FedEx 2011 Shareowners Meeting

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Good morning, ladies and gentlemen, and welcome to the Annual Stockholders' Meeting of FedEx Corporation. I'm Frederick W. Smith, Chairman of the Board, President and Chief Executive Officer of the corporation. We appreciate the interest of the stockholders who have come to the meeting, and we thank you for being here. This meeting is being broadcast on our webcast live. I'd also like to welcome our stockholders who have joined us via this webcast.

In a moment I'll begin by introducing the other members of our Board of Directors. But prior to doing that, let me recognize Joe R. Hyde, Pitt Hyde, who has been a member of this Board for 30 years, who is retiring today, and to express to Pitt our deep appreciation for your years of service, for your wise and insightful counsel and your friendship. And we look forward to maintaining our relationship for many years to come. Thank you very much, Pitt. Stand up, Pitt.

Now, I'd like to introduce the other directors standing for election today, Jim Barksdale, if you'd stand, John Edwardson, Shirley Jackson, Steve Loranger, Gary Loveman, Susan Schwab, Joshua Smith, David Steiner, Paul Walsh, and also present are two new nominees for election to the Board, Brad Martin and Joshua Ramo.

Joining me on stage are Christine Richards, our Executive Vice President, General Counsel and Corporate Secretary, who will act as secretary of the meeting, and John Ruocco, Senior Relationship Manager of Computer Share Trust Company, our transfer agent, who has been appointed and duly sworn as Inspector of Election. Representatives of Ernst & Young are also present and available to answer appropriate questions that you may have of them as auditor of the Company's fiscal year 2011 financial statements.

Now, as each of you entered the meeting room this morning you were given a copy of the agenda and the annual meeting guidelines. The meeting will be conducted in accordance with that agenda and those guidelines. If you've not received copies of the agenda and guidelines, please raise your hand and copies will be brought to you. I'll now call the meeting to order. Ms. Richards will report on the giving of notice of the meeting and the presence of a quorum.

Christine P. Richards
Executive Vice President, General Counsel and Secretary, FedEx Corp.

Mr. Chairman, I have a complete list of the holders of record of the Company's common stock at the close of business on August 1, 2011 who are entitled to vote at this meeting. The list is arranged in alphabetical order and indicates the number of shares held by each stockholder. It was prepared and certified by Computer Share Trust Company, the Company's transfer agent for the common stock.

I also have received an affidavit of a representative of Computer Share Trust Company which states that on August 15, 2011 the notice of annual meeting, the proxy statement, the proxy, the 2011 annual report and a postage prepaid return envelope were mailed to the stockholders of record as of August 1, 2011.

A tabulation of the proxies received from stockholders indicates that a majority of the shares outstanding on the record date are represented at this meeting and a quorum is present.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Thank you, Ms. Richards. A copy of the affidavit will be filed with the records of this meeting. The polls for each proposal are now open at 10:04 a.m. Central Time on 26 September 2011.

The proposals to be considered today are listed on the agenda and in the proxy materials previously distributed. If you've already submitted your proxy, your shares will be voted accordingly. If there is any stockholder present who has not yet voted and who wishes to do so, please hold up your hand so we may distribute ballots.

If you have previously voted by proxy, please do not fill out a ballot unless you wish to change your proxy vote. If you're voting by ballot, please mark your choices for each item of business and return the ballot to a FedEx representative when you are finished.

Now, the audience will have the opportunity to ask any questions relating to these proposals after all of the proposals have been presented. Please defer any questions or comments related to the proposals until such time. If you have questions that are not directly related to the proposals, you'll have the opportunity to ask them at the conclusion of the meeting.

The first matter to be taken up is the election of directors. Twelve directors are to be elected today. A nominee will be elected to the Board of Directors if the number of votes cast for such nominee's election exceeds the number of votes cast against such nominee's election. If elected, each nominee will serve as a director until the 2012 annual meeting and until his or her successor is duly elected and qualified.

These nominees are as follows, James L. Barksdale, John A. Edwardson, Shirley Ann Jackson, Steven R. Loranger, Gary W. Loveman, R. Brad Martin, Joshua Cooper Ramo, Susan C. Schwab, myself, Frederick W. Smith, Joshua I. Smith, David P. Steiner and Paul S. Walsh.

