Elizabeth I Research Paper Essay

I, Overview Elizabeth I (known simply as â€Å"Elizabeth† until the accession of Elizabeth II; 7 September 1533 – 24 March 1603) was queen regnant of England and Ireland from 17 November 1558 until her death. Sometimes called â€Å"The Virgin Queen†, â€Å"Gloriana† or â€Å"Good Queen Bess†, Elizabeth was the fifth and last monarch of the Tudor dynasty. The daughter of Henry VIII, she was born a princess, but her mother, Anne Boleyn, was executed two and a half years after her birth.[1] Elizabeth was a different kind of Queen: quick-witted, clever and able to use feminine wiles to get her own way. Elizabeth could be as ruthless and calculating as any king before her but at the same time she was vain, sentimental and easily swayed by flattery. She liked to surround herself with attractive people and her portraits were carefully vetted to make sure that no physical flaws were ever revealed. She relied upon the ministers close to her but would infuriate them with her indecision – ‘It makes me weary of life,’ remarked one. Faced with a dilemma – for example whether or not to sign the execution warrant of Mary Queen of Scots – Elizabeth would busy herself with other matters for months on end. Only when the patience of her ministers was running short would she be forced to make up her mind. She had a formidable intellect, and her sharp tongue would quickly settle any argument – in her favour.[2] II,Early life Elizabeth was the only child of Henry VIII and Anne Boleyn, who did not bear a male heir and was executed less than three years after Elizabeth’s birth. Elizabeth was born at Greenwich Palace and was named after both her grandmothers, Elizabeth of York and Elizabeth Howard.[5] She was the second child of Henry VIII of England born in wedlock to survive infancy. Her mother was Henry’s second wife, Anne Boleyn. When Elizabeth was two years and eight months old, her mother was executed on 19 May 1536.[8] Elizabeth was declared illegitimate and deprived of the title of princess[1] Source: Wikipedia Elizabeth is favorably contrasted to her half-blood sister, Mary I but she was lucky to live longer than her. Her early life was full of uncertainties, and her chances of succeeding to the throne seemed very slight once her half-brother Edward was born in 1537. She was then third in line behind her Roman Catholic half-sister, Princess Mary. Roman Catholics, indeed, always considered her illegitimate and she only narrowly escaped execution in the wake of a failed rebellion against Queen Mary in 1554. Elizabeth succeeded to the throne on her half-sister’s death in November 1558. She was very well-educated (fluent in six languages), and had inherited intelligence, determination and shrewdness from both parents. [3] III, Elizabeth’s Reign[2] Her 45-year reign is generally considered one of the most glorious in English history. During it a secure Church of England was established. Its doctrines were laid down in the 39 Articles of 1563, a compromise between Roman Catholicism and Protestantism. Elizabeth herself refused to ‘make windows into men’s souls †¦ there is only one Jesus Christ and all the rest is a dispute over trifles’; she asked for outward uniformity. Most of her subjects accepted the compromise as the basis of their faith, and her church settlement probably saved England from religious wars like those which France suffered in the second half of the 16th century. Although autocratic and capricious, Elizabeth had astute political judgement and chose her ministers well; these included Burghley (Secretary of State), Hatton (Lord Chancellor) and Walsingham (in charge of intelligence and also a Secretary of State). Overall, Elizabeth’s administration consisted of some 600 officials a dministering the great offices of state, and a similar number dealing with the Crown lands (which funded the administrative costs). Social and economic regulation and law and order remained in the hands of the sheriffs at local level, supported by unpaid justices of the peace. Elizabeth’s reign also saw many brave voyages of discovery, including those of Francis Drake, Walter Raleigh and Humphrey Gilbert, particularly to the Americas. These expeditions prepared England for an age of colonisation and trade expansion, which Elizabeth herself recognised by establishing the East India Company in 1600. The arts flourished during Elizabeth’s reign. Country houses such as Longleat and Hardwick Hall were built, miniature painting reached its high point, theatres thrived – the Queen attended the first performance of Shakespeare’s ‘A Midsummer Night’s Dream’. Composers such as William Byrd and Thomas Tallis worked in Elizabeth’s court and at the Chapel Royal, St. James’s Palace. The image of Elizabeth’s reign is one of triumph and success. The Queen herself was often called ‘Gloriana’, ‘Good Queen Bess’ and ‘The Virgin Queen’. Investing in expensive clothes and jewellery (to look the part, like all contemporary sovereigns), she cultivated this image by touring the country in regional visits known as ‘progresses’, often riding on horseback rather than by carriage. Elizabeth made at least 25 progresses during her reign. However, Elizabeth’s reign was one of considerable danger and difficulty for many, with threats of invasion from Spain through Ireland, and from France through Scotland. Much of northern England was in rebellion in 1569-70. A papal bull of 1570 specifically released Elizabeth’s subjects from their allegiance, and she passed harsh laws against Roman Catholics after plots against her life were discovered. One such plot involved Mary, Queen of Scots, who had fled to England i n 1568 after her second husband’s murder and her subsequent marriage to a man believed to have been involved in his murder. As a likely successor to Elizabeth, Mary spent 19 years as Elizabeth’s prisoner because Mary was the focus for rebellion and possible assassination plots, such as the Babington Plot of 1586. Mary was also a temptation for potential invaders such as Philip II. In a letter of 1586 to Mary, Elizabeth wrote, ‘You have planned †¦ to take my life and ruin my kingdom †¦ I never proceeded so harshly against you.’ Despite Elizabeth’s reluctance to take drastic action, on the insistence of Parliament and her advisers, Mary was tried, found guilty and executed in 1587. In 1588, aided by bad weather, the English navy scored a great victory over the Spanish invasion fleet of around 130 ships – the ‘Armada’. The Armada was intended to overthrow the Queen and re-establish Roman Catholicism by conquest, as Philip II believed he had a claim to the English throne through his marriage to Mary. During Elizabeth’s long reign, the nation also suffered from high prices and severe economic depression, especially in the countryside, during the 1590s. The war against Spain was not very successful after the Armada had been beaten and, together with other campaigns, it was very costly. Though she kept a tight rein on government expenditure, Elizabeth left large debts to her successor. Wars during Elizabeth’s reign are estimated to have cost over  £5 million (at the prices of the time) which Crown revenues could not match – in 1588, for example, Elizabeth’s total annual revenue amounted to some  £392,000. Despite the combination of financial strains and prolonged war after 1588, Parliament was not summoned more often. There were only 16 sittings of the Commons during Elizabeth’s reign, five of which were in the period 1588-1601. Although Elizabeth freely used her power to veto legislation, she avoided confrontation and did not attempt to define Parliament’s constitutional position and rights. Elizabeth chose never to marry. If she had chosen a foreign prince, he would have drawn England into foreign policies for his own advantages (as in her sister Mary’s marriage to Philip of Spain); marrying a fellow countryman could have drawn the Queen into factional infighting. Elizabeth used her marriage prospects as a political tool in foreign and domestic policies.However, the ‘Virgin Queen’ was presented as a selfless woman who sacrificed personal happiness for the good of the nation, to which she was, in essence, ‘married’. †¨Late in her reign, she addressed Parliament in the so-called ‘Golden Speech’ of 1601 when she told MPs: ‘There is no jewel, be it of never so high a price, which I set before this jewel; I mean your love.’ She seems to have been very popular with the vast majority of her subjects. III, Overall Overall, Elizabeth’s always shrewd and, when necessary, decisive leadership brought successes during a period of great danger both at home and abroad. She died at Richmond Palace on 24 March 1603, having become a legend in her lifetime. The date of her accession was a national holiday for two hundred years.[3] Elizabeth was a master of political science. She inherited her father’s supremacist view of the monarchy, but showed great wisdom by refusing to directly antagonize Parliament. She acquired undying devotion from her advisement council, who were constantly perplexed by her habit of waiting to the last minute to make decisions (this was not a deficiency in her makeup, but a tactic that she used to advantage). She used the various factions (instead of being used by them), playing one off another until the exhausted combatants came to her for resolution of their grievances. Few English monarchs enjoyed such political power, while still maintaining the devotion of the whole of English society.[2] Resources Information: [1]:http://en.wikipedia.org/wiki/Elizabeth_I_of_England#Marriage_question [2]: http://www.bbc.co.uk/history/british/tudors/elizabeth_i_01.shtml [3]:http://www.royal.gov.uk/historyofthemonarchy/kingsandqueensofengland/thetudors/elizabethi.aspx

Even A Clown Can Do It: Cirque du Soleil Recreates Live Entertainment Essay

