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FedEx CorporationThird Quarter FY18 Earnings ReviewMarch 20, 2018

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,

future guidance and interpretations relating to the recently enacted Tax Cuts and Jobs Act (TCJA) and our ability to realize the

benefits of certain provisions of the TCJA, 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.

This presentation should be reviewed in conjunction with our third quarter fiscal 2018 earnings release and webcast of the earnings

release conference call, which are available on the company’s website at investors.fedex.com.

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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 CorporationThird 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 $3.72, up 62%* primarily due to benefits from the TCJA

Adjusted operating income up slightly to $1.11 billion*

• Higher base rates at all segments, increased volume at FedEx Ground and FedEx Freight, and favorable net impact from fuel

• Significantly higher variable compensation accruals, increased peak-related costs at FedEx Express, and adverse weather

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Recorded a benefit of $1.53 billion from the TCJA. This primarily includes:

• A provisional benefit of $1.15 billion from the remeasurement of net U.S. deferred tax liability; excluded from adjusted earnings

• ~$200 million from February’s incremental pension contribution

• ~$170 million for the phase-in of the reduced tax rate on YTD earnings

FedEx CorporationThird Quarter Tax Benefits

Excellent service levels during peak

Estimated total net negative profit impact of ~$170 million YOY from these factors:

• Higher variable compensation accruals

• Increased peak-related costs

• Higher TNT Express integration expenses

• Adverse weather

• Unfavorable currency exchange rates

• Favorable net fuel

FedEx ExpressQ3 Results, Revenue Up 9%

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FedEx GroundQ3 Results, Operating Margin Up 110 bps to 12.1%

• Operating income up 23% to $634 million on 11% higher revenue

• Record peak volumes delivered with exceptional service

• Highly automated and flexible network

• FedEx Ground results expected to continue to improve

FedEx FreightQ3 Results, Operating Income Up 34%

• 34% increase in operating income on 14% higher revenue

• Margins increased 50 bps to 3.2%

• Efforts to better balance volume, pricing and capacity paying off

• Benefiting from an improving U.S. industrial economy

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Diluted EPS before mark-to-market pension adjustments (non-GAAP)* $17.90 to $18.30

Excluding:

Net U.S. deferred tax liability remeasurement

TNT Express integration expenses

FedEx Trade Networks legal matters

($4.21)

$1.29

$0.02

Diluted EPS with adjustments (non-GAAP)* $15.00 to $15.40

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

Q4 FY18 Projected Operating Margin*

As Reported(GAAP)

Adjusted (Non-GAAP)*

FedEx Express segment 9.1% to 9.6% 9.9% to 10.4%

FedEx Ground segment 17.0% to 17.5% N/A

FedEx Freight segment 8.0% to 9.0% N/A

FedEx CorporationAdditional Financial GuidanceQ4 Adjusted Operating Margin Projected to be 11.0% to 11.8%*

We remain committed to our target of $1.2 to $1.5 billion in additional operating profit for the FedEx Express segment in FY20 versus FY17, assuming moderate economic growth and current accounting rules and tax laws

Forecasts reflect the March 1, 2018 realignment of the company’s specialty logistics and e-commerce solutions into a new organizational structure within the FedEx Express segment.*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 Capital Expenditure Guidance

• FY18 capex forecast now $5.8 billion, down $100 million

• Optimizing capex to capture benefits of 100% expensing to further grow and improve the business

• Multi-year investments in Express hub modernization:

− Indianapolis - expected to cost $1.5 billion

− Memphis - estimated to exceed $1.0 billion

• Accelerating delivery of one 777F aircraft to FY19 and three to FY20

Estimated ETR expected to be 25% to 26%

Adjusted ETR expected to be 20% to 21%

Effective Tax Rates (ETR)*

FedEx CorporationTax Rate Guidance

FY18

FY19

*Assumes no material impacts from future TCJA guidance or interpretation and does not include any impact from items excluded from our FY18 adjusted EPS forecast. The FY19 ETR forecast excludes any impact from MTM pension accounting adjustments. See the Non-GAAP Appendix for a reconciliation of presented non-GAAP measures to the most directly comparable GAAP measures.

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Rajesh SubramaniamExecutive Vice President, Chief Marketing and Communications Officer

Economic Outlook

CY16 CY17 CY18

GDP Forecast*

U.S. 1.5% 2.3% 3.0%

Global 2.4% 3.1% 3.2%

U.S. Growth*

Industrial Production (1.2%) 2.0% 3.4%

Consumer Spending 2.7% 2.7% 2.8%

* FedEx Forecast March 1, 2018

Expectation for Broad-Based Growth in Global Economy

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Q3 FY18 Q3 FY17 Change

U.S. Domestic Package Revenue*

$3.27B $3.12B 5%

U.S. Domestic Package ADV

2.88M 2.90M_

U.S. Domestic Package Yield*

$18.29 $17.36 5%

* Includes fuel surcharges

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

Q3 FY18 Q3 FY17 Change

International Export Package Revenue*

$2.61B $2.36B 10%

International Export Package ADV

795K 788K 1%

International Export Package Yield*

$52.83 $48.27 9%

* Includes fuel surcharges and exchange rate impact

FedEx Express International ExportDouble Digit Growth for International Services Revenue

