<SEC-DOCUMENT>0001214659-23-011465.txt : 20230818
<SEC-HEADER>0001214659-23-011465.hdr.sgml : 20230818
<ACCEPTANCE-DATETIME>20230817194111
ACCESSION NUMBER:		0001214659-23-011465
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230818
DATE AS OF CHANGE:		20230817
EFFECTIVENESS DATE:		20230818

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:		231183441

	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:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
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<FILENAME>z817230px14a6g.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117.35pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: FedEx Corp<BR>
Name of persons relying on exemption:&nbsp;<I>As You Sow</I>&reg;<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt 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.&nbsp;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: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FedEx Corp (FDX)<BR>
Vote Yes: Item 8 &ndash; Report on Assessing Systemic Climate Risk from Retirement Plan Options</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: September 19, 2023</B> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Grant Bradski | gbradski@asyousow.org</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request that the Board publish a report,
at reasonable expense and omitting confidential information, disclosing how the Company is protecting Plan beneficiaries with a longer
investment time horizon from climate risk in the Company&rsquo;s default retirement options.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement:</B> <FONT STYLE="background-color: #FCFCFC">Proponent
suggests the report include, at Board discretion:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FCFCFC">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FCFCFC"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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; font-size: 11pt">&middot;</FONT></TD><TD>the degree to which carbon-intensive investments in the default investment option contribute to greater beneficiary risk and reduced
Plan performance over time;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: #FCFCFC"><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><FONT STYLE="font-family: Times New Roman, Times, Serif">whether carbon-intensive investments in the default investment option put
younger beneficiaries&rsquo; savings at greater risk than participants closer to retirement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">The present and future economic consequences
of climate change present material risk to retirement plan beneficiaries, particularly those with retirement dates more than a decade
out. The Company&rsquo;s retirement plan investments are subject to growing systemic risk, including physical impacts on infrastructure,
supply chains, and resource availability, as well as financial losses associated with stranded assets, transition costs, and inaccurate
valuations. Estimates suggest that, in the absence of mitigation in line with the Paris Agreement, climate change will likely result in
an 11% to 14% decline in global GDP.<SUP>1</SUP> This will have portf</FONT><FONT STYLE="font-size: 11pt">olio-wide consequences to employees
saving for retirement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As both private actors and governments increase efforts to respond
to and mitigate climate change, shifting regulatory and business environments will increase transition costs for companies that are caught
flat-footed, exacerbating the financial risk faced by plan beneficiaries whose assets have not been responsibly managed in light of these
risks. Because the physical, financial, and transition risks associated with a warming climate are expected to increase over time, younger
plan beneficiaries with longer investment time horizons can be expected to face higher climate-related risks than beneficiaries closer
to retirement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">FedEx Corp | Report on Assessing Systemic Climate Risk from Retirement Plan Options</FONT></P>
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</TABLE>

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



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This Proposal requests that FedEx assess and report on how the Company
is protecting its 401(k) Plan beneficiaries with a longer investment time horizon from climate risk in the Company&rsquo;s default retirement
options. <FONT STYLE="font-weight: normal">The largest segment </FONT>of FedEx workers&rsquo; deferred wages is invested in the Company
Plan&rsquo;s &ldquo;default&rdquo; option, a series of target-date funds that are heavily exposed to high-carbon and deforestation-intensive
industries. These investments contribute to climate change and create outsized systemic portfolio risk for beneficiaries. They also are
poor long-term investments for younger beneficiaries, as these industries are likely to face significant transition costs and decarbonization
risk. The Company&rsquo;s failure to adequately manage climate risk in connection with its 401(k) Plan (&ldquo;the Plan&rdquo;) therefore
has the potential to harm beneficiaries, especially younger beneficiaries. This, in turn, may make it more difficult for FedEx to attract
and retain top talent, while also undermining the reputational benefits associated with the Company&rsquo;s efforts to address operational
and supply chain climate impacts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Simply put: climate change threatens workers&rsquo; life savings. The
responsible stewardship of employee retirement plans demands active consideration and management of the Plan&rsquo;s contribution to systemic
climate risk over different time horizons, as required by beneficiaries&rsquo; best interests. Under federal law, the Board is charged
with monitoring Plan fiduciaries &ldquo;to ensure that their performance has been in compliance with . . . the needs of the plan.&rdquo;<SUP>2</SUP>
Failure to account for the Plan&rsquo;s long-term contribution to systemic climate risk in selecting plan investments exacerbates the
