<SEC-DOCUMENT>0001104659-25-072164.txt : 20250730
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<ACCEPTANCE-DATETIME>20250730161329
ACCESSION NUMBER:		0001104659-25-072164
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20250730
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250730
DATE AS OF CHANGE:		20250730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDEX CORP
		CENTRAL INDEX KEY:			0001048911
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		251167195

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT<br/>
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Securities Exchange Act of 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K
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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>

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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&#160;12(b)&#160;of the Act:</p>

<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; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<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; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></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: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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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; text-align: justify"><b>Item 8.01. Other Events.</b></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; text-align: justify">On July&#160;30, 2025, FedEx Corporation issued
&#8364;500,000,000 aggregate principal amount of its 3.500% Notes due 2032 and &#8364;350,000,000&#160;aggregate principal amount of its
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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; text-align: justify">We are filing this Current Report on Form&#160;8-K
for the purpose of incorporating by reference the exhibits filed herewith into the Registration Statement on Form&#160;S-3 (Registration
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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; text-align: justify"><b>Item 9.01. Financial Statements and Exhibits.</b></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; text-align: justify">(d)&#160;Exhibits</p>

<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">
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    <td style="font-size: 10pt; text-align: center"><a href="tm2520578d11_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></a></td>
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    <td style="font-size: 10pt; text-align: center">&#160;</td>
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    <td style="font-size: 10pt; text-align: center"><a href="tm2520578d11_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></a></td>
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    <td style="font-size: 10pt; text-align: center">&#160;</td>
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    <td style="font-size: 10pt; text-align: center"><a href="tm2520578d11_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
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    <td style="font-size: 10pt; text-align: center">&#160;</td>
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    <td style="font-size: 10pt; text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td style="font-size: 10pt; text-align: center"><a href="tm2520578d11_ex5-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</span></a></td>
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  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: center">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><a href="tm2520578d11_ex5-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</span></a></td>
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  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
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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"></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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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-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURE</b></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; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<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 style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FEDEX CORPORATION</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 45%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Trampas T. Gunter</span></td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>tm2520578d11_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL INDENTURE NO. 17</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of July&#8239;30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3.500% Notes due 2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.125% Notes due 2037</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SUPPLEMENTAL INDENTURE NO.
17, dated as of July&#8239;30, 2025, among FedEx Corporation, a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and Federal Express
Corporation, a Delaware corporation, Federal Express Europe,&#8239;Inc., a Delaware corporation, Federal Express Holdings S.A., LLC, a
Delaware limited liability company, Federal Express International,&#8239;Inc., a Delaware corporation, FedEx Freight,&#8239;Inc., an Arkansas
corporation, and FedEx Office and Print Services,&#8239;Inc., a Texas corporation (collectively, the &ldquo;<B>Guarantors</B>&rdquo;),
U.S. Bank Trust Company, National Association ((as successor in interest to U.S. Bank National Association) (as successor trustee to
Wells Fargo Bank, National Association (the &ldquo;<B>Predecessor Trustee</B>&rdquo;)), as trustee (the &ldquo;<B>Trustee</B>&rdquo;)
and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the &ldquo;<B>Paying
Agent</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered an Indenture, dated as of October&#8239;23, 2015 (as amended or supplemented
to date, the &ldquo;<B>Indenture</B>&rdquo;), to provide for the issuance by the Company from time to time, and the guarantee by the
Guarantors, of the Company&rsquo;s senior unsecured debt securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;1, dated as of October&#8239;23, 2015;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;2, dated as of March&#8239;24, 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;3, dated as of April&#8239;11, 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;4, dated as of January&#8239;6, 2017;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;5, dated as of January&#8239;31, 2018;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;6, dated as of October&#8239;17, 2018;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;7, dated as of January&#8239;16, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;8, dated as of January&#8239;18, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;9, dated as of July&#8239;24, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;10, dated as of August&#8239;5, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;11, dated as of April&#8239;7, 2020;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;12, dated as of April&#8239;29, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No.&#8239;13, dated as of May&#8239;4, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Trustee have executed and delivered Supplemental Indenture No.&#8239;14, dated as of February&#8239;26, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Trustee have executed and delivered Supplemental Indenture No.&#8239;15, dated as of February&#8239;26, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Guarantors and the Trustee have executed and delivered Supplemental Indenture No.&#8239;16, dated as of February&#8239;26, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Section&#8239;9.01(b)&#8239;of
the Indenture permits execution of supplemental indentures without the consent of any Holders for the purpose of adding to the covenants
of the Company or any Guarantor for the benefit of the Holders of all or any series of Securities so long as such supplemental indenture
states that such covenant is expressly being included solely for the benefit of one or more particular series of Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Section&#8239;9.01(j)&#8239;of
the Indenture permits execution of supplemental indentures without the consent of any Holders for the purpose of establishing the form
or terms of Securities of any series as permitted by Sections&#8239;2.01 and 3.01 of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the entry into this
Supplemental Indenture No.&#8239;17 by the parties hereto is authorized by the provisions of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Redemption for
Tax Reasons (as defined herein), as set forth below, is expressly being included solely for the benefit of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Change of Control
Repurchase Event (as defined herein) covenant, as set forth below, is expressly being included solely for the benefit of the Notes (as
defined herein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, all things necessary
to make the Notes, when executed by the Company and authenticated and delivered hereunder and under the Indenture, duly issued by the
Company and to make this Supplemental Indenture No.&#8239;17 a valid and legally binding agreement of the Company and the Guarantors,
in accordance with the terms hereof and thereof, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for and in
consideration of the premises and the purchase of the Notes by the Holders, the Company, the Guarantors, the Trustee and the Paying Agent
mutually covenant and agree, for the equal and proportionate benefit of the respective Holders from time to time of each series of the
Notes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>RELATION
To THE INDENTURE; DEFINITIONs AND OTHER PRovIsIoNs OF GENERAL APPLICATION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;1.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Relation
to the Indenture</U>. This Supplemental Indenture No.&#8239;17 constitutes an integral part of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;1.02.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U><I>.
</I>For all purposes of this Supplemental Indenture No.&#8239;17, the following terms shall have the respective meanings set forth in
this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>2032 Notes</B>&rdquo;
means the 3.500% Notes due 2032.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>2037 Notes</B>&rdquo;
means the 4.125% Notes due 2037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agency Agreement</B>&rdquo;
means the agreement among the Company, U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch),
as the Paying Agent, U.S. Bank Trust Company, National Association, as the registrar and Transfer Agent (as defined herein), and the
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>business day</B>&rdquo;
means each day which is not a Saturday, Sunday or other day on which the Trustee, Paying Agent, Transfer Agent and registrar or banking
institutions are not required by law or regulation to be open in the State of New York or London and, for any place of payment outside
of New York City or London, in such place of payment, and on which the Trans-European Automated Real-time Gross Settlement Express Transfer
system (the TARGET2 system), or any successor thereto, does not operate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Clearing System Business
Day</B>&rdquo; means a day on which Clearstream and Euroclear are open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Clearstream</B>&rdquo; means
Clearstream Banking, soci&eacute;t&eacute; anonyme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Common Depositary</B>&rdquo;
means any Person acting as the common depositary for Euroclear and Clearstream which initially shall be U.S. Bank Europe DAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>euro</B>&rdquo;
or &ldquo;<B>&euro;</B>&rdquo; means the currency of the member states of the European Monetary Union that have adopted or that adopt
the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Euroclear</B>&rdquo;
means Euroclear Bank SA/NV, as operator of the Euroclear System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Notes</B>&rdquo;
means, collectively, the 2032 Notes and the 2037 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;1.03.&#8239;&#8239;&#8239;&#8239;&#8239;<I>Definitions
and Other Provisions of General Application</I>. For all purposes of this Supplemental Indenture No.&#8239;17 unless otherwise specified
herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
terms defined in this Supplemental Indenture No.&#8239;17 which are used and not otherwise defined herein shall have the meanings they
are given in the Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
provisions of general application stated in Section&#8239;1.01 of the Indenture shall apply to this Supplemental Indenture No.&#8239;17,
except that the words &ldquo;<B>herein</B>,&rdquo; &ldquo;<B>hereof</B>,&rdquo; &ldquo;<B>hereto</B>&rdquo; and &ldquo;<B>hereunder</B>&rdquo;
and other words of similar import refer to this Supplemental Indenture No.&#8239;17 as a whole and not to the Indenture or any particular
Article, Section&#8239;or other subdivision of the Indenture or this Supplemental Indenture No.&#8239;17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>THE
SERIES OF NOTES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Title</U>.
There shall be (i)&#8239;a series of Securities designated the 3.500% Notes due 2032 and (ii)&#8239;a series of Securities designated the
4.125% Notes due 2037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.02.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Principal
Amounts</U>. Subject to Section&#8239;2.15, (i)&#8239;the initial aggregate principal amount of the 2032 Notes that may be authenticated
and delivered under this Supplemental Indenture No.&#8239;17 shall not exceed &euro;500,000,000 and (ii)&#8239;the initial aggregate principal
amount of the 2037 Notes that may be authenticated and delivered under this Supplemental Indenture No.&#8239;17 shall not exceed &euro;350,000,000
(except for Notes of each series authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Section&#8239;3.04, 3.05, 3.06, 9.06 or 11.07 of the Indenture and except for any Notes which pursuant to Section&#8239;3.03
of the Indenture are deemed never to have been authenticated and delivered hereunder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.03.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Stated
Maturity Dates</U>. The entire outstanding principal amount of the 2032 Notes shall be payable on July&#8239;30, 2032 and the entire outstanding
principal amount of the 2037 Notes shall be payable on July&#8239;30, 2037, in each case subject to Section&#8239;2.07, Section&#8239;2.08,
Section&#8239;2.09 and Section&#8239;4.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.04.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Interest.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>2032
Notes</U>. The 2032 Notes will bear interest at the rate of 3.500% per annum. Interest on the 2032 Notes will be payable annually in
arrears on July&#8239;30 of each year, commencing on July&#8239;30, 2026, to the Persons in whose names the 2032 Notes are registered at
the close of business of the preceding July&#8239;15 or, if the 2032 Notes are represented by one or more global notes, the close of business
on the Clearing System Business Day immediately preceding the relevant Interest Payment Date. Interest on the 2032 Notes will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date to which interest was paid on the 2032 Notes (July&#8239;30, 2025, if no interest has been paid on the 2032 Notes)
to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined
in the rulebook of the International Capital Market Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>2037
Notes</U>. The 2037 Notes will bear interest at the rate of 4.125% per annum. Interest on the 2037 Notes will be payable annually in
arrears on July&#8239;30 of each year, commencing on July&#8239;30, 2026, to the Persons in whose names the 2037 Notes are registered at
the close of business of the preceding July&#8239;15 or, if the 2037 Notes are represented by one or more global notes, the close of business
on the Clearing System Business Day immediately preceding the relevant Interest Payment Date. Interest on the 2037 Notes will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date to which interest was paid on the 2037 Notes (July&#8239;30, 2025, if no interest has been paid on the 2037 Notes)
to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined
in the rulebook of the International Capital Market Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.05.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payments
in Euro</U>. All payments of interest and principal, including payments made upon any redemption of the Notes, will be payable in euro.
