<SEC-DOCUMENT>0000919788-17-000017.txt : 20170921
<SEC-HEADER>0000919788-17-000017.hdr.sgml : 20170921
<ACCEPTANCE-DATETIME>20170921123251
ACCESSION NUMBER:		0000919788-17-000017
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170921
DATE AS OF CHANGE:		20170921
EFFECTIVENESS DATE:		20170921

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDEX CORP
		CENTRAL INDEX KEY:			0001048911
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		IRS NUMBER:				621721435
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15829
		FILM NUMBER:		171095421

	BUSINESS ADDRESS:	
		STREET 1:		942 SOUTH SHADY GROVE ROAD
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38120-
		BUSINESS PHONE:		9018187500

	MAIL ADDRESS:	
		STREET 1:		942 SOUTH SHADY GROVE ROAD
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38120-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FDX CORP
		DATE OF NAME CHANGE:	19971103

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BROTHERHOOD OF TEAMSTERS
		CENTRAL INDEX KEY:			0000919788
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				530215427
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		25 LOUISIANA AVENUE, NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20010
		BUSINESS PHONE:		2026246800
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>fdxpolspendingltr.htm
<TEXT>

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   <TITLE>fdxpolspendingltr.htm - sixteen</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><img alt=HoffaHall-header height=151 id="Picture1" src="x17092112235900.jpg" width=624></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:16.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:16.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:16.0pt;">The Investor Case for
Lobbying Disclosure at FedEx</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The International Brotherhood of Teamsters General Fund,
along with co-filer Investor Voice as representative of the Equality Network
Foundation, are urging stockholders to vote FOR Proposal 7 at the FedEx stockholder
meeting on September 25, 2017. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The proposal calls on FedEx&#8217;s Board of Directors to prepare
a report, to be updated annually, disclosing: </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Oversight policies by the board</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Listing of lobbying payments at the Federal and State level</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Payments to trade associations used for lobbying</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Membership in and contributions to any tax exempt organization
that writes and endorses model legislation</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The proposal is part of an ongoing investor campaign</font><a href="#_edn1" name="_ednref1"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[i]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
for greater corporate political spending disclosure. Transparency and
accountability in corporate spending to influence public policy are in the best
interests of FedEx stockholders. Without a clear system ensuring
accountability, corporate assets can be used to promote public policy</font><font color=red face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">objectives which can pose risks FedEx&#8217;s reputation to
the detriment of stockholder value.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Federal Lobbying &#8211; FedEx Spends Millions Each Year</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx spent $24,946,845 in 2015 and 2016 on federal lobbying
activities.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">And since 2010, FedEx has spent more than $106.4 million on
federal lobbying.</font><a href="#_edn2" name="_ednref2"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[ii]</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">State Lobbying &#8211; Information on FedEx&#8217;s Spending Difficult
to Obtain</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Obtaining comprehensive state lobbying information is described
by an expert as &#8220;nearly impossible&#8221; given &#8220;the &#8216;Byzantine&#8217; manner in which the
data is captured and made available online&#8221; which effectively buries
information at many states.</font><a href="#_edn3" name="_ednref3"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[iii]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In 2016, FedEx had over 120 lobbyists registered to lobby in at
least 30 states.</font><a href="#_edn4" name="_ednref4"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[iv]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">According to a recent study that looked at disclosures from the
six states with the most robust reporting requirements, between 2012 and 2015
FedEx spent over $2.7 million.</font><a href="#_edn5" name="_ednref5"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[v]</font></u></a></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;line-height:107%;width:100%;">
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style=""><font color=black style=""><b><font color=black face="Times New Roman" style="font-size:11.0pt;">This is not a solicitation of authority to vote your
  proxy.&nbsp; Please DO NOT send us your proxy card as it will not be
  accepted.</font></b></font></font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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 <td valign=top width=10% style="background:#c45911;border-top:solid #ed7d31 1.0pt;height:15.85pt;padding:.05in 5.75pt .05in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font style="display:none;"><font face="Times New Roman" style="font-size:12.0pt;"></font></font><font color=white style=""><font color=white face="Times New Roman" style="font-size:12.0pt;">1</font></font><font color=white style=""><font style="display:none;"><font color=white face="Times New Roman" style="font-size:12.0pt;"></font></font></font><font color=white style=""></font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="helvetica neue" lang=EN-US style="font-size:12.0pt;">In
California, FedEx </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">spent $492,188 in 2015 and 2016 on lobbying.</font><a href="#_edn6" name="_ednref6"><u><font color=black face="helvetica neue" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[vi]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In New Jersey, FedEx spent $110,908 in 2016 on lobbying.</font><a href="#_edn7" name="_ednref7"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[vii]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx Has Its Lobbying Information and Could Easily
Report It to Stockholders</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx claims that it is already subject to extensive federal,
state and local lobbying registration and public disclosure requirements and
&#8220;that ample public information exists regarding FedEx&#8217;s political contributions
and lobbying expenditures to alleviate the concerns cited in this proposal&#8221; and
the proposal &#8220;would cause FedEx to incur undue cost and administrative burden.&#8221;</font><a href="#_edn8" name="_ednref8"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[viii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
But these arguments are disingenuous, as the information is not always readily
available; also FedEx is required to report its federal and state lobbying and
already has all of this information, so it could be readily provided to stockholders
in a single report at minimal expense. </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx stockholders currently have no way to know FedEx&#8217;s
trade association memberships or contributions being used to lobby on its
behalf.</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Corporations make payments to trade associations that are used to
lobby indirectly on their behalf without specific disclosure or accountability.
</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx stockholders face a trade association blind spot, as FedEx
