<SEC-DOCUMENT>0001104659-20-090441.txt : 20200818
<SEC-HEADER>0001104659-20-090441.hdr.sgml : 20200818
<ACCEPTANCE-DATETIME>20200804192059
ACCESSION NUMBER:		0001104659-20-090441
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20200730
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200804
DATE AS OF CHANGE:		20200804

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15829
		FILM NUMBER:		201075012

	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
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT<br />
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90C_edei--SolicitingMaterial_c20200730__20200730_zXE5UIxgKJ0b"><ix:nonNumeric contextRef="From2020-07-30to2020-07-30" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90A_edei--PreCommencementTenderOffer_c20200730__20200730_zdVm8NAaMq1c"><ix:nonNumeric contextRef="From2020-07-30to2020-07-30" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>SECTION 8. OTHER EVENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July&#160;30, 2020, FedEx Corporation (the &#8220;Company&#8221;)
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Agreement&#8221;) with Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley&#160;&amp; Co. LLC, as representatives
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connection with the issuance and sale, through a newly formed pass through trust, of pass through trust certificates.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the consent letters of mba Aviation, Aircraft Information
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d)&#160;Exhibits</b></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Certain attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K because the information contained therein is not
material and is not otherwise publicly disclosed. The Company will furnish supplementally copies of such attachments to the Securities and Exchange Commission or its
staff upon request.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SignatureS</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange Act
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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<tr>
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<tr>
    <td style="vertical-align: bottom; width: 5%">Date:</td>
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    <td style="vertical-align: bottom; width: 3%">By:</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Herbert C. Nappier <br />
Executive Vice President, Treasurer, Tax &amp; Corporate Development</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FEDERAL EXPRESS CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pass Through Certificates, Series&nbsp;2020-1AA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&nbsp;30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup Global Markets Inc. (&ldquo;Citi&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc. (&ldquo;Deutsche Bank&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC (&ldquo;Morgan Stanley&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Representatives of the several Underwriters
named in Schedule&nbsp;I hereto</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60 Wall St</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Morgan Stanley&nbsp;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">450 Lexington Ave #40</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal Express Corporation,
a Delaware corporation (the &ldquo;Company&rdquo;), proposes that Wilmington Trust Company, acting not in its individual capacity
but solely as pass through trustee (the &ldquo;Trustee&rdquo;) under the Pass Through Trust Agreement, to be dated the day of the
Closing Time (the &ldquo;Basic Agreement&rdquo;), and supplemented by the Trust Supplement (as defined below), as amended, between
the Company and the Trustee, issue and sell to the Underwriters named in Schedule&nbsp;I hereto (each, an &ldquo;Underwriter&rdquo;
and together, the &ldquo;Underwriters&rdquo;), the FedEx Pass Through Certificates, Series&nbsp;2020-1AA (the &ldquo;Certificates&rdquo;)
in the aggregate face amount and with the interest rate, final expected regular distribution date and final legal distribution
list set forth in Schedule&nbsp;II hereto on the terms and conditions stated herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Basic Agreement
will be supplemented with respect to the Certificates by a trust supplement, to be dated the day of the Closing Time (the &ldquo;Trust
Supplement&rdquo;), which relates to the creation and administration of the FedEx Pass Through Trust, Series&nbsp;2020-1AA (the
&ldquo;Trust&rdquo;). The Basic Agreement, as supplemented by the Trust Supplement, collectively are defined as the &ldquo;Designated
Agreements.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cash proceeds of
the offering of Certificates by the Trust will be used by the Trust to purchase Equipment Notes (as defined in the Preliminary
Prospectus referred to herein). Subject to the terms and conditions of the Indenture relating to each Aircraft and the participation
agreement for such Aircraft to be dated as of the day of the Closing Time between the Company and Wilmington Trust Company (each,
a &ldquo;Participation Agreement&rdquo; and, collectively, the &ldquo;Participation Agreements&rdquo;), the Company will issue
Equipment Notes under 14 separate Indenture and Security Agreements, to be dated the day of the Closing Time, between the Company
and Wilmington Trust Company, as Loan Trustee (the &ldquo;Loan Trustee&rdquo;) (each, including any thereto, an &ldquo;Indenture&rdquo;
and, collectively, the &ldquo;Indentures&rdquo;) and the Company may issue one or more series of Additional Equipment Notes or
Refinancing Equipment Notes, each as defined in the Preliminary Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FedEx Corporation,
a Delaware Corporation (&ldquo;FedEx&rdquo;), will fully and unconditionally guarantee the Company&rsquo;s obligations under the
Equipment Notes, the Indenture and the Participation Agreements pursuant to the terms of a guarantee, dated the date of the Closing
Time, from the Parent to the Trustee, the Subordination Agent (as defined below) and the Loan Trustee (the &ldquo;Guarantee&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the
Certificates will be entitled to the benefits of the liquidity facility with respect to certain amounts of interest payable thereon.
BNP Paribas, as Liquidity Provider (the &ldquo;Liquidity Provider&rdquo;) will enter into a revolving credit agreement with respect
to the Trust (the &ldquo;Liquidity Facility&rdquo;), to be dated as of the day of the Closing Time, for the benefit of the holders
of the Certificates. The Liquidity Provider and the holders of the Certificates will be entitled to the benefits of an Intercreditor
Agreement, to be dated as of the day of the Closing Time (the &ldquo;Intercreditor Agreement&rdquo;), between the Liquidity Provider
and Wilmington Trust Company, as Trustee and as Subordination Agent (the &ldquo;Subordination Agent&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has prepared
and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a registration statement on Form&nbsp;S-3
(File No.&nbsp;333-240157), which contains a base prospectus (the &ldquo;Base Prospectus&rdquo;), to be used in connection with
the public offering and sale of certain securities, including the Certificates. Such registration statement, as amended to the
date hereof, including the financial statements, exhibits and schedules thereto, at the time of effectiveness under the Securities
Act of 1933, as amended, and the rules&nbsp;and regulations promulgated thereunder (collectively, the &ldquo;Securities Act&rdquo;)
including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule&nbsp;430A or 430B
under the Securities Act, is called the &ldquo;Registration Statement.&rdquo; The Base Prospectus, together with the preliminary
prospectus supplement dated July&nbsp;29, 2020 related to the Certificates and as used prior to filing the Prospectus is referred
to herein as the &ldquo;Preliminary Prospectus.&rdquo; The term &ldquo;Prospectus&rdquo; shall mean the final prospectus supplement
relating to the Certificates, together with the Base Prospectus, that is first filed pursuant to Rule&nbsp;424(b)&nbsp;under the
Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto. Any reference herein
to the Registration Statement, the Base Prospectus, the Preliminary Prospectus or the Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein; any reference to any amendment or supplement to the Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include any documents filed after the date of such Preliminary Prospectus or
Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations promulgated
thereunder (collectively, the &ldquo;Exchange Act&rdquo;), and incorporated by reference in such Preliminary Prospectus or Prospectus,
as the case may be; and any reference to any amendment to the Registration Statement shall be deemed to refer to and include any
annual report of the Company filed pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act after the effective date
of the Registration Statement that is incorporated by reference in the Registration Statement. All references in this Agreement
to the Registration Statement, the Preliminary Prospectus, the Prospectus, or any amendments or supplements to any of the foregoing,
shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used
but not otherwise defined in this Agreement shall have the meanings specified in or pursuant to the Preliminary Prospectus; provided
that, as used in this Agreement, the term &ldquo;Operative Documents&rdquo; shall mean, collectively, the Intercreditor Agreement,
the Liquidity Facility, the Fee Letter, the Designated Agreements, the Participation Agreements, the Indentures, the Equipment
Notes and the Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, unless
the context otherwise requires, the term &ldquo;you&rdquo; shall mean Citi, Deutsche Bank and Morgan Stanley, as representative
of the several Underwriters listed on Schedule&nbsp;I hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of FedEx and the Company</U>. Each of FedEx and the Company, jointly and severally represents and warrants to each
Underwriter as of the date hereof and as of the Closing Time, and agrees with each Underwriter as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Registration Requirements</I>. The Registration Statement has become effective under the Securities Act. No order suspending
the effectiveness of the Registration Statement or any part thereof has been issued by the Commission and no proceeding for that
purpose or pursuant to Section&nbsp;8A of the Securities Act against FedEx or the Company or related to the offering has been initiated
or, to the knowledge of FedEx or the Company, threatened by the Commission; each of the Registration Statement and any amendment
thereto, as of the applicable effective date or dates, complied and will comply in all material respects with the Securities Act
and the Trust Indenture Act of 1939, as amended, and the rules&nbsp;and regulations promulgated thereunder (collectively, the &ldquo;Trust
Indenture Act&rdquo;), and did not and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus
and any amendment or supplement thereto and as of the Closing Time, the Prospectus will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, that neither FedEx nor the Company makes
any representation and warranty with respect to (A)&nbsp;that part of the Registration Statement that constitutes the Statement
of Eligibility and Qualification (Form&nbsp;T-1) of the Trustee under the Trust Indenture Act or (B)&nbsp;any statements or omissions
made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by the
Representatives expressly for use in the Registration Statement and the Prospectus and any amendment or supplement thereto, it
being understood and agreed that the only such information consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Due
Incorporation and Qualification</I>. Each of FedEx and the Company has been duly incorporated and is validly existing as a corporation
in good standing under the laws of the state of Delaware, has the corporate power and authority to own, lease and operate its properties
and to conduct its business as described in the Pricing Disclosure Package (as defined below) and the Prospectus, and is duly qualified
to do business and is in good standing in each jurisdiction in which such qualification is required, except where the failure to
so qualify or be in good standing would not, individually or in the aggregate, have a material adverse effect on the business,
property, financial condition or results of operations of FedEx and its consolidated subsidiaries taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Subsidiaries</I>.