risks faced by tomorrow&rsquo;s retirees, as those investments lock in climate change&rsquo;s growing impacts. The Company must demonstrate
that it is actively safeguarding employee financial security over time by mitigating climate change-related financial and economic risk
as part of a prudently constructed lineup of funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD><B>The Company&rsquo;s 401(k) Plan&rsquo;s investments in high-carbon industries create climate risk, which threatens workers&rsquo;
life savings, particularly those with retirement dates more than a decade out.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD><B>The climate risk generated by the Company&rsquo;s retirement plan investments creates reputational risk&nbsp;by undermining the
Company&rsquo;s credibility on climate issues and may make it difficult to attract and retain top talent.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD><B>The Company&rsquo;s failure to clearly address the contribution to systemic climate risk from its retirement plans may violate
its fiduciary obligation to manage those plans in the best interests of its beneficiaries.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.law.cornell.edu/cfr/text/29/2509.75-8</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="font: 12pt 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%">
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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">FedEx Corp | Report on Assessing Systemic Climate Risk from Retirement Plan Options</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD><B>The Company&rsquo;s 401(k) Plan&rsquo;s investments in high-carbon industries create climate risk, which threatens workers&rsquo;
life savings, particularly those with retirement dates more than <FONT STYLE="font-size: 11pt">a decade out.</FONT></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">According to recent analysis, FedEx&rsquo;s 401(k) Plan invests as
much as $1.3 billion in high-carbon industries, or nearly 6% of total assets in Plan fund options (excluding assets invested in the employee
stock option plan and the self-directed brokerage window).<SUP>3</SUP> The Plan, in the aggregate, also invests more than $105 million
in deforestation-risk agricultural commodities.<SUP>4</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">FedEx offers Plan participants Vanguard
Target Retirement funds, which collectively hold the largest segment &mdash; 26% &ndash; of Plan assets</FONT>.<SUP>5</SUP> Target Date
Funds (&ldquo;TDFs&rdquo;) are an attractive option for Plan administrators, and Plan participants, because they shift the responsibility
of reallocating the portfolio over time to the fund manager. However, according to a recent report, TDFs have a 16% higher weighted average
carbon intensity compared to all sampled retirement plans.<SUP>6</SUP> True to form, the Vanguard Target Retirement Funds invest significantly
in carbon polluters.<SUP>7</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Such investments introduce climate risk into the Plan&rsquo;s portfolio
in mutually reinforcing ways. As the nonpartisan Government Accountability Office (&ldquo;GAO&rdquo;) explains, &ldquo;Retirement plans
are subject to both physical and transition risks from climate change.&rdquo;<SUP>8</SUP> In terms of physical risk, companies can suffer
short-term losses from the increased occurrence of catastrophic storms, floods, droughts, and wildfires, whether from direct impacts on
physical infrastructure or from disruptions to supply chains. Physical climate risk also includes longer-term losses from the deleterious
effect of intensifying climate impacts on a company&rsquo;s operations over time. Transition risk, meanwhile, includes costs associated
with a company&rsquo;s failure to appropriately anticipate and plan for &ldquo;the policy, legal, technological, and market changes needed
to transition to a lower-carbon economy.&rdquo;<SUP>9</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">These risks add up. The present and future
impacts of climate change can endanger the full range of beneficiaries&rsquo; retirement savings. A 2021 Swiss Re report calculated that
climate change would result in an 11% to 14% decline in global GDP by 2050, with the impact rising to an 18% decline in the absence of
action or falling to 4% with aggressive mitigation.<SUP>10</SUP> A report from the Climate Disclosure Project indicates that 215 of the
largest global companies report almost<B>&nbsp;</B>USD $1 trillion&nbsp;at risk from climate impacts, with many losses to hit within the
next five years, and a potential <FONT STYLE="font-weight: normal">$250 billion in losses</FONT> due to the write-offs of <FONT STYLE="font-weight: normal">assets</FONT>.<SUP>11</SUP>
The federal government&rsquo;s <I>Fourth National Climate Assessment</I>, published in 2018, estimates annual losses of hundreds of billions
of dollars in some sectors.<SUP>12</SUP> A recent study found that the economic studies behind many of the models used by investment consultants
are at odds with t</FONT><FONT STYLE="font-size: 11pt">he scientific literature on the impact of these levels of warming.<SUP>13</SUP>
X</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://investyourvalues.org/retirement-plans/fedex</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://investyourvalues.org/retirement-plans/fedex</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://investyourvalues.org/retirement-plans/fedex</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://docsend.com/view/wpztp4k2fqrad733</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://fossilfreefunds.org/fund/vanguard-target-retirement-2050-fund/VFIFX/fossil-fuel-investments/FSUSA072BK/FOUSA05HZH</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.cdp.net/en/articles/media/worlds-biggest-companies-face-1-trillion-in-climate-change-risks</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://nca2018.globalchange.gov/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://carbontracker.org/reports/loading-the-dice-against-pensions/</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, high-carbon investments can be a risk in the short term.
