Frederick W. Smith Announced Chairman-Elect of the IATA Board of Governors The first cargo executive in this role

Hong Kong, November 8, 1996 - The International Air Transport Association (IATA) announced at the 52nd Annual General Meeting in Geneva that the IATA Board of Governors approved the recommendation that Frederick W. Smith, Chairman, President and CEO of Federal Express, be Chairman-Elect of the Board and member of the Chair Committee.

According to the Director of Corporate Communications, Mr. William Gaillard, "The Board of Governors is IATA's most influential body in shaping IATA's policies and controlling its finances."

"This is excellent news for Asia where air transportation is so important and is expanding rapidly. We take pride in FedEx in contributing in any way we can to promote further growth and development," said Mr. Michael Ducker, Senior Vice President for FedEx Asia Pacific Division.

Smith moderated an afternoon seminar on "Air Traffic Management Systems" focusing on ATM's global harmonization. The panel also featured Mr. J C Baumgarten, CEO of Air France, Mr. Yang Ho Cho, President & CEO of Korean Airlines and Sir Harry Tirvengadum, Chairman and Managing Director of Air Mauritius.

The Chairmanship will be effective at the close of next year's annual meeting when Dr. Cheong Choong Kong's, CEO of Singapore Airlines, Chairmanship expires.

The IATA, founded in 1945 in Montreal, Canada, aims to promote the safety and security of air services for the benefit of the peoples of the world, to provide means of collaboration among airlines engaged in air transport and to cooperate with the International Civil Aviation Organization (ICAO) and other relevant international organizations.

FedEx currently services the Asia Pacific market with nearly 3,800 employees in 30 countries and territories. The company provides the most extensive trans-Pacific air lift of any major competitor with wide-bodied MD-11, DC-10 and A310 aircraft flying daily, linking its FedEx AsiaOne network for overnight delivery to major commercial and financial centers throughout Asia. It is the only express transportation carrier in the world using its own aircraft and crews to provide an integrated service into and out of the People's Republic of China.

Federal Express is the world's largest express transportation company providing fast and reliable services for more than 2.5 million items to 211 countries each working day. The company employs approximately 124,000 people who operate an integrated global network of more than 560 aircraft, 37,000 vehicles and over 400,000 Powership® and FedEx ShipTM automated shipping systems. Federal Express reported revenues of 10.3 billion for its fiscal year ended May 31, 1996.


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