If, on or after the date of issuance of the Notes, the euro is unavailable to the Company due to the imposition of exchange controls
or other circumstances beyond the Company&rsquo;s control (including the dissolution of the European Monetary Union) or if the euro is
no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the
settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the
Notes will be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount payable
on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business
on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second business day prior
to the relevant payment date as determined by the Company in its sole discretion. Any payment in respect of the Notes so made in U.S.
dollars will not constitute an Event of Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent shall have
any responsibility for any calculation or conversion in connection with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.06.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Defeasance
and Discharge; Covenant Defeasance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of Section&#8239;13.02 and Section&#8239;13.03 of the Indenture shall apply to each series of the Notes, subject to clause&#8239;(b)&#8239;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Solely
with respect to the Notes, the Government Obligations referred to in Section&#8239;13.04 of the Indenture shall include (1)&#8239;securities
that are direct obligations of the Federal Republic of Germany for the payment of which its full faith and credit is pledged or (2)&#8239;obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the Federal Republic of Germany, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the Federal Republic of Germany, which, in either case under
clauses&#8239;(1)&#8239;or (2)&#8239;are not callable or redeemable at the option of the issuer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.07.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Optional
Redemption</U>. The Company will have the right, at its option, to redeem a series of Notes, in whole or in part, at any time and from
time to time, prior to the applicable Par Call Date (as defined herein), on at least 10 days&rsquo;, but no more than 60 days&rsquo;,
prior written notice mailed or electronically delivered by the Company (or otherwise transmitted in accordance with the applicable clearing
system&rsquo;s procedures) to the Holders of the Notes to be redeemed. Upon redemption of the Notes of any series, the Company will pay
a Redemption Price equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;100%
of the principal amount of the Notes of that series to be redeemed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
sum of the present values of the Remaining Scheduled Payments (as defined herein) of principal and interest on the Notes to be redeemed
that would be due if the Notes matured on the applicable Par Call Date (not including any portion of such payments of interest accrued
as of the Redemption Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable
Government Bond Rate (as defined herein) plus 0.200% (20 basis points) in the case of the 2032 Notes, and 0.250% (25 basis points) in
the case of the 2037 Notes, in each case, plus accrued and unpaid interest to, but not including, the date of redemption on the principal
amount of the Notes being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time on or after the
applicable Par Call Date, the Company may redeem a series of Notes, in whole or in part, at any time and from time to time, at a Redemption
Price equal to 100% of the principal amount of the applicable series of Notes to be redeemed plus accrued and unpaid interest to, but
not including, the date of redemption on the principal amount of the Notes being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Government
Bond</B>&rdquo; means, with respect to the series of Notes to be redeemed prior to the applicable Par Call Date, in relation to any Comparable
Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a bond that is a direct
obligation of the Federal Republic of Germany (&ldquo;<B>German government bond</B>&rdquo;), whose maturity is closest to the Par Call
Date of such Notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not
in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market
makers in, German government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Government
Bond Rate</B>&rdquo; means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded
upwards), on the third business day prior to the date fixed for redemption, of the Comparable Government Bond on the basis of the middle
market price of the Comparable Government Bond prevailing at 11:00&#8239;a.m.&#8239;(London time) on such business day as determined by
an independent investment bank selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Par Call Date</B>&rdquo;
means April&#8239;30, 2032 in the case of the 2032 Notes (the date that is three months prior to the maturity date of the 2032 Notes)
and April&#8239;30, 2037 in the case of the 2037 Notes (the date that is three months prior to the maturity date of the 2037 Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Remaining Scheduled
Payments</B>&rdquo; means with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest
thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date
is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will
be deemed to be reduced (solely for the purposes of this calculation) by the amount of interest accrued thereon to such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a partial
redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion
deems appropriate and fair. No Notes of a principal amount of &euro;100,000 or less will be redeemed in part. If any Note is to be redeemed
in part only, the notice of redemption that relates to such Note will state the portion of the principal amount of such Note to be redeemed.
A new note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon
surrender for cancellation of the original Note. For so long as the Notes are held by a depositary, the redemption of the Notes shall
be done in accordance with the policies and procedures of the applicable clearing system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any redemption notice may,
at the Company&rsquo;s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In
such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company&rsquo;s
discretion, the date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given)
as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the date of
redemption, or by the date of redemption as so delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Company defaults
in payment of the Redemption Price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the
Notes, called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.08.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Redemption
for Tax Reasons</U>. If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the
laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding
the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on
or after July&#8239;23, 2025, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the
Company will become obligated to pay additional amounts as described in Section&#8239;3.01 hereof with respect to a series of Notes, then
the Company may at any time at its option redeem, in whole, but not in part, the outstanding Notes of such series on not less than 10
nor more than 60 days prior notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest
on those Notes to, but not including, the date fixed for redemption (such redemptions, a &ldquo;<B>Redemption for Tax Reasons</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.09.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Redemption
for Reason of Minimal Outstanding Amount</U>. In the event that the Company has purchased Notes of one or both such series equal to or
greater than 80% of the aggregate principal amount of Notes of such series initially issued, the Company may redeem, in whole, but not
in part, the remaining Notes of such series on not less than 10 nor more than 60 days prior notice, at a Redemption Price equal to 100%
of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on those Notes to, but not including,
the date fixed for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#8239;2.10.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Form&#8239;of
Notes and Payment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
series of Notes shall be represented by one or more global notes. The 2032 Notes shall be in the form of <B><I>Exhibit&#8239;A </I></B>attached
hereto and the 2037 Notes shall be in the form of <B><I>Exhibit&#8239;B </I></B>attached hereto. The Notes shall be issued in minimum
denominations of &euro;100,000 and integral multiples of &euro;1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Principal,
premium and additional amounts, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying
Agent which in turn, for so long as the Notes are in global form, shall make payment with respect to the Notes to the Common Depositary
for their respective accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
global notes representing the Notes shall be deposited with, or on behalf of, the Common Depository, and registered in the name of the
Common Depositary or its nominee for the accounts of Euroclear and Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.11.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Paying
Agent and Security Registrar.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;U.S.
Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) shall initially act as the Paying Agent for the
Notes in accordance with the terms of the Agency Agreement. U.S. Bank Trust Company, National Association shall initially act as the
transfer agent for the Notes (the &ldquo;<B>Transfer Agent</B>&rdquo;) in accordance with the terms of the Agency Agreement. The Company
may change the Paying Agent or the Transfer Agent without prior notice to the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;U.S.
Bank Trust Company, National Association shall initially act as the Security Registrar, as such term is defined in Section&#8239;3.05
of the Indenture, for the Notes in accordance with the terms of the Agency Agreement. The Company may change the Security Registrar without
prior notice to the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the Company and the Guarantors designates the office of the Paying Agent at 125 Old Broad Street, Fifth Floor, London EC2N 1AR as
an agency where the Notes may be presented for payment, in each case as provided for in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the Company and the Guarantors designates the officer of the Transfer Agent at U.S. Bank Wealth Management &ndash; Corp Trust Services
Boston, 1 Federal Street, Boston, Massachusetts 02110 as an agency where the Notes may be presented for exchange or registration of transfer
as provided for in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.12.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sinking
Fund; Open Market Purchases</U>. The Notes shall not be subject to a sinking fund. The Company or any of its affiliates may at any time
and from time to time purchase Notes in the open market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.13.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Amounts</U>. The provisions of Section&#8239;10.06 of the Indenture shall not apply to the Notes; provided that the provisions of Section&#8239;3.01
of this Supplemental Indenture No.&#8239;17 shall apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;2.14.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amount
Not Limited</U>. The aggregate principal amount of Notes which may be authenticated and delivered under the Indenture, as supplemented
from time to time, shall not be limited. The Company may, without the consent of the Holders or the Trustee, increase the principal amount
of any series of Notes by issuing additional Notes of such series. The Notes of each series and any additional Notes of such series subsequently
issued under the Indenture will be treated as a single series or class for all purposes under the Indenture, including, without limitation,
waivers, amendments and redemptions; provided that, if any such additional Notes are not fungible with the existing Notes for U.S. federal
income tax purposes, such additional Notes will have a separate CUSP/ISIN number, common code or other identifying number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PAYMENT
OF ADDITIONAL AMOUNTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#8239;3.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Additional Amounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
as are necessary in order that the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a
United States person (as defined herein), after withholding or deduction for any present or future tax, assessment or other governmental
charge imposed by the United States or a taxing authority in the United States (including any withholding or deduction with respect to
the payment of such additional amounts), will not be less than the amount provided in the Notes to be then due and payable; provided,
however, that the foregoing obligation to pay additional amounts shall not apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that is imposed by reason of the Holder (or the beneficial owner for whose benefit such
Holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the Holder or beneficial owner if the Holder
or beneficial owner is an estate, trust, partnership, corporation or other entity, or a person holding a power over an estate or trust
administered by a fiduciary holder, being considered as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;being
or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;having
a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes,
the receipt of any payment thereon or the enforcement of any rights thereunder), including being or having been a citizen or resident
of the United States;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;being
or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States
federal income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;being
or having been a &ldquo;10-percent shareholder&rdquo; of the Company as defined in Section&#8239;871(h)(3)&#8239;of the United States Internal
Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), or any successor provision; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;being
a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade
or business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited
liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to
the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment
of such additional amounts had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive
share of the payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any other person
to comply with any certification, identification or information reporting requirements concerning the nationality, residence, identity
or connection with the United States of such Holder or other person, if compliance is required by statute, by regulation of the United
States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition
to exemption from, or reduction in, such tax, assessment or other governmental charge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying agent from
payments on the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever
occurs later;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or
other governmental charge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest
on any Note, if such payment can be made without such withholding by presenting such Note (where presentation is required) to at least