Cirque du Soleil is a Canadian entertainment company which was created in 1984 by a group of young street performers. Daniel Gauthier and Guy LaLiberte are the founding Co-Presidents of Cirque du Soleil who self-described the company as a mix of circus arts and street entertainment and reinvent the circus industry from then on. 1. What are the key factors kept by Le Cirque? Which ones are downplayed and which ones were played up? Since Le Cirque is a circus company, it kept existing traditions of the circus such as the circus arts, featuring jugglers, trampolinists, trapeze artists, teeterboard virtuosos and, of course, clowns. Soleil combined elements of dance, circus and opera to keep its artistry, but the proportion of fun and humor in the whole show was decreased. Further, due to the increase of thematic line and the lack of a ringmaster announcing the acts, the individual performers are downplayed. Each of them now acts one of the roles to develop the overall thematic element an d their names are not showed in the cast list. In other words, big name acts have no place in Cirque du Soleil. Soleil keeps tents and concessions. As a traditionally large source of circus revenues which around 20% at the Ringling Brothers& Co. shows, Soleil only gains less than 10% of revenues from it. Compare with earning some of money from selling food and toys during the performance or inside the tent, Soleil preferred the performance-centered ethic of the troupe since the performances and themes are utterly unique. Sponsorships are an important source of revenue for Soleil. Soleil can mention the sponsors in the playbill, advertising and banners around the tent. The last key factor kept by Le Cirque is retaining the show on tour. Soleil plays it up by permanently perform three shows in Las Vegas and Disney World. 2. Which factors were totally eliminated by Le Cirque and what are the operational and financial implications? Soleil changed the multiple show arenas which is known as the three-ring venues for the following reasons. In order to overcome the visual distance from the audience, the clowns paint face garishly and we ar oversized shoes which probably frightening to the small children in a closer distance. Also, this format required more performers for each venue which definitely increase the cost. The aisle concession  sales were totally eliminated for the reason I mentioned above. The most striking differences of the Cirque du Soleil from the traditional circuses are the complete absence of star performers and animal shows. The animal acts are known as the most expensive cost for a show since the animals for circuses are frequently owned by their trainers and only leased to the show. Further, there are the fee for the services of the animals and its trainer, transportation as well as training. 3. Which factors were newly created by Le Cirque, and where do you think the inspiration came from? First of all, combination of traditional circus and street entertainment are the core created by the company. Second, a thematic line and storyline are manifested throughout the show in all kinds of ways. The creative teams at Cirque du Soleil would choose a theme first and then build a show to suit. It is more like an opera in this way and provides a high quality, seamless and fulfilling entertainment experience for audience. Third, by choosing distinctive themes, the com pany can create multiple productions which can enhance the reflux rate of the audience. For example, Cirque du Soleil has the shows named Mystere, La Nouba, Dralion, ‘O’ and Quidam. Four, an artistic original music and dance with ‘magic’ lighting and timing effects bring the audience visually feelings. The inspiration comes from mixing elements from circus, opera, music, dance and theatre as well as quit some aspects from traditional circuses, Laliberte actually reconstructed elements and the form of circus to a sophisticated entertainment. By doing so, Soleil is able to sell the tickets at a higher price to all aged audience instead of discounted tickets to children. It has raising the circus to a new scale and expanded target audience. As the circus historian Fred Pfening asks, â€Å"But is it circus?†(Williamson, 2000) Laliberte, probably, want to do something utterly unique and irrelevant or rather he just hope to help young people to express the ir dreams. 4. How does Cirque du Soleil create superior profits? How does it improve industry growth and generate revenues? How does it raise profitability and reduce its cost structure? Cirque du Soleil create superior profits by reinventing the circus industry and creating an uncontested market space. More professionally, it move from red ocean strategy to blue ocean strategy. Same as the traditional circus, the great majority of revenues for Soleil are form ticket sales. However, it redefied circus industry and target audience as I mentioned above to sell  tickets higher with full face value. It actually make the competition irrelevant. By creating diversified themes and high quality performances, Soleil remains the highest seat occupancy with approximately 85%-95% in the industry. Further, from Exhibit 2 we can see the amount of attendance jumped rapidly to almost 6 million from 1990 to 2000. The themes were also increased from one to six. Soleil creates and captures the new demand of the audience. Sponsorships play a low-key but important role in Soleil’s profits. A main sponsor guarantees a gate to the circus and is able to sell the tickets independently. Besides, three permanent shows hold frequently in the places with large potential customers, such as Las Vegas. Or lando and Disney World. The way of choosing the locations are changed. Obviously, the combination of these tourist cities and the fantastic shows is a creative idea to attract plenty of audience. Therefore, we can see the form Exhibit 1 that the major circus revenues increased rapidly to catch up with Feld Entertainment from 1993 to 2000. The most importantly, Soleil follows the different strategic logic called value innovation. It is the cornerstone of the blue ocean strategy since it break the value-cost trade-off. The definition for it is the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company (Blue Ocean Strategy, 2013). In this case, Soleil pursue the differentiation and lift buyer value by reinvent the industry and create many new factors as I mentioned in question 3. In addition, it eliminated animal acts and star performers to reduce the cost. Unlike the Irving Feld who expends a lot to add trill and danger, Soleil r educed these to save money for company. In conclusion, Cirque de Soleil realized if it wants to be succeed, it must stop compete with each other and to create a new market. According to the four action framework, the company find out the specific changes it should take. By breaking the market boundaries of circus and theater and reconstruct all the elements, Soleil achieved both differentiation and low cost or rather value innovation. It breaks the value-cost trade-off and create new best-practice rules under the blue ocean strategy. In general, it is not circus. It is Soleil. Reference Blue Ocean Strategy (2013). Value innovation. http://www.blueoceanstrategy.com/concepts/bos-tools/value-innovation/ Williamson,M. (2000) Even a Clown Can Do It: Cirque du Soleil Recreates Live Entertainment.

Fedex Annual Report 2012

to stay ahead, we go beyond FedEx Annual Report 2012 â€Å"I wIll make every Fedex experIence outstandIng. † — The Purple Promise When the going gets tough, FedEx shows the spirit and determination that have always set us apart. FY12 was a year of challenges marked by economic and political disruptions and lagging growth around the globe. To stay ahead, we go beyond — in the way we manage our business, deliver the quality service our customers expect and create solutions for a more sustainable world. A good or acceptable experience doesn’t cut it for us.We share a goal to deliver outstanding FedEx experiences, a commitment we call the Purple Promise. Our team members around the world add up to a powerful advantage for FedEx. One that goes beyond the ordinary to achieve the extraordinary. When We go beyond, our customers and communities thrive. each year we honor the best of the best of our team members with the Purple Promise Chairman’s Award. Meet three of the recipients, from left: Joe Reedy, supervisor, Fedex Custom Critical; Megan hershberger, supervisor, Fedex Custom Critical; William davis, customer advocate representative, Fedex TechConnect. o to fedex. com/annualreport2012 to read their stories. 1 to stay ahead, we lead the way Three things that differentiate FedEx — our people, our strategy and our focused networks — will allow us to achieve this goal. STRATegiC diSCiPline How a business responds during difficult times is a true measure of its resilience and a test of its strategy. In a volatile marketplace, dedicated FedEx team members turned in a world-class performance last fiscal year. Their dynamic, disciplined approach to some pretty stiff headwinds defines FedEx at its best.Our long-term strategies are working, and we believe we will improve our competitive position and our financial performance over the next several years, as a result. To do so, we must take advantage of our scale to improve our efficiency. And second, we must remain nimble and responsive to our customers. We try to manage the critical balance between the two every day. In this regard, our flexibility kept FedEx profitable during the 2008-2009 recession, and we emerged stronger. In the same vein, we recognize many residual challenges are ongoing and require us to run a lean and flexible organization.All companies, including FedEx, face many rising costs they cannot directly control, be it health care or energy. This, in turn, requires relentless focus on quality, which has been embedded in our culture since our first day of operations. Utilizing our Quality Driven Management system, we are confident we can reduce costs while simultaneously improving service levels. To Our Shareowners, FedEx showed real grit in FY12. We committed to a strong performance, and we delivered — no small feat, given the year’s challenges.Our earnings per share increased 40 percent, and annual revenues exceeded $42 bi llion, a 9 percent increase, despite political gridlock in the United States, financial turmoil in Europe, a slowing Asian economy and volatile fuel prices. Despite these issues, we managed and improved yields across all of our transportation businesses, allowing us to continue enhancing the services and technology that make our customers more successful and more productive. FedEx Ground had a stellar year, delivering 18. 