WIXLIB

FedEx CorporationInvestor RelationsOctober 10, 2018Forward-Looking StatementsCertain statements in this presentation may be considered forward-looking statements, such as statements relating tomanagement’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks,uncertainties and other factors which could cause actual results to differ materially from historical experience or from future resultsexpressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economicconditions in the global markets in which we operate, a significant data breach or other disruption to our technology infrastructure,anti-trade measures and changes in international trade policies, our ability to successfully integrate the businesses and operationsof FedEx Express and TNT Express in the expected time frame and at the expected cost, changes in fuel prices or currencyexchange rates, our ability to match capacity to shifting volume levels, new U.S. domestic or international government regulation,future guidance, regulations, interpretations or challenges to our tax positions relating to the Tax Cuts and Jobs Act (TCJA) and ourability to realize the benefits of certain provisions of the TCJA, our ability to effectively operate, integrate, leverage and growacquired businesses, our ability to achieve our FedEx Express segment profit improvement goal, legal challenges or changesrelated to owner-operators engaged by FedEx Ground and the drivers providing services on their behalf, disruptions ormodifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service, the impact of anyinternational conflicts or terrorist activities and other factors which can be found in FedEx Corp.’s and its subsidiaries’ pressreleases and FedEx Corp.’s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. Wedo not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of newinformation, future events or otherwise.1

Unmatched Global NetworkLinks More Than 99% of World’s GDP Over 220 countries and territories, everyaddress in the U.S. 675 aircraft and over 175,000 motorizedvehicles Approximately 5,000 operating facilities;more than 650 airports served worldwide Sorts and processes over 14M shipmentsper day Over 425,000 team members worldwideSee fedex.com/dream for more informationBroad Portfolio of ServicesFY18 Revenues: 65.5 billionTeam Members: More than 425,000Countries and Territories Served: More than 22055% 36.2 billion 18.4 billion28% 6.8 billion 1.7 billion10%3%FedEx Express, FedEx Ground, FedEx Freight and FedEx Services show segment revenue. Not included in the chart is 2.4 billion other andeliminations revenue. FedEx Trade Networks operating results are included in other and eliminations revenue.2

Bundle of Solutions% of Revenue Our portfolio of solutions createsa strong value propositionFedEx Express(FXE) 1.5%FXE FXG17.3%FedEx Ground(FXG) 0.6%AllOpcos78.6%FXE FXF0.3%FXG FXF0.2%FedEx Freight(FXF) 1.4% 96% of U.S. revenue comes fromcustomers of two or more operatingcompanies We manage service offerings asa portfolio for the benefit of ourcustomers and FedEx Our independent operations enableoptimal service quality, reliabilityand focusRevenue from U.S. payors for the period February 2017 – January 2018. Customer defined at the Country HQ level.FXG includes FedEx SmartPost service revenue.FedEx Long-TermFinancial Goals Increase EPS 10%–15% per year Grow profitable revenue Achieve 10% operating margin Improve cash flows Increase ROIC Increase returns to shareowners3

Well Positioned for Profitable Growth E-commerce, including B2B e-commerce, and global trade growth are increasingdemand for our services Integration of TNT into FedEx Express is expected to be substantially complete bythe end of May 2020 The FedEx Express segment (FedEx Express and TNT combined) is targetingoperating income improvement of 1.2 to 1.5 billion in FY20 versus FY17,assuming moderate economic growth, stability in global trade and currentaccounting rules and tax laws FedEx Ground continues to gain revenue share with double-digit margins FedEx Freight margins are rebounding as the industrial environment improves FedEx service levels and culture remain strongMacroeconomic TrendsThe U.S. economy grew at its fastest pace in four years in Q2. Corporate tax reform issupporting capital investment and consumer spending has reaccelerated as tax cutsenhance disposable incomes.The positive global growth story continues, as growth in the U.S. accelerates and theEurozone and China slow. Risks to the global outlook include trade policies as well as risingdebt and economic rebalancing in 0%Industrial Production1.6%3.7%2.7%Consumer Spending2.5%2.6%2.5%GDP ForecastU.S. GrowthFedEx analysis as of September 28, 20184

FedEx Business TrendsMeeting E-Commerce Demands Significant enhancements to theFedEx portfolio– Long-term alliance agreementwith Walgreens for FedEx OnSite– Agreement with Wal-Mart;anticipate adding FedEx Officelocations in 500 Walmart storeswithin two years– FedEx Returns Technology toenable e-tailers– FedEx Fulfillment80%of people in the U.S. arewithin 5 miles of aFedEx holdlocationCustomers want to drop off or pick up at places convenient to their everyday lives —the FedEx retail convenience network offers more than 53,000 U.S. locations.Now U.S. consumers can pick up their packages at approximately 11,000 convenient, securelocations, including more than 8,000 retail locations such as Walgreens. We anticipate placing 500new FedEx Office locations within Walmart stores nationwide.5

Pricing Strategy: Grow YieldsIncreases Effective January 2018* FedEx Express, FedEx Ground andFedEx Freight increased shippingrates an average of 4.9% Dimensional weight pricing applies toFedEx SmartPost packages FedEx Freight is implementing anOver Length Surcharge Changes to certain fuel surchargeseffective Sept. 10*Details related to these and additional changes to rates and surchargesare available at fedex.com/rates2018FedEx Express: Higher Revenues, Profits Modernizing air fleet forgreater reliability and fuelefficiency Continuing yield management International volume growth Improving network efficiencies Identifying new revenue andcost managementopportunities6