one other paying agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of any Note,
where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the
date on which payment thereof is duly provided for, whichever occurs later;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner being a bank (i)&#8239;purchasing
the Notes in the ordinary course of its lending business or (ii)&#8239;that is neither (A)&#8239;buying the Notes for investment purposes
only nor (B)&#8239;buying the Notes for resale to a third-party that either is not a bank or holding the Notes for investment purposes
only;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
any tax, assessment or other governmental charge imposed under Sections&#8239;1471 through 1474 of the Code (or any amended or successor
provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section&#8239;1471(b)&#8239;of
the Code or any fiscal or regulatory legislation, rules&#8239;or practices adopted pursuant to any intergovernmental agreement entered
into in connection with the implementation of such sections of the Code; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of any combination of items&#8239;(1), (2), (3), (4), (5), (6), (7), (8), (9), and (10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable
to the Notes. Except as specifically provided under this Section&#8239;3.01, the Company will not be required to make any payment for
any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any
government or political subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
used under this Section&#8239;3.01 and Section&#8239;2.08 hereof, the term &ldquo;<B>United States</B>&rdquo; means the United States of
America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the term &ldquo;<B>United
States person</B>&rdquo; means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes,
a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States
or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations),
any estate the income of which is subject to United States federal income taxation regardless of its source or any trust that (i)&#8239;is
subject to the primary supervision of a court within the United States and the control of one or more United&#8239;States persons with
respect to all of its substantial decisions or (ii)&#8239;has a valid election in effect under applicable Treasury regulations to be treated
as a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
reference to amounts payable in respect of the Notes herein or in the Indenture shall be deemed to include any additional amounts which
may be payable under this Section&#8239;3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CHANGE
OF CONTROL REPURCHASE EVENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#8239;4.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Intended
Beneficiary; Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Article&#8239;4 shall be applicable only to, and are solely for the benefit of Holders of, each series of Notes and
to no other Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Supplemental Indenture No.&#8239;17:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Below Investment
Grade Ratings Event</B>&rdquo; means, with respect to a series of Notes, on any day within the 60-day period (which period shall be extended
so long as the rating of such series of Notes is under publicly announced consideration for a possible downgrade by any Rating Agency)
after the earlier of (1)&#8239;the occurrence of a Change of Control, or (2)&#8239;the public announcement of the occurrence of a Change
of Control or the intention by the Company to effect a Change of Control, the Notes of such series are rated below Investment Grade by
each and every Rating Agency. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a
particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not
be deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not publicly announce or publicly confirm,
or inform the Trustee in writing at the Company&rsquo;s request, that the reduction was the result, in whole or in part, of any event
or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable
Change of Control shall have occurred at the time of the Below Investment Grade Ratings Event).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Change of Control</B>&rdquo;
means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
&ldquo;person&rdquo; or &ldquo;group&rdquo; (as those terms are used in Section&#8239;13(d)(3)&#8239;of the Exchange Act), other than (1)&#8239;the
Company or any Subsidiary, (2)&#8239;any employee benefit plan (or a trust forming a part thereof) maintained by the Company or any Subsidiary,
or (3)&#8239;any underwriter temporarily holding Voting Stock of the Company pursuant to an offering of such Voting Stock, becomes the
beneficial owner (as defined in Rules&#8239;13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined
voting power of the Company&rsquo;s Voting Stock or other Voting Stock into which the Company&rsquo;s Voting Stock is reclassified, consolidated,
exchanged or changed measured by voting power rather than number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Change of Control
Repurchase Event</B>&rdquo; means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event with respect
to a series of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Investment Grade</B>&rdquo;
means, with respect to Moody&rsquo;s, a rating of Baa3 or better (or its equivalent under any successor rating categories of Moody&rsquo;s);
with respect to S&amp;P, a rating of BBB- or better (or its equivalent under any successor rating categories of S&amp;P); and, with respect
to any additional Rating Agency or Rating Agencies selected by the Company, the equivalent investment grade credit rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service,&#8239;Inc., a subsidiary of Moody&rsquo;s Corporation, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rating Agency</B>&rdquo;
means (1)&#8239;each of Moody&rsquo;s and S&amp;P; and (2)&#8239;if either of Moody&rsquo;s or S&amp;P ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Company&rsquo;s control, a &ldquo;nationally recognized statistical
rating organization&rdquo; within the meaning of Section&#8239;3(a)(62) of the Exchange Act, selected by the Company (as certified by
a Board Resolution) as a replacement agency for Moody&rsquo;s or S&amp;P, or both of them, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>S&amp;P</B>&rdquo;
means S&amp;P Global Ratings, a division of S&amp;P Global,&#8239;Inc., and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Voting Stock</B>&rdquo;
of any specified &ldquo;person&rdquo; (as that term is used in Section&#8239;13(d)(3)&#8239;of the Exchange Act) as of any date means the
capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#8239;4.02.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Change
of Control Repurchase Event.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a Change of Control Repurchase Event occurs with respect to a series of Notes, except to the extent the Company has exercised its right
to redeem such Notes pursuant to the redemption terms of such Notes, the Company will make an offer to each Holder of the Notes of such
series to repurchase all or any part (in minimum denominations of &euro;100,000 and integral multiples of &euro;1,000 in excess thereof)
of that Holder&rsquo;s Notes at a repurchase price (the &ldquo;<B>Repurchase Price</B>&rdquo;) in cash equal to 101% of the aggregate
principal amount of such Notes repurchased plus any accrued and unpaid interest on such Notes repurchased to, but not including, the
Repurchase Date (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
30 days following a Change of Control Repurchase Event or, at the Company&rsquo;s option, prior to a Change of Control, but after the
public announcement of such Change of Control, the Company will mail or electronically deliver, or cause to be mailed or electronically
delivered, or otherwise transmit in accordance with the procedures of the applicable clearing system, a notice to each Holder of the
Notes of such series, with a copy to the Trustee and the Paying Agent, describing the transaction or transactions that constitute or
may constitute the Change of Control Repurchase Event and offering to repurchase the Notes of such series on the payment date specified
in the notice (such offer, the &ldquo;<B>Repurchase Offer</B>&rdquo; and such date, the &ldquo;<B>Repurchase Date</B>&rdquo;), which
Repurchase Date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed or delivered, pursuant
to the procedures described in such notice. The notice shall, if mailed or delivered prior to the date of consummation of the Change
of Control, state that the Repurchase Offer is conditioned on a Change of Control Repurchase Event occurring on or prior to the Repurchase
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will comply with the requirements of Rule&#8239;14e-1 under the Exchange Act and any other securities laws and regulations to
the extent those laws and regulations are applicable in connection with the repurchase of a series of Notes as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
the Repurchase Date following a Change of Control Repurchase Event, the Company will, to the extent lawful:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;accept
for payment all Notes or portions of Notes properly tendered pursuant to the Repurchase Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;deposit
with the Paying Agent an amount equal to the aggregate Repurchase Price for all Notes or portions of Notes properly tendered;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;deliver,
or cause to be delivered, to the Trustee the Notes properly accepted for payment by the Company, together with an Officers&rsquo; Certificate
stating the aggregate principal amount of Notes being repurchased by the Company pursuant to the Repurchase Offer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;deliver,
or cause to be delivered, to the Trustee, for authentication by the Trustee, any new Notes required to be issued pursuant to Section&#8239;4.02(e)&#8239;below,
duly executed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
receipt by the Trustee from the Company of a notice setting forth the Repurchase Price and the Notes properly tendered and accepted for
payment, the Trustee will promptly mail or electronically deliver, or cause the Paying Agent to promptly mail or electronically deliver,
or otherwise deliver in accordance with the procedures of the applicable clearing system, to each Holder of such Notes, or portions of
such Notes, properly tendered and accepted for payment by the Company the Repurchase Price for such Notes or portions of such Notes,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder a new Note, as applicable,
duly executed by the Company equal in principal amount to any unrepurchased portion of the Notes surrendered, as applicable; provided
that each new Note will be in a principal amount equal to &euro;100,000 or integral multiples of &euro;1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company will not be required to make a Repurchase Offer upon a Change of Control Repurchase Event if a third party makes such an offer
in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party
purchases all Notes or portions of Notes properly tendered and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;5</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;5.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
to Section&#8239;1.01 of the Indenture</U>. Solely with respect to the Notes, Section&#8239;1.01 of the Indenture is hereby amended by
adding the following defined term to Section&#8239;1.01 in appropriate alphabetical sequence, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Separation</B>&rdquo; means
any sale, exchange, transfer, distribution, or other disposition of assets and/or Capital Stock of one or more Subsidiaries of the Company
resulting in the separation of the Company&rsquo;s FedEx Freight business through the capital markets to create a new publicly traded
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;5.02.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
to Section&#8239;10.07 of the Indenture</U>. Solely with respect to the Notes, Section&#8239;10.07 of the Indenture is hereby amended to
replace the reference to &ldquo;Section&#8239;12.04&rdquo; with &ldquo;Section&#8239;12.04(a)&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;5.03.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
to Section&#8239;12.04 of the Indenture</U>. Solely with respect to the Notes, Section&#8239;12.04 of the Indenture is hereby deleted in
its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">SECTION&#8239;12.04. <I>Release of a
Guarantor</I>. (a)&#8239;Subject to the provisions of Section&#8239;10.07, (i)&#8239;upon the sale, exchange, transfer or other disposition
(by merger or otherwise), other than a lease, of a Guarantor, or of all of the Capital Stock of a Guarantor, or all, or substantially
all, the assets of a Guarantor, to any Person that is not (either before or after giving effect to such transaction) the Company or another
Guarantor, (ii)&#8239;the merger or consolidation of any Guarantor with and into the Company or another Guarantor that is a surviving
person in such merger or consolidation, (iii)&#8239;the liquidation, winding-up or dissolution of any Guarantor, or (iv)&#8239;the exercise
by the Company of its option to have either the satisfaction and discharge or the defeasance or covenant defeasance applied to the applicable
series of Notes pursuant to Section&#8239;4.01, 13.02 or 13.03, as the case may be, such Guarantor shall be deemed to be automatically
and unconditionally released and discharged from all its obligations under its Guarantee and under this Article&#8239;12 without any further
action required on the part of the Trustee or any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with the Separation, at the time FedEx Freight,&#8239;Inc. ceases to be a Subsidiary of FedEx, FedEx Freight,&#8239;Inc. will
be deemed to be automatically and unconditionally released and discharged from all its obligations under its Guarantee and under this
Article&#8239;12 without any further action required on the part of the Trustee or any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustee shall deliver, without any further action required on the part of any Holder, an appropriate instrument evidencing such release
and discharge of a Guarantor pursuant to clauses (a)&#8239;or (b)&#8239;above upon receipt of a Company Request accompanied by an Officers&rsquo;
Certificate certifying as to the compliance with this Section&#8239;12.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;5.04.&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment
to Section&#8239;1.19 of the Indenture.</U> Solely with respect to the Notes, Section&#8239;1.19 of the Indenture is hereby deleted in
its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">SECTION&#8239;1.19. <I>Waver of Jury
Trial</I>. Each of the Company, the Trustee and each Holder of a Security by its acceptance thereof, hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any litigation directly or indirectly arising out of,
under or in connection with this Indenture, the Securities or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&#8239;6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.01.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Supplemental
Indenture</U>. The Indenture, as supplemented by this Supplemental Indenture No.&#8239;17, is in all respects hereby adopted, ratified
and confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.02.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness</U>.