4 percent operating margins and accounting for more than half of FedEx operating profit.Online shipments spurred record volumes. More than one quarter of our FedEx Ground lanes are now faster in terms of transit times than the competition, boosting service and customer satisfaction to unprecedented levels. As a result, including FedEx SmartPost, our overall U. S. ground parcel-market share has increased to nearly 30 percent, doubling over the last decade. The rapid transformation of FedEx Freight, which basically reinvented the LTL freight industry a little more th an a year ago, is paying off with a strong eturn to profitability. Revenues grew 8 percent year over year. Offering both priority and economy service options and industry-leading transit times have made FedEx Freight a market share leader, and customers are delighted by our LTL value proposition. Global uncertainty, a slowdown of Asia exports and weakness in the technology sector challenged FedEx Express in FY12. Although U. S. domestic and international priority package volumes were down, yield improvements helped FedEx Express maintain profitability.We’re taking advantage of the flexibility we’ve built into our system to match our capacity to the demand; we’ve accelerated the retirement of older, less efficient aircraft and are replacing them with more fuel-efficient planes; and we are taking other actions to increase FedEx Express margins in the future, despite the low-growth environment. 2 FoCuSed neTWoRkS Our customers’ expectations and needs evolve constantly, and so must we. The Roman statesman Marcus Aurelius summed it up best: â€Å"Nothing happens without change. † That’s why our operating companies relentlessly adjust their networks to meet traffic flows and levels.Each network is discrete so it can optimize its business without compromise. Hence our competitive advantage of speed and flexibility: FedEx Express, FedEx Ground and FedEx Freight are superior networks with industry-leading service levels. Superior networks translate into superior solutions for customers. That’s real value. Take as an example the global rise of online buying, now growing at three to four times the rate of retail sales growth overall. For FedEx, that means more deliveries, whether a product is purchased or returned. It’s the perfect fuel for growth, internationally and in the United States.Retailers want a range of shipping options that satisfies their customers’ various expectations for cost and service. In t he U. S. we offer express service, customized ground home delivery, and FedEx SmartPost, our most inexpensive shipping option. The low cost of FedEx SmartPost allows retailers to offer free shipping as a marketing tactic. In fact, consumers â€Å"We’re keeping our eye on the ball — loWering costs and improving our efficiency for continued success. † chose the free-shipping option for half of holiday ecommerce transactions last November and December, according to omScore, a firm that analyzes online commerce. As noted earlier, our QDM philosophy and methods are built on the proven premise that higher quality lowers costs, improves service levels, and enhances the customer experience. It’s a three-legged stool that supports our long-term growth strategies. We apply QDM principles to our sustainability decisions, just as we do to our business decisions, because it’s good business and good for the planet. The FedEx Express vehicle fleet is ahead of pla n to be 20 percent more fuel efficient by 2020 than it was in 2005.To support our air fleet modernization program, we have recently agreed to purchase additional Boeing 767 aircraft that are substantially more fuel efficient than the aircraft they will replace. In FY12, we invested about $4 billion in capital expenditures, about half related to modernizing our air fleet. We think such initiatives are an integral part of this year’s No. 6 ranking on fortune’s World’s Most Admired Companies list and No. 7 on the Reputation Institute’s list of the most socially responsible companies in the United States.FedEx provides the efficient access that businesses of all sizes need to succeed, build prosperous communities and raise living standards worldwide. Just ask a British mother who redesigned a simple handbag. In just three years this FedEx customer turned her product into a $3. 3 million global business called Cambridge Satchel Company. Or talk to the founder of OtterBox, a company that makes protective cases for mobile devices. Thanks to the mastery of global supply chains, he grew his business from $5 million to almost $169 million in just three years, while creating more than 500 jobs in his hometown of Fort Collins, Colo.We believe we can continue to improve FedEx’s financial performance in fiscal year 2013 and beyond based on the strategy and initiatives discussed above. But we understand our achievements rely on the trust of our customers, shareowners, and team members and we will continue to earn their confidence by conducting our business with integrity, dependability, and commitment every day, every transaction. That’s our Purple Promise. Sincerely, WoRld-ClASS SoluTionS Growth in the U. S. and Europe is moderate, but there are positive signs worldwide because of the strength of emerging markets.Countries such as China, India, Mexico and Brazil are quickly becoming consumers as well as producers, driving increased demand. The long-term future for global trade remains solid, and we are committed to providing solutions for businesses — large and small — to effectively compete in this important market. Air express will continue to grow long term as the integration of the world’s economies generate more small shipments moving directly from the point of production to the end user. That’s why the unique capabilities of our Boeing 777Fs are a distinct advantage for us.Their long range and nonstop capabilities provide shippers more time to process shipments each day. Concurrently, air freight shipping is becoming more episodic. High-value technology products make up a large portion of this market these days, and more of these goods are being shipped as part of large new product launches. As a consequence, it often takes a large fleet of wide-body aircraft like ours to quickly flex capacity up and down. If a customer asks us to add extra flights, FedEx can do it better than our competitors because we have the largest all-cargo fleet in the world.These trends are reinforced by improved production scheduling, reliability, and logistics information systems. Better visibility into supply chains allows greater use of ocean transportation to ship customers’ commodity freight, a distinct advantage given higher fuel prices. As a result, we’ve been expanding our FedEx Trade Networks capabilities. Since 2008, we’ve opened 47 freight-forwarding offices worldwide to help businesses reach their markets via ocean or air. It’s a key part of our strategy to provide customers with the world-class solutions they need to compete.Despite the slowdown in Europe last year, our business there continues to grow. To better serve customers, FedEx Express is opening stations across Europe. We’ve also recently completed acquisitions of transportation companies in Poland, France, and Brazil to provide customers in those markets with better domes tic service and improved access to global markets. innovATion AT WoRk As we grow, we know we must continue to connect the world responsibly. It starts with the Purple Promise, which FedEx team members deliver millions of times a day worldwide: â€Å"I will make every FedEx experience outstanding. If the Purple Promise is our heart, Quality Driven Management (QDM) represents our hands — it’s how we do things at FedEx. Frederick W. Smith Chairman, President and CEO MORE > fedex. com/annualreport2012 3 to stay ahead, we change the game As the speed of global change accelerates, the difference between leaders and followers is defined by one word — agility. We not only have the ability to quickly react to changing economic conditions and customer needs, but also the agility to anticipate and effect change. FedEx is redefining our industry as we continually reshape and refine our focused networks to gain speed and efficiency.When we change the game, our customers win . ACCeleRATing ACCeSS gAining SPeed FedEx Express is the largest all-cargo airline in the world and the largest express transportation company. Our long-range Boeing 777F aircraft directly link global markets, speeding customers’ shipments door-to-door. In the last two years, we’ve improved global access by completing acquisitions in India, Mexico, Poland, France and Brazil. To accommodate evolving customer needs, the global offices of FedEx Trade Networks offer end-to-end shipping services, including air and ocean freight forwarding supported by customs brokerage.FedEx Ground continues to delight customers by shortening transit times throughout the U. S. and Canada. Businesses can reach more locations faster than with any other ground carrier. Convenient FedEx Ground home delivery and FedEx SmartPost services support the growing consumer trend to buy online, which grew by double digits in each of the last two years. In the United States, Cyber Monday online sales rose 22 percent, to $1. 