Each subsidiary of FedEx (other than the Company) which is a significant subsidiary as defined in Rule&nbsp;405 of Regulation C
of the Securities Act (each, a &ldquo;Significant Subsidiary&rdquo;) has been duly incorporated or formed, is validly existing
as a corporation or other organization and is in good standing under the laws of the jurisdiction of its incorporation or organization,
has the corporate or organizational power and authority to own, lease and operate its properties and to conduct its business as
described in the Pricing Disclosure Package and the Prospectus and is duly qualified to do business and is in good standing in
each jurisdiction in which such qualification is required, except where the failure to so qualify or be in good standing would
not, individually or in the aggregate, have a material adverse effect on the business, property, financial condition or results
of operations of FedEx and its consolidated subsidiaries taken as a whole; and all of the issued and outstanding capital stock
or other ownership interest of the Company and each Significant Subsidiary has been duly authorized and validly issued, is fully
paid and non-assessable and, except for directors&rsquo; qualifying shares or other minimum share or interest ownership as may
be required by local law (except as otherwise stated in the Pricing Disclosure Package and the Prospectus), is owned by FedEx,
directly or indirectly through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse
claim of any third party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Pricing
Disclosure Package</I>. The term &ldquo;Pricing Disclosure Package&rdquo; shall mean (A)&nbsp;the Preliminary Prospectus, as amended
or supplemented, (B)&nbsp;the issuer free writing prospectuses as defined in Rule&nbsp;433 under the Securities Act (each, an &ldquo;Issuer
Free Writing Prospectus&rdquo;) identified in Schedule III hereto as included in the Pricing Disclosure Package, if any, including
the Final Term Sheet identified on such schedule and set forth in Schedule IV (the &ldquo;Final Term Sheet&rdquo;) and (C)&nbsp;any
other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Pricing
Disclosure Package, attached as Schedule V hereto. As of 5:00 p.m.&nbsp;(New York City time) on the date of this Agreement (the
&ldquo;Applicable Time&rdquo;), the Pricing Disclosure Package did not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Pricing Disclosure Package
based upon and in conformity with written information furnished to the Company by the Representatives specifically for use therein,
it being understood and agreed that the only such information consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Issuer
Free Writing Prospectuses</I>. No Issuer Free Writing Prospectus, including the Final Term Sheet, as of its issue date and at all
subsequent times through the Closing Time or until any earlier date that the Company notified or notifies the Representatives as
described in the next sentence, included, includes or will include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement as of such date and times, including any document incorporated by
reference therein that has not been superseded or modified. If at any time following issuance of an Issuer Free Writing Prospectus,
including the Final Term Sheet, there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus or would conflict with the information contained in the Registration Statement, the Company has promptly notified or
will promptly notify the Representatives and has promptly amended or supplemented or will promptly amend or supplement, at its
own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict. The foregoing two sentences do not apply
to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished
to the Company by the Representatives specifically for use therein, it being understood and agreed that the only such information
consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Distribution
of Offering Material By the Company and FedEx</I>. Each of the Company and FedEx has not distributed and will not distribute, prior
to the later of the Closing Time and the completion of the Underwriters&rsquo; distribution of the Certificates and Guarantee,
any offering material in connection with the offering and sale of the Certificates and Guarantee other than the Registration Statement,
the Preliminary Prospectus, the Prospectus, including the Final Term Sheet and any Issuer Free Writing Prospectus included in Schedule
III hereto and any other free writing prospectus that the parties hereto expressly agreed in writing to treat as part of the Disclosure
Package.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Well-Known
Seasoned Issuers</I>. (A)&nbsp;At the time of filing the Registration Statement, (B)&nbsp;at the time of the most recent amendment
thereto for the purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Securities Act (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or form of prospectus), (C)&nbsp;at
the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)&nbsp;of
the Securities Act) made any offer relating to the Certificates in reliance on the exemption of Rule&nbsp;163 of the Securities
Act and (D)&nbsp;at the date of the execution and delivery of this Agreement (with such date being used as the determination date
for purposes of this clause (D)), each of FedEx and the Company was and is a &ldquo;well known seasoned issuer&rdquo; as defined
in Rule&nbsp;405 of the Securities Act. The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo;
as defined in Rule&nbsp;405 of the Securities Act, and neither FedEx nor the Company has received from the Commission any notice
pursuant to Rule&nbsp;401(g)(2)&nbsp;of the Securities Act objecting to use of the automatic shelf registration statement form
or has otherwise ceased to be eligible to use the automatic shelf registration statement form.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Not
Ineligible Issuers</I>. (A)&nbsp;At the earliest time after the filing of the Registration Statement relating to the Certificates
that FedEx, the Company or another offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)) of the
Securities Act and (B)&nbsp;as of the date of the execution and delivery of this Agreement (with such date being used as the determination
date for purposes of this clause (B)), neither FedEx nor the Company was an Ineligible Issuer (as defined in Rule&nbsp;405 of the
Securities Act), without taking account of any determination by the Commission pursuant to Rule&nbsp;405 of the Securities Act
that it is not necessary that either be considered an Ineligible Issuer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Investment
Companies</I>. None of FedEx, the Company or the Trust is, and after giving effect to the offering and sale of the Certificates,
the application of the proceeds thereof as described in the Pricing Disclosure Package and the Prospectus, none will be required
to register as, an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.
In making this determination, the Trust is relying upon the exemption from the definition of investment company contained in Rule&nbsp;3a-7
of the 1940 Act, although additional exclusions or exemptions may be available at the Closing Time or in the future.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Internal
Controls and Procedures</I>. FedEx maintains effective &ldquo;internal control over financial reporting&rdquo; (as defined in Rule&nbsp;13a-15(f)&nbsp;of
the Exchange Act) in compliance with the requirements of the Exchange Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Weakness in Internal Controls</I>. Except as disclosed in the Pricing Disclosure Package and the Prospectus, including
any document incorporated by reference therein, since the end of FedEx&rsquo;s most recent audited fiscal year, there has been
(i)&nbsp;no material weakness in FedEx&rsquo;s internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no
change in FedEx&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, FedEx&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Incorporated
Documents</I>. The documents incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act, and none
of such documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
any further documents so filed and incorporated by reference in the Registration Statement, the Pricing Disclosure Package and
the Prospectus during the Prospectus Delivery Period (as defined in Section&nbsp;3(b)&nbsp;below), when such documents are so filed
with the Commission, will conform in all material respects to the applicable requirements of the Exchange Act and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accountants</I>.
Ernst&nbsp;&amp; Young LLP, who have expressed their opinion on certain consolidated financial statements of FedEx and its subsidiaries,
is an independent registered public accounting firm with respect to FedEx and its consolidated subsidiaries as required by the
Securities Act and the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Financial
Statements</I>. The consolidated financial statements and the related notes thereto of FedEx included or incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, and present fairly, in all material respects, the consolidated
financial position of FedEx and its subsidiaries as of the dates indicated, and its consolidated results of operations and change
in cash flows for the periods specified; such financial statements have been prepared in conformity with accounting principles
generally accepted in the United States applied on a consistent basis throughout the periods involved; and the other financial
information included or incorporated by reference in the Pricing Disclosure Package and the Prospectus present fairly the information
shown therein and have been compiled on a basis consistent with that of the audited consolidated financial statements of FedEx
included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Pricing
Disclosure Package and the Prospectus fairly presents in all material respects the information called for by, and has been prepared
in all material respects in accordance with, the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Adverse Changes</I>. Except as stated in the Pricing Disclosure Package and the Prospectus, subsequent to the date of
the latest audited financial statements included or incorporated by reference in the Pricing Disclosure Package and the Prospectus,
there has been no material adverse change, or any development directly involving FedEx or the Company that would reasonably be
expected to result in a material adverse change, in the business, property, financial condition or results of operations of FedEx
and its consolidated subsidiaries taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Air
Carrier. </I>The Company (i)&nbsp;is an &ldquo;air carrier&rdquo; within the meaning of 49 U.S.C. Section&nbsp;40102(a), (ii)&nbsp;holds
an air carrier operating certificate issued by the Secretary of Transportation pursuant to Chapter 447 of Title 10 of the United
States Code for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of cargo and (iii)&nbsp;is a &ldquo;citizen
of the United States&rdquo; as defined in 49 U.S.C. Section&nbsp;40102.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Violations or Defaults</I>. None of FedEx, the Company or the Significant Subsidiaries is (a)&nbsp;in violation of its charter
or bylaws; (b)&nbsp;in default of any term, covenant or condition contained in any indenture, contract, mortgage, loan agreement,
note, lease or other instrument or agreement to which it is a party or binding upon it or its properties; or (c)&nbsp;in violation
of any applicable law or regulation or any judgment or order of any court binding upon it, except in the case of each of clauses
(b)&nbsp;and (c)&nbsp;above, for any such default or violation that would not reasonably be expected to have, individually or in
the aggregate, a material adverse effect on the business, property, financial condition or results of operations of the Company
and its consolidated subsidiaries taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The execution
and delivery of this Agreement and the Operative Documents to which either FedEx or the Company is, or is to be, a party and the
consummation of the transactions contemplated herein and therein by FedEx and the Company, and the execution and delivery of this
Agreement and the Operative Documents, have been duly authorized by all necessary corporate action. This Agreement has been duly
executed by FedEx and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The execution
and delivery of this Agreement, the Equipment Notes, the Guarantee and the Operative Documents and the consummation of the transactions
contemplated herein and therein by FedEx and the Company, and the execution and delivery of this Agreement and the Operative Documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">will
not violate the charter or bylaws of FedEx or the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">will
not result in a breach of or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any
properties or assets of FedEx, the Company or the Significant Subsidiaries pursuant to, any indenture, contract, mortgage or other
contract or instrument to which any such person is a party or by which any of their respective properties is bound, except for
any breach, default, lien, charge or encumbrance that would not reasonably be expected to have, individually or in the aggregate,
a material adverse effect on the business, property, financial condition or results of operations of FedEx and its consolidated
subsidiaries taken as a whole; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">will
not result in the violation of any applicable law or regulation or any order, judgment or decree of any court or governmental agency
binding upon FedEx, the Company or the Significant Subsidiaries, except any such violations that would not reasonably be expected
to have, individually or in the aggregate, a material adverse effect on the business, property, financial condition or results
of operations of FedEx and its consolidated subsidiaries taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
consent, approval, authorization, order, registration or qualification of or with any court or governmental or regulatory authority
is required to be obtained or made by FedEx or the Company for the consummation by FedEx or the Company of the transactions contemplated
by this Agreement and the Operative Documents, except (i)&nbsp;for the registration of the Certificates under the Securities Act,
the qualification of the Indenture under the Trust Indenture Act (such registration and qualification having been completed prior
to the date of this Agreement), such consents, approvals, authorizations, orders, registrations and qualifications under applicable
securities or Blue Sky laws of the states and other jurisdictions of the United States, (ii)&nbsp;filings or recordings with the
Federal Aviation Administration (&ldquo;FAA&rdquo;) and under the Uniform Commercial Code as in effect in the State of Delaware,
which filings or recordings will have been duly made or duly presented for filing on or prior to the applicable Closing Date (as
defined in the applicable Participation Agreement), (iii)&nbsp;such as may be required in connection with the registration of the
&ldquo;international interests&rdquo; created pursuant to the Indentures under the Convention on International Interests in Mobile
Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment
signed in Cape Town, South Africa on November&nbsp;16, 2001 and (iv)&nbsp;the failure of which to obtain or make would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of FedEx or the Company to perform
its respective obligations under this Agreement and the Operative Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Legal
Proceedings</I>; <I>Contracts</I>. Except for matters described in the Pricing Disclosure Package and the Prospectus, there is
no pending or, to the knowledge of any financial officer or the Executive Vice President and General Counsel of FedEx or the Company,
threatened action or proceeding against FedEx, the Company or the Significant Subsidiaries before any court or administrative agency
which individually (or in the aggregate in the case of any group of related lawsuits) is expected to have a material adverse effect
on (a)&nbsp;the financial condition of FedEx and its consolidated subsidiaries taken as a whole or (b)&nbsp;the ability of FedEx
or the Company to perform their respective obligations under this Agreement or the Operative Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Licenses
and Permits</I>. Each of FedEx and the Company possesses all valid and effective certificates, licenses and permits required to
conduct its business as now conducted, except for instances which individually or in the aggregate do not, or will not, have a
material adverse effect on the business, property, financial condition or results of operations of the Company and its consolidated
subsidiaries taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Enforceability</I>.
