Commentary & Deal Flow

Reoffer: 4yr: MS+75bp / 99.714 / 4.079% 8yr: MS+125bp / 99.807 / 4.655%
Benchmark: 4yr: DBR 0% 15-Aug-30 @ 88.66 / B+96.6bp / HR 108% 8yr: DBR 2.6% 15-Aug-34 @ 94.98 / B+132.4bp / HR 98%

Tranche 1 (4yr): Final Books €2.85bn. Peak book above €3.1bn (pre-rec)
Tranche 2 (8yr): Final Books €1.65bn. Peak book above €1.95bn (pre-rec)

Launched:
4yr: €1.1bn @ MS+75bp - Books above €3.1bn (pre-rec)
8yr: €900m @ MS+125bp - Books above €1.8bn (pre-rec)
Spread set at: 4yr: MS+75bp - Books above €3bn (pre-rec) 8yr: MS+125bp - Books above €1.95bn (pre-rec)
IPTs: 4yr: MS+105a 8yr: MS+145a

• Issuer: FedEx Corporation (Ticker: FDX, Country: US)
• Guarantors: Federal Express Corporation, FedEx Office and Print Services, Inc., Federal Express Europe, Inc., Federal Express Holdings S.A., LLC, Federal Express International, Inc
• LEI: 549300E707U7WNPZN687
• Issuer Ratings:* Baa2 (Stable) by Moody's / BBB (Stable) by S&P
• Expected Issue Ratings:* Baa2 by Moody's / BBB by S&P
• Format: SEC Registered, Senior, Unsecured
• Settlement:** 14-Sep-26 (T+3)
• Size:
  • 4yr: €1.1bn
  • 8yr: €900m
• Maturity:
  • 4yr: 30-Sep-30
  • 8yr: 30-Sep-34
• Reoffer:
  • 4yr: MS+75bp / 4.079% / 99.714
  • 8yr: MS+125bp / 4.655% / 99.807
• Benchmark:
  • 4yr: DBR 0% 15-Aug-30 (88.66) + 96.6bp | HR: 108%
  • 8yr: DBR 2.6% 15-Aug-34 (94.98) + 132.4bp | HR: 98%
• Coupon:
  • 4yr: 4%, Fixed, Ann, Act/Act (ICMA), Short First
  • 8yr: 4.625%, Fixed, Ann, Act/Act (ICMA), Short First
• Optional Redemption:
  • 4yr: MWC (B+15), 1 Month Par Call, Tax Call, CoC (101%)
  • 8yr: MWC (B+20), 3 Months Par Call, Tax Call, CoC (101%)
• Clean-up Call:
  • 4yr: Applicable (75%)
  • 8yr: Applicable (75%)
• B&D:
  • 4yr: BofA Securities
  • 8yr: Citigroup
• ISIN/CUSIP:
  • 4yr: XS3494005021 / 31428XEE2
  • 8yr: XS3494029393 / 31428XEF9
• Governing Law & Listing: NYSE Listing, New York Law
• Clearing: Euroclear / Clearstream (Luxembourg)
• Denominations: €100k x €1k
• Selling Restrictions: As outlined in the prospectus supplement dated 9-Sep-26
• Sales into Canada: Yes, via exemption
• UoP: The Company intends to use the net proceeds from this offering, together with the net proceeds from the offering of U.S. dollar notes, if any, for general corporate purposes, which may include the redemption or repayment of outstanding indebtedness
• Stabilization: Relevant stabilization regulations apply including ICMA/FCA
• MiFID II / UK MiFIR, Target Market, EEA PRIIPs / UK CCI: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Global Coordinators: BofA Securities, Citigroup, Wells Fargo Securities
• Joint Actives: BNP Paribas, BofA Securities (B&D 4yr), Citigroup (B&D 8yr), ING, Wells Fargo Securities
• Timing: TOE : 15.33 UKT (4yr) / 15.32 UKT (8yr) FTT : TBC