PRESS RELEASE

For immediate release                                                                         ............................................Contact: Bob Vastine
October 4, 2006                                                                                 ..................................................... Tel: 202-352-0111

MICHAEL L. DUCKER OF FEDEX EXPRESS ELECTED CSI CHAIRMAN

WASHINGTON, D.C. – Michael L. Ducker, President of FedEx Express International, was elected Chairman of the Coalition of Services Industries (CSI) at its annual Board of Directors meeting today.  Ducker succeeds Norman Sorensen, President and CEO of Principal International, Inc.

“The services industry represents a significant share of the global economy, but international trade in services accounts for only 20 percent of global trade – demonstrating a need for greater liberalization in the services sector,” said Ducker.         “I look forward to leading CSI in fulfilling its mission of removing barriers to U.S. trade in services to make it easier to export our products and services, and to improve social and economic conditions for many around the globe.”    

At FedEx, Ducker is charged with setting strategy and overseeing business operations for the company's four international regions, as well as its U.S. export business and express freight services.  Since 2003, he has served as one of three business people appointed by President Bush to represent the United States on the APEC Business Advisory Council (ABAC), a private sector advisory board to the Asia-Pacific Economic Cooperation.

Sorensen said: “It is most reassuring to be able to hand over the CSI Chairmanship to someone as experienced and able as Mike Ducker.  He brings to CSI new perspectives based on his great experience in the global express delivery industry.  CSI will benefit greatly from his leadership.”

Sorensen had served as Chairman of CSI since December 2003.  He is an acknowledged expert on pension reform and leads Principal International’s expansion into key markets such as China, India, and Brazil.

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