This Supplemental Indenture No.&#8239;17 shall take effect as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.03.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effect
of Headings</U>. The Article&#8239;and Section&#8239;headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.04.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Separability
Clause</U>. In case any provision in this Supplemental Indenture No.&#8239;17 shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions herein shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.05.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law</U>. This Supplemental Indenture No.&#8239;17 shall be governed by and construed in accordance with, the laws of the State of New
York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.06.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Submission
of Paying Agent to Jurisdiction in the United States</U>. Each of the Paying Agent, the Transfer Agent and the registrar irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New
York, over any suit, action or proceeding arising out of or relating to this Supplemental Indenture No.&#8239;17. To the fullest extent
permitted by applicable law, each of the Paying Agent, the Transfer Agent and the registrar irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.07.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Execution
by the Trustee</U>. The Trustee has executed this Supplemental Indenture No.&#8239;17 only upon the terms and conditions set forth in
the Indenture. Without limiting the generality of the foregoing, the Trustee shall not be responsible for the correctness of the recitals
contained herein, which shall be taken as statements of the Company and the Guarantors, and the Trustee makes no representation and shall
have no responsibility for, or in respect of, the validity or sufficiency of this Supplemental Indenture No.&#8239;17 or the execution
hereof by any Person (other than the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#8239;6.08.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Supplemental Indenture No.&#8239;17 may be executed in any number of counterparts, each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument. Facsimile, PDF copies or other electronic transmission of signatures shall
constitute original signatures for all purposes of this Supplemental Indenture No.&#8239;17 and any enforcement hereof. The words &ldquo;execution,&rdquo;
signed,&rdquo; &ldquo;signature,&rdquo; &ldquo;delivery,&rdquo; and words of like import in or relating to this Supplemental Indenture
No.&#8239;17 or any document to be signed in connection with this Supplemental Indenture No.&#8239;17 shall be deemed to include Electronic
Signatures (as defined herein), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. &ldquo;<B>Electronic
Signatures</B>&rdquo; means any electronic symbol or process attached to, or associated with, any contract or other record and adopted
by a person with the intent to sign, authenticate or accept such contract or record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture No.&#8239;17 to be duly executed, all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FedEx Corporation</B>, as Issuer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Vice President, Corporate Development and Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Federal Express Corporation,</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Federal Express Europe,&#8239;Inc.,</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Federal Express Holdings S.A., LLC</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Federal Express International,&#8239;Inc.,</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FedEx Freight,&#8239;Inc.,</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana L. Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&#8239;to Supplemental Indenture
No.&#8239;17]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FedEx Office and Print Services,&#8239;Inc.,</B> as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="width: 43%">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alana Griffin</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Trampas T. Gunter</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alana L. Griffin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trampas T. Gunter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="2"><B>U.S. Bank Trust Company, National Association,</B> as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Carolina D. Altomare</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carolina D. Altomare</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD COLSPAN="2"><B>U.S. Bank Europe DAC, UK Branch,</B> as Paying Agent</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 45%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Shobita Choudhury</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shobita Choudhury</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorised Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> [Signature Page&#8239;to Supplemental Indenture No.&#8239;17]</P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>2032 Note</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY&#8239;BE REGISTERED EXCEPT
IN SUCH LIMITED CIRCUMSTANCES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Unless this security is presented
by an authorized representative of Euroclear Bank S.A./N.V., as operator of the Euroclear System (&ldquo;<B>Euroclear</B>&rdquo;), and
Clearstream Banking, <I>soci&eacute;t&eacute; anonyme </I>(&ldquo;<B>Clearstream</B>&rdquo; and, together with Euroclear, &ldquo;<B>Euroclear/Clearstream</B>&rdquo;)
to the Issuer or its agent for registration of transfer, exchange or payment, and any security issued is registered in the name of USB
Nominees (UK) Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment
is made to USB Nominees (UK) Limited or to such other entity as is requested by an authorized representative of Euroclear/Clearstream),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
USB Nominees (UK) Limited, has an interest herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&#8239;R-[__]</FONT></TD>
    <TD STYLE="width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No.&#8239;[__________]<SUP>1</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ISIN No.&#8239;[__________]<SUP>2</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Common Code [__________]<SUP>3</SUP></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.500% Notes due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranteed as to Payment of Principal, Premium,
if any, and Interest<BR>
by the Guarantors named in the Indenture Referred to Below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FedEx Corporation, a Delaware corporation (the
&ldquo;<B>Company</B>,&rdquo; which term includes any successor Corporation under the Indenture), for value received, hereby promises
to pay to USB Nominees (UK) Limited, as nominee of U.S. Bank Europe DAC, as common depository for the accounts of Euroclear/Clearstream
or registered assigns, the principal sum of &euro;[____], or such other principal sum as may be indicated on the Schedule of Changes
in Outstanding Principal Amount attended hereto, on July&#8239;30, 2032 (the &ldquo;<B>Stated Maturity Date</B>&rdquo;) and to pay interest
thereon from July&#8239;30, 2025 or from the most recent &ldquo;<B>Interest Payment Date</B>&rdquo; to which interest has been paid or
duly provided for, annually in arrears on July&#8239;30 of each year, commencing on July&#8239;30, 2026, or if any such day is not a business
day, on the next succeeding business day, and Holders will not be entitled to any interest as a result of such delay, and ending on the
Stated Maturity Date or date of earlier redemption as contemplated herein, at the rate of 3.500% per annum, until the principal hereof
is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, dated as of October&#8239;23, 2015, among the Company, the Guarantors referred to in the Indenture and U.S.
Bank Trust Company, National Association (as successor trustee to Wells Fargo Bank, National Association) as Trustee (the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee pursuant to the Indenture), as supplemented by Supplemental Indenture No.&#8239;17, dated as
of July&#8239;30, 2025 (&ldquo;<B>Supplemental Indenture No.&#8239;17</B>&rdquo;), among the Company, the Guarantors named therein, the
Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the &ldquo;<B>Paying
Agent</B>&rdquo;) (as so amended and supplemented, the &ldquo;<B>Indenture</B>&rdquo;), be paid to the Person in whose name this Note
is registered at the close of business on the &ldquo;<B>Regular Record Date</B>&rdquo; for such interest, which shall be the preceding
July&#8239;15 or, if the Notes are represented by one or more global notes, the close of business on the Clearing System Business Day
immediately preceding such Interest Payment Date, where &ldquo;<B><U>Clearing System Business Day</U></B>&rdquo; means a day on which
Euroclear/Clearstream are open for business. Any such interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or
more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice of which shall be given to Holders of Notes of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Initial Note: 31428X EB8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
Initial Note: XS3136900670</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
Initial Note: 313690067</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest payments on this Note will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid on this Note (or July&#8239;30, 2025, if no interest has been paid on this Note) to,
but not including, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined
in the rulebook of the International Capital Market Association.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Stated Maturity Date or any Redemption
Date of this Note falls on a day that is not a business day, the related payment of principal, premium and additional amounts, if any,
and interest will be made on the next business day as if it were made on the date such payment was due, and no interest shall accrue
on the amounts so payable for the period from and after such date to the next business day. If any Interest Payment Date would otherwise
be a day that is not a business day, that Interest Payment Date will be postponed to the next date that is a business day.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, on or after issuance of this Note, the single
currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union (the &ldquo;<B>euro</B>&rdquo;)
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company&rsquo;s control (including
the dissolution of the European Monetary Union) or if the euro is no longer being used by the then member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international
banking community, then all payments in respect of this Note will be made in U.S. dollars until the euro is again available to the Company
or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by
the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event
the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange
rate available on or prior to the second business day prior to the relevant payment date as determined by the Company in its sole discretion.
Any payment in respect of this Note so made in U.S. dollars will not constitute an Event of Default under this Note or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Certificate of Authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit pursuant to the Indenture or be
valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FEDEX
    CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">U.S.
    Bank Trust Company, National Association</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, as Trustee</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: [___________]<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
Initial Note: July 30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3.500% Notes due 2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue of
notes of the Company (herein called the &ldquo;<B>Notes</B>&rdquo;), issued pursuant to the Indenture. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. This Note is one of the series
designated on the face hereof, limited in initial aggregate principal amount to &euro;500,000,000, except as contemplated in Supplemental
Indenture No.&#8239;17. Capitalized terms used herein and in the Guarantee, dated July&#8239;30, 2025, but not defined herein have the
meanings ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are not subject to any
sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will have the right, at its option,
to redeem the Notes of this series, in whole or in part, at any time and from time to time, prior to the Par Call Date (as defined herein),
on at least 10 days&rsquo;, but no more than 60 days&rsquo;, prior written notice mailed or electronically delivered by the Company (or
otherwise transmitted in accordance with the applicable clearing system&rsquo;s procedures) to the Holders of the Notes of this series
to be redeemed. Upon redemption of such Notes, the Company will pay a Redemption Price equal to the greater of (i)&#8239;100% of the principal
amount of the Notes of this series to be redeemed and (ii)&#8239;the sum of the present values of the Remaining Scheduled Payments (as
defined in Supplemental Indenture No.&#8239;17) of principal and interest on the Notes of this series to be redeemed that would be due
if the Notes of this series matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption
Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate
(as defined in Supplemental Indenture No.&#8239;17) plus 0.200% (20 basis points), <I>plus</I>, in the case of either (i)&#8239;or (ii),
accrued and unpaid interest to, but not including, the date of redemption on the principal amount of the Notes of this series being redeemed.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time on or after the Par Call Date, the
Company may redeem the Notes of this series, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the
Notes of this series to be redeemed plus accrued and unpaid interest to, but not including, the date of redemption on the principal amount
of the Notes of this series being redeemed. As used in this Note, Par Call Date shall mean April&#8239;30, 2032 (the date that is three
months prior to the Stated Maturity Date of the Notes of this series).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any redemption notice may, at the Company&rsquo;s
discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related
notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company&rsquo;s discretion, the
date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all
such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied (or waived by the Company in the Company&rsquo;s sole discretion) by the date of
redemption, or by the date of redemption as so delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Company defaults in payment of the
Redemption Price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the Notes of this series
called for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States),
or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after July&#8239;23, 2025, the Company becomes or, based upon a written
opinion of independent counsel selected by the Company, the Company will become obligated to pay additional amounts (as described in
Supplemental Indenture No.&#8239;17) with respect to the Notes of this series, then the Company may at any time at its option redeem,
in whole, but not in part, the outstanding Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption
Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes of this series to be redeemed to,
but not including, the date fixed for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company has purchased Notes
of this series equal to or greater than 80% of the aggregate principal amount of Notes of this series initially issued, the Company may
redeem, in whole, but not in part, the remaining Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a Change of Control Repurchase Event (as defined
in Supplemental Indenture No.&#8239;17) occurs with respect to Notes of this series, except to the extent the Company has exercised its
right to redeem the Notes of this series pursuant to the redemption terms of the Notes, the Company will make an offer, as provided in,
and subject to the terms of, Supplemental Indenture No.&#8239;17, to each Holder of the Notes of this series to repurchase all or any
part (in minimum denominations of &euro;100,000 and integral multiples of &euro;1,000 in excess thereof) of that Holder&rsquo;s Notes
at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest
on such Notes repurchased to, but not including, the date of repurchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are fully and unconditionally
guaranteed as to the due and punctual payment of the principal, premium, if any, and interest in respect thereof by the Guarantors as
evidenced by their guarantees (the &ldquo;<B>Guarantees</B>&rdquo;) set forth hereon. The Guarantees are the direct and unconditional
obligations of such Guarantors and rank and will rank equally in right of payment and in all other respects with all other unsubordinated
obligations of such Guarantors now or hereafter outstanding.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case an Event of Default with respect to the
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions for defeasance
at any time of (i)&#8239;the entire indebtedness of this Note or (ii)&#8239;certain respective covenants and Events of Default with respect
to this Note, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the
rights of the Holders of the Securities of each series to be affected pursuant to the Indenture at any time by the Company, the Guarantors
and the Trustee with the consent of the Holders of a majority in principal amount of such Securities at the time Outstanding (voting
as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company and the Guarantors with certain provisions of the Indenture and certain past defaults pursuant to the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note or Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the times, places and rate, and in the currency herein prescribed.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note
for registration of transfer at the office of the Transfer Agent, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly authorized
in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are issuable only in
registered form without coupons in denominations equal to &euro;100,000 and integral multiples of &euro;1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and authorized denominations, as requested by the Holder surrendering
the same.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of this Note for registration
of transfer, the Company, the Guarantors, the Trustee, the Paying Agent, the Security Registrar and any agent of the Company, a Guarantor
or the Trustee, the Paying Agent or the Security Registrar may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company, the Guarantors, the Trustee, the Paying Agent or the
Security Registrar nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No recourse under or upon any obligation, covenant
or agreement of the Company or any Guarantor in the Indenture or any indenture supplemental thereto or in any Note, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director or employee,
as such, past, present or future, of the Company or any Guarantor or of any successor thereto, either directly or through the Company
or any Guarantor or any successor thereto, under any rule&#8239;of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall be governed by and construed in
accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following notations in respect of changes
in the outstanding principal amount of this Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 19%"><B>Date</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>Initial Principal Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>Change in <BR>
Outstanding <BR>
Principal Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>New Balance</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 19%"><B>Notation Made by</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit&#8239;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>2037 Note</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY&#8239;BE REGISTERED EXCEPT
IN SUCH LIMITED CIRCUMSTANCES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Unless this security is presented
by an authorized representative of Euroclear Bank S.A./N.V., as operator of the Euroclear System (&ldquo;<B>Euroclear</B>&rdquo;), and
Clearstream Banking, <I>soci&eacute;t&eacute; anonyme </I>(&ldquo;<B>Clearstream</B>&rdquo; and, together with Euroclear, &ldquo;<B>Euroclear/Clearstream</B>&rdquo;)
to the Issuer or its agent for registration of transfer, exchange or payment, and any security issued is registered in the name of USB
Nominees (UK) Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment
is made to USB Nominees (UK) Limited or to such other entity as is requested by an authorized representative of Euroclear/Clearstream),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
USB Nominees (UK) Limited, has an interest herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&#8239;R-[__]</FONT></TD>
    <TD STYLE="width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No.&#8239;[__________]<SUP>5</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ISIN No.&#8239;[__________]<SUP>6</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Common Code [__________]<SUP>7</SUP></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.125% Notes due 2037</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranteed as to Payment of Principal, Premium,
if any, and Interest<BR>
by the Guarantors named in the Indenture Referred to Below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FedEx Corporation, a Delaware corporation (the
&ldquo;<B>Company</B>,&rdquo; which term includes any successor Corporation under the Indenture), for value received, hereby promises
to pay to USB Nominees (UK) Limited, as nominee of U.S. Bank Europe DAC, as common depository for the accounts of Euroclear/Clearstream
or registered assigns, the principal sum of &euro;[____], or such other principal sum as may be indicated on the Schedule of Changes
in Outstanding Principal Amount attended hereto, on July&#8239;30, 2037 (the &ldquo;<B>Stated Maturity Date</B>&rdquo;) and to pay interest
thereon from July&#8239;30, 2025 or from the most recent &ldquo;<B>Interest Payment Date</B>&rdquo; to which interest has been paid or
duly provided for, annually in arrears on July&#8239;30 of each year, commencing on July&#8239;30, 2026, or if any such day is not a business
day, on the next succeeding business day, and Holders will not be entitled to any interest as a result of such delay, and ending on the
Stated Maturity Date or date of earlier redemption as contemplated herein, at the rate of 4.125% per annum, until the principal hereof
is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, dated as of October&#8239;23, 2015, among the Company, the Guarantors referred to in the Indenture and U.S.