25 billion last year — the largest online shopping day ever, boosting holiday shipping volumes to record levels.CuSToMeRS ARe in The FAST lAne thanks to a dedicated Fedex ground team that continually fine-tunes the ground network, much like a race car, to enhance speed, safety and reliability. From left: kimberly Whigham, managing director, vehicle Maintenance; Jeff grimm, managing director, linehaul Planning; brian neal, manager, Safety Process Management; Steve griffin, vice president, linehaul; Rich Sturges, senior manager, linehaul engineering. go to fedex. com/annualreport2012 to read their story. 4 ShiFTing geARS innovATing SoluTionSFedEx Freight is the first carrier to offer less-than-truckload (LTL) shipping customers two choices: priority and economy. In an industry where most shipments are processed manually, we’re automating much of the shipping process, improving customers’ productivity and earning their loyalty. We’ve also made it much easier and faster for shippers to classify freight with Freight Central, our convenient online resource for LTL shippers. Combined with industry-leading transit times, these changes have made FedEx Freight a market leader in the U. S. LTL industry, a $31 billion market in 2011.FedEx Services transforms our superior technology and delivery services into shipping and business solutions for customers. Their choices are based on what’s most important to them today. That’s why our portfolio includes air and ocean freight forwarding solutions to complement our express and air cargo services. Meanwhile, at FedEx Office locations, we installed 8,000 pieces of printing equipment in the last two years. The technology can deliver a variety of signage and over-sized prints for customers ranging from big-box retailers with multiple locations to large corporations to small businesses. uperior netWorks deliver game-changing customer solutions. MORE > fedex. com/annualre port2012 5 to stay ahead, we do what’s right A passion for quality drives FedEx team members worldwide. Our culture of continuous improvement embraces change and drives innovation. In turn, we enhance the lives of our customers and their communities so that our customers remain among the most satisfied and loyal in the industry. Whether it’s the transportation services we provide, the information technology we support or the sustainable solutions we implement, when we do the right thing, we earn their trust.QuAliTy dRiven MAnAgeMenT is how we successfully respond to the pressures of today’s business environment. In a recent improvement effort, we’ve reduced lost and damaged shipments, demonstrating our commitment to service excellence and saving millions of dollars. Global teams also worked on behalf of customers to continue improving the customs clearance process. More accurate clearance documentation, technology improvements and better collaboration amo ng global regulatory authorities give FedEx customers an edge in the marketplace. inFoRMATion about a shipment is as important as the shipment itself.Whether it’s an overnight holiday gift or a supply chain that stretches across the globe, our customers stay in-the-know thanks to our superior technology. The new Colorado Springs Enterprise Data Center is the heart of a cutting-edge IT transformation to hybrid cloud architecture. This innovative technology enables FedEx to be more productive and efficient by accessing computer resources even as data expands at 40 percent per year. The size and scope of the implementation is one of the largest within a commercial real-time system. iF knoWledge iS PoWeR, Fedex customers have a competitive advantage thanks to he Fedex Trade networks team that manages My global Trade data. They’re dedicated to providing the quality tracking and reporting that are essential to managing international freight forwarding shipments. From left: R enee brown, product specialist; Paul kirkeby, senior programmer analyst; Chauntisse Foster, senior product advisor; Alan hunt, iT manager. go to fedex. com/annualreport2012 to read their story. 6 SuSTAinAbiliTy and innovation go hand in hand at FedEx. We call it EarthSmart — FedEx solutions for a more sustainable world.Our customers can now neutralize their carbon emissions when they ship their documents by taking advantage of our new FedEx carbon-neutral envelope shipping. FedEx Express is the first global express transportation company to offer the program to customers at no charge. We’re modernizing our aircraft fleet with Boeing 757s, 767s and 777s, which are delivering significant increases in fuel efficiency and reduced operating costs and emissions. After only six years into our 15-year plan, we have completed 69 percent of our goal to reduce aircraft emissions intensity 20 percent by 2020.Because we’re ahead of plan, our goal is to now reduce aircraft em issions intensity 30 percent by 2020. At FedEx Office, more than 5 million pounds of paper were recycled in 2011, saving tens of thousands of trees. FedEx Office built independent paper-recycling systems into all of its North America locations, because many communities have inadequate recycling or none at all. FedEx is closing in on our vehicle fleet fuel-efficiency goal — making our vehicle fleet 20 percent more fuel efficient by 2020 — years ahead of schedule.Our strategy has been to reduce the number of vehicles that we need by continually making our routes more efficient and then selecting the most efficient vehicle for the job. We’re adding 87 all-electric trucks to the fleet to bring the total to 130 in the United States, Asia and Europe. About 11,000 Sprinter vans will also be added. Each is 70 to 100 percent more fuel efficient than the truck it replaces. MORE > fedex. com/annualreport2012 7 OPERATING MARGIN 2008(4) 2009(3) 2010 2011(2) 2012(1) 5. 5% 2. 1% 5. 8% 6. 1% 7. 5% financial highlights 2008(4) DILUTED EARNINGS PER SHARE $3. 60 $0. 1 $3. 76 (in millions, except earnings per share) 2012(1) Percent 2011(2) Change 9 34 140bp 40 40 – 17 22 9 (1) (3) 2009(3) 2010 2011(2) REVENUE 2012(1) Operating Results Revenues $ 42,680 $ 39,304 Operating income 3,186 2,378 Operating margin 7. 5% 6. 1% Net income 2,032 1,452 Diluted earnings per common share 6. 41 4. 57 Average common and common equivalent shares 317 317 Capital expenditures 4,007 3,434 Financial Position Cash and cash equivalents Total assets Long-term debt, including current portion Common stockholders’ investment $ 2,843 29,903 1,667 14,727 $ 2,328 27,385 1,685 15,220 in billions) $4. 57 $6. 41 2008 2009 2010 $38. 0 $35. 5 $34. 7 RETURN ON AVERAGE EQUITY 2011 (4) 2008 2009 2012 (3) 2010 2011(2) 2012(1) 8. 3% $39. 3 0. 7% $42. 7 8. 6% 10. 0% 13. 6% OPERATING MARGIN DEBT TO TOTAL CAPITALIZATION 2008(4) 2009(3) 2008 2010 5. 5% 2. 1% 12. 1% 5. 8% 15. 9% 12. 3% 10. 0% 10. 2% 2011(2) 2012 2009 2010 2011 2012 (1) 6. 1% 7. 5% DILUTED EARNINGS PER SHARE 2008(4) 2009 2010 STOCK PRICE (May 31 close) $91. 71 $55. 43 $83. 49 2008 (3) 2009 2010 $3. 60 $0. 31 $3. 76 COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* 120 $110 $100 $90 $80 $70 $60 $50 $40 5/07 5/08 5/09 5/10 5/11 5/12 2011(2) 2011 2012(1) 2012 $93. 64 $4. 57 $89. 14 $6. 41 RETURN ON AVERAGE EQUITY 2008(4) 2009(3) 2010 2011(2) 2012(1) 8. 3% 0. 7% 8. 6% 10. 0% 13. 6% DEBT TO TOTAL CAPITALIZATION 2008 2009 2010 2011 2012 12. 1% 15. 9% 12. 3% 10. 0% 10. 2% FedEx Corporation S&P 500 Dow Jones Transportation Average *$100 invested on 5/31/07 in stock or index, including reinvestment of dividends. fiscal year ending may 31. (1) results for 2012 include a $134 million ($84 million, net of tax or $0. 6 per diluted share) impairment charge resulting from the decision to retire 24 aircraft and related engines at fedex express and the reversal of a $66 million legal reserve initially recorded in 2011. (2) results for 2011 include charges of approximately $199 million ($104 million, net of tax and applicable variable incentive compensation impacts, or $0. 33 per diluted share) for the combination of our fedex freight and fedex national ltl operations and a $66 million reserve associated with a legal matter at fedex express. (3) results for 2009 include a charge of $1. billion ($1. 1 billion, net of tax, or $3. 45 per diluted share) primarily for impairment charges associated with goodwill and aircraft. (4) results for 2008 include a charge of $891 million ($696 million, net of tax, or $2. 23 per diluted share) recorded during the fourth quarter, predominantly for impairment charges associated with intangible assets from the fedex office acquisition. STOCK PRICE (May 31 close) 2008 2009 2010 2011 2012 $91. 71 $55. 43 $83. 49 $93. 64 $89. 