Federal Express Becomes Title Sponsor for 1998-1991 CART Seasons

9 December 1997
Federal Express Signs Title Sponsorship Agreement with Championship Auto Racing Teams

   FedEx Championship Series Showcases Synergies Between Two Organizations

    NEW YORK, Dec. 9 -- Federal Express Corp.
("FedEx") and Championship Auto Racing Teams (CART) today announced
details of a new title sponsorship agreement based on the many synergies
between the two organizations.  The newly established "FedEx Championship
Series" aligns two strong global brands recognized for their teamwork,
technology, speed and reliability.
    "The FedEx Championship Series represents an excellent opportunity to
Showcase the FedEx brand to a unique segment of the market," said David
Shoenfeld, vice president, marketing, U.S. and Canada, Federal Express.
"It's a natural fit.  Both organizations rely on high-performance teamwork and
leading-edge technology to beat the competition."
    The FedEx Championship Series will allow FedEx and CART simultaneous
brand-building opportunities through promotions, advertising and customer
entertainment programs on a local, national and international level.
    "The stature of FedEx lends credibility and awareness to CART racing,"
said Andrew Craig, President and CEO, CART.  "This agreement will enable both
organizations to help each other strengthen our brands around the world."
    As part of this relationship, FedEx will become the official
transportation company of the FedEx Championship Series.  In a sport in which
timely delivery and accessibility is vital, FedEx will transport critical
parts and equipment to each race on the Series -- in five countries on four
continents.  FedEx will also deliver the cars for races in Asia and Latin
America.
    Federal Express and CART reached a three year agreement with an option for
a fourth year to establish the FedEx Championship Series.  This agreement
bolsters FedEx's sports sponsorship portfolio, which includes the FedEx Orange
Bowl, the FedEx St. Jude Golf Classic and the Benetton Formula One Racing
Team.
    CART's 800-plus horsepower championship cars are capable of speeds
exceeding 240 miles per hour and are driven by some of the world's leading
drivers, including Michael Andretti, Al Unser Jr., Bobby Rahal, and 1997
Champion Alex Zanardi.  The 19-race FedEx Championship Series season begins
March 15 in Florida.  More information about CART and the FedEx Championship
Series is available on CART's Internet home page at http://www.cart.com.
    Federal Express connects areas that generate 90% of the world's gross
domestic product in 24-48 hours with door-to-door, customs-cleared service
with a money-back guarantee.  The company's unmatched air route authorities
and infrastructure make it the world's largest express transportation company,
providing fast and reliable services for more than 2.9 million items in 212
countries each working day.  The company employs approximately 137,000 people
and has more than 42,500 drop-off locations, 590 aircraft and 38,500 vehicles
in its integrated global network.  FedEx maintains electronic connections with
more than 750,000 customers via FedEx Powership(R), and FedEx
interNetShip(SM).  Federal Express reported revenues of $11.5 billion for its
fiscal year ended May 31, 1997.

SOURCE  Championship Auto Racing Teams, Inc.

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