This Agreement and the Operative Documents have been duly authorized by FedEx or the Company, as applicable. This Agreement and
each Operative Document to which FedEx or the Company is, or is to be, a party, have been or (subject to the satisfaction of conditions
precedent set forth in the Participation Agreements) will be at or prior to the Closing Time, duly executed and delivered by FedEx
or the Company, as applicable. The Equipment Notes will be (subject to the satisfaction of conditions precedent set forth in the
Participation Agreements) duly executed and delivered by the Company at or prior to the Closing Time. The Operative Documents to
which FedEx or the Company is, or is to be, a party, when duly executed and delivered by FedEx or the Company, as applicable, assuming
that such documents constitute the legal, valid and binding obligations of each other party thereto, constitute or will constitute
the legal, valid and binding obligations of the Company and/or FedEx, as the case may be, except as the enforcement thereof may
be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement
of creditors&rsquo; rights generally or by general equity principles and the holders thereof will be entitled to the benefits of
the related Designated Agreements and except, in the case of the Indentures, as limited by applicable laws that may affect the
remedies provided in the Indentures. The Certificates and the Operative Documents will conform in all material respects to the
descriptions thereof in the Pricing Disclosure Package and the Prospectus and any amendments thereof or supplements thereto, to
the extent described therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Validity
of the Certificates, Equipment Notes and Guarantee</I>. When duly executed, authenticated and delivered by the Trustee in accordance
with the terms of the Designated Agreements and offered, sold and paid for as provided in this Agreement, the Certificates will
be validly issued pursuant to the Designated Agreements and will constitute the legal, valid and binding obligations of the Trustee
enforceable against the Trustee in accordance with their respective terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors&rsquo;
rights generally or by general equity principles, regardless of whether considered in a proceeding of law or in equity, and the
holders thereof will be entitled to the benefits of the Designated Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Equipment
Notes, when duly executed and delivered by the Company and when duly authenticated by the Loan Trustee in accordance with the terms
of the related Indentures, will be duly issued under such Indentures and will constitute the legal, valid and binding obligations
of the Company enforceable in accordance with their terms except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting the enforcement of creditors&rsquo; rights generally
or by general equity principles, regardless of whether considered in a proceeding of law or in equity; and the holders thereof
will be entitled to the benefits of the related Indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Guarantee,
when duly executed and delivered by FedEx, will constitute the legal, valid and binding obligation of FedEx enforceable in accordance
with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization and other laws of general
applicability relating to or affecting the enforcement of creditors&rsquo; rights generally or by general equity principles, regardless
of whether considered in a proceeding of law or in equity, and the holders of the Certificates will be entitled to the benefits
of the Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sarbanes-Oxley
Act of 2002</I>. FedEx has complied in all material respects with the currently applicable requirements of the Sarbanes-Oxley Act
of 2002.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Cyber
Security; Data Protection</I>. FedEx has taken all commercially reasonable actions to protect and maintain the security, integrity
and continuous operation of the information technology assets and equipment, computers, systems, networks, hardware, software,
websites, applications and databases used in connection with its business (and the data stored therein or processed thereby), and,
except as disclosed in the Pricing Disclosure Package and the Prospectus, including any document incorporated by reference therein,
there have been no breaches, violations, outages or unauthorized uses of or accesses to same, other than those which, individually
or in the aggregate, did not, or are not expected to, have a material adverse effect on the business, property, financial condition
or results of operations of FedEx and its consolidated subsidiaries taken as a whole; and FedEx is in compliance with all currently
applicable (and has taken all commercially reasonable actions to prepare to comply with all pending) laws and regulations and all
orders, judgments or decrees of any court or governmental agency and its own posted policies and contractual obligations relating
to data privacy and security, other than those which, individually or in the aggregate, did not, or are not expected to, have a
material adverse effect on the business, property, financial condition or results of operations of FedEx and its consolidated subsidiaries
taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Certifications</I>. Any certificate signed by an officer of FedEx or the Company and delivered to you or your counsel pursuant
to the terms of this Agreement in connection with the offering of the Certificates contemplated hereby shall be deemed a representation
and warranty by FedEx or the Company to each Underwriter participating in such offering as to the matters covered thereby on the
date of such certificate unless amended or supplemented subsequent thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Basic
Agreement</I>. The Basic Agreement has been duly qualified under the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accurate
Summaries. </I>The statements set forth in the Pricing Disclosure Package and the Prospectus under the headings &ldquo;Material
U.S. Federal Income Tax Consequences&rdquo;, &ldquo;Certain Delaware Taxes&rdquo;, &ldquo;Certain ERISA Considerations&rdquo; and
&ldquo;Underwriting,&rdquo; insofar as such statements purport to summarize the laws and legal matter referred to therein, constitute
accurate summaries thereof in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Exchange
Act. </I>FedEx is subject to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Appraisers.
</I>None of mba Aviation, Aircraft Information Services Inc. and Avitas,&nbsp;Inc. (each, an &ldquo;Appraiser&rdquo; and, collectively,
the &ldquo;Appraisers&rdquo;) is an affiliate of the Company or, to the knowledge of the Company, has a substantial interest, direct
or indirect, in the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Stabilization
or Manipulation. </I>The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected
to cause or result in any stabilization or manipulation of the price of the Certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Purchase
and Sale</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the
Company agrees to cause the Trustee to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally
and not jointly, to purchase from the Trustee, at a purchase price of 100% of the principal amount thereof, the face amount of
Certificates set forth opposite the name of such Underwriter in Schedule&nbsp;I, plus any additional principal amount of Certificates
which such Underwriter may become obligated to purchase pursuant to the provisions of Section&nbsp;8 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Payment
of the purchase price for, and delivery of, the Certificates shall be made electronically at 10:00 a.m.&nbsp;(Eastern time) on
August&nbsp;13, 2020, or at such other date, time or location or locations as shall be agreed upon by the Company and you, or as
shall otherwise be provided in Section&nbsp;7 (such date and time being herein called the &ldquo;Closing Time&rdquo;). Payment
shall be made to or upon the order of the Trustee by federal funds wire transfer or other immediately available funds against delivery
to the account of Citi at DTC for the respective accounts of the Underwriters of the Certificates. The Certificates will be registered
in the name of Cede&nbsp;&amp; Co. or in such other names, and in such authorized denominations as you may request in writing at
least two full business days before the Closing Time. Certificates for such Certificates, which may be in temporary form, will
be made available for inspection by you electronically, not later than&nbsp;9:30 A.M., New York City time, on the business day
prior to the Closing Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will pay to Citi at the Closing Time for the accounts of the Underwriters any fee, commission or other compensation which
is specified in Schedule IV hereto. Such payment will be made by federal funds wire transfer or transfer of other immediately available
funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Agreements</U>.