14 COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* 8ManageMent’s discussion and analysis of results of operations and financial condition OVERVIEW OF FINANCIAL SECTION The financial section of the FedEx Corporation (â€Å"FedEx†) Annual Report (â€Å"Annual Report†) consists of the following Management’s Discussion and Analysis of Results of Operations and Financial Condition (â€Å"MD&A†), the Consolidated Financial Statements and the notes to the Consolidated Financial Statements, and Other Financial Information, all of which include information about our significant accounting policies, practices and the transactions that underlie our financial results.The following MD&A describes the principal factors affecting the results of operations, liquidity, capital resources, contractual cash obligations and the critical accounting estimates of FedEx. The discussion in the financial section should be read in conjunction with the other sections of this Annual Report and our detailed discussion of risk factors included in this MD&A. our reportable segments.Our FedEx Services segment provides sale s, marketing, information technology, communications and back-office support to our transportation segments. In addition, the FedEx Services segment provides customers with retail access to FedEx Express and FedEx Ground shipping services through FedEx Office and Print Services, Inc. (â€Å"FedEx Office†) and provides customer service, technical support and billing and collection services through FedEx TechConnect, Inc. â€Å"FedEx TechConnect†). See â€Å"Reportable Segments† for further discussion. The key indicators necessary to understand our operating results include: > the overall customer demand for our various services based on macroeconomic factors and the global economy; > the volumes of transportation services provided through our networks, primarily measured by our average daily volume and hipment weight; > the mix of services purchased by our customers; > the prices we obtain for our services, primarily measured by yield (revenue per package or poun d or revenue per hundredweight for LTL freight shipments); > our ability to manage our cost structure (capital expenditures and operating expenses) to match shifting volume levels; and > the timing and amount of fluctuations in fuel prices and our ability to recover incremental fuel costs through our fuel surcharges. ORGANIZATION OF INFORMATIONOur MD&A is composed of three major sections: Results of Operations, Financial Condition and Critical Accounting Estimates. These sections include the following information: > Results of Operations includes an overview of our consolidated 2012 results compared to 2011, and 2011 results compared to 2010. This section also includes a discussion of key actions and events that impacted our results, as well as our outlook for 2013. > The overview is followed by a financial summary and analysis (including a discussion of both historical operating results and our outlook for 2013) for each of our reportable transportation segments. gt; Our financial condition is reviewed through an analysis of key elements of our liquidity, capital resources and contractual cash obligations, including a discussion of our cash flows and our financial commitments. > Critical accounting estimates discusses those financial statement elements that we believe are important to understanding certain of the material judgments and assumptions incorporated in our financial results. > We conclude with a discussion of risks and uncertainties that may impact our financial and operating results. The majority of our operating expenses are directly impacted by revenue and volume levels.Accordingly, we expect these operating expenses to fluctuate on a year-over-year basis consistent with the change in revenues and volumes. Therefore, the discussion of operating expense captions focuses on the key drivers and trends impacting expenses other than changes in revenues and volume. Except as otherwise specified, references to years indicate our fiscal year ended May 3 1, 2012 or ended May 31 of the year referenced and comparisons are to the prior year. References to our transportation segments include, collectively, our FedEx Express, FedEx Ground and FedEx Freight segments. DESCRIPTION OF BUSINESSWe provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation (â€Å"FedEx Express†), the world’s largest express transportation company; FedEx Ground Package System, Inc. (â€Å"FedEx Ground†), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. (â€Å"FedEx Freight†), a leading North American provider of less-than-truckload (â€Å"LTL†) freight services.These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (â€Å"FedEx Services†), form the core of 9 management’s discussion and analysis RESULTS OF OPERATIONS CONSOLIDATED RESULTS The following table compares summary operating results (dollars in millions, except per share amounts) for the years ended May 31: Percent Change 2011(2) 2010 2012/2011 2011/2010 2012(1) Revenues $ 42,680 $ 39,304 $ 34,734 9 13 Operating income 3,186 2,378 1,998 34 19 Operating margin 7. 5% 6. 1% 5. 8% 140bp 30bp Net income $ 2,032 $ 1,452 $ 1,184 40 23 Diluted earnings per share $ 6. 1 $ 4. 57 $ 3. 76 40 22 (1) Operating expenses include an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines at FedEx Express and the reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011. (2) Operating expenses include $133 million in costs associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011, and a $66 million legal reserve associated with the ATA Airlines lawsuit against FedEx Express.The following table shows changes in revenues and operating income by reportable segment for 2012 compared to 2011, and 2011 compared to 2010 (dollars in millions): Revenues Dollar Change Percent Change 2012/2011 2011/2010 2012/2011 2011/2010 $ 1,934 $ 3,026 8 14 1,088 1,046 13 14 371 590 8 14 (13) (86) (1) (5) (4) (6) NM NM $ 3,376 $ 4,570 9 13 Operating Income Dollar Change Percent Change 2012/2011 2011/2010 2012/2011 2011/2010 $ 32 $ 101 3 9 439 301 33 29 337 (22) 193 (14) – – – – – – – – $ 808 $ 380 34 19FedEx Express segment(1) FedEx Ground segment FedEx Freight segment(2) FedEx Services segment Other and eliminations (1) FedEx Express segment 2012 operating expenses include an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines at FedEx Express and the reversal of a $66 million legal re serve associated with the ATA Airlines lawsuit which was initially recorded in 2011. (2) FedEx Freight segment 2011 operating expenses include $133 million in costs associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011. 0 management’s discussion and analysis Overview Revenues, operating income and operating margins increased in 2012 due to the exceptional performance of our FedEx Ground segment, improved profitability at FedEx Freight and increased yields across all our operating segments, despite moderating global economic conditions. Our results for 2012 include the impact of certain charges and credits as described below, which favorably impacted our year-overyear results by $0. 15 per diluted share, after considering the effect of variable incentive compensation accruals.In addition, our results significantly benefited in 2012 from the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. We also benefited from a milder winter, as our 2011 results were negatively impacted by unusually severe winter weather. 26 related engines, as well as six Boeing MD10-10 aircraft and 17 related engines. The decision to retire these aircraft will better align the U. S. domestic air network capacity of FedEx Express to match current and anticipated shipment volumes.Our 2011 results include one-time costs associated with the combination of our FedEx Freight and FedEx National LTL operations of $133 million, including $89 million of impairment and other charges. Our results for 2011 reflected the momentum of improved global economic conditions and strong demand for our services, which drove yield growth and volume increases across all our transportation segments, particularly in International Priority (â€Å"IP†) package shipments at FedEx Express. Our FedEx Ground segment delivered strong results through increasing volume, yield and operating ma rgins.The FedEx Freight segment returned to profitability in the fourth quarter of 2011, primarily due to higher LTL yield. All of our transportation segments benefited from our yield management initiatives in 2011. The combination of our FedEx Freight and FedEx National LTL operations was completed in 2011. Our combined LTL network increases efficiencies, reduces operational costs and provides customers both Priority and Economy LTL freight services across all lengths of haul from one integrated company.Our 2012 results include the reversal of a $66 million reserve associated with the ATA Airlines lawsuit at FedEx Express. This reserve was initially recorded in 2011 when a loss was deemed probable as a result of an adverse decision in the lawsuit. We reversed this reserve during 2012 when FedEx Express won the appeal of this case and the appeals court overturned the prior ruling (See Note 17 of the accompanying consolidated financial statements).Additionally, our 2012 results inclu de a noncash impairment charge of $134 million due to our decision to retire from service 18 Airbus A310-200 aircraft and 11 management’s discussion and analysis 3,000 3,000 2,603 2,603 2,638 2,638 2,684 (1) (1) FedEx FedEx Express(1) Express(1) Average Daily Package Volume Average Daily Package Volume 2,684 3,000 2,577 FedEx Express(1) Average Daily Package Volume 2,638 2,684 4,100 FedEx FedEx Ground(2) Ground(2) Average Daily Package Volume Average Daily Package Volume 4,100 (2) (2) FedEx Ground( Average Daily ,907 3,907 FedEx FedEx Ground Ground FedEx FedEx Express Express 2,500 2,500 2,500 The following graphs for FedEx Express, FedEx Ground and FedEx Freight show selected 3,900 3,900 (in thousands) for the years ended May 31: volume trends Average Daily Package Volume 3,900 Average Daily Package Volume Average Daily Package Volume 2,000 Average Daily Package Volume 2,000 2,000 3,000 1,500 2,500 1,000 3,000 2,000 500 2,500 1,500 0 2,000 1,000 1,500 500 1,000 0 500 0 3,000 2,603 1,500 2,500 1,000 3,000 2,000 2,603 475 500 2,500 1,500 0 2,000 2009 1,000 2,577 2,603 ,100 2,577 FedEx2,603 2,638 Express(1) 2,684 2,577 1,500 2,577 Express(1)2,638 2,684 FedEx Average Daily Package Volume Average Daily Package Volume 523 2,603 2,638 475 575 523 2,638 2,684 575 2,684 559 2,577 1,000 500 559 2,577 475 523 575 4,100 4,100 3,700 3,700 3,900 3,900 4,100 559 4,100 3,500 3,500 3,404 3,700 3,900 3,300 FedEx Ground(2) FedEx Ground(2) 3,700 Average Daily Package Volume Average Daily Package3,907 3,907 Volume 3,523 3,523 3,404 2009 3,523 2010 3,404 3,523 2009 2010 3,404 3,523 2010 2011 2011 2012 2012 3,746 3,746 3,500 3,907 3,300 3,907 3,404 ,746 3,746 3,523 0 2010 2010 2011 2011 2012 2012 2009 575 575 559 559 523 523 U. S. domestic package 475 475 U. S. domestic 1,500 U. S. domestic package package IP package IP package 500 2009 2010 1,000 0 2009 475 500 0 2009 575 559 575 559 2009 2010 2010 2011 2011 2012 2012 523 523 475 U. S. domestic package package IP package IP package U. S. domestic 3,700 3,900 3,300 2011 2012 2009 3,500 3,500 IP package 3,404 3,700 3,700 3,300 3,500 3,300 2009 3,500 3,404 3,300 3,523 2011 2010 3,746 2011 3,746 2012 2012 2009 2010 2) 2011 2012 2011 2012 FedEx2009 2010 Freight2011 FedEx 2010 Freight FedEx2009 2010 Express and FedEx Ground(2)FedEx Express and FedEx Ground2009 FedEx and FedEx Ground(2) 2012 Express 2010 2011 U. S. domestic package package IP package IP package Volume U. S. domestic Total Average Daily Package Volume AverageLTL Shipments Total Average Daily Package Volume Total Average Daily Package Average Daily Daily LTL Shipments 3,300 2012 FedEx Freight Average Daily 7,800 7,600 7,400 7,800 7,200 7,600 7,000 7,800 7,400 6,800 7,600 7,200 6,600 7,400 7,000 7,200 6,800 7,000 6,600 6,800 7,800 7,600 7,800 (2) (2) 7,538 7,6007,538 90. 