FEDEX CORP 1992 1993 1994 1995 1996 1997

Activity Analysis
Average days outstanding 44.10 42.60 41.82 41.79 42.67 44.11
Working capital turnover (42.21) (817.85) 37.64 103.73 93.51 67.84
Fixed assets turnover 2.21 2.25 2.46 2.53 2.50 2.49
Total assets turnover 1.38 1.35 1.42 1.46 1.53 1.51

Llquidity Analysis
Current ratio 0.87 0.99 1.15 1.05 1.07 1.09
Cush ratio 0.06 0.11 0.26 0.2 0.06 0.06
Cash from operations ratio 0.38 0.50 0.50 0.58 0.58 0.51
Defensive 0.70 0.78 0.91 0.92 0.68 0.72

Long-Term Debt and Solvency Analysis

Debt/equity ratio 1.24 1.21 0.95 0.7 0.52 0.51
Times interest earned 1.36 1.82 2.92 3.73 4.31 5.06
Fixed-charge coverage ratio 0.34 0.46 0.64 0.56 0.61 0.57
Capital expenditure ratio 0.15 0.21 0.22 0.28 0.23 0.22
Cash from operations/debt ratio 0.27 0.36 0.42 0.65 0.71 0.66

Profitability Analysis
Margin before intereset and tax 36.67% 4.67% 6.26% 6.29% 6.07% 5.94%
Net profil margin (1.51%) 0.69% 2.41% 3.17% 3.00% 3.14%
Return on assets 1.63% 4.38% 6.45% 7.09% 6.75% 6.51%
Return on total equity (7.20%) 3.22% 10.62% 13.25% 11.95% 12.19%
Financial leverage effect (21.85%) 7.43% 26.64% 28.87% 32.51% 35.85%

Growth 92-93 93-94 94-95 95-96 96-97 97-98

sales 3.42% 8.60% 10.76% 9.39% 12.13% 37.79%
Book Assets 6.04% 3.44% 7.36% 4.13% 13.83% 27.02%
Net profincorne bel unusual (gain)loss (196-51%) 86.11% 45.61% 3.42% 17.37% 37.91%
Net incorne (147.34%) 279.40% 45.61% 3.42% 17.37% 39.26%
operating incorne 31.67% 45.51% 11.40% 5.53% 9.65% 58.27%
1998 1999 2000 2001 2002 2003

39.74 44.57 46.98 46.98 44.25 41.54

208.05 47.08 46.37 98.37 28.50 37.11
2.67 2.56 2.58 2.42 2.48 2.58
1.64 1.58 1.58 1.47 1.49 1.46

1.03 1.13 1.14 1.06 1.25 1.18

0.08 0.12 0.02 0.04 0.11 0.16
0.61 0.64 0.56 0.63 0.76 0.56
0.80 0.92 0.94 0.87 0.92 1.02

0.41 0.29 0.37 0.36 0.28 0.28

6.42 7.78 7.83 6.58 6.98 10.51
0.74 0.75 0.72 0.65 0.61 0.83
0.29 0.27 0.23 0.25 0.27 0.22
1.04 1.29 0.91 0.96 1.23 0.93

6.82% 6.93% 6.69% 6.09% 5.79% 6.54%

3.17% 3.76% 3.77% 2.98% 3.45% 3.69%
6.94% 7.33% 7.32% 5.74% 6.38% 6.30%
12.70% 13.54% 14.38% 9.90% 10.85% 11.39%
29.48% 35.63% 42.35% 28.59% 31.87% 44.36%

98-99 99-00 00-01 01-02 02-03 CARG (92-03)

5.67% 8.84% 7.52% 4.98% 9.12% 11.53% (92-03)
9.93% 8.25% 15.73% 3.54% 11.39% 9.81% (92-03)
26.73% 9.03% (15.10) 24.07% 14.48% 25.20% (93-03)
25.51% 9.03% (15.10%) 2.50% 16.90% 35.51% (93-03)
7.43% 4.99% (2.14%) (0.16%) 23.30% 13.64% (92-03)
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. 1992 1993 1994 1995 1996 1997

Stock price'.December 31 $9.25 $10.38 $11.75 $13.13 $14.63 $15.38

Dividends per shar $0.25 $0.25 $0.28 $0.32 $0.34 $0.35
EPS,basic incl.
exra items $0.44 $0.70 $0.81 $0.92 $1.00 $0.82 $1.59
P/E multiple 21.26 12.82 14.42 14.34 14.55 18.64 12.58
Capital appreciation 12.16% 13.25% 11.70% 11.43% 5.13% 30.08%
Cumul.compound
annual retur 12.16% 27.03% 41.89% 58.11% 66.22%

Fedex Corp Fedex CorpFedex CorpFedex CorpFedex CorpFedex CorpFedex CorpFedex Cor
Stock price'.December 31 $10.19 $12.25 $19.13 $14.97 $19.16 $26.19
Dividends per shar $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
EPS,basic incl.extra items ($0.53) $0.25 $0.91 $1.32 $1.35 $1.56
P/E multiple 50.00 20.96 11.36 14.22 16.79
Capital appreciation 20.25% 56.12% (21.73%) 27.97% 36.70%
Cumul.compound
annual retur 20.25% 87.73% 46.93% 88.04% 157.06%

Standard & poor's

500 index 502 index 503 index 504 index 505 index 506 index 507 index
index level 435.71 466.45 459.27 615.93 740.74 970.43
Annual return 7.06% (1.54%) 34.11% 20.26% 31.01%
Cumul.compound
Annual return 7.06% 5.41% 41.36% 70.01% 122.72%

Cumul.market-ADJUSTED
Returns 1993 1994 1995 1996 1997
UPS 5.11% 21.62% 0.53% (11.90%) (56.51%)
Fedex 13.19% 82.32% 5.57% 18.03% 34.33%
 1998 1999 2000 2001 2002 2003

$20.00 $69.00 $58.75 $54.50 $63.08 $74.55

$0.22 $0.58 $0.68 $0.76 $0.76 $0.92

$0.79 $2.54 $2.13 $2.84 $2.57

87.34 23.13 25.59 22.21 29.02
245.00% (14.86%) (7.23%) 15.74% 18.18%

116.22% 645.95% 535.14% 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% 528.02%

508 index 509 index 510 index 511 index 512 index 513 index
1,229.23 1,469.25 1,320.28 1,148.08 879.82 1,111.92
26.67% 19.53% (10.14%) (13.04%) (23.37%) 26.38%

182.12% 237.21% 203.02% 163.50% 101.93% 155.20%

1998 1999 2000 2001 2002 2003

(65.90%) 408.74% 332.12% 325.69% 480.02% 550.75%
32.60% 200.83% 45.45% 129.14% 327.64% 372.83%