

·FedEx Express will also acquire Boeing 777 aircraft that provide greater payload capacity using 18 percent less fuel than planes in our current international fleet. These replacements will also significantly reduce carbon emissions.