0 7,538 0. 0 86. 0 86. 0 90. 0 FedEx FedEx Express and FedEx Ground Express and FedEx Ground Total Average Daily7,353 7,353 Volume Total AveragePackage Daily Package Volume 7,4 00 7,400 (2) FedEx Express and FedEx Ground(2) FedEx Express and FedEx Ground7,200 7,200 7,600 Total Average Daily Package 7,538 7,538 Total Average Daily Package Volume Volume 7,002 7,002 7,800 7,353 85. 0 90. 0 80. 0 85. 0 FedEx FedEx Freight Freight 84. 9 84. 9 85. 0 Average Daily LTL Shipments Average Daily LTL Shipments 82. 3 82. 3 90. 0 80. 0 7,000 7,800 7,400 6,780 6,800 7,600 7,200 6,600 7,400 2009 7,000 6,780 7,002 2009 2010 6,780 7,002 2009 2010 6,780 7,002 ,353 7,353 7,000 7,002 6,800 7,538 7,538 7,002 2010 7,353 2011 7,353 2012 2011 6,600 6,780 85. 0 90. 0 75. 0 80. 0 85. 0 70. 0 85. 0 74. 4 90. 0 75. 0 FedEx FreightFreight86. 0 FedEx 80. 0 86. 0 Average Daily LTL Shipments 84. 9 Average Daily LTL Shipments 84. 9 74. 4 82. 3 82. 3 86. 0 86. 0 84. 9 2009 2010 82. 3 74. 4 2010 2011 82. 3 2011 2012 70. 0 75. 0 84. 9 2012 2009 74. 4 82. 3 2012 2009 2010 2011 7,200 6,780 6,800 7,000 6,600 2009 6,780 6,800 80. 0 85. 0 70. 0 2012 2009 74. 4 75. 0 75. 0 80. 0 80. 0 70. 0 75. 0 7 0. 0 74. 4 2009 75. 0 2010 2010 2011 2011 2012 2012 74. 4 2009 2010 2010 2011 2011 2012 012 70. 0 70. 0 6,600 6,600 The following graphs 2010 FedEx Express, FedEx Ground and FedEx Freight show selected yield trends for the years ended 2011 31: for May 2011 2009 2010 2011 2011 2012 2012 2009 2009 2009 2010 2010 2012 2012 FedEx FedEx Express Express Revenue per Package – Yield– Yield Revenue per Package (1) (1) FedEx Express Revenue per Package – Yield (1) FedEx FedEx Ground Ground Revenue per Package – Yield– Yield Revenue per Package $9. 25 (2) (2) (2) (2) FedEx Ground ( Revenue per P $70. 00 $60. 00 $50. 00 $70. 00 $40. 00 $60. 00 $30. 00 $70. 00 $50. 00 $20. 00 $60. 00 $40. 00 $10. 00 $50. 0 $30. 00 $40. 00 $20. 00 $30. 00 $10. 00 $20. 00 $21. 00 $10. 00 $20. 00 $19. 00 $21. 00 $18. 00 $20. 00 $21. 00 $17. 00 $19. 00 $20. 00 $16. 00 $18. 00 $19. 00 $17. 00 $70. 00 $57. 81 $60. 00 $70. 00 $57. 81 $53. 10 (1) (1) $56. 08 $53. 10 FedEx FedEx Express Express Revenue per Package – Yield– Yield Revenue per Package $50. 00 $50. 00 $40. 00 $57. 81 $60. 00 $30. 00 $70. 00 $50. 00 $30. 00 $70. 00 $60. 83 $60. 83 $57. 81 $60. 00 $56. 08 $9. 25 $53. 10 $56. 08 $8. 75 $9. 25 $8. 25 $8. 75 $9. 25 $7. 75 $14. 61 2010 $15. 59 $8. 25 $8. 75 $7. 25 $9. 25 $60. 83 $8. 75 FedEx FedEx Ground Ground $8. 77 $8. 77 $8. 5 Revenue per Package – Yield– Yield Revenue per Package FedEx Express(1) FedEx Express(1) $60. 83 $40. 00$60. 83 $57. 81 Revenue$53. 10 Package – Yield– Yield Revenue$53. 10$56. 08 $56. 08 per per Package $16. 21 $57. 81$14. 61 $53. 10 2009 2010 $15. 59 $14. 61$56. 08 $53. 10 2010 2011 $60. 83 $17. 12 $17. 12 $20. 00$60. 83 $16. 21 $15. 59 $56. 08 $10. 00 2011 2012 2012 2009 $9. 25 $8. 25 $20. 00 $16. 21 $57. 81 $60. 00 $40. 00 $10. 00 $50. 00 2009 $30. 00 $8. 75 $9. 25 $7. 70 $7. 75 $17. 12 FedEx Ground (2) FedEx Ground (2) $8. 25 $8. 17 $8. 17 Revenue per Package – Yield– Yi eld $8. 77 Revenue per Package $8. 7 $7. 70 $7. 73 $7. 73 $8. 17 2009 2010 $7. 70 $7. 73 2010 2011 $7. 73 $8. 17 $8. 17 $8. 77 2011 2012 $8. 17 $7. 75 $8. 77 $7. 25 2012 2009 2010 $7. 70 $7. 73 U. S. domestic $17. 12 $40. 00 U. S. domestic package package IP package IP package $17. 12 $20. 00 $16. 21 $16. 21 $15. 59 $14. 61 $15. 59 $14. 61 U. S. domestic package $8. 25 $8. 75 $7. 25 2011 2012 2009 $7. 70 $7. 75 $7. 75 IP package $8. 25 $8. 25 $30. 00 $10. 00 2009 2010 2010 2011 2011 2012 2012 2009 $17. 12 $17. 12 $20. 00 $16. 21 $16. 21 $15. 59 $14. 61 U. S. domestic package U. S. domestic package $14. 61$15. 59IP package IP package $21. 00 $21. 0 $10. 00 2009 2010 2010 2011 2011 2012 2012 2009 $20. 00$19. 57 $20. 00 $19. 57 U. S. domestic package package IP package IP package U. S. domestic $19. 07 $19. 07 $19. 07 $19. 00 $21. 00 $19. 00 FedEx Freight FedEx FedEx Freight Freight Average Fuel Cost per Gallon Gallon Average Fuel Cost per $7. 25 $7. 25 $7. 73 $7. 70 $7. 70 $7. 73 2009 2009 2010 2010 2011 2011 2012 $7. 75 $7. 75 LTL Revenue per Hundredweight – Yield– LTL Revenue per Hundredweight – Yield LTL Revenue per Hundredweight Yield FedEx FedEx Freight Freight LTL Revenue per Hundredweight – Yield– Yield LTL Revenue per Hundredweight $18. 24 $17. 7 $4. 50 $7. 25 $4. 00 $4. 50 $7. 25 2009 $4. 00 $19. 57 $4. 50 2009 2010 2010 2011 2011 $3. 80 2012 2012 Average Fuel C 2012 $4. 00 Average Fuel Cost per Gallon Gallon $3. 80 Average Fuel Cost per $3. 04 $3. 25 $2. 69 $2. 66 $3. 25 $3. 31 $3. 50$3. 31 $2. 66 $3. 80 $3. 04 $2. 69 $2. 15 FedEx FreightFreight FedEx $18. 24 $18. 24 LTL Revenue per Hundredweight – Yield– Yield LTL Revenue per Hundredweight $18. 00$19. 57 $18. 00 $20. 00 $19. 57 $19. 07 $21. 00 $17. 00 $19. 00 $20. 00 $19. 07 $16. 00 $18. 00 2009 $19. 00 $17. 00 $19. 07 $17. 07 $17. 07 $18. 24 $19. 07 2009 2010 $17. 07 2010 2011 $17. 07 $18. 4 $18. 24 $17. 00 $19. 57 $19. 57 $16. 00 2011 2012 2012 2009 2 010 2011 $3. 50 $3. 50 $3. 04 $4. 50 $4. 50 $3. 00 $3. 00 $2. 62 $4. 00 $4. 00 $2. 50 $2. 50 $4. 50 $4. 50 $3. 50 $3. 50 $3. 04 $2. 00 $2. 00 $4. 00 $4. 00 $3. 00 $3. 00 $2. 62 $1. 50 $1. 50 $3. 50 2012 $3. 50 2009 $2. 50 $2. 50 $3. 04 $3. 00 $2. 00 $2. 50 $1. 50 $2. 00 $1. 50 Average Fuel Cost per Gallon Gallon Average Fuel Cost per $3. 00 $2. 62 $2. 69 $3. 04 $2. 15 $2. 15 $3. 25 $2. 69 $2. 66 2010 $3. 25 2011 $2. 15 $2. 69 $2. 66 $2. 15 2010 2011 Jet 2010 2011 Jet $3. 25 $3. 31 $2. 50 $3. 80 $2. 62 $3. 31 $3. 80 $2. 00$3. 80 $2. 66 $1. 50$3. 1 $3. 25 $3. 31 2011 2012 2012 2009 Jet $2. 66 Jet Vehicle 2010 $2. 62 $2. 69 $18. 00 $18. 00 (2) Package statistics do not include the operations of FedEx SmartPost. $17. 07 $17. 07 $16. 00 $16. 00 2009 2009 2010 2010 2011 2011 2012 2012 $17. 00 $17. 00 (1) Excludes international domestic operations. $18. 24 2009 2010 $3. 04 $2. 15 Vehicle $3. 00 Vehicle $2. 00 $2. 62 $2. 69 $2. 62 $2. 15 2009 2010 Vehicle Vehicle $2. 50 $1. 50 2009 $2. 00 $ 1. 50 2009 2011 2012 Jet 2011 2012 Jet 2012 12 $16. 00 $16. 00 2009 2009 2010 2010 2011 2011 2012 2012 2009 2010 Vehicle Vehicle 2012 management’s discussion and analysis evenue During 2012, revenues increased 9% due to yield growth across all our transportation segments. At FedEx Express, revenues increased 8% in 2012 led by higher U. S. domestic and IP package yields. However, U. S. domestic package and IP package volumes declined due to weakening global economic conditions. Revenues increased 13% during 2012 at our FedEx Ground segment due to higher yields and strong demand for all our major services. At FedEx Freight, revenues increased 8% during 2012 due to higher LTL yield as a result of higher fuel surcharges and yield management programs, despite a decrease in volume.Revenues increased 13% during 2011 due to yield increases and volume growth across all our transportation segments. Yields improved due to higher fuel surcharges and increased base rates under our yield i mprovement programs. At FedEx Express, revenues increased 14% in 2011 led by IP volume growth in Asia, as well as U. S. domestic and IP package yield increases. At the FedEx Ground segment, revenues increased 14% in 2011 due to continued volume growth driven by market share gains and yield growth at both FedEx Ground and FedEx SmartPost.At FedEx Freight, yield increases due to our yield management programs and higher LTL fuel surcharges, and higher average daily LTL volumes led to a 14% increase in revenues in 2011. impairment and Other Charges In May 2012, we made the decision to retire from service 18 Airbus A310-200 aircraft and 26 related engines, as well as six Boeing MD10-10 aircraft and 17 related engines. As a consequence of this decision, a noncash impairment charge of $134 million ($84 million, net of tax, or $0. 26 per diluted share) was recorded in the fourth quarter.The decision to retire these aircraft, the majority of which were temporarily idled and not in revenue se rvice, will better align the U. S. domestic air network capacity of FedEx Express to match current and anticipated shipment volumes. Operating inCOme The following tables compare operating expenses expressed as dollar amounts (in millions) and as a percent of revenue for the years ended May 31: 2012 2011 2010 Operating expenses: Salaries and employee benefits $ 16,099 $ 15,276 $ 14,027 Purchased transportation 6,335 5,674 4,728 Rentals nd landing fees 2,487 2,462 2,359 Depreciation and amortization 2,113 1,973 1,958 Fuel 4,956 4,151 3,106 Maintenance and repairs 1,980 1,979 1,715 (1) (2) Impairment and other charges 134 89 18 Other (3) 5,390 5,322 4,825 Total operating expenses $ 39,494 $ 36,926 $ 32,736 (1) Represents charges resulting from the decision to retire 24 aircraft and related engines at FedEx Express. (2) Represents charges associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011. 