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FedEx CorporationSecond Quarter FY18 Earnings ReviewDecember 19, 2017

Forward-Looking StatementsCertain statements in this presentation may be considered forward-looking statements, such as statements relating

to management’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 results expressed or implied by such forward-looking statements. Potential

risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we

operate, a significant data breach or other disruption to our technology infrastructure, the ongoing impact of the

June 27, 2017 cyberattack affecting TNT Express, our ability to successfully integrate the businesses and

operations of FedEx Express and TNT Express in the expected time frame or at the expected cost, changes in fuel

prices or currency exchange rates, our ability to match capacity to shifting volume levels, new U.S. domestic or

international government regulation, our ability to effectively operate, integrate and leverage acquired businesses,

our ability to achieve our FedEx Express segment profit improvement goal, legal challenges or changes related to

owner-operators engaged by FedEx Ground and the drivers providing services on their behalf, disruptions or

modifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service, the

impact from any terrorist activities or international conflicts and other factors which can be found in FedEx Corp.’s

and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC. Any forward-looking statement speaks

only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any

forward-looking statement, whether as a result of new information, future events or otherwise.

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FedEx Executives on the Call

• Frederick W. Smith, Chairman and CEO

• David J. Bronczek, President and COO

• Alan B. Graf, Jr., EVP and CFO

• Mark R. Allen, EVP, General Counsel & Secretary

• Robert B. Carter, EVP, FedEx Information Services and CIO

• Donald F. Colleran, EVP, Chief Sales Officer

• Rajesh Subramaniam, EVP, Chief Marketing & Communications Officer

• David L. Cunningham, President and CEO of FedEx Express

• Henry J. Maier, President and CEO of FedEx Ground

• Michael L. Ducker, President and CEO of FedEx Freight

Frederick W. SmithChairman and CEO

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Alan B. Graf, Jr.Executive Vice President and CFO

FedEx CorporationSecond Quarter FY18 Results

*See the Non-GAAP Appendix for a reconciliation of presented non-GAAP measures to the most directly comparable GAAP measures

• Adjusted EPS $3.18, up 15%*

• Adjusted operating margin 8.5%, up 30 bps*

• Higher base rates, volume growth and a favorable net impact from fuel at each transportation segment

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FedEx ExpressQ2 Results, Revenue Up 8%

• Adjusted operating income $813 million, up 11%*

• Adjusted operating margin 8.7%, up 20 b.p.*

• Estimated cyberattack impact ~$100 million

• Adjusted results exclude TNT Express integration expenses of $96 million

*See the Non-GAAP Appendix for a reconciliation of presented non-GAAP measures to the most directly comparable GAAP measures

FedEx GroundQ2 Results, Revenue Up 12%

• Operating income $521 million, up 12%

• Operating margin 10.6%, up 10 b.p.

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FedEx FreightQ2 Results, Revenue up 10%

• Operating income $118 million, up 34%

• Operating margin 6.7%, up 120 b.p.

Diluted EPS before mark-to-market pension adjustments (non-GAAP)* $11.45 to $12.05

Excluding:

TNT Express integration expenses

FedEx Trade Networks legal matters

$1.23

$0.02

Diluted EPS with adjustments* $12.70 to $13.30

FedEx CorporationFull-Year FY18 Guidance

*See the Non-GAAP Appendix for a reconciliation of presented non-GAAP measures to the most directly comparable GAAP measures

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FedEx CorporationFull-Year FY18 Guidance

• Adjusted FY18 earnings guidance range is $12.70 to $13.30*, assuming moderate economic growth, current U.S. tax laws, and continued recovery from the cyberattack

• Capital expenditures expected to be $5.9 billion for FY18

• Reaffirm commitment to improve operating income at FedEx Express segment by $1.2 to $1.5 billion in FY20 versus FY17, assuming moderate economic growth, current accounting rules and U.S. tax laws, and continued recovery from the cyberattack

*See the Non-GAAP Appendix for a reconciliation of presented non-GAAP measures to the most directly comparable GAAP measures

Rajesh SubramaniamExecutive Vice President, Chief Marketing and Communications Officer

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Economic Outlook

CY16 CY17 CY18

GDP Forecast*

U.S. 1.5% 2.3% 2.5%

Global 2.3% 3.0% 3.0%

U.S. Growth*

Industrial Production (1.2%) 1.9% 2.6%

Consumer Spending 2.7% 2.7% 2.6%

* FedEx Forecast December 2017

Expectation for Continued Moderate Growth

Q2 FY18 Q2 FY17 Change

U.S. Domestic Package Revenue*

$3.14B $2.97B 6%

U.S. Domestic Package ADV

2.73M 2.71M 1%

U.S. Domestic Package Yield*

$18.24 $17.39 5%

* Includes fuel surcharges

FedEx Express U.S. DomesticGrowing U.S. Domestic Package Revenue and Yield (Revenue Per Package)