fails to even disclose its trade association memberships, and FedEx does not
disclose its trade association payments, nor the portions of these payments
used for lobbying, nor additional payments beyond dues payments that can be
used for lobbying. </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trade associations spend hundreds of millions of dollars to
lobby.&#160; For example, the Chamber of Commerce spent more than $103 million on
lobbying in 2016 and has spent more than $1.3 </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">billion</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> on lobbying since
1998.</font><a href="#_edn9" name="_ednref9"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[ix]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Chamber of Commerce strongly opposes disclosure, going so far
as to claim that disclosure is a form of silencing speech.</font><a href="#_edn10" name="_ednref10"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[x]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reports of FedEx Trade Association&#8217;s Lobbying</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx sits on the board of the US Chamber of Commerce,</font><a href="#_edn11" name="_ednref11"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which has spent more than $1.3 billion in lobbying
since 1998, yet FedEx&#8217;s level of funding of the Chamber is secret.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx is listed as a member of the Business Roundtable,</font><a href="#_edn12" name="_ednref12"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
which spent $34.95 million on federal lobbying in 2015 and 2016.</font><a href="#_edn13" name="_ednref13"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xiii]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx also sits on the board of Airlines for America</font><a href="#_edn14" name="_ednref14"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xiv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
and is a member of the American Trucking Associations,</font><a href="#_edn15" name="_ednref15"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
which together spent over $15 million on federal lobbying in 2015 and 2016.</font><a href="#_edn16" name="_ednref16"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xvi]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx also sits on the board of the Cargo Airlines Association.</font><a href="#_edn17" name="_ednref17"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xvii]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">We believe FedEx&#8217;s Chamber membership could pose reputational
risks on the issues of addressing climate change. &#160;For example, FedEx notes its
commitment to environmental sustainability on its website and its awards and
recognitions for greenest companies, commercial solar power users, eco-airlines
and climate innovation index,</font><a href="#_edn18" name="_ednref18"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xviii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
yet the Chamber has sued to block the EPA Clean Power Plan to address climate
change.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALEC &amp; Reputational Risk</font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The proposal also asks for disclosure of payments to tax-exempt
organizations that write model legislation, which includes the American
Legislative Exchange Council, or ALEC, which is a non-profit that convenes
state lawmakers and corporations to promote model laws written by corporations.
</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> is a member of ALEC and
serves on the Commerce, Insurance and Economic Development Task Force Executive
Committee. FedEx&#8217;s membership in ALEC has attracted negative media scrutiny.</font><a href="#_edn19" name="_ednref19"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xix]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALEC has attracted negative attention for its role in promoting
bills that undermine regulations to address issues like climate change,
workplace safety and workers&#8217; rights</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Highlighting the reputational risks of third party involvement,
more than 100 companies have publicly announced leaving ALEC. This mass ALEC
exodus includes 26 of FedEx&#8217;s compensation comparison survey group companies</font><a href="#_edn20" name="_ednref20"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xx]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:
3M, Alphabet, Amazon, AstraZeneca, Best Buy, Coca-Cola, ConocoPhillips, Deere
&amp; Co., Dell, GlaxoSmithKline, Home Depot, Intel, IBM, Johnson &amp;
Johnson, Mars, McDonalds, Merck, Microsoft, Nestl&#233;, News Corporation, PepsiCo,
Procter &amp; Gamble, Sanofi, Sprint, T-Mobile and Unilever.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proxy advisor</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> ISS supports this proposal, noting:</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;A vote FOR this resolution is warranted, as additional
information on the company's lobbying expenses and trade association
memberships, payments, and oversight mechanisms would give shareholders a
comprehensive understanding of the company's management of its lobbying
activities and any related risks and benefits.&#8221;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;[FedEx] does not provide comprehensive disclosure of its direct
lobbying expenses, nor does it provide disclosure of policies, activities, or
oversight mechanisms related to the company's trade association participation.
This information could help shareholders evaluate the company's comprehensive
political activities, the relative risks and benefits, and how they are being
managed by the company.&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;"> </font><a href="#_edn21" name="_ednref21"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xxi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reputation: </font></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Corporate
Reputation Is an Important Component of Stockholder Value </font></b></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">According to a Conference Board study,
companies with a high reputation rank perform better financially than lower
ranked companies. Executives also find it is much harder to recover from a
reputational failure than to build and maintain reputation.</font><a href="#_edn22" name="_ednref22"><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xxii]</font></u></a></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In a 2014 Deloitte survey, 87 percent
of executives rated reputation risk as more important or much more important
than other strategic risks their companies are facing, and 88 percent said
their companies are explicitly focusing on managing reputation risk.</font><a href="#_edn23" name="_ednref23"><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xxiii]</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FedEx Needs to
Safeguard Its &#8220;Very Good&#8221; Reputation and </font></b><b><font face="Times New Roman" lang=EN style="font-size:12.0pt;">Top 20 Fortune
Most Admired Companies Ranking</font></b></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">According to the </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2017 Harris Corporate Reputation Survey</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, FedEx
ranked in the top 25 of the 100 most visible companies, ranking 23.</font><a href="#_edn24" name="_ednref24"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">[xxiv]</font></u></a></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN style="font-size:12.0pt;">FedEx is also ranked among the top 20 in the
FORTUNE Most Admired Companies list.</font><a href="#_edn25" name="_ednref25"><u><font color=#0563C1 face="times new roman" lang=EN style="font-size:12.0pt;vertical-align:super;">[xxv]</font></u></a><font face="Times New Roman" lang=EN style="font-size:12.0pt;">&nbsp;</font></p>


