Investor Presentaiton

51 52 Achieving sustained double-digit margin PATH TO 11-12% ADJ. OP. MARGIN* with upside beyond Targeted growth in high value segments Reduce cost to serve Improve asset utilization FedEx Large Box *Non-GAAP financial measure; see appendix for more information E-commerce growth has changed the market 90% incremental market growth over past decade from e-commerce Ground domestic parcel market volume has grown by 8.5% CAGR Residential volume now over 80% of the US domestic parcel market 6/28/22 26

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