The next item of business is the proposal to approve an amendment to FedEx's Certificate of Incorporation in order to allow holders of 20% of more of FedEx's common stock to call a special meeting of stockholders as provided in FedEx's bylaws.

The third item of business is the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company for the fiscal year ending May 31, 2012.

The next item of business is the proposal to approve on a nonbinding basis an advisory resolution on executive compensation as follows:

Resolved, that the compensation paid to FedEx's named executive officers as disclosed in the Company's proxy statement for the 2011 annual meeting of stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the compensation discussion and analysis, the accompanying compensation tables and the related narrative discussions, is hereby approved. The end of the resolution.

The fifth item of business is the proposal to approve on a nonbinding basis the frequency of future advisory votes on executive compensation of either one, two or three years.

The next item of business is the consideration of a stockholder proposal regarding an independent Board Chairman. And I will now ask a qualified representative of the proponent to present the proposal. If you'd please identify yourself and give the number of shares which you represent, it would be appreciated. Please limit the presentation of your proposal to three minutes.

Louis Malizia
International Brotherhood of Teamsters

Thank you, Mr. Chairman. My name is Louis Malizia. I'm Assistant Director of the Capital Strategies for International Brotherhood of Teamsters providing corporate governance, environmental and social analysis for Teamster-affiliated funds which have combined 100 billion --

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

How many shares do you represent?

Louis Malizia
International Brotherhood of Teamsters

Oh, my, excuse me. You did ask that.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

We won't take it away from you, the time, but you've got to give us your name and how many shares you represent. Otherwise my counsel will get mad at me here.

Louis Malizia
International Brotherhood of Teamsters

Okay. The Teamsters General Fund, the proponent of this proposal, holds 176 shares.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

All right, sir.

Louis Malizia
International Brotherhood of Teamsters

The time has long come for FedEx's Board of Directors to take a vital step in ensuring strong independent leadership by enacting a policy that the Chairman's position be held by a truly independent director. Besides the fact that our large cap Company with a diverse shareowner base is still led by its founder, there are other glaring governance deficiencies that cast doubt on the Board's independence from management and creates undue conflicts of interest.

Five directors have at least 12 years of service including two others, now one, who have served for more than two decades. A long-tenured director chairs the nominating and governance committee, which includes a former FedEx executive. There are related party transactions among members of the audit and compensation committees which include the chairs of these committees.

There are three directors who are CEOs of large public corporations, including the chair of our compensation committee, which creates a sense that the time demands are strained for these directors to fulfill their duties to the Board.

And finally, the lack of independence our fund feels has contributed to CEO compensation that clearly provides too much discretion to the Board, too much reliance on cash as a long-term incentive, and stock options that are not, as a predominant method of payment, that are not tied to rigorous performance measure.

I urge fellow shareholders to vote for the proposal for independent Chair. Thank you.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Next item of business is the consideration of a stockholder proposal requiring executives to retain significant stock. I will now ask a qualified representative of the proponent to present the proposal. And we can dispense with your name and shares.

Louis Malizia
International Brotherhood of Teamsters

Okay, I'll just -- I am here on behalf of John Chevedden, a beneficial owner of 100 shares. Resolved, shareholders urge that our executive pay committee adopt a policy requiring its senior executives retain a significant percentage of stock acquired through equity pay programs until two years following the termination of their employment, and to report to shareholders regarding this policy before our 2012 annual meeting of shareholders.

As a minimum, this proposal asks for a retention policy going forward, although the preference is for immediate implementation to the fullest extent possible. Shareholders recommend that our executive pay committee adopt a percentage of at least 50% of net after-tax stock. The policy shall apply to future grants and awards of equity pay and should address the permissibility of transactions such as hedging transactions, which are not sales but reduce the risk of loss to executives.

The merit of these executives to retain a significant stock proposal should also be considered in the context of the need for additional improvements in our Company 2010 reported corporate governance status. The Corporate Library, an independent research company, rated our Company “D” with High Concern in executive pay and High in Overall Governance Risk Assessment.