Each of FedEx and the Company agrees with each of the Underwriters as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
prepare the Prospectus in a form reasonably approved by you, which sets forth the face amount of the Certificates and their terms
not otherwise specified in the Preliminary Prospectus, the name of each Underwriter participating in the offering and the face
amount of the Certificates that each severally has agreed to purchase, the price at which the Certificates are to be purchased
by the Underwriters from the Trustee, any initial public offering price, any selling concession and reallowance, and such other
information as you and the Company deem appropriate in connection with the offering of the Certificates, and to file such Prospectus
pursuant to Rule&nbsp;424(b)&nbsp;under the Act not later than the Commission&rsquo;s close of business on the second business
day following the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
file no amendment or any supplement to the Registration Statement, the Preliminary Prospectus, the Prospectus or any free writing
prospectus, prior to the Closing Time to which you reasonably object promptly after reasonable notice thereof; to advise the Underwriters,
promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes
effective or any amendment or supplement to the Prospectus or any free writing prospectus has been filed and to furnish you with
copies thereof; to prepare a Final Term Sheet, containing solely a description of the Certificates, in a form approved by you and
to file such term sheet pursuant to Rule&nbsp;433(d)&nbsp;under the Act within the time required by such Rule; to timely file all
other material required to be filed by the Company with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under the Act; to timely
file all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Section&nbsp;13(a), 13(c), 14 or&nbsp;15(d)&nbsp;of the Exchange Act subsequent to the date of the Prospectus and for so long
as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule&nbsp;173(a)&nbsp;under the Act) (the &ldquo;Prospectus
Delivery Period&rdquo;) is required in connection with the offering or sale of the Certificates; to advise the Underwriters, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending
the use of the Preliminary Prospectus or other prospectus in respect of the Certificates, of any notice of objection of the Commission
to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2)&nbsp;under the
Act, of the suspension of the qualification of the Certificates for offering or sale in any jurisdiction, of the initiation or
threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the
Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or
of any order preventing or suspending the use of the Preliminary Prospectus or other prospectus or suspending any such qualification,
to promptly use its best efforts to obtain the withdrawal of such order; and in the event of any such issuance of a notice of objection,
promptly to take such steps including, without limitation, amending the Registration Statement or filing a new registration statement,
at its own expense, as may be necessary to permit offers and sales of the Certificates by the Underwriters (references herein to
the Registration Statement shall include any such amendment or new registration statement). None of the foregoing obligations shall
extend any later than the Prospectus Delivery Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
at any time during such period after the date hereof and prior to the date on which all of the Certificates shall have been sold
by the Underwriters, any event occurs as a result of which the Pricing Disclosure Package or the Prospectus would include any untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or if it shall be necessary to amend or supplement the Prospectus to comply with applicable
law, the Company promptly will prepare and furnish, at its own expense, to the Underwriters, either amendments or supplements to
the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in light of the circumstances when
the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with
applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has furnished or will furnish, if requested, to the Representatives and their counsel, without charge, conformed copies
of the Registration Statement and of all amendments thereto, whether filed before or after such Registration Statement originally
became effective (including exhibits thereto and the documents incorporated therein by reference) and the copies of the Registration
Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation&nbsp;S-T. So long as delivery of a Prospectus
(or in lieu thereof, a notice referred to in Rule&nbsp;173(a)) by the Underwriters may be required by the Act, the Company will
furnish as many copies of any Preliminary Prospectus, the Prospectus and any amendments thereof and supplements thereto as the
Representatives may reasonably request and the Prospectus and any amendments or supplements thereto furnished to each Underwriter
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation&nbsp;S-T or required under Rule&nbsp;424(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and FedEx will endeavor, in cooperation with you, to qualify the Certificates for offering and sale under, or obtain exemptions
from, the applicable securities laws of such states and other jurisdictions of the United States as the Underwriters may reasonably
request, and will maintain such qualifications in effect for so long as may be required for the distribution of the Securities;
provided, that neither the Company nor FedEx shall be obligated to file any general consent to service of process or to qualify
as a foreign corporation or as a dealer, or to subject itself to taxation as doing business in any jurisdiction in which it is
not otherwise required to be so qualified or subject to taxation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and FedEx will not, between the date of this Agreement and the Closing Time, without your consent, offer or sell, or enter
into any agreement to sell, any public debt securities of the Company (other than the Certificates which are to be sold pursuant
hereto and commercial paper issued in the ordinary course of business).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to&nbsp;10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to
time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will make generally available to its securityholders as soon as practicable, but in any event not later than 16 months
after the date hereof, an earnings statement covering a period of at least 12 months beginning with the first fiscal quarter of
the Company occurring after the &ldquo;Effective Date&rdquo; (as defined in Rule&nbsp;158 of the Securities Act) of the Registration
Statement and otherwise satisfying Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to pay the required Commission filing fees relating to the Certificates within the time required by Rule&nbsp;456(b)(1)&nbsp;of
the Securities Act without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b)&nbsp;and 457(r)&nbsp;of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
use the net proceeds received by it from the sale of the Equipment Notes in the manner specified in the Preliminary Prospectus
under the caption &ldquo;Use of Proceeds&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
cooperate with the Underwriters and use its reasonable efforts to permit the Certificates to be eligible for clearance and settlement
through the facilities of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
issue Certificates that shall be rated at least as high as the ratings for the Certificates set forth in the Issuer Free Writing
Prospectus used by the Underwriters to confirm sales, the form of which shall be agreed to between the Company and the Underwriters,
from each &ldquo;nationally recognized statistical rating organization,&rdquo; as such term is defined in Section&nbsp;3(a)(62)
of the Exchange Act, named therein, and in each case such ratings shall not be under surveillance or review with possible negative
implications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To,
pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed
with the Commission in accordance with Rule&nbsp;433 under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time, so long as the Company has been notified any Certificates remain unsold by the Underwriters, the Company receives
from the Commission a notice pursuant to Rule&nbsp;401(g)(2)&nbsp;or otherwise ceases to be eligible to use the automatic shelf
registration statement form, the Company will (i)&nbsp;promptly notify the Representatives, (ii)&nbsp;promptly file a new registration
statement or post-effective amendment on the proper form relating to the Certificates, in a form satisfactory to the Representatives,
(iii)&nbsp;use its reasonable best efforts to cause such registration statement or post-effective amendment to be declared effective
and (iv)&nbsp;promptly notify the Representatives of such effectiveness. The Company will take all other reasonable action necessary
or appropriate to permit the public offering and sale of the Certificates and Guarantee to continue as contemplated in the registration
statement that was the subject of the Rule&nbsp;401(g)(2)&nbsp;notice or for which the Company has otherwise become ineligible.
References herein to the Registration Statement shall include such new registration statement or post-effective amendment, as the
case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Underwriter agrees
that in the aggregate, the Certificates will be widely offered. Each Underwriter and each other member of the underwriting group
that offers or sells Certificates agree that the Certificates offered by such Underwriter and such other member of the underwriting
group will be primarily offered in the United States to United&nbsp;States persons. The term &ldquo;United States person&rdquo;
shall have the meaning set forth in section&nbsp;7701(a)(30) of the Internal Revenue Code of&nbsp;1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Conditions
to the Obligations of the Underwriters</U>. The several obligations of the Underwriters to purchase and pay for the Certificates
pursuant to this Agreement shall be subject in their discretion to the accuracy of and compliance with the representations and
warranties of FedEx and the Company contained herein as of the date hereof and the Closing Time, to the accuracy of the statements
of FedEx&rsquo;s and the Company&rsquo;s officers made in any certificates furnished pursuant to the provisions hereof, to the
performance by each of FedEx and the Company of its covenants and other obligations hereunder and to the following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At the Closing Time,
you shall have received:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">An
opinion and negative assurance letter, dated the day of the Closing Time, of Mark R. Allen, Executive Vice President, General Counsel
and Secretary of FedEx, in form and substance reasonably satisfactory to you, together with signed or reproduced copies of such
opinion and letter for each of the other Underwriters to the effect set forth in <U>Exhibit&nbsp;A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">An
opinion, dated the day of the Closing Time, of Davis Polk&nbsp;&amp; Wardell LLP, special counsel for the Company, in form and
substance reasonably satisfactory to you, together with signed or reproduced copies of such opinion for each of the other Underwriters
to the effect set forth in <U>Exhibit&nbsp;B</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">An
opinion, dated the day of the Closing Time, of Morris James LLP, counsel for Wilmington Trust Company, as the Trustee, Subordination
Agent and Loan Trustee under the Indentures and Paying Agent in form and substance reasonably satisfactory to you, together with
signed or reproduced copies of such opinion for each of the other Underwriters to the effect set forth in <U>Exhibit&nbsp;C</U>
hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">An
opinion, dated the day of the Closing Time, of Hughes Hubbard&nbsp;&amp; Reed LLP, special New York counsel for the Liquidity Provider,
in form and substance satisfactory to you, together with signed or reproduced copies of such opinion for each of the other Underwriters
to the effect set forth in <U>Exhibit&nbsp;D</U> hereto and to such further effect as counsel to the Underwriters may reasonably
request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">An
opinion and negative assurance letter, dated the day of the Closing Time, from Milbank LLP, counsel for the Underwriters, with
respect to the issuance and sale of the Certificates, the Pricing Disclosure Package, the Prospectus and other related matters
as you may reasonably require.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus shall have been filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Act within the applicable time
period prescribed for such filing by the rules&nbsp;and regulations under the Act (without giving effect to Rule&nbsp;424(b)(8))
and in accordance with Section&nbsp;3(a)&nbsp;hereof; the Final Term Sheet contemplated by Section&nbsp;3(b)&nbsp;hereof, and any
other material required to be filed by the Company pursuant to Rule&nbsp;433(d)&nbsp;under the Act, shall have been filed with
the Commission within the applicable time periods prescribed for such filings by Rule&nbsp;433; no stop order suspending the effectiveness
of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated
or, to the knowledge of the Company, threatened by the Commission and no notice of objection of the Commission to the use of the
Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Act shall have been
received by the Company; no stop order suspending or preventing the use of the Prospectus or any Issuer Free Writing Prospectus
shall have been initiated or, to the knowledge of the Company, threatened by the Commission; and all requests for additional information
by the Commission shall have been complied with to your reasonable satisfaction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the Closing Time, there shall not have been, since the respective dates as of which information is given in the Pricing Disclosure
Package and the Prospectus, any material adverse change in the business, property, financial condition or results of operations
of the FedEx and its consolidated subsidiaries taken as a whole; and you shall have received a certificate of the President or
any Vice President of the Company and of FedEx, dated as of the date of the Closing Time, to the effect (i)&nbsp;in the case of
the certificate to be provided by the President or a Vice President of FedEx, that there has been no such material adverse change,
(ii)&nbsp;that the other representations and warranties of the Company or FedEx contained in Section&nbsp;1 hereof are true and
correct with the same force and effect as though expressly made at and as of the Closing Time, except to the extent that such representations
and warranties expressly relate to an earlier date or later date (in which case such representations and warranties are true and
correct on and as of such earlier date or will be true and correct on and as of such later date, as the case may be), (iii)&nbsp;that
the Company or FedEx as the case may be, has complied in all material respects with all agreements and satisfied all conditions
on their respective parts to be performed or satisfied at or prior to the Closing Time and (iv)&nbsp;no order suspending the effectiveness
of the Registration Statement has been issued and no proceedings for that purpose have been instituted or threatened by the Commission.