One study cited by the GAO noted that investments in oil, coal, and gas could experience a decrease in annual returns of 9% through 2050,
while annual returns in electric utilities could decline by about 3% over the same timetable.<SUP>14</SUP> In fact, as noted by <I>Bloomberg</I>,
investing in renewable power stocks beat a high-carbon strategy by more than threefold in the last decade.<SUP>15</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The transition to a carbon-free economy is underway, with more than
80% of new electrical capacity in 2021 coming from renewable sources.<SUP>16</SUP> As companies and governments take increasingly aggressive
steps to respond to climate change, transition costs will increase over time. Failure by Plan fiduciaries to effectively manage climate
risk in investing will endanger beneficiaries&rsquo; life savings, particularly those with longer investment time horizons. A 2022 Schroders
survey found that 78% of retirement investors &ldquo;believe that companies that are socially responsible (ESG focused) will have better
results over time than companies not socially responsible.&rdquo;<SUP>17</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan&rsquo;s investments also create climate risk in a more insidious
form&mdash;investments in high-carbon companies <I>contribute to and lock in future climate change. </I>High-carbon investments are thus
likely to disproportionately impact younger employees who will not access retirement funds for decades. Tax-deferred retirement vehicles
like 401(k)s carry tax penalties designed to discourage participants from withdrawing funds prior to age 59&frac12; or 60, meaning they
are structurally designed as long-term investment vehicles for younger workers. A 30-year-old worker contributing to their employer-offered
defined-contribution plan can usually expect to have their funds invested for at least 30 years. As high-carbon investments increase systemic
climate risk over time, retirement portfolios face the likelihood of diminishing returns, harming younger workers proportionally more
than workers who will access retirement savings in the shorter term. It is unsurprising, therefore, that those with the most at stake&mdash;plan
beneficiaries&mdash;overwhelmingly favor responsible management of climate risk in their retirement portfolios.<SUP>18</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD><B>The climate risk generated by the Company&rsquo;s retirement plan investments creates reputational risk&nbsp;by undermining the
Company&rsquo;s credibility on climate issues and may make it difficult to attract and retain top talent.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt; font-weight: normal">FedEx has taken
actions to address climate change by committing to a goal of carbon-neutral operations by 2040.<SUP>19</SUP></FONT> <FONT STYLE="font-size: 11pt">This
commitment, and the action the Company has taken towards fulfilling it, like transitioning the entire FedEx parcel pickup and delivery
fleet to zero-emission electric vehicles by 2040, has led to positive recognition and press.<SUP>20</SUP> Not only do the Company&rsquo;s
401(k) Plan&rsquo;s carbon-intense investments directly underm</FONT><FONT STYLE="font-size: 11pt">ine this work, they also risk the loss
of the Company&rsquo;s reputation on climate.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.gao.gov/assets/gao-21-327.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.bloomberg.com/news/articles/2021-03-18/renewable-returns-tripled-versus-fossil-fuels-in-last-decade#xj4y7vzkg</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.nytimes.com/2022/10/25/climate/energy-transition-solar-wind.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <I>See</I> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.fedex.com/en-us/sustainability.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.bizjournals.com/memphis/inno/stories/news/2023/06/14/fedex-brings-brightdrops-evs-to-canada.html</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Increasing public attention is being paid to the contribution of employee
retirement plans&rsquo; investments to climate change. A recent <I>Bloomberg</I> report noted that, as of September 2022, 1,500 institutions,
representing more than $40 trillion in assets, had committed to reducing exposure to investments in high-carbon industries.<SUP>21</SUP>
These include commitments to sell billions of dollars of existing holdings in high-carbon industries from prominent employee retirement
funds in New York City,<SUP>22</SUP> Maine,<SUP>23</SUP> and New York state.<SUP>24</SUP> The University of California Retirement Savings