Six directors have long tenure of 12 to 39 years, Shirley Ann Jackson, James Barksdale, Paul Walsh, Joshua Smith, J.R. Hyde and Fred Smith, our Chairman and CEO. This raised concerns about our Board independence. And the selection of new directors is potentially disturbing. Just last year David Steiner, our newest director assigned to our audit committee, still did not own any stock and already received our third highest negative vote.

Mr. Steiner's negative votes were only exceeded by Shirley Jackson and Steven Loranger. And Directors Jackson and Loranger were allowed to constitute at least 50% of the membership of our executive pay and nominations committee. Ms. Jackson is also overcommitted, serving on 15 committees at five different public company boards.

The third member of our executive pay committee was Susan Schwab, who is a flagged quote/unquote "problem director" according to The Corporate Library due to her involvement with the bankrupt Calpine Corporation.

Regarding FedEx executive pay, the portion based on individual performance under the fiscal 2011 annual incentive pay plan will no longer be contingent upon the achievement of corporate financial performance objectives.

Moreover, executive pay committee had the discretion to increase an executive's bonus. In addition, our executive long-term incentive programs provide a cash payment for a three-year performance period based on a single performance measure. Taken together, these facts suggest that the executive pay practices were not aligned with shareholder interest according to The Corporate Library.

We also had no shareholder right to proxy access, no cumulative voting, no independent Board Chair or even a lead director, no right to call a special shareholder meeting and no shareholder --

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Thank you very much. Your time is up.

Louis Malizia
International Brotherhood of Teamsters

Thank you.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

The last item of business is the consideration of a stockholder proposal regarding a political contributions report. Now, I will now ask a qualified representative of the proponent to present the proposal.

Louis Malizia
International Brotherhood of Teamsters

Mr. Chairman, I'm here on behalf of the New York City Comptroller John C. Liu and the trustees of the New York City Pension Funds. I hereby present the resolution calling on our Company to disclose --

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Do you know how many shares they own?

Louis Malizia
International Brotherhood of Teamsters

I believe I do.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

I hate to interrupt you there but it's our policy to require the proponent to identify themselves and the shares they represent.

Louis Malizia
International Brotherhood of Teamsters

Can I do it at the end of my presentation?

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Oh, sure, go ahead.

Louis Malizia
International Brotherhood of Teamsters

I hereby present the resolution calling on our Company to disclose its policies and procedures for political contributions and expenditures, both direct and indirect, made with corporate funds and monetary and non-monetary contributions and expenditures.

Absent disclosure of a system of accountability, Company assets can be used for policy objectives that may be inimical to the long-term interest of and may pose risk to the Company and its shareholders.

The 2010 Supreme Court ruling in Citizens United v. Federal Election Commission that overruled two legislative precedents that restricted corporate political spending to support or propose political candidates and political campaigns, makes disclosure and transparency even more imperative. The justices agreed that Congress can require corporations to disclose spending and Congress has indicated its willingness to adopt appropriate legislation.

These recent and future developments are compelling reasons why our Company, in its best interest and that of its shareholders, should be proactive and establish the proposed good governance practice before legislation mandating full disclosure of political contributions is enacted.

Accordingly, the proposal calls for the report to include an itemized accounting of the identity of the recipients as well as the amount paid to each recipient of the Company's funds that are used for political contributions or for or against candidates for public office, or to influence the general public or segments thereof with respect to elections or referenda and identify the person or persons in the Company who participated in making the decision to make the contribution or expenditure.

Finally, the report shall be presented to the audit committee of the Board of Directors or other relevant oversight committees and posted on the Company website. Thank you. And let me get that number for you -- 6,120,000 shares.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Thank you very much. This is your fifth time here, right? How many times have you been here?

Louis Malizia
International Brotherhood of Teamsters

I think it's the second time in this building and maybe fifth or sixth time down in Memphis. Thank you.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

All right. I was hoping we'd be having a new venue to show you this year, but you've been here before. So now, ladies and gentlemen, I'd like to open the floor to any discussion regarding these proposals.