Aligning Synergies withIntegration focused on more complex, higher value marketsOptimized Pickup andDelivery OperationsIntegratedGlobal ExpressNetworkImproved Efficiency ofStaff Functions andProcesses (SG&A)Grow Revenue WithBest-In-Class ServicePortfolioExpress: On Track for Strong Profit GrowthFY20 Incremental Operating Income Target 1.2 - 1.5 billion of additionaloperating income at FedEx Expresssegment in FY20 versus FY17,assuming moderate economic growth,stability in global trade and currentaccounting rules and tax laws Integration and restructuring expensesestimated to be 450 million for FY19;approximately 1.5 billion over the fouryear integration period7

FedEx Ground: BuildingA Better Business Superior service, innovationand speed advantage Three distinct services:FedEx Ground , FedEx Home Delivery ,FedEx SmartPost Flexible business model Expanding U.S. operations to six daysper week year-round Benefiting from yield growth includinghigher pricing on larger shipmentsFedEx Ground Is Faster Than UPS GroundLanes faster than UPS29.1%Lanes equal to UPS67.8%UPS lanes faster3.1%Net FedEx advantage25.9%FedEx analysis September 20178

Strong Portfolio of Residential ServicesFedEx ExpressFedEx GroundFedEx Ground 1–2 days transit timeHome Delivery:SmartPost: Time-definite 1–5 days transit time MBG Declared value upto 50K Day-definite 2–8 days transit time Final delivery by theUSPS or FXG MBG Declared value upto 50K Heavier-weight No MBG No declared value Lighter-weightGround’s Revenue Market Share HasIncreased for 19 Consecutive Years50%50403025%20Market ShareRevenue ( Billions)60100CY98 CY99 CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17FedEx Ground/FedEx SmartPost RevenueTotal Ground Market RevenueSource: FedEx analysis0%FedEx Ground/FedEx SmartPost RevenueMarket ShareNotes: Figures Exclude USPS Priority Mail; Ground Market includes USPS Workshare and Parcel Select Products9

FedEx Ground:Increasing OperatingIncome Continued focus on balancingcapacity and volume growthwith cost reduction, yieldmanagement, customer mixand pricing strategies Operating income, marginsand cash flow are expected toincrease over the long-termFedEx Freight: Competitive Advantages The only nationwide LTL that offersPriority and Economy from one network 95% of total shipments are fromcustomers that use both Priority andEconomy Priority: Fastest published times of anynationwide LTL* Canada: Fastest published times of anyLTL service connecting the U.S. andmajor Canadian markets* National account payor based view, FedEx analysis as of December 2016* As of September 201710

FedEx Freight: Continuing Improvements Cross selling with package business;focusing on small and mediumenterprises, including a FedEx Freightbox Margins are improving with a betterbalance of volume, pricing and capacity Investing in safety and efficiencyimprovements Optimizing rail usage, over 19% of totallinehaul miles* U.S. industrial production has accelerated* FedEx analysis as of September 2017LTL Industry Market Share Revenue(Includes Fuel Surcharge)30%FedExYRCWXPOUPS 7CY08CY09CY10CY11CY12CY13CY14CY15CY16CY17Source: FedEx Analysis11

Corporate Operating stedNon-GAAP reconciliations are included herein. FY17 and FY18 include TNT Express and have been recast to reflect the new pensionaccounting rules in effect beginning in FY19.Earnings Per Share 18.00 16.79 15.31 16.00 14.00 12.00 10.80 10.00 8.00 11.07 12.09 8.95 7.48 7.05 6.51 6.00 3.65 4.00 2.00 0.00FY14FY15FY16GAAPFY17FY18AdjustedNon-GAAP reconciliations are included herein. FY17 and FY18 include TNT Express.12

Capital Expenditures(% of 86.0%4.0%2.0%0.0%FY14FY15FY16Explanatory Note on Non-GAAPFinancial MeasuresThe company reports its financial results in accordance with accounting principles generallyaccepted in the United States (“GAAP”). We have supplemented the reporting of our financialinformation determined in accordance with GAAP with certain non-GAAP (or “adjusted”)financial measures. Reconciliations of non-GAAP measures used in this presentation to the mostdirectly comparable GAAP measures are included herein.Additional information about FedEx’s historical financial results is available on our website(investors.fedex.com).13

FY18 Reconciliation for FedEx Corp.Dollars in millions, except edEPS 4,2726.5%( 219) 4,572 16.79------(1)(9)(0.03)TNT Express Integration Expenses54770.7%1053721.36FedEx Supply Chain Goodwill andOther Asset Impairments63800.6%13791.39FedEx Trade Networks Legal Matters8---260.02Net U.S. Deferred Tax LiabilityRemeasurement------1,150(1,150)(4.22) 5,1377.8% 1,039 4,169 15.31GAAP MeasureMark-to-Market (MTM) Retirement PlanAccounting and Other PensionAdjustments4Non-GAAP Measure1,2,3,4,5,6See “Footnotes for Non-GAAP Reconciliation Slides” below for details.FY17 Reconciliation for FedEx Corp.Dollars in millions, except S2 4,5667.6% 1,582 2,997 11.07------(18)(6)(0.02)TNT Express Integration Expenses53270.5%822450.91FedEx Trade Networks Legal Matters390.1%15240.09FedEx Ground Legal Matters22---9130.05 4,9548.2% 1,670 3,273 12.09GAAP MeasureMark-to-Market Retirement PlanAccounting Adjustments4Non-GAAP Measure1,2,3,4,5See “Footnotes for Non-GAAP Reconciliation Slides” below for details.14