Program, which holds $168 billion in assets under management for more than 300,000 participants, has also moved to sell existing holdings
and make no future investments in high-carbon industries, citing &ldquo;long term financial risk&rdquo; and the expectation that this
decision will &ldquo;have a positive financial and risk-reducing impact on fund performance in the long run.&rdquo;<SUP>25</SUP> In October
2022, the Chicago Public School Teachers&rsquo; Pension &amp; Retirement Fund, which has about 5% of its portfolio invested in fossil
fuel industries, announced its plans to sell holdings in high-carbon industries.<SUP>26</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As concern over high-carbon investments becomes increasingly salient,
the Company must begin addressing its 401(k) Plan&rsquo;s continued contributions to climate change or risk negative effects to its reputation,
its Plan returns, its employees&rsquo; futures, consumer retention, and employee recruitment and retention.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A recent Gallup poll found that &ldquo;70 percent of U.S. workers said
that a firm's environmental record is important to them and is a consideration when deciding whether to take a job with a company.&rdquo;<SUP>27</SUP>
In the increasingly competitive employee retention and recruitment landscape, companies are identifying new ways to engage and retain
top talent by appealing to the values and interest of the workforce. In 2021, interest in sustainable investing reached an all-time high,
with 80% of individual investors focused on sustainable investments.<SUP>28</SUP> This number is even higher among millennials, with a
staggering 99% interested in this type of investing.<SUP>29</SUP> Considering Millennials make up the largest generation in the workforce,<SUP>30</SUP>
appealing to this demographic is important for companies who want to attract top talent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">For companies attempting to retain top
talent, 40% of respondents in a 2022 Schroders study said that when an ESG investment option is added to a defined-contribution plan it
improves how they view their employer.<SUP>31</SUP> The study also found that nearly three-in-four plan participants (74%) said they&nbsp;would
or might increase their overall contribution rate if offered ESG options. An overwhelming majority of consumers, too, expect corporations
to address their impacts on the climate and, especially among yo</FONT><FONT STYLE="font-size: 11pt">unger consumers, are prepared to enforce
that expectation with their purchasing power.<SUP>32</SUP></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.bloomberg.com/news/features/2022-10-20/how-to-purge-fossil-fuel-investments-from-your-401-k-or-ira#xj4y7vzkg</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://comptroller.nyc.gov/newsroom/comptroller-stringer-and-trustees-announce-successful-3-billion-divestment-from-fossil-fuels/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.reuters.com/business/sustainable-business/new-maine-law-marks-us-first-fossil-fuel-divestment-2021-06-17/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.nytimes.com/2020/12/09/nyregion/new-york-pension-fossil-fuels.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://myucretirement.com/Resource/2312</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://ieefa.org/articles/chicago-teachers-retirement-fund-divest-fossil-fuels-2028</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/climate-change-branding-can-lift-recruitment-and-retention.aspx</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.morganstanley.com/press-releases/sustainable-signals</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.morganstanley.com/press-releases/sustainable-signals</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.schroders.com/en-us/us/institutional/clients/defined-contribution/schroders-us-retirement-survey/sustainability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.oliverwymanforum.com/climate-sustainability/2021/apr/consumers-want-companies-to-take-a-stand-on-climate.html</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD><B>The Company&rsquo;s failure to clearly address the contribution to systemic climate risk from its retirement plans may violate
its fiduciary obligation to manage those plans in the best interests of its beneficiaries.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s failure to properly manage climate risk by mitigating
investments in high-carbon industries could constitute a failure to manage its Plan in the best interest of the Plan&rsquo;s beneficiaries.
