<SEC-DOCUMENT>0001214659-23-011398.txt : 20230816
<SEC-HEADER>0001214659-23-011398.hdr.sgml : 20230816
<ACCEPTANCE-DATETIME>20230816062550
ACCESSION NUMBER:		0001214659-23-011398
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230816
DATE AS OF CHANGE:		20230816
EFFECTIVENESS DATE:		20230816

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15829
		FILM NUMBER:		231176442

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

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

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SISTERS OF ST FRANCIS OF PHILADELPHIA
		CENTRAL INDEX KEY:			0001519001
		IRS NUMBER:				231352545
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		606 SOUTH CONVENT ROAD
		CITY:			ASTON
		STATE:			PA
		ZIP:			19014
		BUSINESS PHONE:		610-558-7661

	MAIL ADDRESS:	
		STREET 1:		606 SOUTH CONVENT ROAD
		CITY:			ASTON
		STATE:			PA
		ZIP:			19014
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 14a-103</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">Name of the Registrant: FedEx Corporation</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">Name of persons relying on exemption: Sisters of St. Francis of Philadelphia</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">Address of persons relying on exemption: 609 S. Convent Road, Aston,
PA 19014</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">Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</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">PROXY MEMORANDUM</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: 10%">TO:</TD>
    <TD STYLE="width: 90%">Shareholders of FedEx Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>RE:</TD>
    <TD>Proposal No. 7 (Paid Sick Leave)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>DATE:</TD>
    <TD>August 11, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>CONTACT:</TD>
    <TD>Tom McCaney, Sisters of St. Francis of Philadelphia tmccaney@osfphila.org</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"><I>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card; The Sisters of St. Francis of Philadelphia are not able to vote your proxies, nor does this communication
contemplate such an event. The Sisters of St. Francis of Philadelphia urges shareholders to vote for Proposal No. 7 following the instructions
provided on management's proxy mailing.</I></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">The Sisters of St. Francis of Philadelphia urges shareholders to vote
YES on Proposal No. 7 (the &ldquo;Proposal&rdquo;) on the 2023 proxy ballot of FedEx Corporation (the &ldquo;Company&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"><B>About the Proponent</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">The Sisters of St. Francis of Philadelphia are the lead proponents
of ITEM 7 (paid sick leave) at the company&rsquo;s 2023 AGM.</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"><B>About the Proposal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Resolved clause</I>: Shareholders of FedEx ask the company to publicly
disclose its permanent paid sick leave policies, above and beyond legal requirements. For purposes of this proposal, &lsquo;permanent&rsquo;
means a sick leave policy that is not conditioned on the existence of a pandemic or other external event.&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">For the following reasons, we believe FedEx should report on paid sick
leave among franchise employees:</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"></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Access to paid sick leave (PSL) for all workers is critical to prevent the spread of disease and to keep workers and customers
safe.</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Our Company faces greater financial and reputational risks as a large employer, with 6 operating companies under the FedEx banner.</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>A lack of transparency regarding PSL policies contributes to confusion and frustration among employees, as well as lower morale.</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>PSL leads to cost savings and places the Company at an advantage in a tight labor market.</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>The Company is not bound by this Proposal to implement a specific policy.</B></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"><B>Access to paid sick leave (PSL) for all workers is critical to prevent
the spread of disease and to keep workers and customers safe</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">There is currently, at our Company, little public information available
pertaining to its paid sick leave policies for any of the 6 operating companies connected to FedEx. A PSL policy is critical in preventing
the spread of disease. In the US, the temporary PSL implemented resulted in an estimated 50% reduction in the number of new COVID-19 cases
per day.<SUP>1</SUP> The Company touts in its opposition statement that &ldquo;while benefit packages vary among our operating companies,
all operating companies offer time-off packages that include paid time-off days for vacation, personal time, or illness as well as floating
holidays.&rdquo; This variance is at the heart of this proposal. Without knowing the paid sick leave policies of each of the 6 FedEx operating