The officer signing and delivering each such certificate may rely upon the best of his or her knowledge as to the proceedings threatened.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the time of the execution of this Agreement and also at the Closing Time,&nbsp;Ernst&nbsp;&amp; Young LLP shall have furnished
to you a letter or letters, dated the respective dates of delivery thereof, in form and substance reasonably satisfactory to you,
together with signed or reproduced copies of such letter or letters for each of the other Underwriters containing statements and
information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to the Underwriters with respect
to the financial statements and certain financial information contained in the Pricing Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have furnished to you and your counsel, in form and substance satisfactory to them, such other documents, certificates
and opinions as such counsel may reasonably request for the purpose of enabling such counsel to pass upon the matters to be covered
by the opinions required to be delivered under subsection&nbsp;(a)(5)&nbsp;of this Section&nbsp;4 and in order to evidence the
accuracy and completeness of any of the representations, warranties or statements, the performance of any covenant by the Company
theretofore to be performed, or the compliance with any of the conditions herein contained.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the Appraisers shall have furnished to the Underwriters a letter from such Appraiser, addressed to the Company and dated the
date hereof and the Closing Date, confirming that such Appraiser and each of its directors and officers (i)&nbsp;is not an affiliate
of the Company or any of its affiliates, (ii)&nbsp;does not have any substantial interest, direct or indirect, in the Company or
any of its affiliates and (iii)&nbsp;is not connected with the Company or any of its affiliates as an officer, employee, promoter,
Underwriter, trustee, partner, director or person performing similar functions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the Closing Time, the rating assigned as of the Applicable Time by any &ldquo;nationally recognized statistical rating organization,&rdquo;
as such term is defined in Section&nbsp;3(a)(62) of the Exchange Act, to any debt securities of the Company (including for purposes
of this Section&nbsp;6(b)&nbsp;any rating indicated by the Company as of the date of this Agreement as the rating orally confirmed
to the Company by any such rating organization as the rating to be assigned to the Certificates) shall not have been lowered since
the Applicable Time nor shall any such rating organization have publicly announced since the Applicable Time that it has placed
any debt securities of the Company on what is commonly termed a &ldquo;watch list&rdquo; for possible downgrading.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Certificates shall have received ratings equal to or higher than the ratings indicated in the Final Term Sheet from the nationally
recognized statistical rating organizations named therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
or prior to the Closing Time, each of the Operative Documents shall have been duly executed and delivered by the Company (to the
extent a party thereto) and each other respective party thereto, and copies thereof shall have been furnished to you and your counsel.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All such opinions,
certificates, letters and documents shall be deemed to be in compliance with the provisions hereof only if they are in all respects
reasonably satisfactory to you and your counsel.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any condition specified
in this Section&nbsp;shall not have been fulfilled when and as required to be fulfilled, other than by reason of any default by
any Underwriter, such failure to fulfill a condition may be waived by you, or this Agreement may be terminated by you by notice
to the Company at any time at or prior to the Closing Time, and such termination shall be without liability of any party to any
other party, except as provided in Sections&nbsp;5, 7 and&nbsp;10 hereof, which provisions shall remain in effect notwithstanding
such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment
of Expenses</U>. Each of FedEx and the Company will pay or cause to be paid all expenses incident to the performance of the obligations
of each of FedEx and the Company under this Agreement, including (i)&nbsp;expenses relating to the preparation, printing, filing
and distribution of the Pricing Disclosure Package, each Issuer Free Writing Prospectus listed on Schedule&nbsp;III(a)&nbsp;hereto
and the Prospectus and any amendments thereof or supplements thereto, (ii)&nbsp;expenses relating to the preparation, printing
and distribution of any agreement among Underwriters, this Agreement, Operative Documents, the Blue Sky Survey by the Underwriters&rsquo;
counsel, (iii)&nbsp;expenses relating to the issuance and delivery of the Certificates to the Underwriters, (iv)&nbsp;the fees
and disbursements of the Company&rsquo;s counsel and accountants, (v)&nbsp;reasonable and documented expenses of qualifying the
Certificates under state securities laws in accordance with Section&nbsp;3(e), including filing fees and reasonable fees and disbursements
of counsel for the Underwriters in connection therewith and in connection with the Blue Sky Survey, (vi)&nbsp;the fees and expenses
of the Trustee, the Subordination Agent, the Liquidity Provider and the Loan Trustee, and the fees and disbursements of their respective
counsel, (vii)&nbsp;any fees charged by rating agencies for rating the Certificates, (viii)&nbsp;certain fees and expenses of counsel
for the Underwriters as heretofore agreed between FedEx and counsel to the Underwriters and (ix)&nbsp;all expenses incurred in
connection with any roadshow presentation, if any, or investor presentation, if any, to potential investors. The Company will also
cause to be paid all expenses incident to the performance of its obligations under the Operative Documents and each of the other
agreements and instruments referred to therein which are not otherwise specifically provided for in this Section. It is understood,
however, that, except as provided in this Section, and Sections&nbsp;2, 7 and&nbsp;12 hereof, the Underwriters will pay all of
their own costs and expenses, including the fees of transfer taxes on resale of any of the Certificates by them, and any advertising
expenses connected with any offers they may make.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Offering
of Certificates</U>. (a)&nbsp;(i)&nbsp;Each of FedEx and the Company represents and agrees that, other than the Final Term Sheet
prepared and filed pursuant to Section&nbsp;3(b)&nbsp;hereof and any other Free Writing Prospectus listed on Schedule III hereto,
without your prior consent, which consent shall not be unreasonably withheld or conditioned, it has not made and will not make
any offer relating to the Certificates that would constitute a &ldquo;free writing prospectus&rdquo; as defined in Rule&nbsp;405
under the Act; (ii)&nbsp;each Underwriter represents and agrees that, without the prior consent of the Company, which consent shall
not be unreasonably withheld or conditioned, other than the Final Term Sheet and any other Free Writing Prospectus listed on Schedule
III hereto and one or more customary &ldquo;Bloomberg Screens&rdquo; to offer the Certificates or convey final pricing terms thereof
that contain only information contained in the Pricing Disclosure Package, it has not made and will not make any offer relating
to the Certificates that would constitute a free writing prospectus; and (iii)&nbsp;any such free writing prospectus the use of
which has been consented to by the Company and the Underwriters is listed on Schedule&nbsp;III(a)&nbsp;hereto (other than the Final
Term Sheet described in Section&nbsp;1(d)&nbsp;hereof).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of FedEx and the Company has complied and will comply in all material respects with the requirements of Rule&nbsp;433 under the
Act applicable to any Issuer Free Writing Prospectus, and including, as applicable, timely filing with the Commission or retention
where required and legending.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of FedEx and the Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred
or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement,
the Preliminary Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, each
of FedEx and the Company will give prompt notice thereof to the Underwriters and, if requested by the Underwriters, will prepare
and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict,
statement or omission; provided, however, that this undertaking shall not apply to any statements or omissions in an Issuer Free
Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Company by the Underwriters
through you expressly for use therein.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Indemnification
of the Underwriters. Each of the Company and FedEx, jointly and severally, agrees to indemnify and hold harmless each Underwriter,
its affiliates, its directors, officers and each person, if any, who controls any Underwriter within the meaning of the Securities
Act and the Exchange Act against any loss, claim, damage, liability or reasonable expense, as incurred, to which such Underwriter
or such controlling person may become subject, insofar as such loss, claim, damage, liability or expense (or actions in respect
thereof as contemplated below) arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant
to Rule&nbsp;430B under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading; or (ii)&nbsp;any untrue statement or alleged untrue statement
of a material fact contained in the Base Prospectus, the Preliminary Prospectus, each Issuer Free Writing Prospectus listed on
Schedule III hereto, any other free writing prospectus that the parties hereto agree in writing to treat as part of the Disclosure
Package, the Final Term Sheet or the Prospectus (or any amendment or supplement thereto) or any road show in connection with the
marketing of the Certificates, or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, and to reimburse each Underwriter,
its affiliates, officers, directors and each such controlling person for any and all expenses (including the fees and disbursements
of counsel chosen by the Representatives) as such expenses are reasonably incurred by such Underwriter, or its affiliates, officers,
directors or such controlling person in connection with investigating, defending, settling, compromising or paying any such loss,
claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss,
claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished
to the Company and FedEx by the Representatives expressly for use in the Registration Statement, the Base Prospectus, the Preliminary
Prospectus or the Prospectus (or any amendment or supplement thereto) or any road show in connection with the marketing of the
Certificates, it being understood and agreed that the only such information consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.