In particular, carbon-intense investments create risk and may sacrifice long-term value. As New York Comptroller Thomas DiNapoli explained
when announcing the state&rsquo;s plan to enforce a carbon-neutrality mandate, &ldquo;investing for the low-carbon future is essential
to protect the fund&rsquo;s long-term value.&rdquo;<SUP>33</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Consideration of the differential impact of climate risk to beneficiaries
is necessary. Climate risk is a material risk. <FONT STYLE="background-color: white">According to a report from the U.S. Commodity Futures
Trading Commission, an independent federal agency, in September 2020: &quot;Fiduciary duty requires the assessment of material risks and
the management of these risks on behalf of stakeholders in keeping with their stated long-term goals, <I>and climate risk is increasingly
being recognized as one such risk</I>&rdquo; (emphasis added). <SUP>34</SUP> Ultimately, the Company&rsquo;s own operational climate goals
make it perfectly clear that the Company considers climate risk to be material, and the law requires consideration of material risk. It
is by <I>failing</I> to address climate risk to the Plan&rsquo;s full range of beneficiaries that the Company exposes itself to potential
legal liability, not by addressing this material risk. For example, </FONT>in 2020, a lawsuit was filed in Australia by an employee who
claimed his pension fund did not adequately disclose or assess the effect of climate change on its investments.<SUP>35</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 11pt">Recent changes
to federal law confirm the necessity of addressing material climate risk in retirement plans. The Department of Labor recently finalized
regulations under the Employee Retirement Income Security Act, which &ldquo;empower plan fiduciaries to safeguard the savings of America's
workers by clarifying that fiduciaries may consider climate change and other environmental, social, and governance (ESG) factors when
they make investment decisions.&rdquo;<SUP>36</SUP> The rule additionally makes clear that &ldquo;a fiduciary's duty of prudence must
be based on factors that the fiduciary reasonably determines are relevant to a risk and return analysis and that such factors may include
the economic effects of climate change.&rdquo;<SUP>37</SUP> In short, this new rule acknowledges that ESG factors are economic material
considerat</FONT><FONT STYLE="font-size: 11pt">ions, and therefore confirms the authority of plan administrators to consider climate change
as a risk factor when selecting plan investment options, including default options. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://content.govdelivery.com/accounts/NYOSC/bulletins/2b0442d</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.plansponsor.com/pension-fund-climate-change-lawsuit-settles/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">FedEx Corp | Report on Assessing Systemic Climate Risk from Retirement Plan Options</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Importantly, plan fiduciaries and beneficiaries
need not choose between maximizing returns and managing climate risk. A metanalysis of evidence from more than 2,000 empirical studies
concluded that &ldquo;90% of all studies showed a non-negative relationship, indicating that the inclusion of ESG factors did not affect
performance. In fact, most of the studies reported a positive relationship, indicating that ESG criteria improved market performance.&rdquo;<SUP>38</SUP>
Additionally, key findings from a recent Morgan Stanley study of nearly 11,000 mutual funds demonstrate that there is no financial tradeoff
in the returns of sustainable funds and traditional funds.&nbsp;In the Morgan Stanley analysis, no consistent or statistically significant
difference in total returns existed between ESG-focused and traditional mutual funds and ETFs. In fact, sustainable funds may offer lower
market risk&mdash;sustainable funds experienced a 20% smaller downside deviation than traditional funds, a consistent and statistically
significant finding.<SUP>39</SUP> Accordingly, assessing and mitigating participants&rsquo; exposure to climate-related financial risk
is directly related to participants&rsquo; goals of maximizing financial benefit and minimizing risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO FEDEX&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Board&rsquo;s statement in
opposition to the Proposal is unpersuasive.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">First, the Board argues that
&ldquo;a plan fiduciary, not the Board of Directors, is legally required to select 401(k) plan investment options solely in the interests
of plan participants and beneficiaries.&rdquo; While the Board has delegated its responsibility for managing the 401(k) Plan to a management-level
committee, this fact does not absolve it of oversight responsibility, nor does it alter the Board&rsquo;s ability to issue the requested
report. U</FONT>nder federal law, the Board is charged with monitoring its appointed Plan fiduciaries &ldquo;to ensure that their performance
has been in compliance with the terms of the plan and statutory standards, and satisfies the needs of the plan,&rdquo; including the needs
of long-term beneficiaries of the Plan.<SUP>40</SUP> <FONT STYLE="background-color: white">FedEx&rsquo;s 401(k) retirement plan investments
are increasingly subject to systemic risk posed by climate change, including physical impacts to infrastructure and supply chains, decreased