3) Includes the 2012 reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011 (See Note 17 of the accompanying consolidated financial statements). Percent of Revenue 2012 2011 2010 Operating expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Impairment and other charges Other (3) Total operating expenses Operating margin 37. 7% 14. 9 5. 8 5. 0 11. 6 4. 6 0. 3(1) 12. 6 92. 5 7. 5% 38. % 14. 4 6. 3 5. 0 10. 6 5. 0 0. 2(2) 13. 5 93. 9 6. 1% 40. 4% 13. 6 6. 8 5. 6 8. 9 4. 9 0. 1 13. 9 94. 2 5. 8% In 2011, we incurred impairment and other charges of $89 million related to the combination of our LTL operations at FedEx Freight. In 2010, we recorded a charge of $18 million for the impairment of goodwill related to the FedEx National LTL acquisition, eliminating the remaining goodwill attributable to this reporting unit. (1) Represents charges resulting from the dec ision to retire 24 aircraft and related engines at FedEx Express. 2) Represents charges associated with the combination of our FedEx Freight and FedEx National LTL operations effective January 30, 2011. (3) Includes the 2012 reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011 (See Note 17 of the accompanying consolidated financial statements. ) Our 2012 operating income increased 34% and operating margin increased 140 basis points driven by higher yields across all our transportation segments due to higher fuel surcharges and our yield management programs. Our results lso significantly benefited in 2012 from the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. FedEx Ground segment operating income increased $439 million in 2012 driven by higher yields and strong demand for all our major services. At our FedEx Freight segment, operating income increased $337 million due to higher LTL yield and efficiencies gained from the combination of our LTL operations in 2011. Additionally, our year-over-year comparisons were favorably impacted by several items as described above in the â€Å"Overview† section. 13 anagement’s discussion and analysis FedEx Ground (2) Revenue per Package – Yield Salaries and benefits increased 5% in 2012 primarily due to higher $9. 25 incentive compensation costs and the full reinstatement of 401(k) $8. 77 company-matching contributions effective January 1, 2011. Purchased $8. 75 transportation costs increased 12% in 2012 due to volume growth and higher fuel surcharges at FedEx Ground, costs associated with the $8. 25 $8. 17 expansion of our freight forwarding business at FedEx Trade Networks $7. 73 and higher utilization of third-party transportation providers in interna$7. 0 $7. 75 tional locations primarily due to business acquisitions at FedEx Express. $7. 25 The following graph for our transp ortation segments shows our average 2009 2010 2011 2012 cost of jet and vehicle fuel per gallon for the years ended May 31: Salaries and employee benefits increased 9% in 2011 due to the reinstatement of merit salary increases, increases in pension and medical Average Fuel Cost per Gallon costs and the reinstatement of full 401(k) company-matching contributions effective January 1, 2011. Purchased transportation increased $4. 0 20% in 2011 due to volume growth, higher fuel surcharges and higher $3. 80 $4. 00 rates paid to our independent contractors at FedEx Ground, as well as costs associated with the expansion of our freight forwarding business $3. 31 $3. 25 $3. 50 $3. 04 at FedEx Trade Networks. Maintenance and repairs expense increased $3. 00 $2. 69 $2. 66 $2. 62 15% in 2011 primarily due to an increase in maintenance events, as a $2. 50 result of timing, and higher utilization of our fleet driven by increased $2. 15 volumes. Other operating expense increased 10% primarily due t o $2. 0 volume- and weather-related expenses. $1. 50 2009 2010 2011 2012 Vehicle Jet costs, and increased maintenance and repairs expenses had a negative impact on our performance for 2011. Costs related to the combination of our FedEx Freight and FedEx National LTL operations also negatively impacted our 2011 results by $133 million. Unusually severe weather in the second half of 2011 caused widespread disruptions to our networks, which led to lost revenues and drove higher purchased transportation, salaries and wages and other operational costs.Additionally, a $66 million reserve associated with an adverse jury decision in the ATA Airlines lawsuit against FedEx Express was recognized in 2011. Fuel expense increased 19% during 2012 primarily due to price increases. Our fuel surcharges, which are more fully described in the â€Å"Quantitative and Qualitative Disclosures About Market Risk† section of this MD&A, have a timing lag and are designed to pass through the price of fu el not included in our base shipping rates to our customers.Based on a static analysis of the impact to operating income of year-over-year changes in fuel prices compared to changes in fuel surcharges, fuel surcharges significantly exceeded incremental fuel costs in 2012. If fuel prices remain at current levels, that effect is expected to reverse in 2013. Our analysis considers the estimated impact of the reduction in fuel surcharges included in the base rates charged for FedEx Express and FedEx Ground services.However, this analysis does not consider the negative effects that fuel surcharge levels may have on our business, including reduced demand and shifts by our customers to lower-yielding services. While fluctuations in fuel surcharge rates can be significant from period to period, fuel surcharges represent one of the many individual components of our pricing structure that impact our overall revenue and yield. Additional components include the mix of services sold, the base pr ice and extra service charges we obtain for these services and the level of pricing discounts offered.In order to provide information about the impact of fuel surcharges on the trend in revenue and yield growth, we have included the comparative fuel surcharge rates in effect for 2012, 2011 and 2010 in the accompanying discussions of each of our transportation segments. In 2011, operating income increased 19% primarily due to yield and volume increases across all our transportation segments. Higher compensation and benefits, including retirement plans and medical Fuel expense increased 34% during 2011 primarily due to increases in the average price per gallon of fuel and fuel consumption driven by volume increases.Based on a static analysis of the net impact of yearover-year changes in fuel prices compared to year-over-year changes in fuel surcharges, fuel had a positive impact on operating income in 2011, predominantly at FedEx Express. Other inCOme and expense Interest expense decr eased $34 million in 2012 due to debt maturities, an increase in capitalized interest related to the timing of progress payments on aircraft purchases and lower financing fees. Interest expense increased $7 million in 2011 due to a decrease in capitalized interest related to timing of construction projects and progress payments on aircraft purchases. nCOme taxes Our effective tax rate was 35. 3% in 2012, 35. 9% in 2011 and 37. 5% in 2010. Our 2012 rate was lower than our 2011 rate primarily due to favorable audit developments. The 2011 rate was lower than our 2010 rate primarily due to increased permanently reinvested foreign earnings and a lower state rate driven by favorable audit and legislative developments. Our permanent reinvestment strategy with respect to unremitted earnings of our foreign subsidiaries provided a 1. 3% benefit to our 2012 effective tax rate.Our total permanently reinvested foreign earnings were $1. 0 billion at the end of 2012 and $640 million at the end of 2011. Our current federal income tax expenses in 2012, 2011 and 2010 were significantly reduced by accelerated depreciation deductions we claimed under provisions of the Tax Relief and the Small Business Jobs Acts of 2010, the American Recovery and Reinvestment Tax Act of 2009, and the Economic Stimulus Act of 2008. Those Acts, designed 14 management’s discussion and analysis to stimulate new business investment in the U. S. accelerated our depreciation deductions for new qualifying investments, such as our new Boeing 777 Freighter (â€Å"B777F†) aircraft. These are timing benefits only, in that the depreciation would have otherwise been recognized in later years. The components of the provision for federal income taxes for the years ended May 31 were as follows (in millions): Current Deferred Total Federal Provision 2012 $ (120) 947 $ 827 2011 $ 79 485 $ 564 2010 $ 36 408 $ 444 OutlOOk We anticipate revenue and earnings growth in 2013 despite only modest growth in the global economy. We believe U.S. domestic and global economic conditions will be impacted by the European debt crisis, slowing growth in Asia, and the uncertainty these issues create on the global economy and the demand for our services. These weaker global economic conditions have driven a shift by our customers from premium services to our deferred services, and we expect that trend to continue in 2013. For 2013, we expect our effective tax rate to be between 37. 0% and 38. 