The indemnification agreement set forth in this Section&nbsp;7(a)&nbsp;shall be in addition to any liabilities that the Company
and FedEx may otherwise have.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Indemnification
of the Company, its Directors and Officers and FedEx. Each Underwriter agrees, severally and not jointly, to indemnify and hold
harmless the Company, FedEx, each of their respective directors, each of their respective officers who signed the Registration
Statement and each person, if any, who controls the Company or FedEx within the meaning of the Securities Act or the Exchange Act,
against any loss, claim, damage, liability or reasonable expense, as incurred, to which the Company, FedEx or any such director,
officer or controlling person may become subject, insofar as such loss, claim, damage, liability or reasonable expense (or actions
in respect thereof as contemplated below) arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, or any amendment thereto, or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii)&nbsp;any untrue
statement or alleged untrue statement of a material fact contained in the Base Prospectus, the Preliminary Prospectus or the Prospectus
(or any amendment or supplement thereto) or any road show in connection with the marketing of the Securities, or the omission or
alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case to the extent, and only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in the Registration Statement, the Base Prospectus, any Preliminary Prospectus
or the Prospectus (or any amendment or supplement thereto) or any road show in connection with the marketing of the Securities,
in reliance upon and in conformity with written information furnished to the Company and FedEx by the Representatives expressly
for use therein it being understood and agreed that the only such information consists of the information described as such in
this Section&nbsp;7(b); and to reimburse the Company, FedEx or any such director, officer or controlling person for any legal and
other expense reasonably incurred by the Company, FedEx or any such director, officer or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. Each of
the Company and FedEx hereby acknowledges that the only information that the Underwriters have furnished to the Company and FedEx
expressly for use in the Registration Statement, the Disclosure Package or the Prospectus (or any amendment or supplement thereto)
or any road show in connection with the marketing of the Certificates is as follows: the statements set forth in the fifth (third
sentence only), eighth, ninth and eleventh (third sentence only) paragraphs under the caption &ldquo;Underwriting.&rdquo; The indemnification
agreement set forth in this Section&nbsp;7(b)&nbsp;shall be in addition to any liabilities that such Underwriter may otherwise
have.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notifications
and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section&nbsp;7 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party
under this Section&nbsp;7, notify the indemnifying party in writing of the commencement thereof; but the failure to so notify the
indemnifying party (i)&nbsp;will not relieve it from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the extent
it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights
and defenses and (ii)&nbsp;will not, in any event, relieve the indemnifying party from any liability other than the indemnification
obligation provided in paragraph (a)&nbsp;or (b)&nbsp;above. In case any such action is brought against any indemnified party and
such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to
participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written
notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume
the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any
such action include both the indemnified party and the indemnifying party, and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of
any such action or that there may be legal defenses available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate
counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified
party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party&rsquo;s
election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will
not be liable to such indemnified party under this Section&nbsp;7 for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof unless (i)&nbsp;the indemnified party shall have employed separate counsel
in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be
liable for the expenses of more than one separate counsel (other than local counsel), representing all the indemnified parties
who are parties to such action), (ii)&nbsp;the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each
of which cases the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party or (iii)&nbsp;the
indemnified party and the indemnifying party shall otherwise agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Settlements.
The indemnifying party under this Section&nbsp;7 shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees
to indemnify the indemnified party against any loss, claim, damage, liability or reasonable expense by reason of such settlement
or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for reasonable fees and expenses of counsel as contemplated by Section&nbsp;7(c)&nbsp;hereof,
the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent
if (i)&nbsp;such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request
and (ii)&nbsp;such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to
the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of
which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such indemnified
party, unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such action, suit or proceeding and (ii)&nbsp;does not include a statement
as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Contribution</U>.
If the indemnification provided for in Section&nbsp;7 hereof is for any reason unavailable to or otherwise insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party as provided in Section&nbsp;7, contribute to the aggregate
amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses
referred to therein (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company and
FedEx, on the one hand, and the Underwriters, on the other hand, from the offering of the Certificates pursuant to this Agreement
or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company and FedEx,
on the one hand, and the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits
received by the Company and FedEx, on the one hand, and the Underwriters, on the other hand, in connection with the offering of
the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the offering of the Certificates pursuant to this Agreement (before deducting expenses) received by the Company, and the total
underwriting discount received by the Underwriters, in each case as set forth on the front cover page&nbsp;of the Prospectus, bear
to the aggregate initial public offering price of the Securities as set forth on such cover. The relative fault of the Company
and FedEx, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or FedEx, on the one hand, or the Underwriters, on the other hand, and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount paid or
payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include,
subject to the limitations set forth in Section&nbsp;7(c)&nbsp;hereof, any reasonable legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any action or claim. The Company, FedEx and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in this Section&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section&nbsp;8, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts
received by such Underwriter in connection with the Securities underwritten by it and distributed to the public. No person guilty
of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute pursuant
to this Section&nbsp;8 are several, and not joint, in proportion to their respective underwriting commitments as set forth opposite
their names in Schedule I hereto. For purposes of this Section&nbsp;8, each affiliate, director and officer of an Underwriter and
each person, if any, who controls an Underwriter within the meaning of the Securities Act and the Exchange Act shall have the same
rights to contribution as such Underwriter, and each director of the Company and of FedEx, each officer of the Company and of FedEx
who signed the Registration Statement and each person, if any, who controls the Company or FedEx within the meaning of the Securities
Act and the Exchange Act shall have the same rights to contribution as the Company or FedEx.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remedies provided
for in Sections 7 and 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Default</U>.
If any Underwriter shall fail at the Closing Time to purchase the Certificates which it is obligated to purchase hereunder (the
&ldquo;Defaulted Certificates&rdquo;), and the aggregate amount of Defaulted Certificates is not more than one tenth of the aggregate
amount of the Certificates to be purchased on such date, the other Underwriters shall be obligated severally in the proportions
that the amount of the Certificates set forth opposite their respective names in Schedule I hereto bears to the aggregate amount
of Certificates set forth opposite the names of all such non-defaulting Underwriters to purchase the Defaulted Certificates; provided,
that in no event shall the amount of Defaulted Certificates that any Underwriter has agreed to purchase pursuant to this Agreement
be increased by an amount in excess of one-tenth of such amount of Certificates without the written consent of such Underwriter.
If the aggregate amount of Defaulted Certificates is more than one-tenth of the aggregate amount of the Certificates to be purchased
at the Closing Time, and arrangements satisfactory to the Underwriters and the Company for the purchase of such Defaulted Certificates
are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting
Underwriters or the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No action taken pursuant
to this Section&nbsp;shall relieve a defaulting Underwriter from liability in respect of its default under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any
such default which does not result in a termination of this Agreement, either the non-defaulting Underwriters or the Company shall
have the right to postpone the Closing Time for a period not exceeding seven days in order to effect any required changes in the
Prospectus or in any other documents or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination</U>.
The Representatives may terminate this Agreement, immediately upon notice to the Company, at any time prior to the Closing Time
if: (i)&nbsp;there has been, since the date hereof or since the respective dates as of which information is given in the Pricing
Disclosure Package and the Prospectus, any material adverse change in the business, property, financial condition or results of
operations of the Company and its consolidated subsidiaries taken as a whole, (ii)&nbsp;there shall have occurred any material
adverse change in the financial markets in the United States or any outbreak or escalation of hostilities or other national or
international calamity or crisis, the effect of which would, in your judgment, materially and adversely affect the ability of the
Underwriters to market the Certificates on the terms and in the manner contemplated by this Agreement, (iii)&nbsp;trading in any
securities of the Company shall have been suspended by the Commission or a national securities exchange, or if trading generally
on the New York Stock Exchange shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum
ranges for prices for securities shall have been required, by said exchange or by order of the Commission or any other governmental
authority or (iv)&nbsp;if a banking moratorium shall have been declared by either federal or New York authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any
termination of this Agreement pursuant to this Section&nbsp;10, the provisions of Section&nbsp;5 hereof, the indemnity and contribution
agreements set forth in Sections 7 and 8 hereof and the provisions of Sections 11 and 21 hereof shall remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations,
Warranties,&nbsp;Indemnities and Agreements to Survive Delivery</U>. All representations, warranties, indemnities and other agreements
contained in this Agreement, or contained in certificates of officers of the Company or FedEx submitted pursuant hereto, shall
remain operative and in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or controlling
person, or by or on behalf of the Company or FedEx, and shall survive each delivery of and payment for any of the Certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Liability
upon Termination</U>. If this Agreement shall be terminated pursuant to Section&nbsp;4 or 10 hereof, the Company shall not then
be under any liability to any Underwriter except as provided in Sections 5, 7 and 8 hereof; but, if for any other reason, the Certificates
are not delivered by or on behalf of the Company as provided herein, because the Company fails to satisfy any of the conditions
set forth in Section&nbsp;4 hereof or because of any refusal, inability or failure of the Company to perform any agreement herein
or to comply with any provision hereof, other than by reason of a default by the Underwriters, the Company will reimburse the Underwriters
for all out-of-pocket expenses, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making
preparations for the purchase, sale and delivery of such Certificates, but the Company shall then be under no further liability
to any Underwriter with respect to such Certificates except as provided in Sections 5, 7 and 8 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Recognition
of the U.S.&nbsp;Special Resolution Regimes</U>. (a)&nbsp;In the event that any Underwriter that is a Covered Entity becomes subject
to a proceeding under a U.S.&nbsp;Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S.&nbsp;Special
Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a
state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S.&nbsp;Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.&nbsp;Special Resolution
Regime if this Agreement were governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Section&nbsp;13, a &ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be
interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;Covered Entity&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered
entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;Default Right&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &sect;&sect; 252.81, 47.2