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  proxy.&nbsp; Please DO NOT send us your proxy card as it will not be
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<div><font lang=EN-US><br clear=all>

<hr align=left size=1 width="33%">

</font><div id=edn1>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref1" name="_edn1"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[i]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://www.afscme.org/news/press-room/press-releases/2016/institutional-investors-continue-to-press-companies-for-disclosure-of-lobbying-in-2016</font></p>

</div>

<div id=edn2>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref2" name="_edn2"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[ii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
https://www.opensecrets.org/lobby/clientsum.php?id=D000000089&amp;year=2017,
accessed September 19, 2017.</font></p>

</div>

<div id=edn3>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref3" name="_edn3"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[iii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
Nathan Layne, &#8220;Wal-Mart improves lobbying disclosure after stockholder push,&#8221; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Reuters</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">,
May 13, 2015.</font></p>

</div>

<div id=edn4>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref4" name="_edn4"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[iv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
National Institute on Money in State Politics, &#160;</font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:10.0pt;">https://www.followthemoney.org/entity-details?eid=3627</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">,
accessed September 19, 2017.</font></p>

</div>

<div id=edn5>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref5" name="_edn5"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[v]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
Heidi Welsh and Robin Young, &#8220;How Leading U.S. Corporations Govern and Spend on
State Lobbying,&#8221; Sustainable Investments Institute and The Investor
Responsibility Research Institute, February 2017, p. 30, https://irrcinstitute.org/wp-content/uploads/2017/02/Corporate-Lobbying-in-the-States-FINAL.pdf</font></p>