Bank Trust Company, National Association (as successor trustee to Wells Fargo Bank, National Association) as Trustee (the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee pursuant to the Indenture), as supplemented by Supplemental Indenture No.&#8239;17, dated as
of July&#8239;30, 2025 (&ldquo;<B>Supplemental Indenture No.&#8239;17</B>&rdquo;), among the Company, the Guarantors named therein, the
Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the &ldquo;<B>Paying
Agent</B>&rdquo;) (as so amended and supplemented, the &ldquo;<B>Indenture</B>&rdquo;), be paid to the Person in whose name this Note
is registered at the close of business on the &ldquo;<B>Regular Record Date</B>&rdquo; for such interest, which shall be the preceding
July&#8239;15 or, if the Notes are represented by one or more global notes, the close of business on the Clearing System Business Day
immediately preceding such Interest Payment Date, where &ldquo;<B><U>Clearing System Business Day</U></B>&rdquo; means a day on which
Euroclear/Clearstream are open for business. Any such interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or
more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice of which shall be given to Holders of Notes of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

<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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
Initial Note: 31428X E6C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
Initial Note: XS3136901132</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
Initial Note: 313690113</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest payments on this Note will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid on this Note (or July&#8239;30, 2025, if no interest has been paid on this Note) to,
but not including, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined
in the rulebook of the International Capital Market Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Stated Maturity Date or any Redemption
Date of this Note falls on a day that is not a business day, the related payment of principal, premium and additional amounts, if any,
and interest will be made on the next business day as if it were made on the date such payment was due, and no interest shall accrue
on the amounts so payable for the period from and after such date to the next business day. If any Interest Payment Date would otherwise
be a day that is not a business day, that Interest Payment Date will be postponed to the next date that is a business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, on or after issuance of this Note, the single
currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union (the &ldquo;<B>euro</B>&rdquo;)
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company&rsquo;s control (including
the dissolution of the European Monetary Union) or if the euro is no longer being used by the then member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international
banking community, then all payments in respect of this Note will be made in U.S. dollars until the euro is again available to the Company
or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by
the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event
the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange
rate available on or prior to the second business day prior to the relevant payment date as determined by the Company in its sole discretion.
Any payment in respect of this Note so made in U.S. dollars will not constitute an Event of Default under this Note or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Certificate of Authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit pursuant to the Indenture or be
valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FEDEX
    CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: center"><U>Certificate of Authentication</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: [___________]<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
Initial Note: July 30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.125% Notes due 2037</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue of
notes of the Company (herein called the &ldquo;<B>Notes</B>&rdquo;), issued pursuant to the Indenture. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. This Note is one of the series
designated on the face hereof, limited in initial aggregate principal amount to &euro;350,000,000, except as contemplated in Supplemental
Indenture No.&#8239;17. Capitalized terms used herein and in the Guarantee, dated July&#8239;30, 2025, but not defined herein have the
meanings ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are not subject to any
sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will have the right, at its option,
to redeem the Notes of this series, in whole or in part, at any time and from time to time, prior to the Par Call Date (as defined herein),
on at least 10 days&rsquo;, but no more than 60 days&rsquo;, prior written notice mailed or electronically delivered by the Company (or
otherwise transmitted in accordance with the applicable clearing system&rsquo;s procedures) to the Holders of the Notes of this series
to be redeemed. Upon redemption of such Notes, the Company will pay a Redemption Price equal to the greater of (i)&#8239;100% of the principal
amount of the Notes of this series to be redeemed and (ii)&#8239;the sum of the present values of the Remaining Scheduled Payments (as
defined in Supplemental Indenture No.&#8239;17) of principal and interest on the Notes of this series to be redeemed that would be due
if the Notes of this series matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption
Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate
(as defined in Supplemental Indenture No.&#8239;17) plus 0.250% (25 basis points), <I>plus</I>, in the case of either (i)&#8239;or (ii),
accrued and unpaid interest to, but not including, the date of redemption on the principal amount of the Notes of this series being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time on or after the Par Call Date, the
Company may redeem the Notes of this series, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the
Notes of this series to be redeemed plus accrued and unpaid interest to, but not including, the date of redemption on the principal amount
of the Notes of this series being redeemed. As used in this Note, Par Call Date shall mean April&#8239;30, 2037 (the date that is three
months prior to the Stated Maturity Date of the Notes of this series).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any redemption notice may, at the Company&rsquo;s
discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related
notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company&rsquo;s discretion, the
date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all
such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied (or waived by the Company in the Company&rsquo;s sole discretion) by the date of
redemption, or by the date of redemption as so delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Company defaults in payment of the
Redemption Price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the Notes of this series
called for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States),
or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after July&#8239;23, 2025, the Company becomes or, based upon a written
opinion of independent counsel selected by the Company, the Company will become obligated to pay additional amounts (as described in
Supplemental Indenture No.&#8239;17) with respect to the Notes of this series, then the Company may at any time at its option redeem,
in whole, but not in part, the outstanding Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption
Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes of this series to be redeemed to,
but not including, the date fixed for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company has purchased Notes
of this series equal to or greater than 80% of the aggregate principal amount of Notes of this series initially issued, the Company may
redeem, in whole, but not in part, the remaining Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a Change of Control Repurchase Event (as defined
in Supplemental Indenture No.&#8239;17) occurs with respect to Notes of this series, except to the extent the Company has exercised its
right to redeem the Notes of this series pursuant to the redemption terms of the Notes, the Company will make an offer, as provided in,
and subject to the terms of, Supplemental Indenture No.&#8239;17, to each Holder of the Notes of this series to repurchase all or any
part (in minimum denominations of &euro;100,000 and integral multiples of &euro;1,000 in excess thereof) of that Holder&rsquo;s Notes
at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest
on such Notes repurchased to, but not including, the date of repurchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are fully and unconditionally
guaranteed as to the due and punctual payment of the principal, premium, if any, and interest in respect thereof by the Guarantors as
evidenced by their guarantees (the &ldquo;<B>Guarantees</B>&rdquo;) set forth hereon. The Guarantees are the direct and unconditional
obligations of such Guarantors and rank and will rank equally in right of payment and in all other respects with all other unsubordinated
obligations of such Guarantors now or hereafter outstanding.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case an Event of Default with respect to the
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions for defeasance
at any time of (i)&#8239;the entire indebtedness of this Note or (ii)&#8239;certain respective covenants and Events of Default with respect
to this Note, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the
rights of the Holders of the Securities of each series to be affected pursuant to the Indenture at any time by the Company, the Guarantors
and the Trustee with the consent of the Holders of a majority in principal amount of such Securities at the time Outstanding (voting
as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company and the Guarantors with certain provisions of the Indenture and certain past defaults pursuant to the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note or Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the times, places and rate, and in the currency herein prescribed.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note
for registration of transfer at the office of the Transfer Agent, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly authorized
in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes of this series are issuable only in
registered form without coupons in denominations equal to &euro;100,000 and integral multiples of &euro;1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and authorized denominations, as requested by the Holder surrendering
the same.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of this Note for registration
of transfer, the Company, the Guarantors, the Trustee, the Paying Agent, the Security Registrar and any agent of the Company, a Guarantor
or the Trustee, the Paying Agent or the Security Registrar may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company, the Guarantors, the Trustee, the Paying Agent or the
Security Registrar nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No recourse under or upon any obligation, covenant
or agreement of the Company or any Guarantor in the Indenture or any indenture supplemental thereto or in any Note, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director or employee,
as such, past, present or future, of the Company or any Guarantor or of any successor thereto, either directly or through the Company
or any Guarantor or any successor thereto, under any rule&#8239;of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall be governed by and construed in
accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following notations in respect of changes
in the outstanding principal amount of this Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 19%"><B>Date</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>Initial Principal <BR>
Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>Change in <BR>
Outstanding <BR>
Principal Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>New Balance</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 19%"><B>Notation Made by</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2520578d11_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&#8239;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; font-variant: small-caps">Skadden,
Arps, Slate, Meagher&#8239;&amp; Flom llp</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>&#8239;</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; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">One
    Manhattan West</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239; <FONT STYLE="text-transform: uppercase"><BR>
    New York, NY 10001</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM/AFFILIATE
    <BR> OFFICES&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>TEL: (212) 735-3000<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOSTON&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">FAX: (212) 735-2000<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHICAGO&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">www.skadden.com<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOUSTON&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOS
    ANGELES&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PALO
    ALTO&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WASHINGTON,
    D.C.&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON&#8239;&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABU
    DHABI&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BEIJING&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRUSSELS&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRANKFURT&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HONG
    KONG&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LONDON&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MUNICH&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARIS&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&#8239;30,
2</FONT>025</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&Atilde;O
    PAULO&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEOUL&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SINGAPORE&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOKYO&#8239;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TORONTO</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FedEx Corporation<BR>
