Exhibit.xlsx

FEDEX CORP

1992

1993

1994

1995

1996

1997

Activity Analysis Average days outstanding Working capital turnover Fixed assets turnover Total assets turnover

44.10 (42.21) 2.21 1.38

42.60 (817.85) 2.25 1.35

41.82 37.64 2.46 1.42

41.79 103.73 2.53 1.46

42.67 93.51 2.50 1.53

44.11 67.84 2.49 1.51

Llquidity Analysis Current ratio Cush ratio Cash from operations ratio Defensive

0.87 0.06 0.38 0.70

0.99 0.11 0.50 0.78

1.15 0.26 0.50 0.91

1.05 0.2 0.58 0.92

1.07 0.06 0.58 0.68

1.09 0.06 0.51 0.72

Long-Term Debt and Solvency Analysis Debt/equity ratio Times interest earned Fixed-charge coverage ratio Capital expenditure ratio Cash from operations/debt ratio

1.24 1.36 0.34 0.15 0.27

1.21 1.82 0.46 0.21 0.36

0.95 2.92 0.64 0.22 0.42

0.7 3.73 0.56 0.28 0.65

0.52 4.31 0.61 0.23 0.71

0.51 5.06 0.57 0.22 0.66

Profitability Analysis Margin before intereset and tax Net profil margin Return on assets Return on total equity Financial leverage effect

36.67% (1.51%) 1.63% (7.20%) (21.85%)

4.67% 0.69% 4.38% 3.22% 7.43%

6.26% 2.41% 6.45% 10.62% 26.64%

6.29% 3.17% 7.09% 13.25% 28.87%

6.07% 3.00% 6.75% 11.95% 32.51%

5.94% 3.14% 6.51% 12.19% 35.85%

92-93

93-94

94-95

95-96

96-97

97-98

10.76% 7.36% 45.61% 45.61% 11.40%

9.39% 4.13% 3.42% 3.42% 5.53%

12.13% 13.83% 17.37% 17.37% 9.65%

37.79% 27.02% 37.91% 39.26% 58.27%

Growth sales Book Assets Net profincorne bel unusual (gain)loss Net incorne operating incorne

3.42% 8.60% 6.04% 3.44% (196-51%) 86.11% (147.34%) 279.40% 31.67% 45.51%

1998

1999

2000

2001

2002

2003

39.74 208.05 2.67 1.64

44.57 47.08 2.56 1.58

46.98 46.37 2.58 1.58

46.98 98.37 2.42 1.47

44.25 28.50 2.48 1.49

41.54 37.11 2.58 1.46

1.03 0.08 0.61 0.80

1.13 0.12 0.64 0.92

1.14 0.02 0.56 0.94

1.06 0.04 0.63 0.87

1.25 0.11 0.76 0.92

1.18 0.16 0.56 1.02

0.41 6.42 0.74 0.29 1.04

0.29 7.78 0.75 0.27 1.29

0.37 7.83 0.72 0.23 0.91

0.36 6.58 0.65 0.25 0.96

0.28 6.98 0.61 0.27 1.23

0.28 10.51 0.83 0.22 0.93

6.82% 3.17% 6.94% 12.70% 29.48%

6.93% 3.76% 7.33% 13.54% 35.63%

6.69% 3.77% 7.32% 14.38% 42.35%

6.09% 2.98% 5.74% 9.90% 28.59%

5.79% 3.45% 6.38% 10.85% 31.87%

6.54% 3.69% 6.30% 11.39% 44.36%

98-99

99-00

00-01

01-02

02-03

CARG

(92-03)

5.67% 9.93% 26.73% 25.51% 7.43%

8.84% 8.25% 9.03% 9.03% 4.99%

9.12% 11.39% 14.48% 16.90% 23.30%

11.53% 9.81% 25.20% 35.51% 13.64%

(92-03) (92-03) (93-03) (93-03) (92-03)