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Q3 FY18 Q3 FY17 Change

Segment Revenue* $5.22B $4.69B 11%

FedEx Ground Package ADV

8.99M 8.52M 6%

FedEx Ground Package Yield*

$8.64 $8.12 6%

* Includes fuel surcharges

FedEx Ground Strong Performance in Ground Segment

Q3 FY18 Q3 FY17 Change

Segment Revenue* $1.69B $1.49B 14%

Average Daily LTL Shipments

100K 95K 6%

Weight per LTL Shipment (lbs)

1,202 1,172 3%

LTL Revenue Per Shipment*

$259.20 $239.82 8%

* Includes fuel surcharges

FedEx Freight Balanced Growth of Revenue Per Shipment and Volume

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Continued Innovation Drives Value• Anticipate adding FedEx Office

locations in 500 Walmart stores within two years

• FedEx Returns Technology to enable e-tailers

• Over 10,000 FedEx hold locations

David J. BronczekPresident and Chief Operating Officer

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• Double-digit growth in revenue and operating income

• Matching capacity expansion with pricing and volume growth

FedEx Ground Operations Update

• Revenue growth driven by international business

• Underlying fundamentals remain strong

FedEx Express Operations Update

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TNT Express Integration Update

• Strong service levels

• Accelerating integration

• Significant investments in TNT information security

FedEx Freight Operations Update

• Improvements in revenue and profitability continue

• Expect FY18 to be one of the best years in a decade

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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

Non-GAAP Appendix

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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 February 28, 2018. 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.

Q3 FY18 Reconciliation for FedEx Corp.Dollars in millions, except EPS

Operating Income

Operating Margin

Income Taxes1

Net Income2

Diluted EPS

GAAP measure $1,001 6.1% ($1,200) $2,074 $7.59

Net U.S. deferred tax liability remeasurement

- - 1,150 (1,150) (4.21)

TNT Express integration expenses3 106 0.6% 14 92 0.34

Non-GAAP measure $1,107 6.7% ($36) $1,016 $3.72

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

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Operating

Income Margin

GAAP measure $424 4.5%

TNT Express integration expenses 86 0.9%

Non-GAAP measure $510 5.4%

Q3 FY18 Reconciliation for FedEx Express SegmentDollars in millions

Operating Income

Operating Margin

Income Taxes1

Net Income2

Diluted EPS

GAAP measure $1,025 6.8% $337 $562 $2.07

TNT Express integration expenses3 78 0.6% 15 63 0.23

Non-GAAP measure $1,103 7.4% $352 $625 $2.30

Q3 FY17 Reconciliation for FedEx Corp.Dollars in millions, except EPS

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

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Operating

Income Margin

GAAP measure $557 6.5%

TNT Express integration expenses 53 0.6%

Non-GAAP measure $610 7.1%

Q3 FY17 Reconciliation for FedEx Express SegmentDollars in millions

Adjustments Diluted EPS

Diluted EPS before mark-to-market pension accounting adjustments (non-GAAP)4 $17.90 to $18.30

Net U.S. deferred tax liability remeasurement1 ($1,150) (4.21)

TNT Express integration expensesIncome tax effect1

Net of tax effect

$ 450 (100)

$ 350 1.29

FedEx Trade Networks legal mattersIncome tax effect1

Net of tax effect

$ 7 (2)

$ 5 0.02

Diluted EPS with adjustments (non-GAAP)4 $15.00 to $15.40

FedEx CorporationFull-Year FY18 GuidanceDollars in millions, except EPS

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

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Operating

Income Margin

Operating results before mark-to-market pension accounting adjustments (non-GAAP)4 $1,840 to $1,940 10.4% to 11.1%

TNT Express integration expenses3 110 0.6% to 0.7%

Operating results excluding TNT Express integration expenses (non-GAAP)4 $1,950 to $2,050 11.0% to 11.8%

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

Q4 FY18 Outlook Reconciliation for FedEx Corp.Dollars in millions

OperatingMargin

GAAP measure 9.1% to 9.6%

TNT Express integration expenses 0.8%

Non-GAAP measure 9.9% to 10.4%

Q4 FY18 Outlook Reconciliation for FedEx Express Segment

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ETR Projection

Effective tax rate before MTM pension accounting

adjustments (non-GAAP)5(5%) to (3%)

Net U.S. deferred tax liability remeasurement 21% to 23%

TNT Express integration expenses 2% to 2.5%

FedEx Trade Networks legal matters 0% to 0.1%

Effective tax rate with adjustments (non-GAAP)5,6 20% to 21%

FedEx CorporationFY18 Adjusted Effective Tax Rate Projection

Footnotes for FedEx Corp. Non-GAAP Reconciliation Slides 1. Income taxes are based on the company’s approximate statutory tax rates, and for fiscal 2018, give

consideration to the effects of the TCJA on the fiscal 2018 rates.

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

3. These expenses are recognized at FedEx Corporate and FedEx Express.

4. The fiscal 2018 year-end MTM pension accounting adjustments, which are impracticable to calculate at this time, are excluded.

5. The fiscal 2018 year-end MTM pension accounting adjustments, which are impracticable to calculate at this time, are excluded. For this reason, a full reconciliation of our fiscal 2018 adjusted effective tax rate projection to the most directly comparable GAAP measure is impracticable. Additionally, our fiscal 2019 effective tax rate projection is a non-GAAP financial measure because it excludes the fiscal 2019 year-end MTM pension accounting adjustments, which are impracticable to calculate at this time.

6. The individual range projections presented above do not aggregate in total to this range projection because each individual range projection was independently estimated using a range of tax impacts and income forecasts.