companies, shareholders, stakeholders, and particularly employees cannot evaluate the competitiveness of the company&rsquo;s benefits
program.</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">Disclosure of the paid sick leave benefits for each operating company
and all job classifications within those companies provides valuable information to all employees. A published PSL policy allows workers
to not have to choose between wages and their health, but also gives employees the confidence that co-workers, in all job classifications,
need not make those choices.</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"><B>Our Company faces greater financial and reputational risks as a
large employer with 6 operating companies under the FedEx banner</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the fourth largest employer in the United States<SUP>2</SUP> with
a diversified and mobile workforce, our Company is particularly susceptible to reputational risks concerning public health and safety.
Our Company recognizes these risks, noting in the company&rsquo;s 10-K report <I>&ldquo;Due to the size, scope, and geographically dispersed
nature of our operations, the expenses we incur to protect the health and safety of certain of our em<FONT STYLE="font-size: 10pt">ployees
may be higher than similar expenses incurred by companies in other industries.&rdquo;<SUP>3</SUP></FONT></I></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">Benefits
of Paid Sick Leave During the COVID-19 Pandemic - Ontario COVID-19 Science Advisory Table (covid19-sciencetable.ca)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> <FONT STYLE="font-size: 10pt">Top
10 Largest Fortune 500 Employers In The U.S. (forbes.com)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> <A HREF="https://www.sec.gov/Archives/edgar/data/1048911/000095017022012762/fdx-20220531.htm#item_1a_risk_factors"><FONT STYLE="font-size: 10pt">10-K
(sec.gov)</FONT></A></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"></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">In the September 28, 2022 Time Magazine issue, &ldquo;<I>When the pandemic
hit the world in early 2020, the U.S. was the only one among 22 highly economically developed countries without guaranteed paid sick time,&nbsp;</I><I>according
to</I><I>&nbsp;the Center for Economic and Policy Research. More than two years later, it still is.&rdquo;<SUP>4</SUP></I></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">In a commentary titled &ldquo;<B>Rethinking employee benefits for the
post-pandemic world&rdquo; </B>the president of Integrated Benefits Institute notes: Offering or expanding on current paid leave policies
just makes sense&mdash;it is a powerful public health tool and gives employees the peace of mind to take care of what they need to without
lost wages or fear of a bad performance review.&rdquo;<SUP>5</SUP></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"><B>A lack of transparency regarding PSL policies contributes to confusion
and frustration among employees, as well as lower morale.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paid Sick Leave, as well as other employee benefits are essential in
recruiting and retaining a workforce. However, studies show that as much as 85% of employees are confused about their benefits.<SUP>6</SUP>
In addition, &ldquo;employers with paid sick leave benefit from reduced worker turnover and better relationships with their employees,
saving employers the cost of recruiting, interviewing, and training new hires.&rdquo;<SUP>7</SUP> This is clear evidence that paid sick
leave is not only good for employees and good for business, as well.</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">According to Indeed, a large employment recruitment firm, &ldquo;Sick
leave pay is a valuable benefit that can boost employee morale and improve the health and productivity of your workforce.&rdquo;<SUP>8</SUP></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"><B>PSL leads to cost savings and places the Company at an advantage
in a tight labor market</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">PSL is not just the right thing to do for employees, it is also the
prudent thing to do. Research finds PSL both increases productivity<SUP>9</SUP> and reduces turnover, which in turn reduces costs associated
with hiring.<SUP>10</SUP></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"><B>Businesses that have implemented PSL have seen cost savings</B>
from:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>increased workplace stability</B> &ndash; replacing workers costs an average of 20% of an employee&rsquo;s annual compensation.<SUP>11</SUP>
An absence of PSL may negatively impact worker sentiment and lead to a high turnover rate. Comprehensive benefits that include paid sick
leav<FONT STYLE="font-size: 10pt">e for all workers could help our Company compete in a tight labor market.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> <FONT STYLE="font-size: 10pt">The
Pandemic Changed Paid Sick Leave, But Not For Everyone | Time</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 10pt">Rethinking
employee benefits for the post-pandemic world | BenefitsPRO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> <FONT STYLE="font-size: 10pt">Employees