942 South Shady Grove Road&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>FedEx Corporation &ndash; Senior Notes Offering</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as special United States counsel to FedEx Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), in connection with
the public offering of </FONT>&euro;500,000,000 in aggregate principal amount of its 3.500% Notes due 2032 and &euro;350,000,000 in aggregate
principal amount of its 4.125% Notes due 2037 (collectively, the &ldquo;Notes&rdquo;) to be issued under the Indenture, dated as of October&#8239;23,
2015 (the &ldquo;Base Indenture&rdquo;), among the Company, the Guarantors listed on <U>Schedule I-A</U> hereto (collectively, the &ldquo;Guarantors&rdquo;)
and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee
to Wells Fargo Bank, National Association), as trustee (in such capacity, the &ldquo;Trustee&rdquo;), as supplemented by Supplemental
Indenture No.&#8239;17, dated as of July&#8239;30, 2025 (&ldquo;Supplemental Indenture No.&#8239;17&rdquo; and, together with the Base Indenture,
the &ldquo;Indenture&rdquo;), among the Company, the Guarantors, the Trustee and U.S. Bank Europe DAC, UK Branch, as paying agent (the
&ldquo;Paying Agent&rdquo;). The Indenture provides that the Notes are to be guaranteed by the Guarantors (such guarantees, together
with the Notes, the &ldquo;Securities&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being furnished in accordance
with the requirements of Item 601(b)(5)&#8239;of Regulation S-K under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinions stated herein, we have
examined and relied upon the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
registration statement on Form&#8239;S-3 (File No.&#8239;333-273320) of the Company and the Guarantors relating to debt securities and
other securities filed on July&#8239;19, 2023 with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities
Act allowing for delayed offerings pursuant to Rule&#8239;415 of the General Rules&#8239;and Regulations under the Securities Act (the
&ldquo;Rules&#8239;and Regulations&rdquo;), including the information deemed to be a part of the registration statement pursuant to Rule&#8239;430B
of the Rules&#8239;and Regulations (such registration statement being hereinafter referred to as the &ldquo;Registration Statement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
prospectus, dated July&#8239;19, 2023 (the &ldquo;Base Prospectus&rdquo;), which forms a part of and is included in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
preliminary prospectus supplement, dated July&#8239;22, 2025 (together with the Base Prospectus, the &ldquo;Preliminary Prospectus&rdquo;),
relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule&#8239;424(b)&#8239;of the Rules&#8239;and
Regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
prospectus supplement, dated July&#8239;23, 2025 (together with the Base Prospectus, the &ldquo;Prospectus Supplement&rdquo;), relating
to the offering of the Securities, in the form filed with the Commission pursuant to Rule&#8239;424(b)&#8239;of the Rules&#8239;and Regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
executed copy of the Underwriting Agreement, dated July&#8239;23, 2025 (the &ldquo;Underwriting Agreement&rdquo;), among the Company,
the Guarantors party thereto and the several Underwriters named therein (the &ldquo;Underwriters&rdquo;), relating to the sale by the
Company and the Guarantors to the Underwriters of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
executed copy of the Base Indenture, including Article&#8239;12 thereof containing the guaranty obligations of the Guarantors (the &ldquo;Guarantees&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
executed copy of Supplemental Indenture No.&#8239;17;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
global certificates evidencing the Notes, executed by the Company and registered in the name of the nominee of the common depositary
for the accounts of Euroclear and Clearstream (the &ldquo;Note Certificates&rdquo;), delivered by the Company to the Trustee for authentication
and delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Agency Agreement, dated as of July&#8239;30, 2025 (the &ldquo;Agency Agreement&rdquo;), among the Company, the Paying Agent, U.S. Bank
Trust Company, National Association, as the registrar and transfer agent, and the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
executed copy of a certificate of the Secretary or Assistant Secretary of each Opinion Party (as defined below), as applicable, dated
the date hereof (the &ldquo;Secretary&rsquo;s Certificate&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of each Opinion Party&rsquo;s certificate of incorporation or certificate of formation, as applicable, certified by the Secretary
of State of the State of Delaware as of July&#8239;21, 2025, and certified pursuant to the Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
copy of each Opinion Party&rsquo;s by-laws, as amended and in effect as of the date hereof, or limited liability company agreement, as
applicable, certified pursuant to the Secretary&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>copies
of certain resolutions of the Board of Directors of the Company, adopted on July&#8239;21, 2025 and September&#8239;28, 2015, certified
pursuant to the Secretary&rsquo;s Certificate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>copies
of resolutions or other actions by written consent of the board of directors, sole member or managing member, as applicable, of each
of the Opinion Party Guarantors (as defined below), adopted on July&#8239;17, 2023, and September&#8239;28, 2015, certified pursuant to
the Secretary&rsquo;s Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have also examined originals or copies, certified
or otherwise identified to our satisfaction, of such records of the Opinion Parties and such agreements, certificates and receipts of
public officials, certificates of officers or other representatives of the Opinion Parties and others, and such other documents as we
have deemed necessary or appropriate as a basis for the opinions stated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination, we have assumed the genuineness
of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic,
certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated
herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives
of the Opinion Parties and others and of public officials, including the facts and conclusions set forth in the Secretary&rsquo;s Certificate
and the factual representations and warranties contained in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not express any opinion with respect to
the laws of any jurisdiction other than (i)&#8239;the laws of the State of New York and (ii)&#8239;the Covered State Laws (as defined below)
(all of the foregoing being referred to as &ldquo;Opined-on Law&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriting Agreement, the Note Certificates, the Guarantees, the Indenture and the Agency Agreement are referred to herein collectively
as the &ldquo;Transaction Documents.&rdquo; </FONT>As used herein, (i)&#8239;&ldquo;Opinion Party Guarantors&rdquo; means the DE Corporate
Subsidiaries and Federal Express Holdings S.A., LLC, (ii)&#8239;&ldquo;DE Corporate Subsidiaries&rdquo; means the entities listed on Schedule
I-B hereto, (iii)&#8239;&ldquo;Opinion Parties&rdquo; means the Company and the Opinion Party Guarantors, and (iv)&#8239;&ldquo;Non-Opinion
Party Guarantors&rdquo; means the Guarantors listed on Schedule I-C that are not Opinion Party Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, &ldquo;<U>Covered State Laws</U>&rdquo; means</FONT>, with respect to the Company and the DE Corporate Subsidiaries, the
General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;), and, with respect to Federal Express Holdings S.A., LLC, the
Delaware Limited Liability Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing and subject to the qualifications
and assumptions stated herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Note Certificates have been duly authorized by all requisite corporate action on the part of the Company and duly executed by the Company
under the DGCL, and when duly authenticated by the Trustee and issued and delivered by the Company against payment therefor in accordance
with the terms of the Underwriting Agreement and the Indenture, the Note Certificates will constitute valid and binding obligations of
the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantee of each Opinion Party Guarantor has been duly authorized by all requisite corporate or limited liability company, as applicable,
action on the part of such Opinion Party Guarantor under the applicable Covered State Laws and, when the Note Certificates are duly authenticated
by the Trustee and are issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting
Agreement and the Indenture, each Guarantee will constitute the valid and binding obligation of the applicable Guarantor, enforceable
against such Opinion Party Guarantor in accordance with its terms under the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions stated herein are subject to the
following assumptions and qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer, preference and other similar laws or governmental orders affecting creditors&rsquo; rights generally, and the opinions
stated herein are limited by such laws and governmental orders and by general principles of equity (regardless of whether enforcement
is sought in equity or at law);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to any law, rule&#8239;or regulation that is applicable to any party to any of the Transaction
Documents or the transactions contemplated thereby solely because such law, rule&#8239;or regulation is part of a regulatory regime applicable
to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>except
to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Documents constitutes the
valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating to any
indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having
similar effect that may be contrary to public policy or violative of federal or state securities laws, rules&#8239;or regulations, or
to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion whether the execution or delivery of any Transaction Document by any Opinion Party, or the performance by
any Opinion Party of its obligations under any Transaction Document to which such Opinion Party is a party will constitute a violation
of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial
condition or results of operations of any Opinion Party or any of its subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
opinions stated herein are limited to the agreements and documents specifically identified in the opinions contained herein (the &ldquo;Specified
Documents&rdquo;) without regard to any agreement or other document referenced in any Specified Document (including agreements or other
documents incorporated by reference or attached or annexed thereto) and without regard to any other agreement or document relating to
any Specified Document that is not a Transaction Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>subsequent
to the effectiveness of the Indenture and immediately prior to the effectiveness of Supplemental Indenture No.&#8239;17, the Indenture
has not been amended, restated, supplemented or otherwise modified in any way that affects or relates to the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to the enforceability of Section&#8239;1.12 of the Indenture to the extent that such section purports
to bind any Opinion Party to the exclusive jurisdiction of any particular federal court or courts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to hear a case
on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in
addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal
courts of the United States of America in any action arising out of or relating to any Transaction Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to the enforceability of Article&#8239;12 of the Indenture to the extent that such section provides
that the obligations of the Guarantors are absolute and unconditional irrespective of the enforceability or genuineness of the Indenture
or the effect thereof on the opinions herein stated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
do not express any opinion with respect to the enforceability of the provisions contained in Section&#8239;12.2 of the Indenture to the
extent that such provisions limit the obligations of the Guarantors under the Indenture or any right of contribution of any party with
respect to the obligations of the Guarantors under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>we
have assumed that the choice of euros as the currency in which the Securities are denominated does not contravene any exchange control
or other laws of the European Union, and further we call to your attention that a court may not award a judgment in any currency other
than U.S. dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained
in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject to,
in each case, (i)&#8239;the exceptions and limitations in New York General Obligations Law Sections 5-1401 and 5-1402 and (ii)&#8239;principles
of comity and constitutionality; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>this
opinion letter shall be interpreted in accordance with customary practice of United States lawyers who regularly give opinions in transactions
of this type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, in rendering the foregoing opinions
we have also assumed that, at all applicable times:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
Non-Opinion Party Guarantor (i)&#8239;was duly incorporated or formed, as applicable, and was validly existing and in good standing, (ii)&#8239;had
requisite legal status and legal capacity under the laws of the jurisdiction of its organization or formation, as applicable, and (iii)&#8239;has
complied and will comply with all aspects of the laws of the jurisdiction of its organization or formation, as applicable, in connection
with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents to which such Non-Opinion
Party Guarantor is a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
Non-Opinion Party Guarantor had the corporate or limited liability company, as applicable, power and authority to execute, deliver and
perform all its obligations under each of the Transaction Documents to which such Non-Opinion Party Guarantor is a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
