Dubai, UAE - November 18, 2004 - FedEx Express, a subsidiary of FedEx Corp. (NYSE:FDX), continues to lead the air cargo industry, according to Air Cargo World.  The trade magazine ranked FedEx Express number one in its recent "World's Top 50 Cargo Airlines" list, highlighting the company's global leadership.

For the second year in a row, the Air Cargo World report found that FedEx Express achieved the largest single share of the global air cargo market (10.6 percent), based on scheduled freight tonne-kilometers (FTKs) flown during 2003.  FedEx Express has ranked number one on this list since Air Cargo World created the ranking last year.

"FedEx Express' ranking at the top of Air Cargo World's 'World's Top 50 Cargo Airlines' for the second straight year underscores our ability to provide customers with unparalleled access to the global economy through our network," said Michael L. Ducker, executive vice president, International, FedEx Express.  "We continue to expand our business and service offerings in response to our customers' needs, most recently receiving approval from the U.S. Department of Transportation to more than double the number of flights FedEx operates to China."

The Air Cargo World rankings are based on 2003 data. In 2003, FedEx flew 13.32 billion total scheduled FTKs, a 2.5 percent increase from one year earlier and a notable 38.5 percent increase compared to FTKs flown in 1998. 

FedEx Corporation continues to experience strong demand across its express, ground and less-than-truckload freight businesses as customers increasingly look to FedEx to manage a broader range of their transportation and supply chain needs. 

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About FedEx Express
FedEx Express, a subsidiary of FedEx Corp., connects areas that generate 90% of the world's gross domestic product in one to three business days with door-to-door, customs-cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of approximately 3.1 million packages to 215 countries each working day.  FedEx Express employs more than 137,000 employees and has approximately 50,000 drop-off locations, 649 aircraft and approximately 42,000 motorized vehicles in its integrated global network.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 $26 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 240,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.

© Press Release 2004