Want Help Understanding Benefits Offered by Employers - Ameritas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> <FONT STYLE="font-size: 10pt">Paid-Sick-Leave-Is-Good-for-Business-2.23.21.pdf
(abetterbalance.org)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> <FONT STYLE="font-size: 10pt">Paid
Sick Leave: A Guide for Employers (indeed.com)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> <FONT STYLE="font-size: 10pt">The
pros and cons of sick pay schemes: Contagious presenteeism and noncontagious absenteeism behaviour | CEPR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> <FONT STYLE="font-size: 10pt">Potential
Economic Benefits of Paid Sick Leave in Reducing Absenteeism Related to the Spread of Influenza-Like Illness - PMC (nih.gov)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> <FONT STYLE="font-size: 10pt">There
Are Significant Business Costs to Replacing Employees - Center for American Progress</FONT></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"></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>increased productivity</B> &ndash; a phenomenon known as &ldquo;presenteeism&rdquo; is avoided through paid sick leave. Presenteeism
is the lost productivity from employees not being fully present or functional at work.<SUP>12</SUP> This costs the US economy an estimated
$273 billion annually (adjusted for inflation as of May 2023), <B>higher</B> than the cost of absenteeism.<SUP>13</SUP> These costs are
due to lowered productivity and increased mistakes.<SUP>14</SUP></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">Furthermore, the vast majority of companies that have implemented PSL
have seen no impact on their bottom line at minimum or in some cases, have even experienced growth. <SUP>15</SUP></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">Beyond company financials, there are significant benefits to society.
PSL leads to lower health care costs for employees &ndash; people without access to PSL are far more likely to seek emergency room care
and have to deal with higher medical costs for themselves and dependents. Employees in the US without PSL are two times more likely to
need to visit the emergency room as they cannot take time off work to seek preventative care.<SUP>16</SUP></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">Further, paid sick leave could place the Company at an advantage compared
to its peers and competitors, yet our Company currently lags in disclosure of its PSL policies. In a tight labor market, other employers
have used paid sick leave as a way to attract employees.<SUP>17</SUP></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"><B>The Company is not bound by this Proposal to implement a specific
policy:</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">The Company states in its opposition statement &ldquo;All eligible
full- and parttime employees are equipped with competitive benefits, including health care, wellness, paid sick leave, other flexible
paid time off, and other benefits.&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">However, the Proposal simply requests the Company to publicly disclose
its permanent paid sick leave policies, above and beyond legal requirements. In no way does the Proposal bind the Company to implement
a policy requiring a prescribed number of paid sick leave days for any worker category. We are simply asking FedEx to publish on its company
website, paid sick leave policies for each of its operating companies. Through dialogue with shareholders, the company shared that each
operating company employs its own Human Resources department. Therefore, if each operating company provided a link to their PSL policies,
FedEx&rsquo;s various PSL guidelines would be easily available to its workforce and stakeholders.</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">To support shareholder value and proper risk management, and <FONT STYLE="font-size: 10pt">take
important steps to protect workers and customers, <B>we urge investors to support this Proposal.</B></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.investopedia.com/terms/p/presenteeism.asp#:~:text=Presenteeism%20refers%20to%20the%20lost,make%20mistakes%20on%20the%20job.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> <FONT STYLE="font-size: 10pt">paid-sick-days-good-for-business-and-workers.pdf
(nationalpartnership.org)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.nationalpartnership.org/our-work/resources/economic-justice/paid-sick-days/paid-sick-days-good-for-business-and-workers.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.nationalpartnership.org/our-work/resources/economic-justice/paid-sick-days/paid-sick-days-good-for-business-and-workers.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> <FONT STYLE="font-size: 10pt">paid-sick-days-good-for-business-and-workers.pdf
(nationalpartnership.org)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> <FONT STYLE="font-size: 10pt">Paid
Sick Leave: A Guide for Employers (indeed.com)</FONT></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">We are not asking for authority to vote your proxy and no proxy cards
will be accepted. Please vote your proxy according to the instructions in FedEx&rsquo;s proxy statement.</P>

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