of the Transaction Documents to which each Non-Opinion Party Guarantor is a party had been duly authorized, executed and delivered by
all requisite corporate or limited liability company, as applicable, action on the part of such Non-Opinion Party Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
the execution and delivery by the Company and each Guarantor of the Transaction Documents to which the Company or each Guarantor is a
party nor the performance by the Company and such Guarantor of its obligations thereunder, including the issuance and sale of the Securities:
(i)&#8239;conflicted or will conflict with the certificate of incorporation, certificate of formation, by-laws or limited liability company
agreement, as applicable, or any other comparable organizational document of the Company or any Guarantor, (ii)&#8239;constituted or will
constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which the Company or any Guarantor
or its property is subject (except that we do not make the assumption set forth in this clause (ii)&#8239;with respect to those agreements
or instruments expressed to be governed by the laws of the State of New York which are listed in Part&#8239;II of the Registration Statement
or the Company&rsquo;s Annual Report on Form&#8239;10-K for the year ended May&#8239;31, 2025), (iii)&#8239;contravened or will contravene
any order or decree of any governmental authority to which the Company or any Guarantor or its property is subject, or (iv)&#8239;violated
or will violate any law, rule&#8239;or regulation to which the Company or any Guarantor or its property is subject (except that we do
not make the assumption set forth in this clause (iv)&#8239;with respect to the Opined-on Law);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
the execution and delivery by the Company or any Guarantor of the Transaction Documents to which the Company or such Guarantor is a party
nor the performance by the Company and such Guarantor of its obligations thereunder, including the issuance and sale of the Securities,
required or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental
authority under any law, rule&#8239;or regulation of any jurisdiction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
LLC Agreement of Federal Express Holdings S.A., LLC is the only limited liability company agreement, as defined under the DLLCA, of the
members of Federal Express Holdings S.A., LLC as to the affairs of Federal Express Holdings S.A., LLC and the conduct of its business,
and we do not express any opinion with respect to the effect of any other agreement of the members of Federal Express Holdings S.A.,
LLC as to the affairs of Federal Express Holdings S.A., LLC and the conduct of its business. Further, we have assumed that Federal Express
Holdings S.A., LLC has, and since the time of its formation has had, at least one validly admitted and existing member of Federal Express
Holdings S.A., LLC&#8239;and (i)&#8239;no procedures have been instituted for, and no other event has occurred, including, without limitation,
any action taken by Federal Express Holdings S.A., LLC or its sole member, that would result in, the liquidation, dissolution or winding-up
of Federal Express Holdings S.A., LLC, (ii)&#8239;no event has occurred that has adversely affected the good standing of Federal Express
Holdings S.A., LLC under the laws of its jurisdiction of formation, and Federal Express Holdings S.A., LLC has taken all actions required
by the laws of its jurisdiction of formation to maintain such good standing and (iii)&#8239;no grounds exist for the revocation or forfeiture
of Federal Express Holdings S.A., LLC&rsquo;s certificate of formation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the reference to our firm
under the heading &ldquo;Legal Matters&rdquo; in the Preliminary Prospectus and the Prospectus. In giving this consent, we do not thereby
admit that we are within the category of persons whose consent is required under Section&#8239;7 of the Securities Act or the Rules&#8239;and
Regulations. We also hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Company&rsquo;s Current
Report on Form&#8239;8-K being filed on the date hereof and incorporated by reference into the Registration Statement. This opinion letter
is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent
changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Skadden, Arps, Slate, Meagher&#8239;&amp; Flom LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Corporation&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Europe,&#8239;Inc.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Holdings S.A., LLC&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express International,&#8239;Inc.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FedEx Freight,&#8239;Inc.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FedEx Office and Print Services,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Corporation&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express Europe,&#8239;Inc.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Federal Express International,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Non-Opinion Party Guarantors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FedEx Freight,&#8239;Inc., an Arkansas corporation&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FedEx Office and Print Services,&#8239;Inc., a Texas corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2520578d11_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FedEx Office and Print Services,&#8239;Inc.<BR>
7900 Legacy Drive<BR>
Plano, Texas 75024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&#8239;30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FedEx Corporation<BR>
942 South Shady Grove Road<BR>
Memphis, Tennessee 38120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">FedEx
Corporation, a Delaware corporation (the </FONT>&ldquo;<U>Company</U>&rdquo;), FedEx Office and Print Services,&#8239;Inc., a Texas corporation
(&ldquo;<U>FedEx Office</U>&rdquo;), and the other subsidiary guarantors named in the Registration Statement (defined below) have filed
with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a Registration Statement on Form&#8239;S-3 (File No.&#8239;333-273320)
(the &ldquo;<U>Registration Statement</U>&rdquo;) and a prospectus supplement dated July&#8239;23, 2025 (the &ldquo;<U>Prospectus Supplement</U>&rdquo;)
for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), certain securities
including &euro;500,000,000 aggregate principal amount of the Company&rsquo;s 3.500% Notes due 2032 and &euro;350,000,000 aggregate principal
amount of the Company&rsquo;s 4.125% Notes due 2037 (collectively, the &ldquo;<U>Notes</U>&rdquo;) and the related joint and several guarantees
of the Notes (the &ldquo;<U>Guarantees</U>&rdquo;). The Notes and the Guarantees are to be issued pursuant to the provisions of a base
indenture, dated as of October&#8239;23, 2015, among the Company, the guarantors party thereto (the &ldquo;<U>Guarantors</U>&rdquo;) and
U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells
Fargo Bank, National Association), as trustee (the &ldquo;<U>Trustee</U>&rdquo;) (the &ldquo;<U>Base Indenture</U>&rdquo;), as supplemented
by supplemental indenture no. 1, dated as of October&#8239;23, 2015, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental
Indenture No.&#8239;1</U>&rdquo;), as further supplemented by supplemental indenture no. 2, dated as of March&#8239;24, 2016, among the
Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;2</U>&rdquo;), as further supplemented by supplemental
indenture no. 3, dated as of April&#8239;11, 2016, among the Company, the Guarantors, the Trustee and Elavon Financial Services Limited,
UK Branch, as paying agent (&ldquo;<U>Supplemental Indenture No.&#8239;3</U>&rdquo;), as further supplemented by supplemental indenture
no. 4, dated as of January&#8239;6, 2017, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;4</U>&rdquo;),
as further supplemented by supplemental indenture no. 5, dated as of January&#8239;31, 2018, among the Company, the Guarantors and the
Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;5</U>&rdquo;), as further supplemented by supplemental indenture no. 6, dated as of
October&#8239;17, 2018, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;6</U>&rdquo;), as
further supplemented by supplemental indenture no. 7, dated as of January&#8239;16, 2019, among the Company, the Guarantors and the Trustee
(&ldquo;<U>Supplemental Indenture No.&#8239;7</U>&rdquo;), as further supplemented by supplemental indenture no. 8, dated as of January&#8239;18,
2019, among the Company, the Guarantors, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the &ldquo;<U>Elavon
Paying Agent</U>&rdquo;) (&ldquo;<U>Supplemental Indenture No.&#8239;8</U>&rdquo;), as further supplemented by supplemental indenture no.
9, dated as of July&#8239;24, 2019, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;9</U>&rdquo;),
as further supplemented by supplemental indenture no. 10, dated as of August&#8239;5, 2019, among the Company, the Guarantors, the Trustee
and the Elavon Paying Agent (&ldquo;<U>Supplemental Indenture No.&#8239;10</U>&rdquo;), as further supplemented by supplemental indenture
no. 11, dated as of April&#8239;7, 2020, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;11</U>&rdquo;),
as further supplemented by supplemental indenture no. 12, dated as of April&#8239;29, 2021, among the Company, the Guarantors and the Trustee
(&ldquo;<U>Supplemental Indenture No.&#8239;12</U>&rdquo;), as further supplemented by supplemental indenture no. 13, dated as of May&#8239;4,
2021, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (&ldquo;<U>Supplemental Indenture No.&#8239;13</U>&rdquo;),
as further supplemented by supplemental indenture no. 14, dated as of February&#8239;26, 2025, among the Company, the Guarantors and the
Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;14</U>&rdquo;), as further supplemented by supplemental indenture no. 15, dated as
of February&#8239;26, 2025, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;15</U>&rdquo;),
as further supplemented by supplemental indenture no. 16, dated as of February&#8239;26, 2025, among the Company, the Guarantors, the Trustee
and U.S. Bank Europe DAC, UK Branch, as paying agent (the &ldquo;<U>US Bank Paying Agent</U>&rdquo;) (&ldquo;<U>Supplemental Indenture
No.&#8239;16</U>&rdquo;) and as further supplemented by supplemental indenture no. 17, dated as of July&#8239;30, 2025, among the Company,
the Guarantors, the Trustee, as transfer agent and registrar, and the US Bank Paying Agent (&ldquo;<U>Supplemental Indenture No.&#8239;17</U>&rdquo;)
(the Base Indenture, Supplemental Indenture No.&#8239;1, Supplemental Indenture No.&#8239;2, Supplemental Indenture No.&#8239;3, Supplemental
Indenture No.&#8239;4, Supplemental Indenture No.&#8239;5, Supplemental Indenture No.&#8239;6, Supplemental Indenture No.&#8239;7, Supplemental
Indenture No.&#8239;8, Supplemental Indenture No.&#8239;9, Supplemental Indenture No.&#8239;10, Supplemental Indenture No.&#8239;11, Supplemental
Indenture No.&#8239;12, Supplemental Indenture No.&#8239;13, Supplemental Indenture No.&#8239;14, Supplemental Indenture No.&#8239;15, Supplemental
Indenture No.&#8239;16 and Supplemental Indenture No.&#8239;17 are collectively referred to herein as the &ldquo;<U>Indenture</U>&rdquo;),
and are to be sold pursuant to the Underwriting Agreement dated July&#8239;23, 2025, among the Company, the subsidiary guarantors named
therein and the several underwriters named in Schedule A thereto (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) and will be subject
to the Agency Agreement among the Company, the US Bank Paying Agent, U.S. Bank Trust Company, National Association, as registrar and transfer
agent, and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
am the Secretary of FedEx Office and have acted as counsel to FedEx Office in connection with the issuance and delivery by FedEx Office
of its Guarantee of the Notes (the </FONT>&ldquo;<U>FedEx Office Guarantee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the opinions
expressed below,&#8239;I have examined, or caused to be examined by attorneys under my supervision, originals or copies, certified or otherwise
identified to my satisfaction, of the Registration Statement, the Prospectus Supplement, the Indenture, the FedEx Office Guarantee, the
Underwriting Agreement, FedEx Office&rsquo;s certificate of formation and bylaws, and such agreements, documents, certificates and statements
of government officials and other papers as I have deemed necessary or advisable as a basis for such opinions. In such examination,&#8239;I
have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted
to us as originals and the conformity with the originals of all documents submitted to us as certified, conformed, photostatic, electronic
or facsimile copies and the authenticity of the originals of such documents. In making our examination of executed documents and documents
to be executed,&#8239;I have assumed (i)&#8239;that the parties thereto (other than FedEx Office) had or will have the power, corporate
or otherwise, and authority to enter into and perform all obligations thereunder, (ii)&#8239;the due delivery by such parties of such documents
and (iii)&#8239;that such documents constitute or will constitute valid and binding obligations of such parties. As to any facts material
to the opinions expressed herein, which I have not independently established or verified,&#8239;I have relied upon statements and representations
of officers and representatives of FedEx Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
it is my opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>FedEx
Office is a corporation validly existing and in good standing under the laws of the State of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>FedEx
Office has the corporate power to (a)&#8239;enter into and perform its obligations under the Indenture and (b)&#8239;create, enter into
and perform its obligations under the FedEx Office Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Indenture and the FedEx Office Guarantee has been duly and validly authorized, executed and delivered by FedEx Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am qualified to practice
law in the State of Texas, and the foregoing opinion is limited to the laws of the State of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby consent to the filing
of this opinion as an exhibit to a report on Form&#8239;8-K to be filed by the Company on the date hereof and its incorporation by reference
into the Registration Statement. In addition,&#8239;I further consent to the reference to me under the heading &ldquo;Legal Matters&rdquo;
