Federal Express announces stock split

Business Wire, Oct 1, 1996

MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 1, 1996--Federal Express Corporation's Board of Directors today announced a stock split effected in the form of a stock dividend payable at the rate of one share for each share outstanding.

The Record Date for the stock distribution will be Oct. 15, 1996, with a Payment Date on November 4, 1996. The company's common and common equivalent shares outstanding will increase from approximately 57 million to 114 million following the distribution.

"This stock split should result in improved trading liquidity and a broader investor base over time," commented Chairman, President and Chief Executive Officer Frederick W. Smith. "It will double the number of shares outstanding while making them available at a more attractive price."

Federal Express is listed on the New York Stock Exchange under the symbol FDX.

Federal Express is the world's largest express transportation company, providing fast and reliable services for more than 2.5 million items in 211 countries each working day. The company employs approximately 124,000 people and operates more than 560 aircraft, 37,000 vehicles and 400,000 PowerShip(R) and FedEx Ship(TM) automated systems in its integrated global network. Federal Express reported revenues of $10.3 billion for its fiscal year ended May 31, 1996. -0-

Note to Editors: Federal Express press releases are available on the World Wide Web at http://www.fedex.com.

CONTACT: Federal Express Corporation, Memphis

Gregory M. Rossiter, 901/395-4440

Shirlee M. Clark, 901/395-3463