0%. The actual rate, however, will depend on a number of factors, including the amount and source of operating income.We also expect our current federal income tax expense will increase in 2013, possibly significantly, due to lower accelerated depreciation benefits than in prior years. Additional information on income taxes, including our effective tax rate reconciliation and liabilities for uncertain tax positions, can be found in Note 11 of the accompanying consolidated financial statements. Business aCquisit iOns During 2012, we continued to expand our FedEx Express international network. On July 25, 2011, we completed our acquisition of Servicios Nacionales Mupa, S. A. de C.V. (MultiPack), a Mexican domestic express package delivery company, for $128 million in cash from operations. Last year, FedEx Express completed the acquisition of the Indian logistics, distribution and express businesses of AFL Pvt. Ltd. and its affiliate Unifreight India Pvt. Ltd. for $96 million in cash on February 22, 2011. The financial results of these acquired businesses are included in the FedEx Express segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations or financial condition.Substantially all of the purchase price was allocated to goodwill, which was entirely attributed to our FedEx Express reporting unit. Our anticipated earnings growth in 2013 is predicated on continued improvement in profitability at our FedEx Freight segment from y ield growth and efficiency improvements and the sustained strong performance of our FedEx Ground segment. International revenue growth and network efficiency improvements at FedEx Express should also contribute to our earnings growth in 2013.However, significant cost headwinds in pension expense will hamper earnings growth in 2013 as a historically low discount rate at our May 31, 2012 measurement date will increase these costs by approximately $150 million. During 2013, we will continue to evaluate actions and opportunities to reduce costs, improve efficiencies and adjust our networks to match anticipated demand. Initial actions were taken in 2012, as we made the decision to retire 24 aircraft and related engines at FedEx Express to better align the U. S. omestic air network capacity to match current and anticipated shipment volumes. In addition, we remain focused on modernizing our aircraft fleet at FedEx Express by adding newer aircraft that are more reliable, fuel efficient and technologically advanced, and retiring older, less-efficient aircraft. As a result of these efforts, FedEx Express is shortening the depreciable lives of the following aircraft and related engines: 31 additional Boeing MD10-10s, 18 additional Airbus A310s, four Boeing 727s (â€Å"B727†) and one Boeing MD10-30.This will accelerate the retirement of these aircraft to align with the delivery schedule for replacement Boeing 767-300 Freighter (â€Å"B767F†) and Boeing 757-200 (â€Å"B757†) aircraft. The accelerated depreciation on these aircraft is expected to total $69 million in 2013, with a partial offset from the avoidance of depreciation related to the aircraft retirements (described in the â€Å"Impairment and Other Charges† section above).FedEx Express is also developing an operating and cost structure plan during 2013 to further improve its operational efficiency. Our capital expenditures for 2013 are expected to decrease to approximately $3. 9 billion , with fewer aircraft deliveries in 2013. We will continue to evaluate our investments in critical long-term strategic projects to ensure our capital expenditures generate high returns on investments and are balanced with our outlook for global economic conditions. On June 29, 2012, FedEx Express entered into a upplemental agreement to purchase nine additional B767F aircraft, exercised ten B767F options available under the December 2011 agreement and purchased the right to 15 additional options. In conjunction with the supplemental agreement to purchase B767F aircraft, FedEx Express converted four B777F aircraft deliveries to equivalent purchase value for B767F aircraft purchased under the supplemental agreement. For additional details on key 2013 capital projects, refer to the â€Å"Capital Resources† and â€Å"Liquidity Outlook† sections of this MD&A.Subsequent to year-end, we completed the following acquisitions: > Opek Sp. z o. o. , a Polish domestic express packag e delivery company, for $54 million in cash from operations on June 13, 2012 > TATEX, a French express transportation company, for $55 million in cash from operations on July 3, 2012 > Rapidao Cometa Logistica e Transportes S. A. , a Brazilian transportation and logistics company, for $398 million in cash from operations on July 4, 2012Based on the timing of the completion of these acquisitions in relation to the date of issuance of the financial statements, the initial purchase price accounting was not completed for these acquisitions. The financial results of these acquired businesses will be included in the FedEx Express segment from the date of acquisition and will be immaterial to our 2013 results. These acquisitions will give us more robust transportation networks within these countries and added capabilities in these important global markets. 5 management’s discussion and analysis Our outlook is dependent upon a stable pricing environment for fuel, as volatility in fue l prices impacts our fuel surcharge levels, fuel expense and demand for our services. Historically, our fuel surcharges have largely offset incremental fuel costs; however, volatility in fuel costs may impact earnings because adjustments to our fuel surcharges lag changes in actual fuel prices paid. Therefore, the trailing impact of adjustments to our fuel urcharges can significantly affect our earnings either positively or negatively in the short-term. NEW ACCOUNTING GUIDANCE New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. During our fiscal year, the Financial Accounting Standards Board issued new guidance to make the presentation of items within other comprehensive income (â€Å"OCI†) more prominent.The new standard will require companies to present items of net income, items of OCI and total As described in Note 17 of the accompanying consolidated financial comprehensive incom e in one continuous statement or two separate statements and the â€Å"Independent Contractor Matters† section of our consecutive statements, and companies will no longer be allowed to FedEx Ground segment MD&A, we are involved in a number of lawsuits present items of OCI in the statement of stockholders’ equity. This new and other proceedings that challenge the status of FedEx Ground’s standard is effective for our fiscal year ending May 31, 2013. wner-operators as independent contractors. FedEx Ground anticipates continuing changes to its relationships with its contractors. The nature, We believe there is no additional new accounting guidance adopted but not yet effective that is relevant to the readers of our financial timing and amount of any changes are dependent on the outcome of statements. However, there are numerous new proposals under develnumerous future events. We cannot reasonably estimate the potenopment which, if and when enacted, may have a signi ficant impact on tial impact of any such changes or a meaningful range of potential outcomes, although they could be material.However, we do not believe our financial reporting. that any such changes will impair our ability to operate and profitably REPORTABLE SEGMENTS grow our FedEx Ground business. See â€Å"Risk Factors† for a discussion of these and other potential risks and uncertainties that could materially affect our future performance. seasOnality Of Business Our businesses are cyclical in nature, as seasonal fluctuations affect volumes, revenues and earnings. Historically, the U. S. express package business experiences an increase in volumes in late November and December.International business, particularly in the Asia-to-U. S. market, peaks in October and November in advance of the U. S. holiday sales season. Our first and third fiscal quarters, because they are summer vacation and post winter-holiday seasons, have historically experienced lower volumes relative to other periods. Normally, the fall is the busiest shipping period for FedEx Ground, while late December, June and July are the slowest periods. For FedEx Freight, the spring and fall are the busiest periods and the latter part of December, January and February are the slowest periods.For FedEx Office, the summer months are normally the slowest periods. Shipment levels, operating costs and earnings for each of our companies can also be adversely affected by inclement weather, particularly the impact of severe winter weather in our third fiscal quarter. FedEx Express, FedEx Ground and FedEx Freight represent our major service lines and, along with FedEx Services, form the core of our reportable segments. Our reportable segments include the following businesses: FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment gt; FedEx Express (express transportation) > FedEx Trade Networks (air and ocean freight forwarding and customs brokerage) > FedEx SupplyCh ain Systems (logistics services) > FedEx Ground (small-package ground delivery) > FedEx SmartPost (small-parcel consolidator) > FedEx Freight (LTL freight transportation) > FedEx Custom Critical (time-critical transportation) > FedEx Services (sales, marketing, information technology, communications and back-office functions) > FedEx TechConnect (customer service, technical support, billings and collections) > FedEx Office (document and business services and package acceptance) 6 management’s discussion and analysis FEDEX SERVICES SEGMENT The FedEx Services segment operates combined sales, marketing, administrative and information technology functions in shared services operations that support our transportation businesses and allow us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis by FedEx Express and reported in the FedEx Express segment in expense line i

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