resource availability, and financial losses associated with stranded assets, transition costs, and inaccurate valuations. A fiduciary&rsquo;s
f</FONT>ailure to properly manage climate risk, by mitigating investments in high-carbon industries, constitutes a failure to manage in
the best interest of the full range of the Plan&rsquo;s beneficiaries. The Board is in a position to, and in fact should, exercise its
oversight duties by actively assessing and reporting on the plan fiduciary&rsquo;s management of climate risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt; background-color: white">Second, the
Board asserts in its statement of opposition that &ldquo;our 401(k) plans offer participants a diverse array of investment options, including
a self-directed brokerage account that allows participants to choose ESG-related investments.&rdquo; However, the existence of alternative
investment options is irrelevant to the Proposal, which is focused solely on </FONT><FONT STYLE="font-size: 11pt; font-weight: normal">how
the Company </FONT><FONT STYLE="font-size: 11pt">is protecting Plan beneficiaries with a longer investment time horizon from climate risk
<FONT STYLE="font-weight: normal">stemming from the Company&rsquo;s <I>default</I> retirement options, which contain more than 26% of
Plan assets. In other words, even if an employee makes use of the self-directed brokerage window</FONT></FONT><FONT STYLE="font-size: 11pt; font-weight: normal">,
that employee&rsquo;s investments are still jeopardized by the portfolio risk generated by the Plan&rsquo;s high-carbon and deforestation-intensive
investments.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">_____________________________</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><SUP>38</SUP></FONT> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2699610</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><SUP>39</SUP></FONT> https://www.morganstanley.com/content/dam/msdotcom/ideas/sustainable-investing-offers-financial-performance-lowered-risk/Sustainable_Reality_Analyzing_Risk_and_Returns_of_Sustainable_Funds.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><SUP>40</SUP></FONT> https://www.law.cornell.edu/cfr/text/29/2509.75-8</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 12pt 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%">
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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">FedEx Corp | Report on Assessing Systemic Climate Risk from Retirement Plan Options</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

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


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Additionally, the existence of a
</FONT><FONT STYLE="background-color: white">self-directed brokerage window is little more than an ineffective delegation to the Plan&rsquo;s
beneficiaries of the Company&rsquo;s responsibility to manage the material risks of climate change in and from the Plan. Self-directed
options are rarely used; a Vanguard analysis of more than 4.7 million defined contribution plan participants across its business found
that, &ldquo;in plans offering a self-directed brokerage feature, only 1% of these participants used the feature in 2020&rdquo; representing
only 2% of total plan assets.<SUP>41</SUP> Moreover, relying on self-direction can harm participants. The GAO has noted significant misallocation
and lack of diversification among self-directed 401(k) investors.<SUP>42</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, the Board states, &ldquo;in a recent assessment by an
independent investment research firm, the default target-date retirement trust offerings .&nbsp;.&nbsp;. generally received scores favorable
to or in line with the global category averages for environmental and sustainability-related risk.&quot; The terms &ldquo;environmental
and sustainability-related risk&rdquo; are incredibly broad. The Company provides no information as to what was assessed within these
broad categories; it does not even assure investors that climate-related risk of any kind was assessed. If the Company has already undertaken
a responsive, independent assessment, it should be willing to report to investors how it is protecting Plan beneficiaries from climate
risk associated with its retirement plan options, as requested by this proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">By automatically investing employees&rsquo; retirement savings in high-carbon
and deforestation-intensive industries, FedEx&rsquo;s 401(k) plan generates systemic climate risk, particularly to younger beneficiaries
with longer investment time horizons. The responsible stewardship of employee retirement plans demands active consideration and management
of this risk, as required by beneficiaries&rsquo; best interests. <B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #8.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Grant Bradski, As You Sow,</I> gbradski@asyousow.org</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO
VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/21_CIR_HAS21_HAS_FSreport.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.gao.gov/assets/gao-14-310.pdf</P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt 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">8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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