or&nbsp;382.1, as applicable. &ldquo;U.S.&nbsp;Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (ii)&nbsp;Title&nbsp;II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Acknowledgement
and Consent to Bail-In of EEA Financial Institutions</U>. Notwithstanding and to the exclusion of any other term of this Agreement
or any other agreements, arrangements or understanding between the Company and the BRRD Party, the Company acknowledges and accepts
that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution
Authority, and acknowledges, accepts, and agrees to be bound by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the BRRD Party
to the Company under this Agreement, that (without limitation) may include and result in any of the following, or some combination
thereof:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Party or
another person, and the issue to or conferral on the Company of such shares, securities or obligations;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
cancellation of the BRRD Liability;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including
by suspending payment for a temporary period;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise
of Bail-in Powers by the Relevant Resolution Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
purposes of this <U>Section&nbsp;14</U>:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>Bail-in Legislation</U>&rdquo;
means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD,
the relevant implementing law, regulation, rule&nbsp;or requirement as described in the EU Bail-in Legislation Schedule from time
to time;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>Bail-in Powers</U>&rdquo;
means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in
Legislation;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>BRRD</U>&rdquo; means
Directive&nbsp;2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>BRRD Liability</U>&rdquo;
means a liability in respect of which the relevant Bail-in Powers in the applicable Bail-in Legislation may be exercised;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>BRRD Party</U>&rdquo;
means each Underwriter;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>EU Bail-in Legislation
Schedule</U>&rdquo; means the document described as such, then in effect, and published by the Loan Market Association (or any
successor person) from time to time at <U>http://www.lma.eu.com/pages.aspx?p=499</U> (or any such successor webpage); and</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;<U>Relevant Resolution Authority</U>&rdquo; means
the resolution authority with the ability to exercise any Bail-in Powers in relation to the BRRD Party.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
It is understood and agreed that Citigroup Global Markets,&nbsp;Inc., Deutsche Bank Securities Inc. and Morgan Stanley&nbsp;&amp;
Co. LLC are the joint lead book runners for the public offering of the Certificates and any determinations or other actions to
be made under this Agreement by you shall require the concurrence of each of Citigroup Global Markets,&nbsp;Inc., Deutsche Bank
Securities Inc. and Morgan Stanley&nbsp;&amp; Co. LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All statements, requests,
notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail or facsimile
transmission to each of you, if to Citigroup Global Markets,&nbsp;Inc., 390 Greenwich Street, New York, New York 10013, Attention:
Matthew Simonetti, if to Deutsche Bank Securities Inc., 60 Wall Street, New York, New York, 10005, Attention: Debt Capital Markets
Syndicate, with a copy to General Counsel, fax: (646) 374-1071, if to Morgan Stanley&nbsp;&amp; Co. LLC, 1585 Broadway, New York,
New York 10036 Attention: High Yield Syndicate Desk, with a copy to the Legal Department and if to the Company shall be delivered
or sent by mail or facsimile transmission and addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Federal Express Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">3610 Hacks Cross Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Memphis, TN 38125</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">With copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">FedEx Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">942 S. Shady Grove Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Memphis, TN 38120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Attn: Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With a separate FedEx Corporation copy to:
Corporate Vice President, Securities&nbsp;&amp; Corporate Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any such statements,
requests, notices or agreements shall take effect upon receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Parties</U>.
This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided
in Sections&nbsp;7, 8 and&nbsp;11 hereof, the officers and directors of the Company and each person who controls the Company or
any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire
or have any right under or by virtue of this Agreement. No purchaser of any of the Certificates from any Underwriter shall be deemed
a successor or assign by reason merely of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Time
of the Essence</U>. Time shall be of the essence of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Advisory or Fiduciary Relationship</U>. Each of the Company and FedEx acknowledges and agrees that: (i)&nbsp;the purchase and sale
of the Certificates and Guarantee pursuant to this Agreement, including the determination of the public offering price of the Certificates
and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the Company and FedEx, on the
one hand, and the several Underwriters, on the other hand, and the Company and FedEx are capable of evaluating and understanding
and understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; (ii)&nbsp;in connection
with each transaction contemplated hereby and the process leading to such transaction, each Underwriter is and has been acting
solely as a principal and is not the financial advisor, agent or fiduciary of the Company, FedEx or their respective affiliates,
stockholders, creditors or employees or any other party; (iii)&nbsp;no Underwriter has assumed or will assume an advisory, agency
or fiduciary responsibility in favor of the Company or FedEx with respect to any of the transactions contemplated hereby or the
process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or FedEx on
other matters) and neither the Company nor FedEx shall make any claim relating thereto; (iv)&nbsp;no Underwriter has any obligation
to the Company or FedEx with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement;
(v)&nbsp;the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Company and FedEx and that the several Underwriters have no obligation pursuant to this
Agreement to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship in connection with the
transactions contemplated hereby; and (vi)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax advice
with respect to the offering contemplated hereby and the Company and FedEx have consulted their own legal, accounting, regulatory
and tax advisors to the extent they deemed appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Patriot
Act</U>. In accordance with the requirements of the USA Patriot Act, the Underwriters are required to obtain, verify and record
information that identifies their respective clients, including the Company, which information may include the name and address
of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective
clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company
and the Underwriters, or any of them, with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>GOVERNING
LAW</U>. THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER
THAN THE LAWS OF THE STATE&nbsp;OF&nbsp;NEW&nbsp;YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Waiver
of Jury Trial</U>. The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">23.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed
to be an original, but all such respective counterparts shall together constitute one and the same instrument. A party may submit
its signed counterpart of this Agreement by facsimile and such counterpart so received by facsimile shall for all purposes constitute
an original.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo;
&ldquo;signature,&rdquo; and words of like import in this Agreement or in any instruments, agreements, certificates, legal opinions,
negative assurance letters or other documents entered into or delivered pursuant to or in connection with this Agreement or the
Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
without limitation, &ldquo;pdf&rdquo;, &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic signatures (including, without
limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any
contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same
legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature pages&nbsp;follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing is in accordance with
your understanding, please sign and return to us counterparts hereof, and upon the acceptance hereof by you, this letter and such
acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">FEDERAL EXPRESS CORPORATION</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Elise L. Jordan</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Elise L. Jordan</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">FEDEX CORPORATION</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Herbert C. Nappier</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Herbert C. Nappier</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President, Treasurer, Tax &amp; Corporate
    Development</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Accepted as of the date hereof:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">CITIBANK GLOBAL MARKETS INC.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Matthew J. Simonetti</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Matthew J. Simonetti</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEUTSCHE BANK SECURITIES INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ Rafael Kuhn</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD>Rafael Kuhn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: </TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Ritu Ketkar</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD>Ritu Ketkar</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: </TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MORGAN STANLEY&nbsp;&amp; CO. LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">/s/ Dana Barta</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD>Dana Barta</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD>Executive Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;I<BR>
to<BR>
Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">UNDERWRITERS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">FACE AMOUNT<BR>
 OF CERTIFICATES</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; font-size: 10pt; text-align: left">Citigroup Global Markets,&nbsp;Inc</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">287,766,000.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Deutsche Bank Securities Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">287,767,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">287,767,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">BNP Paribas Securities Corp.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">97,000,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Academy Securities,&nbsp;Inc</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,700,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;II<BR>
to<BR>
Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt">Pass Through Certificates</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Aggregate Face Amount</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Interest Rate</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Final Expected Regular Distribution Date</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Final Legal Distribution Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Pass Through Certificates, Series&nbsp;2020-1AA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$970,000,000.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1.875%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">February&nbsp;20, 2034</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August&nbsp;20, 2035</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;III<BR>
to<BR>
Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Issuer Free Writing Prospectus included in the Pricing Disclosure Package:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 13.1pt">(i)</TD><TD STYLE="text-align: justify">Final Term Sheet described in Section&nbsp;1(d)&nbsp;hereof</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 13.1pt">(ii)</TD><TD STYLE="text-align: justify">The Free Writing Prospectus, dated July&nbsp;30, 2020, containing the terms related to upsizing
the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Issuer Free Writing Prospectus not included in the Pricing Disclosure Package:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 13.1pt">(i)</TD><TD STYLE="text-align: justify">Investor Presentation, dated July&nbsp;30, 2020</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 13.1pt">(ii)</TD><TD STYLE="text-align: justify">Investor Presentation (upsize), dated July&nbsp;30, 2020</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting fees, discounts, commissions or other compensation:
$9,700,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right; text-indent: 1.25in"><B>Pricing
Supplement<BR>
July&nbsp;30, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Federal Express Corporation (&ldquo;FedEx
Express&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020-1AA Pass Through Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&nbsp;AA Pass Through Certificates,
Series&nbsp;2020-1AA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pricing Supplement
dated July&nbsp;30, 2020 to the preliminary prospectus supplement dated July&nbsp;29, 2020 (the &ldquo;Preliminary Prospectus Supplement&rdquo;)
relating to the Certificates referred to below of FedEx Express.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in
this Pricing Supplement amends and supplements the Preliminary Prospectus Supplement and the free writing prospectus related to
the up-sizing of the offering dated July&nbsp;30, 2020 (the &ldquo;Up-Size FWP&rdquo;) to provide for the offering of the Certificates
pursuant to, and on the terms and conditions described in, the Preliminary Prospectus Supplement and the Up-Size FWP. The information
