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News Release

Statement Regarding The Coronavirus Aid, Relief, and Economic Security Act


March 27, 2020

On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is intended to provide economic relief to U.S. citizens and businesses in response to the COVID-19 pandemic. The CARES Act includes provisions for relief from air cargo and aviation fuel excise taxes beginning on March 28, 2020 through December 31, 2020. For illustrative purposes, FedEx estimates that the air cargo and aviation fuel excise tax holiday provisions of the CARES Act, if in effect during FedEx’s full fiscal year ended May 31, 2019, would have benefited FedEx’s consolidated operating income by approximately $250 million.

FedEx continues to operate in a highly uncertain environment, especially in markets that have been heavily impacted by COVID-19. The long-term impacts on our business from COVID-19 remain unknown. The CARES Act provides financial relief options and security for FedEx if needed as we continue to support the U.S. economy and its recovery. We remain focused on mobilizing our global network to help the communities where we live and work and to continue serving our customers around the world.

Certain statements herein may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance and underlying assumptions. 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, potential changes in our current business operations made in response to, or resulting from, the COVID-19 pandemic; evolving or new government regulation or regulatory actions; future guidance, regulations, interpretations or challenges relating to the CARES Act and other regulatory relief programs enacted in response to the COVID-19 pandemic; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the Securities and Exchange Commission. 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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