in the Prospectus Supplement, which is a part of the Registration Statement. In giving such consent,&#8239;I do not admit that I am in
the category of persons whose consent is required under Section&#8239;7 of the Securities Act or the rules&#8239;and regulations of the
Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Skadden, Arps, Slate, Meagher&#8239;&amp;
Flom LLP, special counsel to the Company, may rely upon this opinion in rendering its opinion of even date herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page&#8239;is intentionally
left blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is expressed
as of the date hereof and I undertake no, and disclaim any, obligation to advise you (or any third party) of any subsequent change in
or development of law or fact that might affect the matters, conclusions, statements or opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Clement E. Klank III&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clement E. Klank III</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&#8239;to FedEx Office and Print
Services,&#8239;Inc. Exhibit&#8239;5.2 Opinion]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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<TYPE>EX-5.3
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<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;5.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FedEx Freight,&#8239;Inc.<BR>
8285 Tournament Drive,<BR>
Memphis, Tennessee, 38125</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">July&#8239;30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FedEx Corporation<BR>
942 South Shady Grove Road<BR>
Memphis, Tennessee 38120</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">FedEx
Corporation, a Delaware corporation (the </FONT>&ldquo;<U>Company</U>&rdquo;), FedEx Freight,&#8239;Inc., an Arkansas corporation (&ldquo;<U>FedEx
Freight</U>&rdquo;), and the other subsidiary guarantors named in the Registration Statement (defined below) have filed with the Securities
and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a Registration Statement on Form&#8239;S-3 (File No.&#8239;333-273320) (the
&ldquo;<U>Registration Statement</U>&rdquo;) and a prospectus supplement dated July&#8239;23, 2025 (the &ldquo;<U>Prospectus Supplement</U>&rdquo;)
for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), certain securities
including &euro;500,000,000 aggregate principal amount of the Company&rsquo;s 3.500% Notes due 2032 and &euro;350,000,000 aggregate principal
amount of the Company&rsquo;s 4.125% Notes due 2037 (collectively, the &ldquo;<U>Notes</U>&rdquo;) and the related joint and several guarantees
of the Notes (the &ldquo;<U>Guarantees</U>&rdquo;). The Notes and the Guarantees are to be issued pursuant to the provisions of a base
indenture, dated as of October&#8239;23, 2015, among the Company, the guarantors party thereto (the &ldquo;<U>Guarantors</U>&rdquo;) and
U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells
Fargo Bank, National Association), as trustee (the &ldquo;<U>Trustee</U>&rdquo;) (the &ldquo;<U>Base Indenture</U>&rdquo;), as supplemented
by supplemental indenture no. 1, dated as of October&#8239;23, 2015, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental
Indenture No.&#8239;1</U>&rdquo;), as further supplemented by supplemental indenture no. 2, dated as of March&#8239;24, 2016, among the
Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;2</U>&rdquo;), as further supplemented by supplemental
indenture no. 3, dated as of April&#8239;11, 2016, among the Company, the Guarantors, the Trustee and Elavon Financial Services Limited,
UK Branch, as paying agent (&ldquo;<U>Supplemental Indenture No.&#8239;3</U>&rdquo;), as further supplemented by supplemental indenture
no. 4, dated as of January&#8239;6, 2017, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;4</U>&rdquo;),
as further supplemented by supplemental indenture no. 5, dated as of January&#8239;31, 2018, among the Company, the Guarantors and the
Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;5</U>&rdquo;), as further supplemented by supplemental indenture no. 6, dated as of
October&#8239;17, 2018, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;6</U>&rdquo;), as
further supplemented by supplemental indenture no. 7, dated as of January&#8239;16, 2019, among the Company, the Guarantors and the Trustee
(&ldquo;<U>Supplemental Indenture No.&#8239;7</U>&rdquo;), as further supplemented by supplemental indenture no. 8, dated as of January&#8239;18,
2019, among the Company, the Guarantors, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the &ldquo;<U>Elavon
Paying Agent</U>&rdquo;) (&ldquo;<U>Supplemental Indenture No.&#8239;8</U>&rdquo;), as further supplemented by supplemental indenture no.
9, dated as of July&#8239;24, 2019, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;9</U>&rdquo;),
as further supplemented by supplemental indenture no. 10, dated as of August&#8239;5, 2019, among the Company, the Guarantors, the Trustee
and the Elavon Paying Agent (&ldquo;<U>Supplemental Indenture No.&#8239;10</U>&rdquo;), as further supplemented by supplemental indenture
no. 11, dated as of April&#8239;7, 2020, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;11</U>&rdquo;),
as further supplemented by supplemental indenture no. 12, dated as of April&#8239;29, 2021, among the Company, the Guarantors and the Trustee
(&ldquo;<U>Supplemental Indenture No.&#8239;12</U>&rdquo;), as further supplemented by supplemental indenture no. 13, dated as of May&#8239;4,
2021, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (&ldquo;<U>Supplemental Indenture No.&#8239;13</U>&rdquo;),
as further supplemented by supplemental indenture no. 14, dated as of February&#8239;26, 2025, among the Company, the Guarantors and the
Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;14</U>&rdquo;), as further supplemented by supplemental indenture no. 15, dated as
of February&#8239;26, 2025, among the Company, the Guarantors and the Trustee (&ldquo;<U>Supplemental Indenture No.&#8239;15</U>&rdquo;),
as further supplemented by supplemental indenture no. 16, dated as of February&#8239;26, 2025, among the Company, the Guarantors, the Trustee
and U.S. Bank Europe DAC, UK Branch, as paying agent (the &ldquo;<U>US Bank Paying Agent</U>&rdquo;) (&ldquo;<U>Supplemental Indenture
No.&#8239;16</U>&rdquo;) and as further supplemented by supplemental indenture no. 17, dated as of July&#8239;30, 2025, among the Company,
the Guarantors, the Trustee, as transfer agent and registrar, and the US Bank Paying Agent (&ldquo;Supp<U>lemental Indenture No.&#8239;17</U>&rdquo;)
(the Base Indenture, Supplemental Indenture No.&#8239;1, Supplemental Indenture No.&#8239;2, Supplemental Indenture No.&#8239;3, Supplemental
Indenture No.&#8239;4, Supplemental Indenture No.&#8239;5, Supplemental Indenture No.&#8239;6, Supplemental Indenture No.&#8239;7, Supplemental
Indenture No.&#8239;8, Supplemental Indenture No.&#8239;9, Supplemental Indenture No.&#8239;10, Supplemental Indenture No.&#8239;11, Supplemental
Indenture No.&#8239;12, Supplemental Indenture No.&#8239;13, Supplemental Indenture No.&#8239;14, Supplemental Indenture No.&#8239;15, Supplemental
Indenture No.&#8239;16 and Supplemental Indenture No.&#8239;17 are collectively referred to herein as the &ldquo;<U>Indenture</U>&rdquo;),
and are to be sold pursuant to the Underwriting Agreement dated July&#8239;23, 2025, among the Company, the subsidiary guarantors named
therein and the several underwriters named in Schedule A thereto (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) and will be subject
to the Agency Agreement among the Company, the US Bank Paying Agent, U.S. Bank Trust Company, National Association, as registrar and transfer
agent, and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
am the Vice President &ndash; Labor Relations&#8239;&amp; Employment Law and Assistant Secretary of FedEx Freight and have acted as counsel
to FedEx Freight in connection with the issuance and delivery by FedEx Freight of its Guarantee of the Notes (the </FONT>&ldquo;<U>FedEx
Freight Guarantee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the opinions
expressed below,&#8239;I have examined, or caused to be examined by attorneys under my supervision, originals or copies, certified or otherwise
identified to my satisfaction, of the Registration Statement, the Prospectus Supplement, the Indenture, the FedEx Freight Guarantee, the
Underwriting Agreement, FedEx Freight&rsquo;s articles of incorporation, as amended, and bylaws, as amended, and such agreements, documents,
certificates and statements of government officials and other papers as I have deemed necessary or advisable as a basis for such opinions.
In such examination,&#8239;I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity
of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as certified, conformed,
photostatic, electronic or facsimile copies and the authenticity of the originals of such documents. In making our examination of executed
documents and documents to be executed,&#8239;I have assumed (i)&#8239;that the parties thereto (other than FedEx Freight) had or will have
the power, corporate or otherwise, and authority to enter into and perform all obligations thereunder, (ii)&#8239;the due delivery by such
parties of such documents and (iii)&#8239;that such documents constitute or will constitute valid and binding obligations of such parties.
As to any facts material to the opinions expressed herein, which I have not independently established or verified,&#8239;I have relied
upon statements and representations of officers and representatives of FedEx Freight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
it is my opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>FedEx
Freight is a corporation validly existing and in good standing under the laws of the State of Arkansas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>FedEx
Freight has the corporate power to (a)&#8239;enter into and perform its obligations under the Indenture and (b)&#8239;create, enter into
and perform its obligations under the FedEx Freight Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Indenture and the FedEx Freight Guarantee has been duly and validly authorized, executed and delivered by FedEx Freight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am qualified to practice
law in the State of Arkansas, and the foregoing opinion is limited to the laws of the State of Arkansas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby consent to the filing
of this opinion as an exhibit to a report on Form&#8239;8-K to be filed by the Company on the date hereof and its incorporation by reference
into the Registration Statement. In addition,&#8239;I further consent to the reference to me under the heading &ldquo;Legal Matters&rdquo;
in the Prospectus Supplement, which is a part of the Registration Statement. In giving such consent,&#8239;I do not admit that I am in
the category of persons whose consent is required under Section&#8239;7 of the Securities Act or the rules&#8239;and regulations of the
Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Skadden, Arps, Slate, Meagher&#8239;&amp;
Flom LLP, special counsel to the Company, may rely upon this opinion in rendering its opinion of even date herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The remainder of this page&#8239;is intentionally
left blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>



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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is expressed
as of the date hereof and I undertake no, and disclaim any, obligation to advise you (or any third party) of any subsequent change in
or development of law or fact that might affect the matters, conclusions, statements or opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Christina R. Conrad</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Christina R. Conrad</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>fdx-20250730_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>fdx-20250730_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jul. 30, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 30,  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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</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="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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.10 Par Value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_Notes0.450PercentDue2025Member', 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="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="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="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="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_Notes1.625PercentDue2027Member', 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="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="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="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="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_Notes0.450PercentDue2029Member', window );">0.450% Notes due 2029</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="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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.450% Notes due 2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 29A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_Notes1.300PercentDue2031Member', window );">1.300% Notes due 2031</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="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="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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=fdx_Notes0.950PercentDue2033Member', window );">0.950% Notes due 2033</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="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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.950% Notes due 2033<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">FDX 33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
</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:tradingSymbolItemType</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_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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_WrittenCommunications</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_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=fdx_Notes0.450PercentDue2025Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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=fdx_Notes0.450PercentDue2025Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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