As I mentioned a moment ago, if there are any questions or comments not directly related to these proposals, please defer them until after the conclusion of the meeting. The audience will be given the opportunity to ask general questions at that time. Any questions on the proposals?

Well, let me flip over here then to the next page, and I believe then that that concludes the discussion on the proposals. And we'll now have the inspector of election report on the results of voting.

John Ruocco
Computershare Trust Company

Mr. Chairman --

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

I don't believe we had any stockholders that requested a ballot so we're okay on that.

John Ruocco
Computershare Trust Company

Correct. Mr. Chairman, there are present at this meeting in person or by proxy 281,256,967 shares of the Company's common stock out of a total of 317,203,577 shares outstanding and entitled to vote.

With respect to proposal number one, the election of directors, each director nominee received more votes cast for such nominee's election than against such nominee's election.

With respect to proposal number two, the adoption of the amendment of FedEx Certificate of Incorporation, 278,892,892 shares have voted in favor of this proposal, and 1,998,410 shares have voted against the proposal.

With respect to proposal number three, the ratification of the appointment of the independent registered public accounting firm, 278,247,067 shares have been voted in favor of this proposal, and 2,742,052 shares have been voted against the proposal.

With respect to proposal number four, the advisory resolution on executive compensation, 245,516,169 shares have voted in favor of this proposal. 9,016,132 shares have been voted against the proposal.

With respect to proposal number five, the advisory vote on the frequency of future advisory votes on executive compensation, 233,192,166 shares have been voted in favor of one year, 631,057 shares have been voted in favor of two years, and 20,552,671 shares have been voted in favor of three years.

With respect to proposal number six, the stockholder proposal regarding an independent Board Chairman, 92,593,584 shares have been voted in favor of this proposal and 159,471,329 shares have been voted against the proposal.

With respect to proposal number seven, the stockholder proposal requiring executives to retain significant stock, 56,194,706 shares have been voted in favor of this proposal and 197,148,520 shares have been voted against the proposal.

With respect to proposal number eight, the stockholder proposal regarding a political contributions report, 59,708,596 shares have been voted in favor of this proposal and 155,565,522 shares have been voted against the proposal.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Thank you, Mr. Ruocco. I should note that the polls have been closed at 10:23 Central Time on 26 September 2011. To summarize the voting, each of the director nominees has been duly elected to serve as a director of the Company.

The amendment to FedEx's Certificate of Incorporation has been approved. The appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company for fiscal year 2012 has been ratified. The advisory resolution on executive compensation has been approved. An annual advisory vote on executive compensation has been approved. And none of the stockholder proposals have been adopted.

Now, ladies and gentlemen, that concludes the official business portion of the meeting. There being no further business, the meeting is hereby adjourned. I will conclude with some brief remarks and a corporate overview followed by a general question and answer session.

We appreciate your being here today at the FedEx World Technology Center. It's the second largest of our data centers around the world and has the highest single concentration of our tech professionals. FedEx prides itself on offering the best technology services and solutions to our customers, and this is where so much of that development takes place.

From its very beginning a little over 10 years ago, the FedEx World Tech Center was built to merge technology and nature by both protecting the environment and giving an open, comfortable workplace for our technology team members. We're now beginning the process of getting this facility LEED-certified as is the case with our new Colorado Springs data center.

Over the years you've heard us speak about all the things we've been doing to build our global networks using our best-in-class technology and physical assets. Our team I think has done a great job building those networks and all those past efforts are paying off now more than ever.

This past fiscal year was a defining moment for FedEx. During fiscal year '11 that ended May 31st, we made real progress on many fronts at a time when there's been a lot of nervous news about the economy. Now, what helped us build that momentum? Several factors were key.

First, within a slowing global economy we performed well. The largest economy in the world is not now the United States or China or any single country. It is the economy of global trade. Now, certainly that's driven by emerging markets such as China and India and Brazil as well as worldwide gains in manufacturing elsewhere.

But we believe that global trade, despite the current doldrums, will be a continuing source of growth, and we have the best worldwide transportation network in the industry. We are committed to providing companies of all sizes with access to new markets in every corner of the world. FedEx is not only at the intersection of global trade, we are indispensable to it.

