RAJ

"Transformation" under way! Very exciting

Redesign of "Tricolor" global air network

FedEx and FedEx Freight will be separated within 18 months

DRIVE = achieving improved routing to Europe

International air network design philosophy = improved asset utilization

BRIE, EVP

Fedex Express Revenue is essentially flat

FedEx Freight Revene down 11%

JOHN D, EVP

Soft global economy constrained results

No USPS Contract = 60% reduction of daytime flying

Air Network Cost savings = $180M in Q2

FY Outlook cut

Q/A

Evie: majority of FedEx freight is negotiated contracts which are reupped every year.

Raj: data first, digital mindset to solve problems. This "powers our execution" etc. Transformation !