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FedEx Completes Acquisition of Kinko's

Press release from the issuing company

MEMPHIS, Tenn.--Feb. 12, 2004--FedEx Corporation today announced it has completed the $2.4 billion acquisition of Kinko's, Inc. from Clayton, Dubilier & Rice, Inc., which previously owned the majority of Kinko's outstanding shares. "FedEx and Kinko's share a similar heritage, culture and commitment to superior service, and together we will give our customers even greater access to the global marketplace," said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. "This combination will allow us to increase access to FedEx shipping services and capitalize on key business trends, including cost-effective corporate outsourcing, digital document management and connectivity for the mobile professional. At the same time, this acquisition is consistent with our long-term financial goals and will help FedEx continue to deliver shareholder value." Kinko's will become the fourth core FedEx company, along with FedEx Express, FedEx Ground and FedEx Freight. The Kinko's management team is expected to remain in place, and company headquarters will continue to be located in Dallas.