The second reason for our momentum I think is we've focused on superior solutions for our customers. We offer them flexibility in deciding when, where and how they do business with us through our broad array of services. We call these “Solutions That Matter” because they make a real difference for our customers.

Let me highlight a few examples. During the year, FedEx continued to add larger, more fuel efficient 777 freighters on international routes, including our newest Super ExpressFreighter route from Memphis to Dubai to Delhi in India. On routes where others have to stop, our 777s do not. With our later cutoff times due to such non-stop flights, many Asian FedEx customers gain over two hours in their business day to process more shipments.

We also completed acquisitions in India and Mexico to give our customers in those countries better service, a broader portfolio and greater global access.

FedEx Ground increased market share by offering customers superior options such as faster service to more locations than any other ground carrier. In fact, the Company offers about a 25% lane speed advantage over UPS. FedEx Ground increased revenues 14% during 2011 due to volume and yield increases at both Ground and SmartPost. And by the way, online retailers who need an economical way to ship lighter packages to residential customers are increasingly choosing FedEx SmartPost.

Our independent contractor model at FedEx Ground also continued to improve. We strengthened incentives for improved service by contractors and believe our relationship with these independent business owners is generally excellent. Several recent judicial decisions confirm our FedEx Ground business model, and we will continue to vigorously support our independent business owners.

Bill Logue and his team returned FedEx Freight to profitability with the help of our great service and sales and marketing group in the fourth quarter of FY11 by improving pricing and successfully integrating and simplifying our network and services. FedEx Freight now offers our customers two levels of service, Priority and Economy, through a single nationwide pickup-and-delivery system.

In addition, in the first quarter of FY12 we announced FedEx Freight's expansion of services in Mexico. We believe through all of these moves we are reshaping the less-than-truckload industry. We expect the FedEx Freight segment to be profitable throughout 2012 due to ongoing yield management, continued successful integration of our FedEx Freight operations and the optimization of its network.

FedEx Trade Networks is expanding rapidly. This past summer FTN opened additional offices in Germany, China and for the first time, Romania. The last round of new centers marks the fourth consecutive year FedEx Trade Networks has broadened its global network, with offices outside the United States and Canada now totaling 41. Adding to that momentum is Trade Network's new Ocean Choices portfolio that gives customers three distinct ocean shipping solutions.

And finally, we've built momentum by rolling out some impressive technology this last fiscal year. FedEx Office now offers free Wi-Fi Internet access at our U.S. locations, and introduced FedEx Office Print and Go for mobile devices. At the end of last month, Office introduced Cloud Printing with Google Docs. It allows users to retrieve files from their Google account for printing through the FedEx Office application.

At the same time that we took big steps in technology, we've also been seeking to reduce our footprint in oil consumption. By 2030 we have an aspirational goal of obtaining 30% of our jet fuel from alternative fuel sources. As part of that, we are working with the FAA and others to develop certification standards for biofuels.

On the ground, our vision is to help develop a new short-haul transportation system powered in large part by electricity. Today, we're testing a number of all-electric vehicles in the United States and Europe. As the capital cost of these electric vehicles come down and their battery capacity goes up we'll add more to our fleet. We've also invested in more efficient aircraft, facilities and conventionally-powered vehicles as well.

In summary, there's no doubt about it, FY11 was a solid year for FedEx. Revenues reached nearly $40 billion dollars, a 13% year-over-year increase, and earnings per share grew more than 20% year-over-year. But now our focus is on the future, and there are some challenges ahead.

So far in FY12 economic growth continues, but at a slower than expected pace due to increasingly negative sentiment on the part of consumers and businesses. The Japan tsunami, the timing of the debt ceiling drama, the release of revisions to U.S. historical GDP data, Hurricane Irene, and an escalation in the EU debt crisis all have had dampening effects. It's only natural therefore that when everyone is uncertain at the same time, economic activity can slow and worries become self-fulfilling.

However, the current loss of confidence has changed nothing about the global economy's underlying ability to grow over the longer term. And we have several things going for us. There's plenty of pent-up demand for durable goods, especially vehicles. That demand should support consumer spending.

