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News Release

Statement Regarding The Payroll Support Program under the Coronavirus Aid, Relief, and Economic Security Act


April 29, 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 and includes a program providing a total of up to $4 billion in financial support to cargo air carriers, including FedEx Express, that may be used exclusively for the continuation of payment of employee wages, salaries, and benefits. After engaging in discussions with Treasury regarding the payroll support program under the CARES Act, we determined not to participate in the program.

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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