</div>

<div id=edn6>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref6" name="_edn6"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[vi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://cal-access.sos.ca.gov/Lobbying/Employers/Detail.aspx?id=1143469&amp;view=activity&amp;session=2015
</font></p>

</div>

<div id=edn7>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref7" name="_edn7"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[vii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://www.elec.state.nj.us/pdffiles/Lobby2016/l1exp.pdf
</font></p>

</div>

<div id=edn8>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref8" name="_edn8"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[viii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
2017 FedEx Proxy Statement, pgs. 81-82.</font></p>

</div>

<div id=edn9>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref9" name="_edn9"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[ix]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
https://www.opensecrets.org/lobby/top.php?indexType=s&amp;showYear=2016</font></p>

</div>

<div id=edn10>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref10" name="_edn10"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[x]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
Kenneth Doyle, &#8220;Chamber Fights Back Against Pressure to Disclose Corporate
Political Spending,&#8221; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">BNA</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">, December 5, 2014.</font></p>

</div>

<div id=edn11>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref11" name="_edn11"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
https://www.uschamber.com/about/board-directors</font></p>

</div>

<div id=edn12>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref12" name="_edn12"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> http://businessroundtable.org/about/members</font></p>

</div>

<div id=edn13>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref13" name="_edn13"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xiii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
https://www.opensecrets.org/lobby/clientsum.php?id=D000032202&amp;year=2017,
accessed September 19, 2017.</font></p>

</div>

<div id=edn14>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref14" name="_edn14"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xiv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://airlines.org/about-us/board-of-directors/</font></p>

</div>

<div id=edn15>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref15" name="_edn15"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://www.trucking.org/article/ATA-Members-Call-for-Increased-Infrastructure-Investment</font></p>

</div>

<div id=edn16>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref16" name="_edn16"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xvi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
Airlines for America: https://www.opensecrets.org/lobby/clientsum.php?id=D000000545&amp;year=2017;
American Trucking Associations: https://www.opensecrets.org/lobby/clientsum.php?id=D000000177&amp;year=2017,
both accessed September 19, 2017.</font></p>

</div>

<div id=edn17>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref17" name="_edn17"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xvii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
https://www.cargoair.org/about/members/</font></p>

</div>

<div id=edn18>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref18" name="_edn18"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xviii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://www.fedex.com/bt/about/sustainability/environment.html</font></p>

</div>

<div id=edn19>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref19" name="_edn19"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xix]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
Thom Dunn, &#8220;11 Corporations You Should Protest and 2 More that Aren&#8217;t Quite as Bad
as You Thought,&#8221; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Upworthy</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">, October 7, 2015, available here: http://www.upworthy.com/11-corporations-you-should-protest-and-2-more-that-arent-quite-as-bad-as-you-thought;
Hannah Furlong, &#8220;70k Demand UPS and FedEx Leave ALEC, Stop Funding Climate
Denial and Animal Cruelty,&#8221; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Sustainable Brands</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">, December 16, 2015,
available here:
http://www.sustainablebrands.com/news_and_views/stakeholder_trends_insights/hannah_furlong/70k_demand_ups_fedex_leave_alec_stop_fundi.</font></p>

</div>

<div id=edn20>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref20" name="_edn20"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xx]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
2017 FedEx Proxy Statement, Appendix A, pgs. A1-A2.</font></p>

</div>

<div id=edn21>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref21" name="_edn21"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xxi]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
ISS 2017 FedEx Proxy Analysis, pgs. 30-31.</font></p>

</div>

<div id=edn22>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref22" name="_edn22"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xxii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
&#8220;Reputation Risk,&#8221; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Conference Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">, 2007, p. 6.</font></p>

</div>

<div id=edn23>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref23" name="_edn23"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xxiii]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
&#8220;2014 Global Survey on Reputation Risk,&#8221; Deloitte, p. 4.</font></p>

</div>

<div id=edn24>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref24" name="_edn24"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xxiv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://www.theharrispoll.com/reputation-quotient</font></p>

</div>

<div id=edn25>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_ednref25" name="_edn25"><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">[xxv]</font></u></a><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
http://fortune.com/worlds-most-admired-companies/list</font></p>

</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