Inventories remain lean overall, especially in retail. That would imply a favorable shipping environment if consumer spending increases at the retail level. And corporate balance sheets are healthy, giving firms the ability to invest more in equipment and software.

To summarize, we see the U.S. and global economy continuing to grow moderately, but more slowly than originally anticipated despite the current challenges. We feel that way because emerging markets so far have managed soft landings, supporting global growth in the presence of the weaker growth in the United States and the ongoing debt crisis in the European Union.

As has been the case for several years now, global growth will continue to be led by the emerging markets such as China, Brazil and India where we have improved our position to profit from that growth.

As FedEx continues to gain ground in the world marketplace, we'll continue to stay focused on three things. First, we're committed to growing our earnings. We exist to serve our customers and earn a profit for our shareowners. Second, we intend to remain an ethical and responsible Company in every respect. And third, we'll continue to be a great place to work by focusing on our team members.

Because of their relentless dedication, they have helped FedEx gain rankings among the top 10 in both "Fortune's" World's Most Admired Companies list and the Reputation Institute's list of U.S. Most Admirable Companies, among other accolades. We're committed to top notch training, to career development, to outstanding opportunities to participate in FedEx's success, and to a safe and creative work environment for all our people. They are the heart and spirit of FedEx.

In that regard, let me give a big thanks to Team FedEx. In fact, in closing, I'd like to show you some team members today who represent the operating companies that face our customers. They are the heart and soul of FedEx in today's marketplace, delivering solutions that matter to our customers. Thank you for your attention. I'll take questions after the vignettes here.

(VIDEO PLAYING)

Well again, thanks to all 300,000 folks that make up FedEx for delivering a great FY 2011, and I'm sure we can count on them in FY12 for another great performance. Now, I'd be happy to take any of your questions that you might have.

Starner Jones
Shareowner

Mr. Smith, it's an honor to be in your presence. My name is Starner Jones. I probably represent fewer shares than anyone else in this room, but I'm proud of every one of them.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

And you don't have to tell me how many there are because you're not making a proposal.

Starner Jones
Shareowner

I grew up in Pontotoc, Mississippi. I live in Memphis now, and look at what this man has done, all the way from Hong Kong we hear from a pilot, from a man who drives a truck in Chicago. It's just what a wonderful thing you've done in your life.

Just a brief question, don't feel compelled to answer it, is there any truth to the rumor that FedEx is going to partner with the Postal Service to start delivering some of the mail?

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.

Well, we already have a very strong relationship with the U.S. Postal Service, both as a customer and a supplier. In terms of our customer relationship, we have FedEx SmartPost where we interface with the customers, move the traffic through our FedEx Ground Network, which is highly efficient, move to FedEx SmartPost sorting locations, and then they're inserted at the closest postal unit for final delivery.

And it's particularly efficient for lightweight, residential deliveries because the Postal Service has the most dense delivery network in the delivery business. The so-called e-tailers love it. The growth rates have been substantial. It's a very profitable enterprise for both the Postal Service and for FedEx.

And then as a provider, FedEx Express transports the vast majority of Priority Mail that requires air transport through our daytime network. When we first established that relationship, my recollection is the Postal Service's delivery of Priority Mail took place in two days about 65% of the time. And after we put the network in place, it increased to about 95% of the time with our more reliable industrialized network.

And the cost savings to the Postal Service were enormous, and it's a great additional revenue stream for us and our Economy Express operation which takes place during the day. So we already have substantial relationships with the Postal Service. The mail business is the purview of the Postal Service, first class mail. It's a monopoly that's mandated by law. And the relationships that we have with the Postal Service are a win-win proposition for both sides.

Yes, sir?

David Moose
Shareowner

Thank you. Reverend David Moose, West Memphis, Arkansas, and if the first gentleman has more than 100 shares I've got him beat on the bottom end. As an avid National Public Radio listener, I want to say a word of appreciation for FedEx's support of NPR. And I had a question, but he just asked it and you just answered it. Thank you.

Frederick W. Smith
Chairman, President & CEO, FedEx Corp.