7.52% 4.98% 15.73% 3.54% (15.10) 24.07% (15.10%) 2.50% (2.14%) (0.16%)

365/receivables turnover sales/average net working capital sales/average net fixed assets sales/average total assets

Current assets/current liab. (cash + mkt.securities)/curr.liab cash from operations/curr.liab (cash + AR + cash taxes)/(rents + gross CAPEX

Total debt/total equity EBIT/interest expense EBIT/(rental exp.and int.exp. cash from operations/CAPEX cash from operations/total debt

EBIT/sales Net incorne/sales (NI + int.exp.)/avg.total assets Net incorne/Average total equity Net incorne/operating incorne

United Parcel Service,inc. Stock price'.December 31 Dividends per shar EPS,basic incl. exra items P/E multiple Capital appreciation Cumul.compound annual retur Fedex Corp Stock price'.December 31 Dividends per shar EPS,basic incl.extra items P/E multiple Capital appreciation Cumul.compound annual retur

$0.44 21.26

1992

1993

1994

1995

1996

$9.25 $0.25

$10.38 $0.25

$11.75 $0.28

$13.13 $0.32

$14.63 $0.34

$15.38 $0.35

$0.70 12.82 12.16%

$0.81 14.42 13.25%

$0.92 $1.00 14.34 14.55 11.70% 11.43%

$0.82 18.64 5.13%

$1.59 12.58 30.08%

12.16%

27.03%

41.89%

58.11%

1997

66.22%

Fedex CorpFedex CorpFedex CorpFedex CorpFedex CorpFedex CorpFedex Cor $10.19 $12.25 $19.13 $14.97 $19.16 $26.19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.53) $0.25 $0.91 $1.32 $1.35 $1.56 50.00 20.96 11.36 14.22 16.79 20.25% 56.12% (21.73%) 27.97% 36.70% 20.25%

87.73% 46.93%

88.04%

157.06%

Standard & poor's 500 index

index level Annual return Cumul.compound Annual return Cumul.market-ADJUSTED Returns UPS Fedex

502 index 503 index 504 index

435.71

505 index 506 index 507 index

466.45 7.06%

459.27 615.93 (1.54%) 34.11%

740.74 20.26%

970.43 31.01%

7.06%

5.41% 41.36%

70.01%

122.72%

1993 5.11% 13.19%

1994 21.62% 82.32%

1995 0.53% 5.57%

1996 1997 (11.90%) (56.51%) 18.03% 34.33%

1998

1999

2000

$20.00 $0.22

$69.00 $0.58

$58.75 $0.68

$0.79 $2.54 87.34 23.13 245.00% (14.86%)

$2.13 25.59 (7.23%)

116.22% 645.95%

535.14%

2001 $54.50 $0.76

2002 $63.08 $0.76

2003 $74.55 $0.92

$2.84 $2.57 22.21 29.02 15.74% 18.18% 489.19% 581.95%

705.95%

Fedex Cor Fedex Cor Fedex Corp Fedex Cor Fedex CorpFedex Corp $32.06 $54.81 $35.50 $40.00 $53.95 $63.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.20 $1.72 $2.13 $2.36 $2.02 $2.38 $2.79 18.70 25.73 15.04 19.80 22.67 22.93 22.43% 70.96% (35.23%) 12.68% 34.88% 18.59% 214.72% 438.04%

248.47% 292.64% 429.57%

508 index 509 index 510 index

528.02%

511 index 512 index 513 index

1,229.23 1,469.25 26.67% 19.53%

1,320.28 (10.14%)

1,148.08 879.82 (13.04%) (23.37%)

1,111.92 26.38%

182.12% 237.21%

203.02%

163.50% 101.93%

155.20%

1998 1999 (65.90%) 408.74% 32.60% 200.83%

2000 332.12% 45.45%

2001 2002 325.69% 480.02% 129.14% 327.64%

2003 550.75% 372.83%