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A MESSAGE FROM OUR EXECUTIVE CHAIRMAN AND LEAD INDEPENDENT DIRECTOR

To our stockholders,

In connection with our 2023 Annual Meeting of Stockholders to be held on 21 September 2023, we are sharing how FedEx is transforming our business while continuing to deliver the highest standards of ethics, integrity, and reliability through our robust governance practices.

This year, FedEx celebrated 50 years of transforming the world by connecting people and possibilities. Our first 50 years is one of the most storied business achievements in modern history. FedEx created an industry and through countless innovations changed the way the world works.

Now, FedEx is transforming the business for the next 50 years. With DRIVE, our comprehensive program to improve efficiency, we’re optimizing our networks, improving service, reducing costs, and strengthening our performance culture.

In April, we announced a move to “one FedEx,” a new operating structure powered by DRIVE that will create even greater flexibility, efficiency, and data intelligence. One FedEx will enhance the company’s ability to meet the evolving needs of customers and market shifts while building a stronger, more profitable enterprise. We are confident that as one FedEx, our next 50 years will be a period of significant value for our customers, team members, stockholders, and communities.

Committed to exemplary corporate governance

FedEx is committed to exemplary corporate governance standards and practices, which can be seen in the following areas:

• Our Board of Directors has carefully overseen the development of the strategies, execution plans, financial objectives, and milestones associated with DRIVE initiatives.

• Our executive compensation program is designed to incentivize our leadership team’s work toward our future success and stockholder value creation. Based on investor feedback, the FY24–FY26 long-term incentive plan will include a return on invested capital performance metric.

We would like to share two recent changes to our Board of Directors. On 26 July 2023, Jim Vena resigned from the FedEx Board in connection with his appointment as CEO and a board member of Union Pacific Corporation. Additionally, after ten years of service as a member of the FedEx Board, Kim Jabal has informed us that she will not stand for reelection and will leave the FedEx Board of Directors immediately before the 2023 annual meeting. We thank Jim and Kim for their service to FedEx and wish them well in their future endeavors.

Innovation will drive us forward

Our foundation is built on innovation, and FedEx is embarking on the next 50 years with the entrepreneurial spirit that has driven us from the start.

Through a renewed focus on digital solutions, we will build a brighter future for FedEx customers, communities, and team members. And we will continue to transform and connect the world in responsible ways as evidenced in our 2023 ESG Report.

We are paving the way for a new chapter of growth and success at FedEx, and our Board believes this next phase will be another period of extraordinary achievement. We are deeply grateful for your support and engagement as we create smarter, more resilient supply chains for everyone.

Sincerely,