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Q2 FY18 Q2 FY17 Change

International Export Package Revenue*

$2.65B $2.48B 7%

International Export Package ADV

821K 797K 3%

International Export Package Yield*

$51.34 $49.37 4%

* Includes fuel surcharges and exchange rate impact

FedEx Express International ExportGrowing Demand for International Services

Q2 FY18 Q2 FY17 Change

Segment Revenue* $4.93B $4.42B 12%

FedEx Ground Package ADV

8.58M 8.00M 7%

FedEx Ground Package Yield*

$8.35 $7.95 5%

* Includes fuel surcharges

FedEx Ground Double-Digit Revenue Growth

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Q2 FY18 Q2 FY17 Change

Segment Revenue* $1.76B $1.60B 10%

Average Daily LTL Shipments

109K 104K 4%

Weight per LTL Shipment (lbs)

1,187 1,149 3%

LTL Revenue Per Shipment*

$248.36 $232.70 7%

* Includes fuel surcharges

FedEx Freight Increasing LTL Revenue per Shipment

80%of people in the U.S. are 9 minutes or less

from a FedEx holdlocation

On Track for Another Record Peak Season

• Outstanding service

• Added approximately 8,200 FedEx Onsite locations in 2017

• More than 10,000 convenient pick-up locations

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David J. BronczekPresident and Chief Operating Officer

FedEx Express Operations UpdateUnderlying fundamentals remain strong

• Higher base rates

• Growth in international package and freight services

• Improving cost efficiencies (e.g., aircraft fleet reliability)

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TNT Express Operations Update

• IT recovery process is complete:

− Improved reliability

− Improved security

• Increasing investments to expedite portions of the integration process

FedEx Ground Operations Update

• Significant revenue and operating income growth

• Implementing cost controls

• Balancing capacity expansion with pricing and volume growth

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FedEx Freight Operations Update

• Growth in revenue and profitability

• Disciplined pricing strategies

• Investments improving safety and efficiency

Preference will be given to inquiries of a long-term, strategic nature.

If you would like to send a question for the call, pleaseinclude your full name and contact information with youremail to ir@fedex.com

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Non-GAAP Appendix

Explanatory Note on Non-GAAP Financial Measures

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures. The rationale for management’s use of these non-GAAP financial measures is included in the earnings release for the quarter ended November 30, 2017. Reconciliations of certain non-GAAP measures used in this earnings presentation to the most directly comparable GAAP measures are included in this Non-GAAP Appendix.

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Q2 FY18 Reconciliation for FedEx Corp.Dollars in millions, except EPS

Operating Income

Operating Margin

Income Taxes1

Net Income2

Diluted EPS3

GAAP measure $1,262 7.7% $364 $775 $2.84

TNT Express integration expenses4 122 0.8% 31 91 0.33

Non-GAAP measure $1,384 8.5% $395 $866 $3.18

1,2,3,4 See “Footnotes for Non-GAAP Reconciliation Slides” below for details.

Operating

Income Margin

GAAP measure $717 7.7%

TNT Express integration expenses 96 1.0%

Non-GAAP measure $813 8.7%

Q2 FY18 Reconciliation for FedEx Express SegmentDollars in millions

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Operating Income

Operating Margin

Income Taxes1

Net Income2

Diluted EPS

GAAP measure $1,167 7.8% $378 $700 $2.59

TNT Express integration expenses4 58 0.4% 8 50 0.18

Non-GAAP measure $1,225 8.2% $386 $750 $2.77

Q2 FY17 Reconciliation for FedEx Corp.Dollars in millions, except EPS

1,2,4 See “Footnotes for Non-GAAP Reconciliation Slides” below for details.

Operating

Income Margin

GAAP measure $706 8.2%

TNT Express integration expenses 28 0.3%

Non-GAAP measure $734 8.5%

Q2 FY17 Reconciliation for FedEx Express SegmentDollars in millions

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Adjustments Diluted EPS

Diluted EPS before mark-to-market pension accounting adjustments (non-GAAP)5 $11.45 to $12.05

TNT Express integration expensesIncome tax effect1

Net of tax effect

$450 (116)$334 1.23

FedEx Trade Networks legal mattersIncome tax effect1

Net of tax effect

$ 7(2)

$ 50.02

Diluted EPS with adjustments5 $12.70 to $13.30

FedEx CorporationFull-Year FY18 GuidanceDollars in millions, except EPS

1,5 See “Footnotes for Non-GAAP Reconciliation Slides” below for details.

Footnotes for FedEx Corp. Non-GAAP Reconciliation Slides

1. Income taxes are based on the company’s approximate statutory tax rates (under current U.S. tax laws) applicable to each transaction.

2. Effect of “Total other (expense) income” on net income amount not shown.

3. Does not sum to total due to rounding.

4. These expenses were recognized at FedEx Corporate and FedEx Express.

5. The year-end MTM pension accounting adjustments, which are impracticable to calculate at this time, are excluded.