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Mumbai, 02 November 2006 – FedEx Corporation (NYSE: FDX) announced today that its FedEx Express unit has signed an agreement to acquire its Indian service provider, Prakash Air Freight Pvt. Ltd. (PAFEX) for US$30 million, payable in cash. The transaction, which is subject to customary conditions including Indian government approval, will further extend the FedEx leadership position in the global express industry with a wholly-owned operation in one of the world’s fastest growing markets.

PAFEX, a privately held company, is one of the largest domestic express companies operating in India with more than 384 offices and depots serving nearly 4,400 destinations. The nationwide network covers every major city in India . PAFEX began domestic express operations in 1986 and has been the FedEx service provider in India since 2002.

“This acquisition will solidify the FedEx leadership position within India . As a valued and trusted Global Service Participant, bringing PAFEX operations within the company is the logical next step in the ongoing development of our Indian business,” said Robert W. Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent.

FedEx Express began operating in India in 1984. Since that time it has continued to play a leadership role in connecting India to the world:

o FedEx was the first express company to introduce an all cargo flight in India in 1997;

o FedEx began the first overnight express service between India and China in 2005;

o FedEx was the first express air cargo company to operate two gateways in India (Mumbai and Delhi ), with a total of 16 MD-11 flights in and out per week.

“ India ’s continued rapid growth has increased its importance within the global economy. This acquisition would ensure we remain well positioned to service that growth locally with additional access and unmatched customer service,” said Jacques Creeten , managing director FedEx Express Sales and Marketing, Middle East , Africa & Indian subcontinent, who is based in Mumbai.

JP Morgan acted as financial advisor to FedEx.

About FedEx Express

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

About FedEx

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of US$33 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 275,000 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.