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                  Air Express: Announces Incr in Qtrly Dividend

                                                                                      


News Release
FOR IMMEDIATE RELEASE


 June 18,1998


 For more information, please contact:
 Jay Jacobson, Investor Relations at (203)655-6978.


                 AIR EXPRESS INTERNATIONAL CORPORATION (AEl)
               ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND


 Darien, Connecticut .... Air Express International (Nasdaq-NMS: AEIC) announced this
 morning at its 1998 Annual Meeting of Shareholders that its Board of Directors has
 declared a quarterly cash dividend of six cents ($.06) per share. The dividend is payable
 on July 31,1998 to shareholders of record on July 10, 1998. This quarterly dividend is a
 twenty percent (20%) increase over the current dividend paid by the Company. This is
 the seventh dividend increase since the Company reinstated the payment of dividends
 in 1991.

 AEl is a leading worldwide provider of freight transportation and related logistics services.
 The Company offers fully integrated international air and ocean freight forwarding.
 customs brokerage, warehousing and distribution, and information services through its
 global network of 875 locations in 35 countries.

Ends