in this Pricing Supplement supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with
the information therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Terms used but not
defined herein shall have the meanings set forth in the Preliminary Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-bottom: 1pt; width: 58%; text-align: justify"><B>Securities:</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; width: 42%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Class&nbsp;AA Pass Through Certificates,<BR>
Series&nbsp;2020-1AA (the &ldquo;Certificates&rdquo;)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Amount:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$970,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Public Offering Price:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>CUSIP:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">314353 AA1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>ISIN:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">US314353AA14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Regular Distribution Dates:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">February&nbsp;20 and August&nbsp;20 of each year, commencing on February&nbsp;20, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Make-Whole Spread Over Treasuries:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">T+20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Liquidity Provider Rating:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">The Liquidity Provider currently meets the Threshold Rating requirement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Coupon/Stated Interest Rate:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">1.875% </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">+133 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Benchmark Treasury Rate:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">0.545%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Initial &ldquo;Maximum Commitment&rdquo; under the Liquidity Facilities:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$27,634,896.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Underwriters:</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Citigroup Global Markets Inc.</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$287,766,000.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Deutsche Bank Securities Inc. </B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$287,767,000.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Morgan Stanley&nbsp;&amp; Co. LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$287,767,000.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>BNP Paribas Securities Corp.</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$97,000,000.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Academy Securities,&nbsp;Inc. </B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid; text-align: center">$9,700,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FedEx Corporation (&ldquo;FedEx&rdquo;)
has filed a registration statement (No.&nbsp;333-240157) (including a prospectus) and a related prospectus supplement with the
SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement, the prospectus supplement and other documents FedEx has filed with the SEC for more complete information about FedEx
and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you
request them by calling Citigroup Global Markets Inc. toll-free at 1-800-285-3000, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611
or Morgan Stanley&nbsp;&amp; Co. LLC toll-free at 1-800-718-1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2025644d12_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2025644d12_ex23-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July&nbsp;30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">942 South Shady Grove Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Memphis,
Tennessee 38120&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Re:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Federal
Express Corporation (the &ldquo;<U>Company</U>&rdquo;)</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Thirteen Boeing 767-300F, Six Boeing 777F
Aircraft Appraisals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We
hereby consent to (i)&nbsp;the use of the report prepared by us with respect to the aircraft referred to above (<U>ii</U>)&nbsp;the
summary of such report under the headings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><U>(a)</U></TD><TD STYLE="text-align: justify">&ldquo;Prospectus Supplement Summary&ndash;Summary of
Terms of Certificates,&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>(b)</U></TD><TD>&ldquo;Prospectus Supplement Summary &ndash; Equipment Notes
and the Aircraft,&rdquo; (<U>c</U>)&nbsp;&ldquo;Prospectus Supplement Summary &ndash; Loan to Aircraft Value Ratios,&rdquo; (<U>d</U>)&nbsp;&ldquo;Prospectus
Supplement Summary &ndash; The Offering,&rdquo; (<U>e</U>)&nbsp;&ldquo;Risk Factors &ndash; Risk Factors Relating to the Certificates
and the Offering,&rdquo; (f)&nbsp;&ldquo;Description of the Aircraft and the Appraisals &ndash; The Appraisals&rdquo; and (<U>g</U>)&nbsp;&ldquo;Description
of the Equipment Notes &ndash; Loan to Value Ratios of Equipment Notes&rdquo; and (<U>iii</U>)&nbsp;references to our firm under
the headings &ldquo;Description of the Aircraft and the Appraisals &ndash; The Appraisals&rdquo; and &ldquo;Experts&rdquo; in the
Company&rsquo;s preliminary Prospectus Supplement expected to be dated on or about July&nbsp;29, 2020, and the Company&rsquo;s
final Prospectus Supplement, in each case to the Prospectus, dated July&nbsp;30, 2020, included in Registration Statement No.&nbsp;
333-240157&#9;and relating to the offering of Federal Express Corporation Pass Through Certificates, Series&nbsp;2020-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B"><B>2
1 0 1 W I L S O N B O U L E V A R D </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #CC0000">|
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B">S U I T E 1 0 0 1 </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #CC0000">|
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B">A R L I N G T O N </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #999999">,
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B">V I R G I N I A 2 2 2 0
1</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B"><B>P
H O N E : 1 7 0 3 2 7 6 3 2 0 0 </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #CC0000">|</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #CC0000">&#9;</FONT></B><B><FONT STYLE="color: #CC0000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #7A858B">F
A X : 1 7 0 3 2 7 6 3 2 0 1</FONT></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #7A858B"><B>W W W . M B A . A E R
O</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">mba Aviation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ David Tokoph</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%">David Tokoph</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and CEO</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: middle; text-align: center">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 34%">[Signature
Page&nbsp;to Consent Letter &ndash; mba]</TD>
    <TD STYLE="text-align: right; width: 33%"><IMG SRC="tm2025644d12_ex23-1img002.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2025644d12_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2025644d12_ex23-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July&nbsp;30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Corporation 942 South Shady Grove Road Memphis,
Tennessee 38120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Re:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Federal
Express Corporation (the &ldquo;<U>Company</U>&rdquo;)</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&nbsp;&nbsp;&nbsp;Thirteen Boeing 767-300F, Six Boeing 777F
Aircraft Appraisals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We
hereby consent to (i)&nbsp;the use of the report prepared by us with respect to the aircraft referred to above (<U>ii</U>)&nbsp;the
summary of such report under the headings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><U>(a)</U></TD><TD STYLE="text-align: justify">&ldquo;Prospectus
                                                                                       Supplement Summary &ndash; Summary of Terms of Certificates,&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>(b)</U></TD><TD>&ldquo;Prospectus Supplement Summary &ndash; Equipment Notes
and the Aircraft,&rdquo; (<U>c</U>)&nbsp;&ldquo;Prospectus Supplement Summary &ndash; Loan to Aircraft Value Ratios,&rdquo; (<U>d</U>)&nbsp;&ldquo;Prospectus
Supplement Summary &ndash; The Offering,&rdquo; (<U>e</U>)&nbsp;&ldquo;Risk Factors &ndash; Risk Factors Relating to the Certificates
and the Offering,&rdquo; (f)&nbsp;&ldquo;Description of the Aircraft and the Appraisals &ndash; The Appraisals&rdquo; and (<U>g</U>)&nbsp;&ldquo;Description
of the Equipment Notes &ndash; Loan to Value Ratios of Equipment Notes&rdquo; and (<U>iii</U>)&nbsp;references to our firm under
the headings &ldquo;Description of the Aircraft and the Appraisals &ndash; The Appraisals&rdquo; and &ldquo;Experts&rdquo; in the
Company&rsquo;s preliminary Prospectus Supplement expected to be dated on or about July&nbsp;29, 2020, and the Company&rsquo;s
final Prospectus Supplement, in each case to the Prospectus, dated July&nbsp;30, 2020, included in Registration Statement No.&nbsp;
333-240157&#9;and relating to the offering of Federal Express Corporation Pass Through Certificates, Series&nbsp;2020-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Main Office: 1440 Dutch Valley
Place, Suite&nbsp;180, Atlanta, Georgia 30324</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TEL: 404 870-AISI (2474) E-MAIL: mail@AISI.aero www.aisi.aero</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2025644d12_ex23-2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">AIRCRAFT INFORMATION SERVICES,<BR>
INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Mark D. Halsor</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%">Mark D. Halsor</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;to Consent Letter &ndash;
AISI]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>tm2025644d12_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2025644d12_ex23-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July&nbsp;30, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Corporation 942 South Shady Grove Road Memphis,
Tennessee 38120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Re:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Federal
Express Corporation (the &ldquo;<U>Company</U>&rdquo;)</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;&nbsp;&nbsp;&nbsp;Thirteen Boeing 767-300ERF and Six Boeing 777F Freighter
Aircraft Appraisals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We
hereby consent to (i)&nbsp;the use of the report prepared by us with respect to the aircraft referred to above (<U>ii</U>)&nbsp;the
summary of such report under the headings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><U>(a)</U></TD><TD STYLE="text-align: justify">&ldquo;Prospectus
                                                                                       Supplement Summary &ndash; Summary of Terms of Certificates,&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><U>(b)</U></TD><TD STYLE="padding-right: 5.65pt">&ldquo;Prospectus Supplement
Summary &ndash; Equipment Notes and the Aircraft,&rdquo; (<U>c</U>) &ldquo;Prospectus Supplement Summary &ndash; Loan to Aircraft
Value Ratios,&rdquo; (<U>d</U>) &ldquo;Prospectus Supplement Summary &ndash; The Offering,&rdquo; (<U>e</U>) &ldquo;Risk Factors
&ndash; Risk Factors Relating to the Certificates and the Offering,&rdquo; (f) &ldquo;Description of the Aircraft and the Appraisals
&ndash; The Appraisals&rdquo; and (<U>g</U>) &ldquo;Description of the Equipment Notes &ndash; Loan to Value Ratios of Equipment
Notes&rdquo; and (<U>iii</U>) references to our firm under the headings &ldquo;Description of the Aircraft and the Appraisals &ndash;
The Appraisals&rdquo; and &ldquo;Experts&rdquo; in the Company&rsquo;s preliminary Prospectus Supplement expected to be dated on
or about July 29, 2020, and the Company&rsquo;s final Prospectus Supplement, in each case to the Prospectus, dated July 30, 2020,
included in Registration Statement No. 333-240157&#9;and relating to the offering of Federal Express Corporation Pass Through Certificates,
Series 2020-1.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">AVITAS,&nbsp;INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;to Consent Letter &ndash;
Avitas]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>fdx-20200730_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>fdx-20200730_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139756759171336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jul. 30, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 30,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-15829<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">FedEx Corporation<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001048911<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">62-1721435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">942 South Shady Grove Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Memphis<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">38120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">901<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">818-7500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock, par value $0.10 per share</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.10 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_M0.700NotesDue2022Member', window );">0.700% Notes due 2022</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.700% Notes due 2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 22B<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_M1.000NotesDue2023Member', window );">1.000% Notes due 2023</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.000% Notes due 2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 23A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_M0.450NotesDue2025Member', window );">0.450% Notes due 2025</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.450% Notes due 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 25A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_M1.625NotesDue2027Member', window );">1.625% Notes due 2027</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.625% Notes due 2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_M1.300NotesDue2031Member', window );">1.300% Notes due 2031</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.300% Notes due 2031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
